Posts Categorized: Top Stories

Congressman Asks FDIC for Assurances on Puerto Rico Debt Crisis

House of Representatives Financial Services Oversight and Investigations Subcommittee Chairman Sean Duffy (R-WI) has written to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg to ask for assurances that his agency can ensure financial stability and public confidence should Puerto Rico further default on its financial obligations. Chairman Duffy requested information in six key areas including:… Read more »

White House Cites Puerto Rico’s Economic Challenges, Ongoing Efforts to Help Through President’s Puerto Rico Task Force

At the regular White House news conference today, Press Secretary Josh Earnest was asked about the administration response Puerto Rico’s failure to pay most of its $58 million Public Finance Corporation (PFC) bond payment due yesterday and possible concerns of the default’s impact the broader U.S. economy. “I’m not going to be in a position to comment on… Read more »

White House Responds to Questions on Puerto Rico’s Fiscal Crisis and Political Status, Does Not Address Confusion over “Commonwealth”

On Friday, White House Press Secretary Josh Earnest was asked several questions related to Puerto Rico at the White House regular news briefing. The inquiries touched on the ongoing fiscal difficulties on the island as well as the degree to which President Obama is committed to resolving the issue of Puerto Rico’s territorial status. With respect… Read more »

Puerto Rican Voters in Florida Have a Historic Opportunity

The Washington Post today described in a front page story how the exodus from Puerto Rico may determine the 2016 presidential election. The newspaper ran a second article online later today announcing an upcoming visit by presidential candidate Jeb Bush to Central Florida to appeal to the regioin’s “fast-growing Latino population.” The escalating migration from Puerto… Read more »

Latino Leaders Across the Country Urge Washington to Support Puerto Rico

The National Hispanic Leadership Agenda (NHLA), a coalition of 39 of the most prominent Latino organizations representing the nation’s 57 million Latinos, will discuss the financial crisis in Puerto Rico on Tuesday, July 28th during press conferences in New York City, Orlando and on Capitol Hill. A NHLA press release explained that “[a]s Puerto Rico… Read more »

Senate Democrats Introduce Bill to Give Puerto Rico Equal Access to Federal Bankruptcy Protections

Senators Richard Blumenthal (D-CT) and Charles Schumer (D-NY) introduced legislation yesterday to grant Puerto Rico the ability to declare bankruptcy for its municipalities and public utilities and avoid the growing fiscal crisis in the U.S. territory.  The legislation, which is identical to a proposal introduced in the House of Representatives by Puerto Rico Resident Commissioner… Read more »

Congressional Leaders Issue Statement on Chapter 9 and Puerto Rico

House Judiciary Committee Chairman Bob Goodlatte (R-VA) and Subcommittee on Regulatory Reform, Commercial and Antitrust Law Chairman Tom Marino (R-PA) issued the following statement on Puerto Rico’s economic situation and fiscal crisis: “Today, we met with our Republican colleagues on the Judiciary Committee to discuss the issues facing Puerto Rico. While no consensus was reached,… Read more »

First Circuit Affirms Ruling Rejecting Puerto Rico Bankruptcy Law

The First Circuit Court has affirmed a lower court ruling striking down a Puerto Rican bankruptcy law, holding that Chapter 9 of the the federal bankruptcy code preempts the U.S. territory’s law. In rejecting the insular law, the court acknowledged defendants’ claim that this result leaves Puerto Rico without relief.  The opinion also noted that Congress may provide… Read more »