More than two months after Hurricane Maria devastated Puerto Rico, the island’s government still hasn’t received any of the $4.9 billion of short-term loans promised in the storm aid package Congress passed at the end of October, Bloomberg News reported.
Puerto Rico in Distress
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A Puerto Rican official yesterday said that the overhaul of the U.S. tax system, if not amended, could devastate the bankrupt U.S. territory’s ability to collect desperately needed revenues, Reuters reported. Francisco Pares, an assistant secretary in Puerto Rico’s treasury department, said a major tax overhaul approved over the weekend by the U.S.
So many of San Juan’s hotels remain closed from hurricane damage that a federal judge canceled plans to bring Puerto Rico’s historic, $74 billion bankruptcy case back to the island, Bloomberg News reported.
Sen. Bernie Sanders (I-Vt.) unveiled an ambitious $146 billion Puerto Rico recovery plan he says will allow renewable power sources such as solar and wind to provide about 70 percent of the island’s energy needs within the decade, the Washington Post 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.