Puerto Rico

Rep. Sean Duffy said on Wednesday that final legislation to help Puerto Rico is still taking shape but will include “secret sauce” in the form of a combination of debt restructuring and financial oversight and “sugar and spice” through bipartisan steps to incentivize investment on the island.

Senate Finance Committee chair Orrin Hatch on Wednesday demanded Puerto Rico Gov. Alejandro Garcia Padilla provide detailed financial information by March 1 and said he wants to come up with a plan to help the commonwealth by the end of that month.

Puerto Rico's economic activity index declined by 0.6% in December from November.

There is a better way for bringing fiscal stability to Puerto Rico than a Federal control board, the Puerto Rico think tank Center for a New Economy said Monday.

A House committee will hear Treasury's Antonio Weiss discuss an analysis of Puerto Rico on Feb. 25, as lawmakers coalesce around a bill that would give the territory's authorities bankruptcy access in return for creation of a financial stability council.

Representatives for Puerto Rico on Friday said the cash-strapped commonwealth plans to pursue its recently proposed debt exchange with creditors holding tax-supported debt even if the territory eventually gets access to bankruptcy or some other type of restructuring process.

The Supreme Court has set March 22 as the date it will hear oral arguments on an appeal of a lower court ruling that a local Puerto Rico restructuring law is not allowed under federal bankruptcy law.

Puerto Rico’s debt restructuring proposal got a cold reception from analysts, with some saying it failed to even provide a starting point for negotiations.

The Puerto Rico Aqueduct and Sewer Authority is seeking a new public corporation to sell its bonds.

The House Natural Resources Committee will “very soon” begin forming legislation designed to aid Puerto Rico following a hearing one of its panels held on Tuesday on the need for a federal oversight authority in the commonwealth, said committee chair Rob Bishop, R-Utah.

House Natural Resources Committee Chair Rob Bishop, R-Utah, said on Monday he believes the House can meet a March 31 deadline to have a responsible legislative package to help Puerto Rico as the commonwealth is negotiating with creditors on a new bond exchange proposal.

Puerto Rico’s government offered a voluntary debt exchange to bondholders Friday in a meeting in New York City.

Sen. Elizabeth Warren, D-Mass., is trying to amend an energy bill pending before the Senate to include a provision that would halt Puerto Rico creditor litigation until April 1.

The Puerto Rico Electric Power Authority and its creditors reentered a restructuring support agreement after hashing out acceptable terms for additional financing.

Senate Democrats and Independents joined together on Wednesday to call for swift action to write and pass legislation that authorizes debt restructuring for Puerto Rico.

Puerto Rico's employment reached the highest level since January 2013.

The termination of a Puerto Rico Electric Power Authority restructuring agreement Friday night raised the risk of creditor suits and blackouts, participants said.

A House panel hearing on a federal oversight board for Puerto Rico has been rescheduled to Feb. 2 as a Republican governor is arguing against a Super Chapter 9 solution for the commonwealth but not ruling out bankruptcy protections for the territory's public authorities.

Puerto Rico’s legislature is a week or two away from passing energy reform legislation despite the fact that the power authority facing a midnight Jan. 22 deadline.

The Association of Financial Guaranty Insurers is urging House and Senate leaders to pursue federal oversight of Puerto Rico but avoid bankruptcy access for the commonwealth.