Puerto Rico has Voted to Become the 51st State

Please vote “no”! Via Mary Chastain

Congress would probably deny the petition since Puerto Rico remains in a financial crisis. I blogged in May that the island has sought “bankruptcy” protection since it faces $123 billion in bond and pension debts.

The Puerto Rico Financial Oversight and Management Board invoked the Puerto Rico Debt Relief Bill, which Congress passed in 2016. As a territory, the island cannot receive the same Chapter 9 protections like the states.

With that law invoked, the island’s “standoff with creditors” will now go “before a federal judge in San Juan in a restructuring process known as Title III.” Supreme Court Justice John Roberts will select a judge to hear the case. He may choose any federal judge he wishes.