Blood of Tyrants by Logan Beirne6/26/2023 This new control board has the power to audit the island’s government, force budget cuts, and determine what how much of the territory’s $72 billion debt must be restructured. Under this new legal framework, bondholders and the Puerto Rican government must submit bond payments in question to oversight by a five member board appointed by the President. Utah Congressman and House Natural Resources Committee Chairman Rob Bishop has proposed a draft bill that aims to circumvent long-established legal norms. Territory’s constitution – all while providing little meaningful assistance for the island or its people. Last week, Congress unveiled a dubious “solution” to Puerto Rico’s staggering fiscal crisis: a precedent-setting legislative package that promises to both disrupt the municipal market and violate the U.S.
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