Puerto Rico’s governor said that he would travel to Washington, D.C., this week to lobby Congress to recognize the U.S. territory’s vote in favor of becoming the 51st state, even if it means surrendering its newfound debt-restructuring powers, the Wall Street Journal reported today.
Puerto Rico in Distress
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Puerto Rico's governor said yesterday that the island's vote in favor of becoming a U.S. state, despite low voter turnout and widespread boycotts, was "a fair and open" process that U.S. Congress should act upon, Reuters reported.
The economically struggling U.S. island territory of Puerto Rico voted overwhelmingly yesterday in favor of becoming the 51st state, although turnout was low and adding another star to the U.S. flag likely faces an uphill battle in Congress, Reuters reported.
Puerto Rico will likely need to fund government operations using sales-tax revenue claimed by warring factions of bondholders unless a legal dispute at the heart of the island’s bankruptcy is resolved by November, Bloomberg News reported on Saturday.
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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.