The U.S. House of Representatives on Thursday moved toward passage of legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island's economy, Reuters reported. By a vote of 241-178, the House cleared the bill for final debate with a vote on passage expected later on Thursday. The bill was bolstered by rare bipartisan cooperation between the chamber's Republicans and Democrats over the past few months and a White House announcement of support. The "Puerto Rico Oversight, Management and Economic Stability Act" (PROMESA), according to House Speaker Paul Ryan's office, would "protect American taxpayers, stop Puerto Rico's debt crisis from becoming a major humanitarian disaster and put Puerto Rico on a path to recovery." Pedro Pierluisi, Puerto Rico's delegate to Congress, warned during debate, "Without PROMESA, the Puerto Rico government is likely to collapse" because it has lost access to credit markets. Puerto Rico, which suffers from a 45 percent poverty rate, is plagued by a growing migration of residents to the U.S. mainland and closures of schools and medical facilities. The debt problems also come as its government and healthcare industry struggle to contain the spread of the Zika virus, which is blamed for severe birth defects and other neurological diseases.
