Senate Democrats finally introduced legislation aimed to help Puerto Rico's $70 billion debt crisis.Democratic Sens. Chuck Schumer of New York and Richard Blumenthal of Connecticut announced the "The Puerto Rico Chapter 9 Uniformity Act" (S. 1774), which would grant the island commonwealth the authority to allow its municipalities and public utilities to adjust their debts through bankruptcy court supervision.
With Puerto Rico facing $70 billion of debt, U.S. congressional lawmakers are attempting to introduce legislation granting the commonwealth to file for Chapter 9 bankruptcy.
Puerto Rico should be given access to U.S. bankruptcy laws to restructure some of the $72 billion of its public entities' debt, Democratic presidential frontrunner Hillary Clinton said on Tuesday.
Puerto Rico is $70 billion in debt, and their trouble continues with a declining population. Puerto Rico is $70 billion in debt, and their trouble continues with a declining population.
Puerto Rico may not be able to pay back its $72 billion public debt, and the U.S. territory's governor hopes to defer payments and negotiate with creditors, Fox News reported based on comments by Jesús Manuel Ortiz, Gov. Alejandro García Padilla's spokesman
In an effort to alleviate Puerto Rico’s current economic woes, the U.S. territory just passed legislation on Thursday that would increase their sales tax from 7 percent to 11.5 percent.
In April, Puerto Rico’s finance officials warned the U.S. territory could shut down in three months unless it secured a workable financing deal. As it stand now Puerto Rico has a debt of $73 billion.
Alejandro Garcia Padilla, governor of Puerto Rico, signed an executive order authorizing the use of medical marijuana over the weekend, adding the island territory to the growing list of nations and territories allowing for the drug's medical use.
Cesar Miranda, the Justice Secretary of Puerto Rico made an announcement on Friday that the government will take no measures restricting marriage to a bond between a man and a woman.
Two weeks after regulators closed Puerto Rico's Doral Bank, the financial institution's parent company, Doral Financial Corp., filed for Chapter 11 bankruptcy protection on Wednesday.
Puerto Ricans upset with the administration of the island territory's governor, Alejandro García Padilla, are asking the federal government for "an investigation (into) what has been done with the people's money over the last two years." In a petition on the White House Web site, a Guaynabo resident said García Padilla needed to be removed by Congress.
Amid the troubling status of the Puerto Rican economy, the commonwealth's governor proposed a double-digit value-added tax in hopes to building the government's revenue.
In a rematch of the 2010 gubernatorial election, Connecticut's Democratic Gov. Dannel P. Malloy is hoping to influence Latino voters ahead of the midterm Election Day with campaign events with Puerto Rico Gov. Alejandro Garcia Padilla.
On Wednesday, Puerto Rico Gov. Alejandro Garcia Padilla said that by 2016, there will be a plebiscite to determine what to do about the U.S. commonwealth archipelago's political status.
