Sen. Bernie Sanders (I-Vt.) is rolling out a wide-ranging bill to tackle Puerto Rico's looming debt crisis ahead of a criticial July 1st deadline.

Sanders' legislation would give Puerto Rico the ability to file bankruptcy, and give congressional support for the Federal Reserve giving the island emergency money to help it restructure its debt.
The bill was filed late last week, but largely overshadowed by coverage of Sanders' meetings with Obama and top Senate Democrats.

"The people of Puerto Rico are experiencing a humanitarian crisis as a result of a depression that has now lasted more than a decade," he said in a statement. "Our goal must not only be to give Puerto Rico the flexibility it needs to restructure its debt, but to make sure that it can rebuild its economy, create good-paying jobs and expand its tax base.”

Sanders' legislation would also create a Reconstruction Finance Cooperation of Puerto Rico, which would have a seven-person board to help oversee and facilitate and oversee the restructuring of Puerto Rico's debt.

According a summary of the bill from the senator's office, each of the members would have to be full-time residents of Puerto Rico, and four would be picked by the Puerto Rican legislature.