Feds take over Puerto Rico finances

A federal control board yesterday 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 was briefly interrupted by protesters who yelled, “This is slavery!” and “Stop pillaging Puerto Rico!”

The meeting was livestreamed over the internet after pledges that the board would operate with transparency. Gov. Alejandro Garcia Padilla was ordered to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports that detail how the government is adhering to its budget.