WASHINGTON (Sputnik) — Earlier this month, Treasury Secretary Antonio Weiss said the legislation does not balance the interests of businesses and the needs of Puerto Ricans.
"Secretary Lew will also meet with community and business leaders to discuss Puerto Rico’s debt crisis and the need for Congressional action to provide the Commonwealth with access to an orderly restructuring regime, paired with independent oversight that respects Puerto Rico's self-governance," the statement said on Friday.
Lew’s trip comes amid a dispute between President Barack Obama’s administration and Republicans in the US Congress over how to restructure the island’s debt and deal with lenders.
Legislation proposed by Republicans would impose an oversight board to audit Puerto Rico’s finances, restructure its debt and manage its budget.
The Obama administration believes it would undermine the minimum wage and overtime rules while failing to provide for the pension benefits of over 330,000 US citizens in Puerto Rico.
Puerto Rico’s debt has swollen to $72 billion, and the US territory already missed two debt payments and is unlikely to make the next one on July 1.
