Puerto Rico

The vote came as Gov. Rossello said his fiscal plan will not accede to board demands.

Rosselló says that Rep. Rob Bishop is placing the needs of the bondholders over those of Puerto Rico residents.

Other Puerto Rico officials joined Gov. Ricardo Rosselló in resisting the board's demands for austerity

Natural Resources Committee Chairman Rob Bishop complained that "intentional misinterpretations" of the "PROMESA" law may mean U.S. promises to Puerto Rico will take "decades" to fulfill.

Rosselló said PROMESA allows the Oversight Board to make public policy recommendations, but not to order labor law reforms and pension cuts.

Oversight Board is continuing its struggle with the Puerto Rico government over fiscal plans.

A deal in August would have allowed debt holders to get up to 75% of par value.

The latest proposed fiscal plan may allow up to 29.4% of debt to be paid through fiscal year 2023.

The credit unions say that Puerto Rico used fraud and pressure to get them to buy the government bonds.

Officials said forgiveness of the Community Disaaster Loan could be considered at a later point.

Information can be submitted on a confidential or non-confidential basis.

Mnuchin will hand-deliver documents related to the loan in his first visit to the territory as a public official, he said.

Some of the legal precedents potentially being set in Puerto Rico erode the expectations and good order of the municipal bond marketplace that finances the activities of states and municipal instrumentalities nationwide.

Puerto Rico's default is generating concern over mainland special revenue bonds and distressed issuers, and undercutting confidence in municipal credit nationwide.

Walter Higgins is to be paid $450,000 per year plus bonuses if metrics are met.

The addition of Amazon will mean most of Puerto Rico's online sales will be taxed, one economist said.

The House has approved similar municipal securities and Puerto Rico provisions, but has wanted more sweeping bank deregulation legislation than the Senate.

Gov. Ricardo Rosselló’s proposal, which leaves room to pay as little as 8% of debt service, is too rosy in its economic assumptions, two economists said this week.

January's General Fund revenues were 12.2 percent below pre-Hurricane Maria projections.

Treasury Secretary Steven Mnuchin says it remains to be decided whether the federal loan will be forgiven