Congress's Work With Puerto Rico Isn't Done Yet

The good news is that Congress has finally passed a bipartisan bill to help Puerto Rico dig out from its $70 billion in debt. The bad news is that the island is still a long way from economic recovery.

The federally appointed control board created by the law will enable the restructuring of Puerto Rico’s unsustainable debt and oversee its fiscal plans and economic policies. The law’s provisions are strict: In addition to approving all fiscal plans and budgets, the board can overturn noncompliant laws and accelerate the development of critical infrastructure projects. Puerto Rico must develop approved budgets for at least four consecutive years, with annual revenue in excess of expenses, before the board can be terminated.