High Court Upholds Puerto Rico Financial Oversight Board

Law360 (June 1, 2020, 10:52 AM EDT) -- The U.S. Supreme Court on Monday unanimously ruled that members of Puerto Rico's Financial Oversight and Management Board do not require U.S. Senate approval because the board's handling of the island's $125 billion bankruptcy is limited to Puerto Rico's fiscal issues and it only exercises local, territorial authority.

The high court has unanimously overturned a decision by the First Circuit finding that the creation and implementation of Puerto Rico's oversight board was unconstitutional. (Law360) In a 9-0 opinion authored by Justice Stephen Breyer, the court determined that the Puerto Rico Oversight, Management and Economic Stability Act was created by the U.S....

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