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Lew Warns That Puerto Rico Crisis Could Get Costly for U.S.

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U.S. Treasury Secretary Jacob J. Lew said a failure by Congress to help Puerto Rico resolve its debts may hit the retirement portfolios of average Americans, as he stepped up his call for lawmakers to help the island.

Lew endorsed legislation granting the commonwealth access to an orderly bankruptcy regime that’s needed to prevent a chaotic and protracted resolution of Puerto Rico’s financial troubles, an event he said would be costly both for the island and the U.S.