With Puerto Rico carrying $72 billion in debt, and an independent, federally appointed control board poised to take charge of its finances, the island’s 78 municipalities — with their mayors, employees and government offices — represent one of the island’s most intractable problems, The New York Times reported today.
Puerto Rico in Distress
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The House on Monday appointed Sen. Orrin Hatch (R-Utah) to serve as chairman of a bicameral task force charged with investigating the causes and possible solutions to Puerto Rico’s debt crisis, the Morning Consult reported yesterday. The House also formalized the appointments of Reps.
This overview provides information about the major municipal borrowers in the Commonwealth of Puerto Rico and their bond programs.
A group of hedge funds sued the governor of Puerto Rico yesterday saying that he had started violating the island’s hard-won new debt-restructuring law before the ink from President Obama’s pen was even dry, the New York Times reported today.
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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.