10 April 2016

Virgin Islands Governor opposes U.S. proposal to control how U.S. dependencies spend their own revenue

ST. CROIX — (U.S. Virgin Islands) Governor Kenneth Mapp on Tuesday expressed strong concern to Congressional leaders in regard to proposed changes to language in the Puerto Rico debt restructuring bill released last week by Committee on Natural Resources in the U.S. Congress, which has jurisdiction over U.S. territories.

Mr. Mapp contends that the legislation, if enacted, would likely adversely affect the ability of the Virgin Islands to access capital markets and would raise the territory’s cost of borrowing.