Puerto Rico’s governor said yesterday that he would submit a revised fiscal turnaround plan on Thursday to the island’s federally appointed oversight board, but the plan would not include labor reforms and pension cuts the board demanded, Reuters reported. Governor Ricardo Rosselló also said the government of the bankrupt and hurricane-ravaged island would not allow the oversight board to usurp its legislative powers. “The Government will not allow the takeover of these powers, and therefore cannot be compelled to implement many of the suggested revisions,” Rosselló told the board in an letter made public with a press release. The revised plan will exclude layoffs of public employees, the release said. Read more.
The people of Puerto Rico need your help. Thousands are still without regular power service, and many more need to rebuild their homes. Please join the ABI Endowment and the Mariano Rivera foundation for a charity benefit for Puerto Rico on April 4, 2018, at the New York Athletic Club.
