Legislature votes in favor of fiscal supervision board

In the final stretch of the legislative session, the Puerto Rico House of Representatives approved Tuesday night a watered down version of a self-imposed fiscal control board. The approved bill will now go to the governor for his signature. The fiscal board is seen as an important component of the efforts to restructure the commonwealth's $70 billion aggregate debt.

The House passed the measure with 28 votes in favor and 22 against. The Senate had already approved the version of the bill negotiated by the conference committee.

The Puerto Rico Electric Power Authority (Prepa) Revitalization Act, however, will most likely be tackled on an extraordinary session, to be called by Governor García Padilla on November 30, according to House Speaker Jaime Perelló. The Act is critical to the restructuring support agreement (RSA) signed by Prepa and its creditors, with the exception of monoline insurers.

Such a starting date for an extraordinary session moves up the negotiation calendar with Prepa's creditors and will require additional amendments to the signed restructuring support agreement (RSA).

On Monday, the House Special Committee on New Energy Policy, presided by Jesús Santa (PDP), held its last public hearing on the bill.