Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Obama quickly signs Puerto Rico financial rescue bill

Obama quickly signs Puerto Rico financial rescue bill | iNFOnews.ca
FILE - In this Aug. 2, 2015 file photo, a private security guard sits in front of a closed down business in the colonial district of Old San Juan, Puerto Rico. Congress edged closer to delivering relief to debt-stricken Puerto Rico as the Senate on Wednesday, June 29, 2016, cleared the way for passage of a last-minute financial rescue package for the territory of 3.5 million Americans. (AP Photo/Ricardo Arduengo, File)

WASHINGTON – President Barack Obama has signed a rescue package for financially strapped Puerto Rico, which is facing more than $70 billion in debt and a major payment due Friday.

Obama signed the bill Thursday, hours after it won final passage in the Senate on Wednesday night.

Obama says the bill isn’t perfect but is an important first step to help the U.S. territory and its 3 1/2 million citizens avoid plunging into an even deeper crisis.

The bipartisan bill crafted after months of work creates an oversight board that will supervise some debt restructuring and negotiate with creditors. It temporarily blocks creditor lawsuits.

Puerto Rico will also be allowed to temporarily lower the federal minimum wage for some younger workers.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles