On his first official visit to the Puerto Rico, Treasury Secretary Jacob J. Lew said the financial crisis on the island was deepening and he urged Congress to act quickly to give the government the power it needs to restructure all of its debt, the New York Times reported today. “The people of Puerto Rico are sacrificing,” Lew said.
Puerto Rico in Distress
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Four months after announcing a grueling five-year plan for reducing the island’s vast debt and reviving economic growth, Puerto Rico’s top economic officials said yesterday that they had been too optimistic and revised the plan for the worse, the New York Times reported today.
The CEO of one of Puerto Rico's largest insurers fired back at his critics, talking about the decision to sue Puerto Rico after its recent debt default, and warning of the "dreadful" impact that granting the commonwealth access to U.S. bankruptcy laws could have on its citizens and the broader markets, CNBC.com reported yesterday.
Senate Minority Leader Harry Reid (D-Nev.) is asking Republicans to set up a task force to reach a deal on Puerto Rico's financial crisis, The Hill 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.