Puerto Rico's governor made a last-ditch effort yesterday to persuade a federal control board that furloughing tens of thousands of government workers would be an unnecessary blow to the U.S. territory's struggling economy, the Associated Press reported yesterday. Gov.
Puerto Rico in Distress
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Puerto Rico's federally appointed financial oversight board said yesterday that it will investigate the U.S. commonwealth's debt "and its relationship to the fiscal crisis" which has left it with $72 billion in debt and a 45-percent poverty rate, Reuters reported yesterday.
The Commonwealth of Puerto Rico and its official committee of retired employees of the Commonwealth of Puerto Rico’s filed with the U.S. Bankruptcy Court separate objections to the motion seeking appointment of additional committee of government employees and active pension plan participants or, in the alternative, reconstitution of the retiree committee, BankruptcyData.com 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.