WASHINGTON — Legislation giving Puerto Rico the ability to restructure its $70 billion in debt overcame a major hurdle on Thursday, passing out of committee in the House.
The House Natural Resources Committee approved the bill, which would establish an oversight board to help the commonwealth restructure its un-payable debt and craft an economic recovery plan, in a 29-10 vote.
Its a significant step for proponents of the bill, who had to write multiple versions of the legislation and abruptly cancel the first markup scheduled last month. The bill will now advance to the House floor.
Congress has sown the wind, and Puerto Rico has reaped the whirlwind, Rep. Rob Bishop (R-Utah), chair of the committee, said in hi…
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