Puerto Rico Oversight Panel Named to Halt Island Debt Crisis
- Seven-member panel created to deal with island’s fiscal crisis
- Panel to work on budget plan to guide creditor talks
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The Obama administration named seven people to serve on a financial control board overseeing the restructuring of Puerto Rico’s $70 billion debt burden, a first step toward pulling the island from its fiscal crisis.
The three Democrats and four Republicans were chosen by the White House from a list provided by congressional leaders from both parties, with President Barack Obama consulting with Democrats. The board was created as part of legislation signed into law by Obama in June that shields the island from bondholder lawsuits as it works on a plan to repair its finances.