Puerto Rico gov pursues economic development via new laws

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.

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.

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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.