House GOP releases legislation to reverse Puerto Rico’s debt

April 12, 2016 10:45 PM

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WASHINGTON (AP) — Seeking to reverse Puerto Rico’s downward spiraling economy, House Republicans have released compromise legislation to create a tough new financial control board for the territory, which has $70 billion of debt.

The legislation introduced Tuesday would create a seven-member board that would put financial plans in place but still allow the island’s government to have some say in the process. Republicans are aiming to avoid a “colonialist” approach.

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