U.S. Treasury Secretary Jack Lew today called on the Senate to take immediate action this week to address Puerto Rico's debt crisis before the critical July 1 deadline for the island territory's next debt payments, Reuters reported. "The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell.
Puerto Rico in Distress
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Top Treasury Department and Puerto Rican officials are begging the Senate to move quickly on a bill to help the commonwealth handle more than $70 billion in unpayable debt, The Hill reported today.
Puerto Rico’s government-owned electricity provider won approval to impose a new surcharge on customers to repay bonds, a key step in the utility’s plan to restructure its $9 billion of debt, Bloomberg News reported yesterday.
U.S. Senate Democratic leader Harry Reid said yesterday that amendments were necessary to a Puerto Rico debt bill that Senate Majority Leader Mitch McConnell said would be voted on by next week, Reuters reported yesterday.
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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.