Treasury urges action on Puerto Rico

Reuters News
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Posted: Oct 21, 2015 6:37 PM

NEW YORK (Reuters) - The U.S. Treasury on Wednesday urged Congress to act to help embattled Puerto Rico, saying it needed an orderly restructuring regime, independent fiscal oversight, a reform of its Medicaid program and access to the Earned Income Tax Credit.

"Only Congress has the authority to provide Puerto Rico with the necessary tools to address its near-term challenges and promote long-term growth," Treasury said in a statement.

(Reporting by Megan Davies; Editing by Chris Reese)