Former Judge, U.S. Lawmakers to Attend Meeting on Puerto Rico
Retired Detroit bankruptcy Judge Steven Rhodes and three House members will participate in a two-day meeting in Florida later this month to come up with some solutions to address Puerto Rico’s fiscal and health care crises.
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Six advocacy groups are urging two key Senate Republicans to keep Congress from providing Puerto Rico with access to Chapter 9 bankruptcy protection. more »
Congress needs to raise the debt limit before Nov. 5, the date around when the Treasury Department is expected to exhaust the “extraordinary measures” it has been using to preserve the U.S. borrowing capacity, Treasury Secretary Jack Lew told lawmakers. more »
The top Democrat on the House Natural Resources Committee is urging the committee chair to hold a hearing to “cast a spotlight” on the “gross inequity” hedge funds holding Puerto Rico debt are imposing on the commonwealth’s citizens. more »
Infrastructure needs, pension funding and health-care benefits are most constraining to municipal budgets in 2015, the National League of Cities said in its annual survey on fiscal conditions. more »
The House and Senate approved a measure on Wednesday that would avert a federal government shutdown and fund federal departments and programs through Dec. 11. more »
Key Senate Republicans made clear during a Senate Finance Committee hearing on Tuesday that they do not intend to move forward with bills providing Chapter 9 bankruptcy protection for Puerto Rico’s authorities and instead want more information on the territory’s struggling finances and $71 billion of debt as well as how to fix them. more »
Rep. Nydia Velázquez wants to extend protections under the Investment Company Act of 1940 to Puerto Rico, saying their absence caused Puerto Ricans to suffer losses when they invested in mutual funds heavily stocked with the financially struggling commonwealth’s bonds. more »
Sen. Orrin Hatch, R-Utah, has announced four invited speakers who bring varying views on the merits of Chapter 9 bankruptcy protection in Puerto Rico for Tuesday’s House Finance Committee hearing on the commonwealth’s fiscal health in light of its $71 billion in debt. more »
The Senate Finance Committee will hold a hearing on Sept. 29 to discuss the “dire financial situation” in Puerto Rico, committee chair Sen. Orrin Hatch, R-Utah, said Tuesday. more »
The Obama administration is emphasizing the urgency of giving Puerto Rico the right to use a bankruptcy process for its debts. more »
The challenge of pension promises and bond indebtedness is inextricably entwined. more »
The Puerto Rico Aqueduct and Sewer Authority has reached a tentative settlement with the U.S. Justice Department and Environmental Protection Authority under which it will spend almost $1.54 billion to upgrade and improve its sewer systems island-wide, as well as the Puerto Nuevo system. more »
Eight Hispanic lawmakers called on the Department of Treasury Monday to take a more active role in helping Puerto Rico with its worsening fiscal situation by engaging Congress over pending Chapter 9 bankruptcy legislation. more »

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The choice to pay or not pay debt secured by a statutory lien when bankruptcy commences is entirely in the control of the municipal debtor.

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