Puerto Rico Electric Power Authority

GAO says Congress should consider giving SEC penalty authority over issuers, stripping Puerto Rico's triple-tax exemption,and expanding investor protection.

Puerto Rico would have to have a vibrant economy and a stable government that is fiscally sound, said Rep. Rob Bishop.

The Financial Oversight and Management Board for Puerto Rico approved the plan by a 6-1 vote Thursday after negotiations with the commonwealth’s government failed.

The latest turnaround plan projects a surplus of $6.7 billion over the next six years before debt payments, about $400 million more than Gov. Ricardo Rossello estimated earlier this month.

Matosantos' ownership of renewable energy businesses on the island is said to conflict with responsibility overseeing PREPA.

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.

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.

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

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

Rosselló doesn't mention Puerto Rico's debt in annual state of the commonwealth speech.

The bond insurers say the plan to create a wider Public Service Commission would lead to oversight by inexperienced political appointees.