Lawmakers introduced legislation on Thursday in an attempt to help relieve Puerto Rico’s debt crisis, ABC News reported

The island territory is facing a great recession and is sunk under $70 billion in public debt, ABC News reported. The territory faces a $2 billion debt payment on July 1, according to The Washington Post.

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The legislation has only minor changes and will put a temporary halt to lawsuits from creditors. The legislation also calls for a president-appointed, bipartisan oversight board to manage Puerto Rico’s finances, The Washington Post reported.

Another change is that Puerto Rico will not have to adhere to the Labor Department’s increase in salary threshold for overtime pay, according to ABC News. It has also authorized Puerto Rico’s governor to allow below-minimum wage pay for new workers under 25 years old.

U.S. Treasury Secretary Jack Lew issued a statement regarding the matter:

“We are pleased the bill reintroduced in the House last night includes restructuring tools for Puerto Rico that are comprehensive and workable,” he wrote.

This legislation will hopefully work towards easing the immense debt in this U.S territory.

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