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Control board to oversee Puerto Rico's finances would cost $370M, agency says

FILE - In this Wednesday, July 29, 2015, file photo, a bronze statue of San Juan Bautista stands in front of Puerto Ricoâs Capitol as U.S. and Puerto Rican flags fly in San Juan, Puerto Rico. After months of pleading from the government of Puerto Rico, the U.S. Congress agreed on Wednesday, May 18, 2016, to help the territory restructure its massive public debt. (AP Photo/Ricardo Arduengo, File)

FILE - In this Wednesday, July 29, 2015, file photo, a bronze statue of San Juan Bautista stands in front of Puerto Rico√Ęs Capitol as U.S. and Puerto Rican flags fly in San Juan, Puerto Rico. After months of pleading from the government of Puerto Rico, the U.S. Congress agreed on Wednesday, May 18, 2016, to help the territory restructure its massive public debt. (AP Photo/Ricardo Arduengo, File)

The U.S. government says that it would cost $370 million to implement a federal control board envisioned by legislation pending in Congress to oversee Puerto Rico's finances and that the island would have to pay the cost.

The Congressional Budget Office issued the report Friday as Puerto Rico seeks help from the U.S. Congress to restructure $70 billion in public debt as the U.S. territory's government runs out of money amid the island's decade-long economic slump.

The U.S. House is expected in upcoming weeks to debate the bill that proposes creation of a financial control board for Puerto Rico, among other things.

The Congressional Budget Office also says that completing reports and administrative requirements detailed in the measure would cost the U.S. government $1 million next year.

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