Puerto Rico

The Puerto Rico Oversight Board holds its fourth official meeting Saturday, faced with a disagreement with the new governor over what should be in the commonwealth’s ten-year fiscal plan and escalating discord among local politicians.

Puerto Rico Gov. Ricardo Rosselló approved extending a tax that is providing 25% of the commonwealth’s revenues and had been planned to sunset in calendar year 2018.

Puerto Rico Gov. Ricardo Rosselló rejected the Oversight Board’s demands for quick and deep austerity measures.

The Puerto Rico Oversight Board said a 79% reduction in payments may be in store for bondholders in fiscal 2019.

The Puerto Rico Oversight Board told Puerto Rico Gov. Ricardo Rosselló to make $4.5 billion of spending cuts and revenue increases annually as part a five-year fiscal plan.

A federal court handed a victory to holders of Puerto Rico Employment Retirement System bonds Tuesday, one of bondholders’ first legal victories since Puerto Rico started defaulting about a year ago.

Treasury Secretary Jack Lew and Department of Health and Human Services Secretary Sylvia Burwell are urging Congress to pass legislation to help Puerto Rico before the commonwealth is forced to confront more serious health care and economic challenges.

The Financial Industry Regulatory Authority ordered UBS to hand over $18.2 million for misleading a family of investors in Puerto Rico closed-ended funds, the second highest fine for individual investors against UBS in these cases.

Puerto Rico government and federal lenders to the Puerto Rico Aqueduct and Sewer Authority have extended their forbearance periods for the authority.

The Puerto Rico Energy Commission announced approval of a final electrical rate increase 21% lower than the provisional rate increase it had approved in June.