Puerto Rico

It’s a big week for Puerto Rico with court action taking place on the island and Congressional hearings being held in D.C.

June's unemployment rate was the lowest monthly rate since at least 1975.

The previous named director and four board members resigned last week.

Members of Congress and market observers were divided over the ramifications of Friday's court opinion that the U.S. is liable for debt cuts mandated by the Oversight Board.

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U.S. Court of Federal Claims Chief Judge Susan Braden carved a legal path for holding the federal government liable for cuts to Puerto Rico bonds.

The judge dismissed Aurelius' argument that the U.S. Constitution had prohibited the means used to appoint the oversight board members.

Governor is setting up the appointment of a new executive director at a salary lower than one announced Wednesday.

The action follows a resignation by the PREPA executive director and pressure from the governor.

The board has claimed its policies must be followed to make money available for bond payments.

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

The Financial Industry Regulatory Authority has already barred Jose Ramirez from the securities industry, his lawyer said.

The board responded that it would vigorously defend its budget and fiscal plan.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.

Oversight Board members blamed the reduction in available revenue in part on local government's failure to introduce at-will employment.

There are two proposals being negotiated but one attorney says the discussions may go nowhere.

The board plans to approve a Puerto Rico budget by the end of Saturday.

Revenues through the first 11 months of the fiscal year were 1% ahead of projections.

Jose Ramírez has yet to acknowledge wrongdoing in misleading investors about Puerto Rico debt and may pose a continued threat to investors, SEC lawyers told a federal judge.