House Republicans have introduced long-awaited legislation to help Puerto Rico manage its deepening debt crisis.
A revised bill was introduced late Wednesday would create a control board to help manage the U.S. territory’s financial obligations and oversee some debt restructuring, the Associated Press reported.
House Natural Resources Committee Chairman Rob Bishop said Wednesday that decisions still must be made on how to appoint members of a board that would oversee the restructuring of Puerto Rico’s $70 billion debt.
“Congress has very little appetite to actually pick any sort of winners or losers or to propose any real policy conditions here. All they really want to do is pass off the decisions about what gets done to a control board …
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