Chairman of federal control board overseeing Puerto Rico finances to step down

The chairman of a federal control board that oversees Puerto Rico’s finances has announced he is stepping down as the U.S. territory struggles to restructure more than $9 billion in debt held by its troubled power company. Wednesday's announcement by David Skeel came the same day U.S. President Joe Biden appointed Luis Ubiñas as the newest board member and reassigned former bankruptcy judge Arthur González and educator Betty Rosa to the board. Ubiñas will fill the spot left by Antonio Medina as the board enters its third term. Skeel said his tenure will end when Biden appoints someone to fill his seat.