Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) said yesterday that the Federal Reserve should use its authority to extend aid to Puerto Rico to help the island with its $70 billion debt crisis, MorningConsult.com reported.
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U.S. House of Representatives Speaker Paul Ryan said on Friday that an updated bill dealing with Puerto Rico's debt will be introduced in "the coming days,” Reuters reported. "Right now, we are working with the Natural Resources committee, the administration, and our Democratic counterparts to iron out the final constitutional and legal questions surrounding the legislation," Ryan said.
House Democrats are taking issue with potential provisions in a forthcoming Puerto Rico bill that could impact debt restructuring, the island’s minimum wage and ownership of land on the Caribbean island Vieques, according to Minority Leader Nancy Pelosi (D-Calif.), MorningConsult.com reported yesterday.
The Supreme Court is due to rule by the end of June on the validity of a Puerto Rico law that would allow the U.S. territory to restructure the chunk of its debt issued by public agencies, more than $20 billion, in a bankruptcy-like process, Reuters 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.