Puerto Rico

Sen. Marco Rubio introduced a bill on Tuesday that he said would raise wages for workers in Puerto Rico and make hiring new employees more attractive.

Manuel Laboy Rivera, an engineer who has a background in luring stateside companies to set up shop in Puerto Rico, was tapped to oversee the Puerto Rico Department of Economic Development and Commerce.

The Financial Industry Regulatory Authority has ordered UBS to pay two Puerto Rican residents $18.4 million in damages, interest, and other fees over the residents’ investments in closed-end mutual funds concentrated in Puerto Rico bonds.

Puerto Rico Governor-Elect Ricardo Rosselló this weekend declined the governor’s offer to work on a fiscal plan for the oversight board.

While Congress and the Treasury Department have put a framework in place for Puerto Rico’s recovery, the key challenge ahead is whether they will be able to work together on health care and tax initiatives to spur economic growth in the commonwealth, said Kent Hiteshew, director of the Treasury’s Office of State and Local Finance.

Puerto Rico Governor Elect Ricardo Rosselló announced that Wanda Vázquez Garced will be the Secretary of Justice in his administration.

The Financial Industry Regulatory Authority found that Merrill Lynch failed to properly supervise customers’ investments in Puerto Rico bonds and closed-end funds.

Puerto Rico Governor-Elect Ricardo Rosselló chose his campaign manager, Elías Sánchez Sifonte, to replace public finance veteran Richard Ravitch as the island government's non-voting representative to the Puerto Rico Oversight Board.

The Puerto Rico Oversight Board hired financial and legal advisors including Proskauer Rose LLP, which worked for the Government Development Bank for Puerto Rico as recently as this spring.

The Puerto Rico Aqueduct and Sewer Authority said it wouldn’t have the money to make its debt payments in the next 10 years unless changes are made.