US Treasury seeks Congress action on Puerto Rico crisis

US Treasury Secretary Jacob Lew leads a meeting of the Financial Stability Oversight Council at the Treasury Department, April 13, 2016 in Washington, DCUS Treasury Secretary Jacob Lew pressed lawmakers Monday to work fast to enable Puerto Rico to restructure its massive debt, as the US island defaulted on a $422 million payment. “Congress must work quickly to resolve the few outstanding issues on the proposed legislation to help Puerto Rico,” Lew wrote in a letter to House Majority Leader Paul Ryan, a Republican. Puerto Rico has been locked in recession for a decade, and already defaulted on some debt payments at the beginning of the year.

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