On 21 October 2015, the U.S. Department of the Treasury published a statement from Treasury Secretary Jacob J. Lew, National Economic Council Director Jeff Zients, and Health and Human Services Sylvia Mathews Burwell on a draft legislative proposal to address Puerto Rico’s urgent fiscal situation. The proposal includes four key elements, which require U.S. Congress action: First, Congress must provide Puerto Rico with an orderly restructuring regime to comprehensively address its financial liabilities by restructuring its debts;   Second, Congress should provide independent fiscal oversight to certify that Puerto Rico adheres to the recovery plan it is implementing in a credible...