Lew to head to Puerto Rico

Treasury Secretary Jack Lew is heading to Puerto Rico as the administration looks to build momentum behind legislation to help the debt-laden U.S. territory.

{mosads}The department announced Friday that Lew would be traveling to the capital city of San Juan on Monday for a trip billed as “part of the Administration’s continued engagement with the Commonwealth to overcome its fiscal crisis.”

In Washington, lawmakers will return from a weeklong recess, and House GOP leaders are hoping to regain momentum on a stalled bill to address the island’s crushing debt.

Lew will use his time in Puerto Rico to continue to press for congressional action

“While in San Juan, Secretary Lew will highlight how the debt crisis has already harmed the health, safety, and welfare of the 3.5 million Americans living in Puerto Rico,” the Treasury said. “Secretary Lew will also reiterate his call for Congressional action that provides Puerto Rico with access to an orderly restructuring regime and independent oversight while respecting the Commonwealth’s self-governance.”

Rep. Rob Bishop (R-Utah), the head of the Natural Resources Committee that is handling the bill, has said he hopes to unveil a reworked version of the measure shortly after lawmakers return Monday. The revisions are aimed at calming lawmaker concerns that the legislation could set some sort of precedent for other debt-laden states and other questions.

The broad framework of the bill is expected to remain the same. Under the legislation, Puerto Rico’s finances would be subject to review by an outside control board and the island would be given the power to restructure its debt through the legal process. Under current law, Puerto Rico has no access to bankruptcy.