President Donald Trump has repeatedly claimed that his administration has given Puerto Rico $91 billion in relief funds after Hurricanes Irma and Maria devastated the island in 2017. But a new report maintains that the island has in fact received $12.6 billion, NBCNews.com reported.
Puerto Rico in Distress
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Puerto Rico’s financial overseers approved a 30-year fiscal framework that boosts the amount potentially available to repay debt by 54 percent while extending their supervisory powers for the first time over the U.S. territory’s 78 municipalities, the Wall Street Journal reported.
Puerto Rico’s financial oversight board yesterday unexpectedly added the island’s towns and cities to its mandate, a move that it said was aimed at trying to help them avoid insolvency, Reuters reported. To date, the federally created board has only focused on the central government of the U.S.
A U.S. Appeals Court yesterday gave Puerto Rico’s federally created financial oversight board another 60 days to allow for the constitutional reappointment of its members by President Donald Trump and the Senate, Reuters reported. The board had faced a May 16 deadline set by the Boston-based First Circuit court on Feb.
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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.