Congress’s plan to throw a lifeline to Puerto Rico is making waves in the U.S. Virgin Islands, Bloomberg News reported today. The measure that passed a House committee last week would allow for a federal control board to oversee the finances — and potentially restructure the debt — of any U.S. territory, even though Puerto Rico is the only one now asking for help.
Puerto Rico in Distress
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Three and a half million Americans live on an island that is in economic free-fall, and Congress still isn’t sure whether it will throw them a lifeline, according to a New York Times editorial today.
Two Democratic lawmakers yesterday said they will actively work to significantly change or sink a House bill to give Puerto Rico debt restructuring tools, MorningConsult.com reported. Sen. Robert Menendez of New Jersey and Rep. Luis Gutiérrez of Illinois said that the current legislation, H.R.
U.S. lawmakers yesterday backed a plan to help Puerto Rico escape crippling debt and expand the economy, a move that could put a rescue before the House of Representatives within days, Reuters reported. The House Natural Resources Committee endorsed the plan by a 29-10 vote and left intact most provisions endorsed by House Speaker Paul Ryan.
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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.