Democratic Presidential Candidate Michael Bloomberg has released an economic plan for Puerto Rico that includes resolving the island’s debt and budget problems, moving disaster response and rebuilding funds quickly, and planning reconstruction and other infrastructure investments to position Puerto Rico for long-term, sustainable economic success, according to the Bloomberg 2020 campaign.
Puerto Rico in Distress
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The Trump administration imposed financial controls on billions of dollars in disaster relief for Puerto Rico, laying out conditions on how the money must be budgeted and spent, the Wall Street Journal reported.
Puerto Rico will be allowed access to $8.2 billion in delayed disaster-aid funding by the U.S. Department of Housing and Urban Development (HUD), the island’s non-voting member of the U.S. Congress said, Reuters reported. Jennifer Gonzalez announced the disbursement of another chunk of funds the U.S.
Moody’s Investors Service said that a series of earthquakes that recently hit Puerto Rico poses a setback for the bankrupt U.S. territory in terms of its economic recovery and ability to retain residents and businesses, according to Reuters. The quakes included one with a magnitude of 6.4 on Jan. 7, the Caribbean island’s most powerful earthquake in 102 years.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.