Congress Passes Puerto Rico Conflicts Disclosure Bill

By Rick Archer (January 19, 2022, 6:57 PM EST) -- The House of Representatives Wednesday sent a bill creating requirements for disclosure of conflicts of interest for professionals involved in Puerto Rico's restructuring process to President Joe Biden's desk for approval.

The Senate-amended version of the Puerto Rico Recovery Accuracy in Disclosures Act — a bill sparked by reports of consultant McKinsey & Co.'s Puerto Rican bond holdings — was approved by a voice vote.

The bill, originally proposed by Rep. Nydia M. Velázquez, D-N.Y., originally passed the House in February 2021. The Senate passed its amended version last month.

Representatives of Velázquez did not immediately respond to requests for comment late...

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