The House Committee in Natural Resources will start analysing actions to be taken regarding the recovery of Puerto Rico, which will include reviewing the implementation of PROMESA law, ElNuevodia.com reported yesterday. "It's all going to be on the table," said yesterday Rep.
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The Trump administration yesterday walked back the president’s apparent vow to wipe out Puerto Rico’s debt, suggesting that the island would have to solve its own fiscal woes despite the catastrophic damage it has endured from two powerful hurricanes, the New York Times reported today.
President Donald Trump suggested that the government debt accumulated by bankrupt Puerto Rico would need to be wiped clean to help the island recover from the devastation caused by Hurricane Maria, Bloomberg News reported today. “We are going to work something out. We have to look at their whole debt structure,” Trump said yesterday in an interview.
Creditors approached Puerto Rico’s government with offers surrounding the U.S. territory’s bankruptcy after Hurricane Maria tore through the island last month, but federal aid remains the top priority, a Puerto Rico official said yesterday, Reuters reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.