U.S. House of Representatives Speaker Paul Ryan said on Friday that an updated bill dealing with Puerto Rico's debt will be introduced in "the coming days,” Reuters reported. "Right now, we are working with the Natural Resources committee, the administration, and our Democratic counterparts to iron out the final constitutional and legal questions surrounding the legislation," Ryan said.
Puerto Rico in Distress
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House Democrats are taking issue with potential provisions in a forthcoming Puerto Rico bill that could impact debt restructuring, the island’s minimum wage and ownership of land on the Caribbean island Vieques, according to Minority Leader Nancy Pelosi (D-Calif.), MorningConsult.com reported yesterday.
The Supreme Court is due to rule by the end of June on the validity of a Puerto Rico law that would allow the U.S. territory to restructure the chunk of its debt issued by public agencies, more than $20 billion, in a bankruptcy-like process, Reuters reported today.
Even as a relief bill is expected to be introduced in Congress today, if it passes and works, Puerto Rico will not be able to pull out of its financial tailspin for years, according to a commentary in today’s New York Times. Across America, dozens of cities, counties and states may be heading down the same financial rabbit hole. Illinois, New Jersey, Philadelphia, St.