Puerto Rico's federal oversight board on Friday indicated it may be losing confidence in the local government's resolve in turning the ailing island around, and intimated that employee furloughs could be in the offing, Reuters reported.
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A federal judge overseeing the restructuring of Puerto Rico's debt has created a mediation team to help resolve the U.S. territory's bankruptcy cases, the Associated Press reported. U.S. District Judge Laura Taylor Swain said in a ruling yesterday that five federal judges have been appointed to the team. All settlement negotiations will be confidential.
Puerto Rico’s governor said that he would travel to Washington, D.C., this week to lobby Congress to recognize the U.S. territory’s vote in favor of becoming the 51st state, even if it means surrendering its newfound debt-restructuring powers, the Wall Street Journal reported today.
Puerto Rico's governor said yesterday that the island's vote in favor of becoming a U.S. state, despite low voter turnout and widespread boycotts, was "a fair and open" process that U.S. Congress should act upon, 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.