Puerto Rico’s undependable power network would be modernized and decentralized under a $20.3 billion, 10-year plan announced on Thursday by government officials of the bankrupt U.S. commonwealth, Reuters reported.
Puerto Rico in Distress
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A 2016 U.S. law that authorized federal oversight for Puerto Rico should not be amended to allow for the cancellation of unsecured debt, some of the island’s government officials said at a congressional hearing yesterday, Reuters reported. The House Natural Resources Committee, which oversees U.S.
Puerto Rico may receive less federal disaster money than expected, a potential drag on an island that was counting on post-Hurricane rebuilding to help it recover from a years-long recession, according to a report from the commonwealth’s financial oversight board, Bloomberg News reported.
The Supreme Court heard oral argument yesterday in the case to decide whether the appointment of the members of the Financial Oversight and Management Board of Puerto Rico violated the Appointments Clause of the Constitution because they were not nominated by the President and confirmed by the Senate, according to an analysis of the oral argument by ABI Editor-at-Large Bill Rochelle.
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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.