san juan/washington republican lawmakers write fix puerto rico debt crisis would give independent financial review board sweep power arbitrate creditor dispute map future u.s. territory pension system rather pick winners losers among investors hold roughly 70 billion puerto rican debt republican plan envision leave key question newly-created board accord legislative source familiar work republicans control house congress party leaders often write first draft legislation proposal white house congressional leaders would appoint board financial experts arbitrate politically-charged question like whether bond issue utilities even island government write expect framework protect taxpayers restore solvency island say parish braden spokesman natural resources committee write legislation house representatives crucial issue lawmakers whether puerto rico clear path restructure debt court process akin u.s. bankruptcy new board could facilitate deal among stakeholders u.s. treasury department long call debt restructure puerto rico congressional democrats puerto rico leaders spokesman treasury department say officials encourage increase legislative activity decline speculate republican legislation expect finish end month republicans write first draft rescue bill democrats congress white house say legislation move toward approval president barack obama monday new jersey senator robert menendez democrat propose put roughly 45 billion unfunded pension liabilities top list creditors creditors concern might rank move many oppose provision would allow island file bankruptcy municipal bond market would roil puerto rico clear republican lawmakers argue complicate issue congress need empower people qualify handle say one staffer work plan 3.5 million residents puerto rico may face reduction essential government service like public safety health care fix next debt payments may puerto rico governor alejandro garcia padilla tell congress last year menendez plan would restructure puerto rico debt establish chief financial officer fiscal stability reform board require island governor develop 5-year fiscal plan puerto rico accept plan menendez propose automatic 12-month stay debt payments would go effect restructure plan creditors would craft plan would see pension would pay island general obligation debt typically first line payment padilla praise menendez plan provide tool need stave immediate impact crisis help stabilize economy orrin hatch utah republican chairman powerful senate finance committee swat away menendez proposals yet see full legislative text proposals read senate democrats appear want move goal post broad debt restructure hatch say statement email reuters lawmakers see strong board part puerto rico debt fix