An Empire State politician is calling for regulators to go after OppenheimerFunds
] over its investments in Puerto Rican government debt.
| Melissa Mark-Viverito|
District 8 - Council Speaker - Democrat
and Bloomberg report
that Melissa Mark-Viverito
(Democrat), speaker of New York City's City Council, sent
a letter to SEC
Chair Mary Jo White
calling on the regulatory agency to investigate New York City-based OpFunds' handling of its municipal bond mutual funds' Puerto Rican government bond investments. OpFunds' funds held about $3.8 billion in Puerto Rican commonwealth debt at the end of 2015.
In the letter, Mark-Viverito calls out OpFunds CEO Art Steinmetz
, accusing him of declining to meet with her about "the current crisis faced by Puerto Rico." Bloomberg
reports that the commonwealth have $2 billion in payments due on July 1 and $70 billion in outstanding debt; its Government Development Bank defaulted on about $400 million in debt payments on May 2.
| Art Steinmetz|
Chairman, Chief Executive Officer, President
Mark-Viverito, who lays claim
to being "the first Puetro Rican and Latina to hold a citywide elected position" in the Big Apple, is pushing back against OpFunds' opposition to Puerto Rico filing for Chapter 9 bankruptcy protection.
"We continue to work constructively with all parties involved in an effort to try to reach an equitable agreement," an OpFunds spokeswoman tells Bloomberg
. "Throughout Puerto Rico's recent economic difficulties we have also been fully transparent with our investors."
Neil Anderson, Managing Editor
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