The U.S. House of Representatives submitted late Wednesday H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” which includes several revisions to the original bill proposing an oversight board and a debt-restructuring framework for the island.
Puerto Rico Gov. Alejandro García-Padilla and members of the island’s private sector held meetings with key lawmakers in Congress, including U.S. House Speaker Paul Ryan, to discuss the bill that would address the Commonwealth’s fiscal crisis.
Center for a New Economy representatives on Thursday stressed the urgency for Congressional action, but cautioned that any bill approved in Washington must provide Puerto Rico with a debt restructuring mechanism “that will actually work.”
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