Sen. Hatch Blocks Bid To Pass Puerto Rico Ch. 9 Bill

By Carmen Germaine (December 9, 2015, 4:40 PM EST) -- Sen. Orrin Hatch, R-Utah, on Wednesday blocked a bid by Sen. Charles Schumer, D-N.Y., to pass by unanimous consent a bill that would allow Puerto Rico access to Chapter 9 of the U.S. Bankruptcy Code to restructure its $73 billion debt, objecting to passage of the bill.

Schumer had asked for unanimous consent to take up and pass S. 1774, the Puerto Rico Chapter 9 Uniformity Act of 2015, legislation first proposed in July that would allow Puerto Rico to authorize its municipalities and public utilities to enter Chapter 9. Schumer said that passing the bill is essential as the territory,...

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