Puerto Rico gov pursues economic development via new laws

Markets Associated Press

Puerto Rico's governor has signed a flurry of new laws aimed at boosting economic development on an island entering its 11th year of recession.

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Ricardo Rossello said Tuesday that some of the laws would help speed up the process of opening a new business in Puerto Rico and require new business owners to hire a certain number of local workers.

He also announced the creation of a group tasked with pushing officials in Washington D.C. for permission to implement federal programs or initiatives that might help the U.S. territory's economy.

Rossello also said his administration will host a two-day summit in September to help attract hundreds of potential investors to the island.