Puerto Rico Fed. Oversight Board Picks Ruled Constitutional

Law360 (July 13, 2018, 8:25 PM EDT) -- The federal judge presiding over Puerto Rico's bankruptcy-like cases ruled Friday that the panel of federal advisers charged with rehabilitating the island's financial health are territorial officers who were lawfully appointed without U.S. Senate confirmation, rejecting a hedge fund's constitutional challenge.

In an examination of what separates an officer of the United States from an officer of a U.S. territory, U.S. District Judge Laura Taylor Swain said that the the board charged by Congress with shepherding Puerto Rico through its historic debt crisis was constitutionally seated, with members chosen from a list by former President Barack Obama.

Hedge fund Aurelius Capital...

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