On Wednesday, June 29, 2016, the U.S. Senate approved H.R. 5278, legislation to establish  seven-member fiscal oversight board to manage the restructuring of Puerto Rico’s $70 billion government debt and oversee the island’s finances. The “Puerto Rico Oversight, Management and Economic Stability Act” (known by its acronym “PROMESA”), was passed in the Senate 68-30; previously, the U.S. House of Representatives passed the bill 297-127. President Obama signed the bill.

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