Puerto Rico House Approves Fiscal Oversight Board

The Puerto Rico House of Representatives approved a fiscal oversight board, part of the government's effort to boost investor confidence.
The House's action late Thursday followed the Puerto Rico Senate passage of a similar bill Wednesday.
In early September the Puerto Rico Working Group for the Fiscal and Economic Recovery ofPuerto Rico proposed a local control board as part of its Fiscal and Economic Growth Plan. Gov. Alejandro García Padilla proposed a control board following this recommendation.
Like the Senate, the House modified the governor's proposal to make the board an oversight board rather than a control board, said Michelle Gonzalez Tobaja, spokeswoman for House President Jaime Perelló Borrás. However, there are some differences between the House and Senate versions of the bill.
Representatives of the bodies will meet in conference to reconcile the two versions, Gonzalez Tobaja said. The conference should complete its work by Nov. 20, when the current legislative session is scheduled to end.
Thursday's vote had 27 in favor and 20 opposed. All those voting in favor were from the governor's Popular Democratic Party.
Several municipal bond analysts have said that the board would not have value unless it was completely independent from Puerto Rico's government and had the power to dictate a wide range of policies
BY SourceMedia Bond Buyer

Puerto Rico House Approves Fiscal Oversight Board

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