Whatever Congress decides to do about Puerto Rico’s fiscal crisis, it isn’t likely to happen soon enough to keep the island commonwealth from defaulting on $2 billion worth of general obligation bond payments that are due July 1, and the chances Congress will agree on a plan at all appear to be growing slimmer, according to an editorial on Sunday by the Desert (Utah) News.
Puerto Rico in Distress
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The U.S. House plans to vote next week on a proposal to address Puerto Rico’s debt crisis, but it’s not clear the measure has enough support to pass despite the backing of Speaker Paul Ryan and Minority Leader Nancy Pelosi, Bloomberg News reported today.
Congress’s plan to throw a lifeline to Puerto Rico is making waves in the U.S. Virgin Islands, Bloomberg News reported today. The measure that passed a House committee last week would allow for a federal control board to oversee the finances — and potentially restructure the debt — of any U.S. territory, even though Puerto Rico is the only one now asking for help.
Three and a half million Americans live on an island that is in economic free-fall, and Congress still isn’t sure whether it will throw them a lifeline, according to a New York Times editorial 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.