Fed’s Yellen says Puerto Rico faces economic crisis, matter for Congress

Federal Reserve Chairman Yellen prepares to deliver the semi-annual testimony on the "Federal Reserve's Supervision and Regulation of the Financial System" before the House Financial Services Committee in Washington

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen on Wednesday said Puerto Rico faces a fiscal crisis but that a solution should come from the White House or Congress.

“This is really something that I’m not an expert on,” she told a meeting of the House Financial Services Committee. “What the appropriate programs are for Puerto Rico to deal with its longstanding problems – I think that’s squarely a matter for Congress and the administration to consider.”

(Reporting By Patrick Rucker; Editing by Andrea Ricci)