House Majority Leader Kevin McCarthy (R-Calif.) said yesterday that he is "hopeful" lawmakers can move legislation on Puerto Rico out of the House before the U.S. territory must make a $1.55 billion debt payment in July, Reuters reported.
Puerto Rico in Distress
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Puerto Rico’s Senate plans to take up legislation today that would exclude bonds used to restructure public-corporation debt from the island’s moratorium law, Bloomberg News reported yesterday. The upper chamber is set to take up the measure passed by the House of Representatives last week, Senate President Eduardo Bhatia said yesterday.
Puerto Rico’s Government Development Bank, operating under a state of emergency to preserve cash, is about halfway toward reaching a forbearance agreement with creditors, Jesus Manuel Ortiz, a spokesman for Governor Alejandro Garcia Padilla, Bloomberg News reported on Saturday.
House of Representatives Speaker Paul Ryan (R) said yesterday that very good progress was being made on a bill to help Puerto Rico tackle its $70 billion debt, but gave no timetable on when the legislation would be advanced, Reuters reported. "They're working with the Treasury on technical details on how restructuring works right now. I think they're making very good progress," said Ryan.
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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.