Open Spaces report finds expenses significantly exceed initial estimates under the Puerto Rico Oversight, Management and Economic Stability Act. #NewsismyBusiness
The U.S.-based clean energy think tank warns a potential $2.5 billion bond issue for PREPA could significantly impact the financial burden on households. #Newsismybusiness
PROMESA brought with it the controversial creation of the Financial Oversight and Management Board to lead the financial reorganization process. #NewsismyBusiness
Five years after the approval of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), the objectives, achievements and successes attained fall short, the Center for a New Economy concluded in the latest edition of its “CNE Review.” In it, the CNE examines PROMESA since its enactment in June 2016, makes an inventory of […]
The Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) held its first workshop organized by the Institute for Professional Training and Public Fiscal Governance, targeting all chief legal officers of the Commonwealth’s government agencies. The Institute seeks to address the need to develop and train government human resources on fiscal, economic and governance matters, […]
Rep. Nydia M. Velázquez (D-NY) has introduced the “Puerto Rico Recovery Accuracy in Disclosures Act of 2021.” Known as PRRADA, the bill would extend current US law to require disclosures of conflicts of interest in all PROMESA bankruptcy proceedings in Puerto Rico, and thereby improve transparency and restore confidence in the island’s future. Senator Bob […]
The US House of Representatives passed H.R. 683 — the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA) — the first amendment approved by either chamber of Congress to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The legislation, introduced by Rep. Nydia M. Velázquez (D-N.Y.), mandates financial disclosures by professionals […]
By 2016, Puerto Rico’s government was in dire financial straits. To avoid bankruptcy, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), creating a board responsible for restructuring the island territory’s substantial public debts. But there are serious questions regarding the constitutionality of this Financial Oversight and Management Board for Puerto Rico […]
A number of civic and professional organizations that met during the 10th Annual Puerto Rican Summit held in Orlando, Florida May 17th, 2019 agreed to endorse U.S. House of Representatives Resolution 683, the Puerto Rico Recovery Accuracy Disclosures Act of 2019 that establishes conflict of interest disclosure provisions. Representatives of the Puerto Rican Chamber of […]
During the past few months a narrative has taken hold, on both sides of the political spectrum, that Puerto Rico is “using federal disaster relief funds to pay bondholders.”
The report, which is just under 600 pages long, includes the results of its investigation into Puerto Rico’s debt and its connection to the current fiscal crisis.
The Puerto Rico Builders Association called upon the three branches of government and the Financial Oversight and Management Board for Puerto Rico to reach agreements to make the island return to the path of economic and fiscal recovery.
Gov. Ricardo Rosselló sent a letter Congressman Rob Bishop (R-Utah) in which he urged the lawmaker to “adopt a balanced approach” that considers all stakeholders in Puerto Rico and not just the concerns of the bondholders.
Puerto Rico Gov. Ricardo Rosselló confirmed he will hand over a new revised Fiscal Plan to the Financial Oversight and Management Board on Thursday that will exclude the layoffs of public employees, a labor reform and a reduction in pensions.
A group of Puerto Rico credit unions filed an "adversary proceeding" before Judge Laura Taylor Swain, who presides over Puerto Rico's Title III bankruptcy proceedings.
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