U.S. lawmakers on Thursday scrutinized the work of a federal control board created by Congress to oversee Puerto Rico’s finances amid complaints from some officials that it is ineffective and has cost the bankrupt U.S. territory’s government’ millions of dollars in operating expenses.
The House’s Natural Resources Committee heard testimony in Washington from several people, including Puerto Rico Gov. Ricardo Rossello, who asked that the control board remove itself from debt restructuring proceedings in which his administration can reach consensual deals with creditors.
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