Republican bill would create oversight board for Puerto Rico

WASHINGTON (AP) — House Republicans are preparing legislation to create a new oversight board that would help Puerto Rico control $70 billion in debt.

A draft of the legislation obtained by The Associated Press would create a five-person board designed to audit the territory's government and create new budget plans. The House Natural Resources Committee is expected to release the bill publicly Tuesday.

According to a summary of the legislation, the board would not give Puerto Rico the broad bankruptcy authority it has asked for. But it would allow the oversight board to decide whether debt restructuring is necessary.

House Speaker Paul Ryan said last year that the House would come up with a "responsible solution" for Puerto Rico by the end of March.