Puerto Rico can’t use a local law to restructure the debt of its financially ailing public utilities as it tries to overcome a decade-long economic crisis, the Supreme Court ruled Monday. The 5-2 ruling said that federal bankruptcy law bars Puerto Rico from enacting its own law to restructure about $20 billion in debt. The…
With help from Caitlin Emma, Kimberly Hefling and Caroline Kelly STUDENT LOAN DEBT RELIEF REGS COMING TODAY: The Obama administration plans to announce a sweeping proposed rule today that would streamline the process by which borrowers defrauded by colleges could get their federal loans wiped out, Morning Education has learned. The Education Department will unveil…
President Obama praised the House for passing a bill to help Puerto Rico restructure its debt, as the U.S. territory reels from an economic crisis and the spreading Zika virus. The House earlier this week passed a bill that gives Puerto Rico the ability to restructure its debt and help protect pensions for the island’s…
A report issued by the Pew Charitable Trusts in July 2015, stated that 80 percent of consumers in the U.S. have some type of debt. With auto loans and student loans both topping $1 trillion and credit card holders dealing with an average of more than $7,500 in debt, many are looking for ways to relieve some financial stress. There are…
Following months of internal wrangling, the U.S. House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the islands economy. By a vote of 297-127, the House approved the bill, sending it to the Senate for consideration. Some leading Democratic…
When a hole in the roof turns into a disaster. Photo: Graham Tidy Picture a scenario whereby you arrive home one rainy day to discover a leak in your roof has left a small pool of water in your hallway. Thankfully it’s only a small leak, so there’s not too much damage to your ceiling…
(Recasts with details of House passage, White House statement) By Richard Cowan Following months of internal wrangling, the U.S. House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island’s economy. By a vote of 297-127, the House approved…
WASHINGTON (AP) The House is slated to vote Thursday on legislation that would help rescue Puerto Rico from its $70 billion debt. Some of the provisions in the bill: __ CONTROL BOARD: A seven-member board appointed by Congress and the president would help Puerto Rico get its finances in order, similar to a board that…
Following months of internal wrangling, the U.S. House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island’s economy. By a vote of 297-127, the House approved the bill, sending it to the Senate for consideration. Some leading Democratic…
Before passage, the House approved an amendment giving priority to protecting federal taxpayer investments in Puerto Rico, such as mass transportation assets. Representative Raul Grijalva, like many Democrats, criticized major elements of the bill but argued it was the best possible in the Republican-controlled Congress. “The oversight board is too powerful and is yet another…