Puerto Rico Electric Power Authority

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

The Economic Activity Index is up 3.5% from a year earlier.

While the U.S. continues to lag pre-pandemic levels, Puerto Rico is now ahead by 2.3% from November 2019.

A fight is brewing over whether the Oversight Board can preempt some of the territory's pension statutes.

Nine groups or individuals say the Oversight Board's arguments are wrong.

Revenues were also up compared to the first quarter of fiscal 2021.

While the economy is stronger than a year ago, it is still down from two years ago.

The various increased federal support proposals included in the Build Back Better package could help the island's economy, which has generally been contracting for the last 15 years.

Puerto Rico Gov. Pedro Pierluisi said the power agency's new leaders must end the outages plaguing the island.

Gov. Pedro Pierluisi signed increases into law on Tuesday but economists are skeptical they will help the island's economy.

The local planning board is more optimistic about the next 10 years of Gross National Product growth than is the Oversight Board.

More than a third of the island's residents have lost power this week, in a problem that happens more frequently on the island than it does in the states.

Federal benefits for Child Tax Credits will also be expanded.

Both board members and government officials reiterated their stances on cuts to public pensions — for and against — but neither party said agreements had been reached during the meeting.

Island employment was up overall from 2020 figures.

Funding would be offered, perhaps for pensions, in exchange for a debt restructuring.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

Even if the Oversight Board can legally approve new debt for the deal, some market participants say the future "willingness to pay" is the larger consideration.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.

Revenues were also ahead through the first 11 months of fiscal 2021.