Puerto Rico legislators seek economic advice from NY Fed official

Economic IndicatorsAssociated Press

A vice president at the Federal Reserve Bank of New York has met with Puerto Rico senators to discuss how the government can strengthen the U.S. territory's economy.

James Orr says Puerto Rico should improve the performance of its state-owned corporations and impose greater budgetary restrictions. He says the government also should create a capital expenditure budget, approve a tax reform and improve its financial transparency, among other things.

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The government said in a statement Thursday that Orr was invited as part of an ongoing push to meet with experts about how best to solve Puerto Rico's economic problems. The island is in its eighth year of recession and has $73 billion in public debt.