Feds take control of Puerto Rico

A federal control board on Friday took over Puerto Rico’s finances and several government agencies for the first time in the U.S. territory’s history in a bid to haul the island out of an acute economic crisis. The seven-member board met in New York and ordered Gov. Alejandro Garcia Padilla to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports. The island has defaulted on several multimillion-dollar bond payments since last year.