Financial Control Board Should Take Over Debt-Laden Puerto Rico, Lawmaker Says – The New York Times

In one of the strongest bids yet for federal intervention into Puerto Rico’s fiscal woes, a member of Congress is calling for a control board to take over the island’s beleaguered government.

Representative Jeffrey D. Duncan, a South Carolina Republican, sent a letter to his fellow lawmakers on Friday, urging them for a solution to Puerto Rico’s financial problems that may result in “management changes” in the commonwealth.

Mr. Duncan said Congress had the authority to establish a control board in Puerto Rico, similar to the one it created in Washington, D.C., in the mid-1990s.

“I believe legislation to require the establishment of a financial control board, to enable the politically unpalatable changes necessary to put Puerto Rico back on the road to self-determination, may be needed,” wrote Mr. Duncan, who is chairman of the Subcommittee on the Western Hemisphere of the House Foreign Affairs Committee.

Mr. Duncan’s letter is the latest salvo in the battle between Puerto Rico and its creditors. The island is quickly running out of cash to pay its debts, leading many analysts and investors to conclude that the commonwealth may default.

Mr. Duncan’s call for a control board will most likely find favor with hedge funds and other investors that own billions of dollars of Puerto Rico municipal bonds and are seeking to head off a default or debt restructuring.

A group of Puerto Rico debt investors have been trying to thwart efforts in Congress that would allow Puerto Rico’s public corporations, which run the island’s water and electrical systems, to declare bankruptcy.

In his letter, Mr. Duncan said authorizing a bankruptcy filing “will be a financial bailout of Puerto Rican debt that will provide only temporary benefit, harm U.S. investors that have invested in Puerto Rican bonds, and not meaningfully address the entrenched issues that have created the fiscal management problems that have created the current crisis.”

via Financial Control Board Should Take Over Debt-Laden Puerto Rico, Lawmaker Says – The New York Times.

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About steventorresramos

I have over (24) years of Computer Aided Drafting & Design experience and over (16) years of IT experience. After graduating high school I attended a Technical College and earned an Associate Degree in Drafting & Design. I then enrolled at the University of Puerto Rico where I earned an A.S. in Civil Engineering Technologies. While attending the Univ. of Puerto Rico I worked as a freelance Drafter for a variety of architects and engineers. During my senior year I began to work for the firm Planning Management & Development in Ponce, Puerto Rico. Two years later I was offered the position at Mario Corsino & Associates, which later became InterGroup a medium size Civil Engineering, Architectural and Planning firm in Bayamon, Puerto Rico. At InterGroup I became assistant chief drafter where I was responsible for 20+ drafters & civil techs, and this is also where I began my IT training. In 2000 I decided to move to St. Petersburg, FL where I was hired as CAD Manager at Advanced Engineering & Design a small Civil Engineering firm established in 1998. Currently still employed by Advanced Engineering & Design I’m now the CAD/IT Manager. I have also continued to expand my knowledge base in both the IT & CADD fields through continued training, certifications, and attending Autodesk University. I’m currently an Autodesk Certified Professional proficient in AutoCAD, Civil 3D and various other Autodesk products. I have been the President of the Tampa Bay Autodesk Users Group (TBAUG) since late 2007 and a member of Autodesk Users Group International (AUGI) since 1996. I have an A.S. Degree in Computer Networking , a Bachelors of Applied Science in Technology Management and currently finishing work on my Masters in Computer Information Systems. I’m a licensed drafter in the US Commonwealth of Puerto Rico, and a Microsoft Certified Professional. I hold certificates as a Microsoft Certified IT Professional: Server Administrator, Cisco Networking Associate Professional and Linux Administrator.
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