Puerto Rico's Governor Padilla delivers his state of the Commonwealth address at the Capitol building in San Juan, Puerto Rico

U.S. Congress should give Puerto Rico access to restructuring: Treasury

Puerto Rico's Governor Padilla delivers his state of the Commonwealth address at the Capitol building in San Juan, Puerto RicoThe Obama administration urged the U.S. Congress on Thursday to provide Puerto Rico with access to a restructuring regime to help the commonwealth deal with its fiscal challenges, the U.S. Treasury Department said in a statement. “Without federal legislation, a resolution across Puerto Rico’s financial liabilities would likely be difficult, protracted and costly,” the statement said. Treasury Secretary Jack Lew and National Economic Council Director Jeffrey Zients met on Thursday with Puerto Rico Governor Alejandro Garcia Padilla.

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