Puerto Rico bondholders are lining up on different sides of the battle in Congress over legislation to rescue the island from financial collapse as lawmakers rewrite the bill in an effort to overcome opposition from Democrats and Republicans, Bloomberg News reported today.
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Speaker Paul Ryan and top House Democrat Nancy Pelosi said Thursday they expect to be able to work out their differences on a bill to help address Puerto Rico’s debt crisis, but Ryan’s bigger challenge may be getting enough fellow Republicans to go along with the plan, Bloomberg News reported yesterday.
The constantly shifting political dynamics underlying congressional efforts to help Puerto Rico resolve its financial crisis were still in flux yesterday, as the main lawmaker shepherding the measure through the House continued trying to persuade Republican members to get on board, according to MorningConsult.com.
Legislation to help Puerto Rico restructure its $72 billion in debt was introduced in the House of Representatives yesterday, as members sought to address the island’s financial crisis quickly without setting a precedent that troubled states might try to follow, the New York Times reported today.
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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.