Puerto Rico’s already frail economy faces a fresh test this week, as the bankrupt U.S. territory’s financial overseers try to force a defiant governor to furlough public workers, the single biggest block of employees on the island, Reuters reported yesterday.
Puerto Rico in Distress
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Puerto Rico’s federal oversight board yesterday sued Governor Ricardo Rosselló, saying that he has no authority to reject planned employee furloughs and pension cuts the board says are necessary to pull the bankrupt U.S. territory from economic crisis, Reuters reported. Escalating a long-running power struggle between the federally appointed board and the governor, the lawsuit asks a U.S.
Puerto Rico's governor on Wednesday signed a law that establishes a pay-as-you-go pension plan and sets aside $2 billion this year for tens of thousands of retirees who depend on a public pension system that's expected to run out of money next month, the Associated Press reported. Gov.
American Express is paying $96 million in redress to Spanish-speaking consumers in Puerto Rico, the U.S. Virgin Islands, and elsewhere as part of an agreement with the Consumer Financial Protection Bureau (CFPB), ConsumerAffairs.com 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.