The Puerto Rico Bill’s Eye-Catching Clause: Gifts for the Board
- Seven-member board would oversee island’s debt restructuring
- Hedge funds have $13.5 billion in Puerto Rico debt: Citigroup
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Hedge funds with billions of dollars at stake in Puerto Rico may be salivating over page 24, line 18 of legislation Congress will consider this week to address the island’s debt crisis.
U.S. House leaders and Treasury officials jockeying to create a passable bill to pull Puerto Rico out of debt included a provision that has some experts scratching their heads: The board overseeing the restructuring can accept gifts.