House GOP moves forward to help Puerto Rico after delays

A revised bill introduced late Wednesday would create a control board to help manage the U.S. territory's financial obligations and oversee some debt restructuring.

Bishop originally introduced a bill last month, but canceled a scheduled committee vote after objections from both parties.

[...] he has worked closely with Ryan to win over conservatives who worry it might set a precedent for financially ailing states and Democrats who say they are concerned the control board will be too powerful and favorable to creditors.

The final bill also removes a controversial provision that would have transferred federal land on the nearby island of Vieques to the government of Puerto Rico — a major concession to Democrats, whose votes may be needed when the bill reaches the House floor.

Under the legislation, the control board would require the Puerto Rican government to create a fiscal plan, including directing the territory to provide adequate funding for pensions.

Creditors have expressed concern that they would take a back seat to the pension obligations, while the Obama administration has pushed to make sure that pensions are also a priority.