Last week, 34 members of Congress, all Democrats, signed a letter calling on the Financial Oversight and Management Board (FOMB) to rethink its policies and practices with regards to the restructuring of Puerto Rico’s debt and to align them with PROMESA’s mission, according to a commentary yesterday in The Hill.
Puerto Rico in Distress
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Puerto Rico Governor Ricardo Rosselló yesterday signed into law legislation to provide nearly $2 billion in tax relief over five years amid concerns by the U.S. commonwealth’s federally created fiscal oversight board about how the island will fund the tax break, Reuters reported.
Puerto Rico dispersed millions of dollars in holiday bonuses to government workers on Wednesday despite a warning from its federally appointed oversight board that doing so could harm the bankrupt U.S. commonwealth’s ability to make payroll later in the current fiscal year, Reuters reported.
Puerto Rico concluded a U.S. bankruptcy court-approved restructuring of its Government Development Bank (GDB) debt, marking its first consensual deal with creditors under a federal oversight law, government officials announced yesterday, 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.