The Subcommittee on Indian, Insular and Alaska Native Affairs of the U.S. House Natural Resources Committee will hold a hearing on Jan. 26, to analyze Puerto Rico’s fiscal crisis.
Resident Commissioner Pedro Pierluisi introduced a bill Thursday that would authorize the U.S. Treasury Department to guarantee repayment of principal and interest on bonds to be issued in the future by the island’s bond-issuing public entities, but only if the agency certifies that the commonwealth has “demonstrated meaningful improvement in managing its public finances.”
U.S. Senators Richard Blumenthal (D-Conn.) and Charles E. Schumer (D-N.Y.) announced The Puerto Rico Chapter 9 Uniformity Act, legislation they have co-authored and introduced to address the growing fiscal crisis in Puerto Rico by granting Puerto Rico the authority to allow its municipalities and public utilities to readjust their debts under the supervision of a bankruptcy court.
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