The House yesterday passed a $19.1 billion disaster relief package, finally sending legislation to the White House that had been repeatedly blocked by conservatives over the Memorial Day recess, The Hill reported. The legislation was approved in a 354-58 vote.
Puerto Rico in Distress
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Puerto Rico’s financial supervisors plan to refer several municipalities and public corporations to federal law enforcement, accusing them of diverting money earmarked for employees’ retirement as pensioners near a deal on a broader package of benefit cuts, WSJ Pro Bankruptcy reported. The U.S.
A high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico’s electrical grid is under investigation by a government watchdog over allegations she steered work to a utility contractor, WSJ Pro Bankruptcy reported.
The Financial Oversight and Management Board for Puerto Rico filed Sunday claims against holders of Employees Retirement System (ERS) bonds to recover some $392 million in aggregate payments, but said that it would pursue those claims only if the bonds were declared illegal, Caribbean Business 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.