The House Natural Resources Committee will be holding an oversight hearing today at 10 a.m. ET titled "Examining Challenges in Puerto Rico's Recovery and the Role of the Financial Oversight and Management Board." Click here for the witness list and prepared testimony.
Puerto Rico in Distress
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ABI Analysis
Bondholders of Puerto Rico’s bankrupt power utility, PREPA, said on Friday that the damage to the local electric grid by Hurricane Maria is not as bad as the island’s government says, and could be fixed quickly with an outside energy expert in charge, Reuters reported. The PREPA bondholders made the argument in a written filing in federal court in San Juan.
Puerto Rico Governor Ricardo Rosselló criticized the work of the U.S. Army Corps of Engineers in returning electricity to the island, saying that he was “unsatisfied” with the agency for a lack of urgency he believes has delayed the process, Reuters reported. The Army Corps was tasked with overseeing power repairs in Puerto Rico about a week after the U.S.
The federal board overseeing Puerto Rico’s finances yesterday asked the bankrupt U.S. territory to submit a new fiscal turnaround plan by Dec. 22, taking into account damage caused by Hurricane Maria, Reuters reported. Speaking at the board’s public meeting in San Juan, Executive Director Natalie Jaresko said the board would approve or reject the revised draft by Jan. 12.
Other Resources
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.