Puerto Rico\u0026#039;s finances are poised to be controlled by what critics dub \u0022a colonial control board\u0022 after the U.S. Senate on Wednesday advanced the so-called PROMESA legislation.The motion for cloture passed 68-32, which \u0022makes final passage of the legislation a virtual certainty,\u0022 The Hill reports.It\u0026#039;s \u0022identical to the plan passed by the House of Representatives this month,\u0022 as Reuters reports, and comes just two days ahead of the deadline for the territory to make $2 billion of bond payments.The White House has also indicated President Barack Obama would sign the measure.Puerto Rico owes $72 billion in debt, but as a U.S. territory is ineligible for federal bankruptcy protection. According to geopolitical analyst Eric Draitser,Puerto Rico has been the victim of a predatory capitalist campaign waged by major Wall Street banks, as well as hedge funds and private speculators, who have become heavily overleveraged in Puerto Rican debt through reckless bond purchases while Wall Street has fattened itself playing the role of middleman.Religious development coalition Jubilee USA has urged the Senate to vote for final passage on the measure, with Eric LeCompte, its executive director, saying Monday, \u0022If legislation doesn\u0026#039;t pass before July 1st, we are opening the door for vulture funds to exploit Puerto Rico.\u0022Democracy Now! host Juan Gonzalez, meanwhile, said that while the bill \u0022would establish a means for Puerto Rico to restructure its $72 billion in debt,\u0022 it would also impose \u0022a colonial control board.\u0022The \u0022rescue package\u0022 would also allow for the minimum wage to be slashed for some workers.Gonzalez said Wednesday, \u0022it’s astonishing to me how so many liberals in this country, who rail about American aggression abroad, are being so silent over this absolute imposition of colonial control by the United States government over the affairs of Puerto Rico. And Jack Lew, the secretary of treasury, spent almost all day yesterday basically meeting with Democratic senators to convince them, to pressure them to support this bill.\u0022He added that Senate approval of the bill would mean \u0022a really dark day for the people of Puerto Rico, who are completely opposed to this bill.\u0022PROMESA has critics within the Senate as well, such as Sen. Bob Menendez (D-N.J.), who took to the chamber\u0026#039;s floor for hours Tuesday arguing that the bill needed improvements. Politico reports:Menendez says he’s dissatisfied and will try to add measures to the House bill to create what he says is a \u0022clearer pathway to restructuring.\u0022 He will propose that the island’s government and agencies be able to restructure their debt without a supermajority vote of approval by a federally appointed oversight board that the legislation will set up. He also wants to add two seats to the board to be nominated and approved by Puerto Rico’s governor and senate. And he or another Democrat will propose eliminating overtime and minimum wage provisions.Bernie Sanders is also opposed to the legislation, and spoke against the measure on the Senate floor on Tuesday, saying that it would favor \u0022vulture capitalists.\u0022He also argued last month that it \u0022would make a terrible situation even worse.\u0022 The majority of the outside control board members would be handpicked by Majority Leader McConnell and House Speaker Paul Ryan \u0022while the people of Puerto Rico would be in charge of choosing none,\u0022 he stated.\u0026nbsp; \u0022That may make sense to the Tea Party and one of the largest trade groups representing Wall Street—groups that endorsed this legislation—but it makes absolutely no sense to me.\u0022Alejandro García-Padilla, the governor of Puerto Rico, writes at CNBC Wednesday that Puerto Rico has no choice other than to default on more than $1 billion, and that it \u0022cannot endure any more austerity.\u0022 As for PROMESA, he says it\u0026#039;s \u0022a mixed bag.\u0022On the one hand, it provides the tools needed to protect the people of Puerto Rico from disorderly actions taken by the creditors. The immediate stay granted by the bill on all litigation is of the utmost importance in this moment. Most importantly, the authority to adjust our debt stock provides the legal tools to complete a broad restructuring and route Puerto Rico\u0026#039;s revitalization.On the other hand, PROMESA has its downsides. It creates an oversight board that unnecessarily undercuts the democratic institution of the Commonwealth of Puerto Rico. But facing the upsides and downsides of the bill, it gives Puerto Rico no true choice at this point in time.A final vote will come on Wednesday, the Associated Press reports.