Puerto Rico

The Congressional Task Force on Economic Growth in Puerto Rico has been meeting with government agencies and gathering input from roughly 335 groups and individuals as it works to develop recommendations on how to address the commonwealth's struggling economy.

Puerto Rico’s government has located about $2 billion in funds that it may use to cover essential services.

Puerto Rico’s economic activity index was up 0.1% in July from June.

Members of the newly appointed Puerto Rico Oversight Board don’t know the depth of the fiscal problems they will have to address, said Richard Ravitch, the island government’s non-voting representative to the board.

The Financial Industry Regulatory Authority ordered UBS to pay $750,000 in damages to two Puerto Rico bondholders.

S&P Global Ratings said it lowered certain of its issue-level ratings on the Government Development Bank For Puerto Rico's (GDB) senior unsecured notes outstanding to D (default) from CC following confirmation of missed interest payments on debt service due Aug. 1 and Sept. 1, 2016.

The Municipal Securities Rulemaking Board is urging a congressional task force to ensure Puerto Rico and its authorities follow five key principles with regard to their municipal debt, including voluntarily disclosing to investors information on bank loans, alternative financings, and other information that could affect their debt or credit profiles.

A federal judge in Puerto Rico is allowing a lawsuit that challenges a Gov. Alejandro García Padilla executive order that declared a moratorium on constitutional debt payments after PROMESA was enacted to move forward without a stay.

How Puerto Rico government corruption has hurt the economy and contributed to the island’s $70 billion debt crisis.

The congressional task force on Puerto Rico announced Tuesday that it is extending to Oct. 14 its deadline for interested stakeholders to submit recommendations on how to promote economic growth within the commonwealth.

Puerto Rico Gov. Alejandro García Padilla named Richard Ravitch to represent the governor's positions to the PROMESA oversight board.

Two Puerto Rico control board members came under fire from local politicians and analysts, who said they should have been disqualified because of past connections to the government that created the island's $70 billion debt crisis.

Congress must allow Puerto Rico residents to vote on statehood and establish parity between the territory and states with regard to health care and tax credits to help the island’s struggling economy and address its fiscal crisis, Rep. José Serrano, D-N.Y., told a task force.

President Obama formally announced the seven members of the oversight board that the PROMESA law established for Puerto Rico, drawing praise from lawmakers and market participants. But the announcement came as Puerto Ricans protesting the oversight board shut down the area around a hotel in San Juan that was hosting a conference on PROMESA.

Jaime Perelló Borrás resigned as president of the Puerto Rico House of Representatives Monday afternoon, according to multiple local press accounts.

An FBI corruption case is creating political discord in Puerto Rico, as one of two leading gubernatorial candidates asked for the President of Puerto Rico House of Representatives to resign.

Congress must work to improve Puerto Rico’s treatment under Medicaid as well as to expand access to tax credits and other federal benefits for the commonwealth, the secretaries of the Treasury Department and Department of Health and Human Services said in a letter on Friday.

July employment statistics in Puerto Rico were mixed.

Puerto Rico's main opposition party leads in polls for November's election.

Puerto Rico's addiction to debt is not unlike that of an abuser to alcohol or drugs, so perhaps it is time for Puerto Rico to undertake a 12-Step Program, aided by the new financial control board.