Sentences with phrase «federal oversight board»

The bankrupt island's federal oversight board certified plans that include cuts to pensions and other austerity measures.

The U.S. territory's federal oversight board signaled it's tired of waiting, Bloomberg News reported.

The legislation, called PROMESA, would create a federal oversight board to help Puerto Rico governments balance their budgets, improve financial reporting and facilitate debt restructuring when voluntary agreements between creditors and borrowers can not be reached.

The U.S. House Natural Resources Committee this week will consider legislation that will provide bankruptcy powers to Puerto Rico while subjecting it to the authority of a federal oversight board.

The U.S. Senate on June 29 approved a bill that will allow Puerto Rico to restructure roughly $ 70 billion of debt in return for accepting involvement by a federal oversight board.

It creates a federal oversight board (PROMESA), which will have the ability to re-structure debts and audit the Puerto Rican government.

The federal oversight board has called for a debt moratorium even further reaching than the one Puerto Rico's governor had sought, in hopes of using the savings to rekindle its shattered economy.