Posted on 06/01/2020 11:45:34 AM PDT by cll
WASHINGTON (AP) — The Supreme Court on Monday upheld the oversight board established by Congress to help Puerto Rico out of a devastating financial crisis that has been exacerbated by the coronavirus outbreak, recent earthquakes and damage from Hurricane Maria in 2017. The justices reversed a lower court ruling that threatened to throw the island’s recovery efforts into chaos.
In a unanimous holding, the court will allow the oversight board’s work to pull the island out of the largest municipal bankruptcy in U.S. history to proceed. At one point, Puerto Rico faced more than $100 billion in debt and unfunded pension obligations.
The case stemmed from a constitutional challenge to the oversight board’s composition led by hedge funds that invested in Puerto Rican bonds. A lower court ruled last year that board members were appointed in violation of the Constitution because they were not confirmed by the Senate.
The president selects the board’s seven voting members. They and one other non-voting member chosen by Puerto Rico’s governor approve budgets and fiscal plans drawn up by the island’s government. The board also handles bankruptcy-like cases that allow the island to restructure its debts.
In his opinion for the court, Justice Stephen Breyer wrote that the board’s makeup is not controlled by the Constitution’s provision on appointments, but by a different provision giving Congress significant control over U.S. territories, including Puerto Rico.
(Excerpt) Read more at apnews.com ...
what’s the significance of the Carlist flag?
“At one point, Puerto Rico faced more than $100 billion in debt and unfunded pension obligations.”
Golly. I didn’t realize they were also under Democratic control. How long before the US declares bankruptcy?
That structure is the San Felipe del Morro castle in the Old San Juan National Historic Site, which is run by the U.S. National Park Service. They still fly the flag to highlight the 400 year Spanish heritage of the complex, and as sort of reconciliation token for the island’s Spanish population. That was also the last flag of the Vice Royalty of New Spain, which was in effect when the island was ceded to the U.S.
Actually, right now under RINO control.
They supported Franco? Might be the PR Version of the Gadsden Flag.
Obvious call but good call. PR has so much potential if the island just could get under some adult leadership. It’s a great place to live or visit. Cost of living is far below what you might expect.
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