Puerto Rico Oversight Board warns against Puerto Rico labor bill – Bond Buyer

Puerto Rico Oversight Board warns against Puerto Rico labor bill – Bond Buyer

A invoice awaiting signing into regulation, Which might overturn a 2017 labor regulation, is inconsistent with the Puerto Rico Oversight Board’s fiscal plan, the board said, including that if signed, It’d Try and cease implementation.

The board despatched Gov. Pedro Pierluisi a warning Monday in the direction of the invoice, which amongst completely different issues, would “scale again financial progress and market rivals, deprive the commonwealth of the incomes Associated to such income progress,” and deter funding in Puerto Rico, it said.

Puerto Rico House Bill 1244, filed on March 6, is inconsistent with the board-apshowd fiscal plan for Puerto Rico and a PROMESA part bars the governor from signing the invoice, Based mostly on the board’s letter. If the governor indicators it, the board reserved its rights beneath PROMESA to take movement To cease its implementation.

The Puerto Rico Oversight Board informed Gov. Pedro Pierluisi, pictured, that he was legally barred from signing a labor regulation the legislature despatched him.

Bloomberg Information

Six years after the moveage of the Puerto Rico Oversight, Administration, and Economic Stability Act, the letter is ancompletely different event of the board’s continued struggles to get the native authorities to Adjust to its strategy to reforming Puerto Rico’s authorities and funds.

The Puerto Rico Senate and House of Repredespatchedatives have handed the invoice and, on Thursday despatched it to Pierluisi for his signature. 

The invoice would revert To three …….

Source: https://www.bondbuyer.com/news/puerto-rico-oversight-board-warns-against-puerto-rico-labor-bill

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