Federal oversight might be in the future for Puerto Rico as lawmakers consider ways to rescue the U.S. territory from financial ruin.
Some Puerto Rico residents have blasted the idea of a five-member voting board as colonialism.
Island residents call it colonialism, but congressional discussions around a plan for a five-member voting board would give the panel power to subpoena documents from both governments and restructure Puerto Rico’s $72 billion debt, according to a document obtained by the Daily News.
The plan is the brainchild of Republican members of Congress who shared a draft of a bill with a small group of Democrats Thursday.
The board would be appointed by the President, and “would be an entity within the government of Puerto Rico, but not subject to the control of the governor or the legislature,” the document states.
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