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Supreme Court backs financial board overseeing Puerto Rico's debt
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| Contributor | WA Indy |
| Last Edited | WA Indy Jun 01, 2020 10:46am |
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| Category | News |
| Author | John Kruzel |
| News Date | Monday, June 1, 2020 04:45:00 PM UTC0:0 |
| Description | The Supreme Court in a 9-0 ruling Monday upheld the constitutionality of a financial oversight board that Congress set up to manage the restructuring of Puerto Rico's $71 billion public debt.
The unanimous decision rejects a claim by a group of bondholders that the oversight board was unconstitutional. Bondholders argued the board’s members should have been appointed by the president and confirmed by the Senate, as required by the Appointments Clause.
But the court's opinion, written by Justice Stephen Breyer, held that the board's duties were local, rather than national, in nature. |
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