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 »
The Subcommittee on Indian, Insular and Alaska Native Affairs of the U.S. House of Representatives has released its list of witnesses for its oversight hearing, “The Status of the Puerto Rico Electric Power Authority (PREPA) Restructuring Support Agreement,” which will be held at 10:00 am tomorrow. Puerto Rico Gov. Ricardo Rosselló will appear on the first panel,… Read more »
The following is the third in a series of posts regarding the bi-partisan effort that led to the enactment of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) as Public Law No: 114-187. On June 30, 2016 – one day before the U.S. territory of Puerto Rico was due to default on a… Read more »
On Wednesday, May 25th, the House Natural Resources Committee, under the leadership of Chairman Rob Bishop (D-UT), passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) with 29 votes in favor, 10 votes against, and 1 member voting present. Since that vote was taken, a number of groups have come forward to recognize… Read more »
The U.S. House of Representatives Committee on Natural Resources held a short session late yesterday to begin the first part of its consideration of the bill on Puerto Rico fiscal matters worked out by Republican leaders with the U.S. Treasury Department and Democratic leaders last week, the Puerto Rico Oversight, Management and Economic Stability Act (H.R. 5278),… Read more »
The U.S. House of Representatives Natural Resources Committee’s hearing today on legislation to address the fiscal problems of government in Puerto Rico demonstrated the extent of differences among Republicans as well as between Democrats and Republicans on the measure, H.R. 4900, introduced late yesterday by Representative Sean Duffy (R-WI). Only four Republicans other than the… Read more »
Representative Nydia M. Velázquez (D-NY) and seven other Members of Congress have sent a letter to Treasury Secretary Jacob Lew requesting the Department to move beyond its provision of technical assistance in helping Puerto Rico and to take a greater leadership role to bring creditors and debtors to the table to resolve the U.S. territory’s fiscal crisis. “This situation is unprecedented,”… Read more »
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