Possible changes are coming down the pipeline for the Commonwealth of Puerto Rico in regards to its growing debt crisis. There is movement both on the island and the mainland to address the issue.

Puerto Rico’s troubled Government Development Bank (GDB) started their week with a lawsuit from nine hedge funds that claim to own $3.75 billion in debt instruments from the island. The claim, presented before the U.S. District Court of Puerto Rico on Monday, seeks to halt transfer of funds to other financial institutions and payments to selected creditors.

The document points to concerns of the debt-holders in the face of the GDB’s “precarious financial condition,” as evidenced by the Commissioner of Financial Institutions. “GDB’s assets continue to be unlawfully and progressively dissipated to support selected creditors in order to help the failing Commonwealth meet its liquidity needs,” the document reads.

On Wednesday, Governor Alejandro García Padilla affixed his signature on a bill produced by the Puerto Rican House of Representatives that entails a moratorium on debt payment for the GDB and other financial institutions under distress.

As reported by local newspaper El Nuevo Día, the bill gives Governor Padilla multiple powers to maneuver around the economic turmoil, including leeway to seize assets of companies who refuse to provide services to the government during an emergency situation.

“The governor will be able to take all reasonable and necessary action to guarantee essential public services and protect health, safety and well-being, including, but not limited to, seizing ownership rights,” the bill states. The possibility of new amendments to the document will be discussed on Thursday by the island’s legislative body.

In the U.S., steps are being taken to create a five-member financial review board that would have oversight on the steps Puerto Rico is taking to fight its debt.

A bill, called the “Puerto Rico Oversight, Management, and Economic Stability Act’’ or ‘‘PROMESA,” was presented last week by the House Natural Resources Committee. It outlined how the board will operate and what its responsibilities will be.

Puerto Rican officials will be required to fall in line with the oversight body.

The board’s members would be appointed by the President Barack Obama and they would have review power over any budget or tax waivers for the island.

“Today, the Committee released draft legislation that provides Puerto Rico with tools to impose discipline over its finances, meet its obligations and restore confidence in its institutions,” said Rep. Rob Bishop (R-UT), the committee’s chairman. “The framework was developed through broad-based collaboration with members of Congress in both parties, the U.S. Department of the Treasury, a range of economic, business and market stakeholders, and with engagement from Puerto Rico’s elected leadership.”

While this does not change the fact that Puerto Rico is not able to declare bankruptcy, the island’s leaders could restructure the debt through the courts if it has the permission of the board and reaches an agreement with creditors.

The response on the island to the announcement of the oversight committee was not favorable. The New York Times reported that many of Puerto Rico’s elected officials saw it as “shameful and degrading.” Even going as far as comparing it to “the worse colonial subjugations.”

Data publisher Morning Consult said yesterday that changes for the bill are in the works this week.