Rep. Raul Grijalva (D-AZ) is the incoming chair of the House Natural Resources Committee, the committee which oversees Puerto Rico for Congress. In an interview last week with El Nuevo Dia, Puerto Rico’s largest news source, he outlined his plan for Puerto Rico: He wants to change the relationship between the PROMESA Fiscal Oversight and Management… Read more »
With Hurricane Season 2018 officially beginning, Congress is increasingly talking about Puerto Rico. A lot of the conversations focus on energy. Rob Bishop (R-UT), Chair of the House Natural Resources Committee, has committed to holding a hearing on Puerto Rico in his committee before the end of the month. “We need to look at what… Read more »
Following Governor Ricardo Rosselló’s announcement to privatize the Puerto Rico Electric Power Authority (PREPA), Rep. Nydia M. Velázquez (D-NY), Rep. Raúl M. Grijalva (D-AZ) and Rep. José E. Serrano (D-NY) wrote today to the Governor requesting additional details on the plan, including assurances on affordable rates and reliable service. “It is evident to us that… Read more »
Almost 60 Democratic Member of Congress sent a letter last week to U.S. House Speaker Paul Ryan (R-WI) and U.S. Senate Leader Mitch McConnell (R-KY) regarding the ongoing healthcare crisis in Puerto Rico and the Virgin Islands. The letter begins with a succinct desire to “avoid further fatalities” in the U.S. territories affected by Hurricanes… Read more »
On October 24, 2017, members of Congress wrote a letter to Secretary of Education, Betsy Devos, and Director of Office of Management and Budget, Mick Mulvaney, with recommendations for education agencies in Puerto Rico and U.S. Virgin Islands. The US Department of Education will make recommendations for supplemental appropriations in the wake of hurricanes Harvey,… Read more »
On Thursday September 28, 2017, the Natural Resources Committee Democrats sent a letter to chairman Rob Bishop requesting an oversight hearing on the administration’s response to hurricanes Irma and Maria. The Natural Resources Committee has broad jurisdiction over the insular areas of the United States, including Puerto Rico. Due to this broad jurisdiction, the Democratic… Read more »
Last night, the U.S. Senate passed a bill to end the exemption of investment firms in Puerto Rico and other U.S. territories that do exclusive business in those islands from the Investment Company Act of 1940, giving the SEC greater jurisdiction over their activities. Senator Robert Menendez (D-NJ) sponsored the bill with Sens. Orrin Hatch… Read more »
The Puerto Rico financial control board in a closed meeting late yesterday rejected both the $9.256 billion budget for the territory’s central government for the fiscal year beginning Saturday and the debt restructuring agreement for the Electric Power Authority (PREPA). Both had been approved by the islands’ elected leaders, with the PREPA debt deal also… Read more »
The Puerto Rico Financial Oversight and Management Board (FOMB), created by the PROMESA law, has been the subject of a number of complaints and concerns from members of the U.S. Congress. There have also been complaints about the board directed to the U.S. Congress. On June 15, Congressman Rob Bishop (R-UT), Chairman of the House… Read more »
The U.S. House of Representatives passed legislation yesterday to require investment companies located in Puerto Rico and other U.S. possessions to adhere to federal registration requirements imposed by the Securities and Exchange Commission (SEC). Current law exempts such companies from registration requirements with the SEC provided that their shares are sold solely to the residents of… Read more »
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