Holders of bonds from Puerto Rico's Government Development Bank are suing to challenge aspects of a debt-moratorium law that island officials say is crucial to maintaining essential services as the U.S. territory struggles under a nearly $70 billion debt load, Fox News reported yesterday. The amended federal lawsuit filed late Friday in the U.S.
Puerto Rico in Distress
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House Republicans and Democrats have reached a deal with the White House to try to rescue Puerto Rico from $70 billion in debt as millions of Americans in the cash-strapped U.S. territory struggle with the loss of basic services, ABC News reported yesterday. A revised House bill would create a board to help manage the territory's financial obligations and restructure some debt.
Republicans on the House Natural Resources Committee yesterday introduced a new measure aimed at giving Puerto Rico the tools to restructure about $70 billion in debt, MorningConsult.com reported today. The legislation — H.R. 5278, sponsored by Rep. Sean Duffy (R-Wis.) — includes several “minor” changes to the previous measure, H.R. 4900, according to Committee Chairman Rob Bishop (R-Utah).
Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) said yesterday that the Federal Reserve should use its authority to extend aid to Puerto Rico to help the island with its $70 billion debt crisis, MorningConsult.com reported.