Sens. Orrin Hatch (Utah) and Marco Rubio (Fla.) will be Senate Republicans’ representatives on a bicameral task force charged with coming up with methods to help Puerto Rico emerge from its debt crisis, MorningConsult.com reported on Frday. Rep. Nydia Velázquez (D-N.Y.) and Puerto Rico’s non-voting representative in Congress, Pedro Pierluisi, will represent House Democrats.
Puerto Rico in Distress
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Puerto Rico hired Public Financial Management Inc. to serve as the commonwealth’s adviser on capital financing transactions, Bloomberg News reported yesterday.
Puerto Rico Governor Alejandro García Padilla suggested yesterday that the commonwealth’s central government may not be able to borrow from the $3.7 trillion municipal bond market any time soon, as the uncertainty of restructuring the island’s $70 billion debt and its continuing recession weigh on its shrinking population, MarketWatch.com reported.
The Puerto Rico Aqueduct & Sewer Authority wants to issue the debt through a new agency to finance construction work delayed by the government’s fiscal crisis, Bloomberg News reported yesterday.
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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.