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  • WASHINGTON, June 28- The Obama administration and U.S. Senate Republican leaders scrambled on Tuesday to garner enough support to get a Puerto Rico debt relief bill through a critical procedural vote set for Wednesday which several lawmakers predicted would be close. After months of waiting for Congress to act as Puerto Rico's economic crisis progressively...

  • WASHINGTON, June 24- Republicans in the U.S. House of Representatives said on Friday they would advance legislation next year to chop individual and corporate U.S. tax rates. The tax plan, unveiled by House Speaker Paul Ryan and other Republican lawmakers at the U.S. Capitol, is the sixth and final plank of a conservative policy agenda being rolled out in an effort...

  • June 23- A federal court's striking down of the government's designation of insurer MetLife Inc as "too-big-to-fail" could undermine efforts to head off another financial crisis, authors of the landmark Dodd-Frank Wall Street reform law said. In a brief filed on Thursday with a federal appeals court, former Senator Chris Dodd, former Representative Barney...

  • WASHINGTON, June 9- The U.S. House of Representatives on Thursday moved toward passage of legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island's economy. The "Puerto Rico Oversight, Management and Economic Stability Act", according to House Speaker Paul Ryan's office, would "...

  • WASHINGTON, June 9- The U.S. House of Representatives on Thursday was poised to pass legislation creating a federal control board to help Puerto Rico cope with a crippling debt that already is wreaking havoc throughout the island's economy. The legislation, according to a statement by House Speaker Paul Ryan's office, would "protect American taxpayers, stop...

  • WASHINGTON, May 25- U.S. lawmakers on Wednesday backed a plan to help Puerto Rico escape crippling debt and expand the economy, a move that could put a rescue before the House of Representatives within days. Under the plan, investors may not sue Puerto Rico while the oversight board does its work, and all the island's creditors could face a loss despite recent...

  • NEW YORK/ WASHINGTON, May 19- U.S. lawmakers on Thursday began coalescing around revised bipartisan legislation to help address Puerto Rico's unpayable debt burden, which now threatens a full-blown humanitarian crisis. Puerto Rico has already defaulted on some of its roughly $70 billion in debt while trying to cope with a 45 percent poverty rate among its 3.5...

  • WASHINGTON, May 19- U.S. House of Representatives Democratic leader Nancy Pelosi said on Thursday that she hopes lawmakers will act quickly to move a bill addressing Puerto Rico's financial crisis through an oversight committee and onto the chamber's floor for a vote. She told reporters that the legislation unveiled late on Wednesday is "a bill that we can...

  • WASHINGTON/ NEW YORK, May 19- U.S. lawmakers on Thursday began coalescing around revised bipartisan legislation to help address Puerto Rico's unpayable debt burden that now threatens a full-blown humanitarian crisis. Puerto Rico has already defaulted on some of its roughly $70 billion in debt while trying to cope with a 45 percent poverty rate among its 3.5...

  • WASHINGTON, May 12- U.S. lawmakers are making progress toward legislation to address Puerto Rico's financial crisis and could produce a bill as early as Thursday, the top House Democrat said. "It was supposed to be filed yesterday; put it off to today. I don't mean right this minute, but the day is young, "House Democratic leader Nancy Pelosi told reporters.

  • WASHINGTON/ NEW YORK, May 11- Republicans on a U.S. House of Representatives panel said they were making progress on a Puerto Rico debt relief bill that will take the same basic approach as an earlier failed version, despite cancelling plans to unveil new legislation on Wednesday. The House Natural Resources Committee said more time was needed to refine the...

  • WASHINGTON, April 14- Democratic and Republican lawmakers are working in "good faith" to finalize legislation addressing Puerto Rico's debt crisis by May 1, Nancy Pelosi, the Democratic leader in the U.S. House of Representatives, said on Thursday. Republicans who control Congress outlined a plan this week to help Puerto Rico write off billions of dollars in debt...

  • WASHINGTON, April 13- The U.S. Congress was ironing out a new plan on Wednesday to rescue Puerto Rico from crippling debts that threaten the island territory's funding for hospitals and emergency services, as the treatment of bondholders simmers as a point of contention. It would steer creditors and holders of Puerto Rico bonds toward a new, independent board...

  • WASHINGTON, April 13- House Republicans' rescue plan to help Puerto Rico shed crippling debt has problems and could hurt residents of the U.S. commonwealth, House Democratic Leader Nancy Pelosi said, adding that the proposed legislation is "fixable." Leading House Republicans on Tuesday outlined their plan, which would steer creditors and holders of Puerto Rico...

  • WASHINGTON, April 12- Leading Republicans on Tuesday outlined a plan to help Puerto Rico shed crippling debt and accused investor-allied groups of misleading lawmakers about the proposal. The rescue would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt.

  • Women protest for equal pay

    Tuesday marks Equal Pay Day, an annual opportunity for Democrats to lambast Republicans for inaction on the issue.

  • Puerto Rico, with $70 billion in total debt and a 45 percent poverty rate, faces economic collapse without a solution to its debt. If those talks failed, Puerto Rico or its agencies could restructure debt under rules similar to U.S. bankruptcy law, including in certain situations via "cram-down"- forcing cuts on creditors that do not agree to them.

  • WASHINGTON/ SAN JUAN, March 29- A U.S. congressional draft bill to steer Puerto Rico through its economic crisis was released on Tuesday with elements of U.S. bankruptcy law opposed by creditors who want to keep the island's debt talks out of court. Puerto Rico has $70 billion in debt, with major bond payments due in coming months. The bill "provides Puerto Rico with...

  • WASHINGTON/ SAN JUAN, March 29- A draft of a bill to steer Puerto Rico through its economic crisis would incorporate key elements of U.S. bankruptcy law, a blow to creditors who have long lobbied to keep the island's debt talks out of court. Puerto Rico faces $70 billion in debt, including major bond payments due in coming months. The bill "provides Puerto Rico with...

  • WASHINGTON, Feb 4- The U.S. House of Representatives passed legislation on Thursday that would curb a Justice Department initiative aimed at cutting off perpetrators of fraud from the banking system. The goal of the program, frequently called " Operation Choke Point," has been to hold banks accountable while sniffing out law breakers, according to the department.