Puerto Rico

Rep. Nydia Velazquez, D- N.Y., introduced a bill Wednesday that would substantially increase hedge fund reporting requirements in response to ongoing concerns about hedge funds' role in Puerto Rico's financial crisis.

Puerto Rico Gov. Alejandro García Padilla introduced legislation to reform the Puerto Rico Electric Power Authority today, a step PREPA’s creditors are requiring for them to accept reduced debt payments.

The parent of the biggest insurer of Puerto Rico Electric Power Authority bonds won a “buy” rating on the expectation that PREPA will soon come to an agreement in which bond insurers will suffer minimal losses at worst.

Puerto Rico Electric Power Authority officials were optimistic Friday that they would complete a debt restructuring agreement and pass related legislation quickly.

Puerto Rico could benefit from a control board similar to what Congress implemented for Washington, D.C., said former House Speaker Newt Gingrich.

The nonprofit OPEN Puerto Rico announced the founding of a municipal financial web site and a municipal financial index Thursday.

Puerto Rico Secretary of State David Bernier resigned Sunday, possibly indicating that he will run to be the next Puerto Rico governor and the current governor will not run.

Municipal professionals, insurers and bondholders criticized the United States Treasury’s proposal for a “Super Chapter 9” bankruptcy bill for Puerto Rico as dangerous.

Presidential candidate Sen. Bernie Sanders, I-Vt., has told Treasury Secretary Jack Lew that any debt in Puerto Rico that was issued in violation of the territory’s constitution “must be immediately set aside.”

Standard & Poor's Ratings Services said its ratings on $47.5 billion of tax-backed Puerto Rico (CC/Negative) debt are unchanged.