A group holding more than $10 billion of Puerto Rican debt wants the island’s federally appointed financial oversight board to postpone a Wednesday deadline to approve a fiscal turnaround plan for Puerto Rico, saying the U.S. territory’s creditors should have input on the plan, Reuters reported.
Puerto Rico in Distress
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The Senate Banking Committee yesterday approved with bipartisan support a raft of bills aimed at spurring capital formation, marking its first step this year toward modernizing market rules that critics have said are outdated and get in the way of business expansion and investment, Reuters reported. The Senate Banking Committee, chaired by Sen.
Puerto Rico's federally appointed fiscal oversight board yesterday rejected a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress, Reuters reported. The board told Rossello in a letter that his plan to put the U.S.
The teachers’ pension fund in Puerto Rico looks very much like a legalized Ponzi scheme — one that might hold a warning for teachers across America, according to a commentary on the New York Times DealBook Blog yesterday.
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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.