In order to help alleviate Puerto Rico's massive $72 billion debt, government officials held a meeting on Thursday, hoping to attract wealthy investors to move to the U.S. territory.
To alleviate Puerto Rico's financial and health crises, President Barack Obama made a number of proposals for the commonwealth in his 2017 fiscal year budget.
Puerto Rico will take the next step in efforts to resolve its fiscal crisis on Jan. 29 by presenting investors with an offer to swap existing bonds for two new types of securities.
U.S. Treasury Secretary Jack Lew paid a visit to Puerto Rico, where he held a press conference urging Congress to take action to help alleviate the island's massive debt and humanitarian crisis.
With Congress not acting quickly enough to ease Puerto Rico's debt crisis, a Latino nonprofit organization filed a petition for the White House to get involved.
U.S. Rep. Raúl Grijalva, D-Ariz., called for the House Natural Resources Committee to hold a hearing on the role of hedge funds in Puerto Rico's financial crisis.
