Although the members of the Financial Oversight and Management Board of Puerto Rico were not nominated by the President nor confirmed by the Senate, the Supreme Court ruled yesterday that the appointment of the Board did not violate the Appointments Clause of the Constitution because they exercise “primarily local duties,” according to an analysis from ABI Editor-at-Large Bill Rochelle.
Puerto Rico in Distress
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Puerto Rico’s financial oversight officials are backing away from commitments made to bondholders as the economic damage from the coronavirus becomes clearer, WSJ Pro Bankruptcy reported. The board overseeing Puerto Rico’s finances has concluded it won’t have a sufficient surplus to cover bondholders’ settlement payments under its current debt-adjustment proposal.
A group of House Democrats on Friday introduced a long-shot bill that would overhaul the federal government’s relationship with Puerto Rico, allow an independent audit of the commonwealth’s billions in debt and give local authorities the power to discharge unsecured debt deemed excessive, Bloomberg News reported.
The coronavirus pandemic could cut Puerto Rico’s tax revenue by as much as $2 billion in fiscal year 2020, the commonwealth’s federal oversight board said Wednesday, the latest setback for efforts to restructure the commonwealth’s debt, Bloomberg News reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.