Puerto Rico

The House Natural Resources Committee will “very soon” begin forming legislation designed to aid Puerto Rico following a hearing one of its panels held on Tuesday on the need for a federal oversight authority in the commonwealth, said committee chair Rob Bishop, R-Utah.

House Natural Resources Committee Chair Rob Bishop, R-Utah, said on Monday he believes the House can meet a March 31 deadline to have a responsible legislative package to help Puerto Rico as the commonwealth is negotiating with creditors on a new bond exchange proposal.

Puerto Rico’s government offered a voluntary debt exchange to bondholders Friday in a meeting in New York City.

Sen. Elizabeth Warren, D-Mass., is trying to amend an energy bill pending before the Senate to include a provision that would halt Puerto Rico creditor litigation until April 1.

The Puerto Rico Electric Power Authority and its creditors reentered a restructuring support agreement after hashing out acceptable terms for additional financing.

Senate Democrats and Independents joined together on Wednesday to call for swift action to write and pass legislation that authorizes debt restructuring for Puerto Rico.

Puerto Rico's employment reached the highest level since January 2013.

The termination of a Puerto Rico Electric Power Authority restructuring agreement Friday night raised the risk of creditor suits and blackouts, participants said.

A House panel hearing on a federal oversight board for Puerto Rico has been rescheduled to Feb. 2 as a Republican governor is arguing against a Super Chapter 9 solution for the commonwealth but not ruling out bankruptcy protections for the territory's public authorities.

Puerto Rico’s legislature is a week or two away from passing energy reform legislation despite the fact that the power authority facing a midnight Jan. 22 deadline.