Oversight Board asks Pierluisi to repeal the law that would pay co-ops for losses on government bonds

The Financial Oversight Board (JSF) ordered the government this Tuesday to amend or repeal Act 99-2024, the measure that seeks to pay credit unions for the losses they suffered after the collapse of Puerto Rico government bonds.

According to the federal body, the law is inconsistent with PROMESA and violates the terms of the central government’s Plan of Adjustment. The Board insisted that Act 99-2024 undermines the fiscal plan of the central government and of the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico (COSSEC).

El Nuevo Día’s note, by reporter Efraín Montalbán Ríos, records the direct request to Governor Pedro Pierluisi’s administration to repeal or amend the statute linked to losses on government bonds that hit the cooperative sector.