Puerto Rico

Puerto Rico’s November General Fund revenues came in 8.9% better than budgeted.

While Puerto Rico is at a crossroads, it must file for restructuring as soon as possible and work with the federal government to help resolve the commonwealth’s fiscal crisis, said outgoing Puerto Rico Gov. Alejandro García Padilla.

The appointee to be the head of the Puerto Rico Highways and Transportation Authority, Carlos Contreras Aponte, for the Rosselló administration, emphasizes the importance of modernization.

Puerto Rico Sen. Ángel Martinez Santiago is seeking “to extend the benefits of Obamacare up to its original date of 2019.”

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.