The Puerto Rico power authority is set to declare a state of emergency in an effort to improve its fleet of power generators that have been in critical condition, the utility said, the Wall Street Journal reported.
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Puerto Rico’s financial oversight board said it will sign off on island lawmakers’ proposed changes to pensions if officials approve a plan to sell new bonds, a move that could enable the commonwealth to end its record bankruptcy, Bloomberg News reported.
Puerto Rico lawmakers plan to file legislation next week that allows the commonwealth to sell new bonds to replace existing debt, a necessary step to help finalize the island’s record bankruptcy, BNN Bloomberg reported.
A coalition of progressive groups on Wednesday called for Congress to abolish Puerto Rico's Fiscal Control Board, which they say has deepened economic strain for the U.S. territory's residents, The Hill 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.