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US names powerful board to shepherd Puerto Rico economy

People protest against cutbacks and austerity measures forced onto the severely indebted island of Puerto Rico in 2015 in New York CityUS President Barack Obama named a powerful new oversight board for Puerto Rico Wednesday charged with helping restore the finances of the debt-mired Caribbean island. The White House said the seven members of the Financial Oversight and Management Board would be charged with helping the government of the US territory restructure its $70 billion in debts and restore economic growth after a decade of recession. The seven include a mix of figures from the banking industry, government and legal sector, four of them selected by Republicans in Congress who had fought giving Puerto Rico the right to declare bankruptcy, and three from the Democrats.

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