WASHINGTON – Three days before Puerto Rico’s primary, Democratic presidential candidate Bernie Sanders is digging in on his opposition to a House deal to rescue the U.S. territory from $70 billion in debt.
Sanders will say Thursday that he plans legislation to help the island. His bill would allow the Federal Reserve to give the territory emergency loans and provide broad bankruptcy protections, unlike legislation approved by a House committee last week that would create a control board to oversee limited debt restructuring.
The Vermont senator has said the existing House bill would make “a terrible situation even worse” and that it serves Wall Street bondholders over ordinary Puerto Ricans. The compromise bill is backed by House Republican and Democratic leaders and the Obama administration. Puerto Rican officials are split.