US Creates Economic Advisory Team for Puerto Rico

Source: Associated Press

The U.S. government is sending a team of federal officials to help Puerto Rico manage an economic crisis that has spooked investors as the U.S. territory braces for its eighth year of recession.

The team will be composed of officials from the departments of Education, Health and Human Services, and Housing and Urban Development, as well as the Environmental Protection Agency, a U.S. administration official said Wednesday. The official spoke on condition of anonymity because he was not authorized to publicly discuss the effort.

Officials will travel to Puerto Rico starting in December to work with the U.S. territory's government on how best to maximize federal funds in those areas to help boost its economy. The officials will work in an advisory capacity, making sure federal money available to Puerto Rico is being taken advantage of and is being appropriately administered. No additional federal funds are planned beyond current allocations.

Former Puerto Rico House Speaker Jenniffer Gonzalez said she considers the move as a type of receivership.

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