Puerto Rico Bankruptcy Bill Gains Support and Creation of Advisory Board Backed
Sharon Edmondson, Washington Legislative Team Member | October 09, 2015
House Democratic leaders, including Rep, Pelosi (D-CA), have signed onto HR 870 a bill that would allow some public agencies in Puerto Rico access to municipal bankruptcy.
In connection with this issue, Rep Tom Marino (R-PA), is pushing for the creation of a federal board to advise the island on its finances. The panel would be appointed by Congress and the Obama administration and would suggest how the territory could cut spending and take other steps to put an end to the chronic budget deficits and spur the economy.
Rep. Marino’s interest in an advisory board comes from Senator Grassley’s (R-Iowa) suggesting a similar move during a Senate Judiciary Committee meeting on September 29. Marino said that if the bankruptcy bill is considered it would have to be part of a broader program to help Puerto Rico deal with its long-building financial strains.