House Republicans released a draft of a rescue plan for Puerto Rico yesterday that they hoped could quickly garner bipartisan support and win over skeptics on the island, on Wall Street and in Congress, the New York Times reported today.
Puerto Rico in Distress
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ABI Analysis
by Bill Rochelle, ABI Editor at Large
Congress will soon decide whether to shield cash-strapped Puerto Rico from investor lawsuits while the island maps a plan to resolve its financial crisis — an intervention that could divide some lawmakers and creditors, Reuters reported on Saturday.
Politicians in Washington, D.C., are coalescing around a financial plan to rescue Puerto Rico, just weeks before an expected major default on bond payments that would spread more turmoil through the island’s shaky economy, the New York Times reported today.