If Puerto Rico bankruptcy ruling stands, it could devastate municipal borrowing

As a former attorney general of the United States, I find it crucial to shed light on a recent court ruling in Puerto Rico that demands our attention. The decision made by U.S. District Judge Laura Taylor Swain in the bankruptcy proceedings of the Puerto Rico Electric Power Authority (PREPA) has profound implications, particularly for the fairness and efficiency of capital markets, as well as the access of state and local governments to municipal bonds.  

It is imperative that we comprehend the potential consequences of this ruling, as it could lead to escalated costs and hindered infrastructure development and also burden taxpayers with higher financial obli