Critics of a draft plan to help Puerto Rico fix its fiscal crisis say there’s much that needs to be changed, NBC News reported.
The plan, released by House Republicans, sets up a federal oversight board of five appointed members and allows the territory to restructure about $70 billion worth of debt in some cases.
Those critical of the plan is a far cry from protecting people’s liberties from the government. Bondholders have also criticized the plan, saying it would allow Puerto Rico to walk away from its debts.
Under the proposal, bondholders would not be able to sue to recoup their money for 18 months. The proposal also allows the federal minimum wage to be eiliminated for workers under 26 years old, eliminates the right to strike and new federal overtime rules would not apply.
The plan will be tweaked before it goes to hearings for possible vote in two weeks.
