Posts Tagged: Jose Carrion III

PROMESA Oversight Board Advises Strategies for COVID-19 Funds

Puerto Rico’s Financial Oversight and Management Board (FOMB) has sent a letter to Governor Wanda Velazquez Garced to propose strategies for using coronavirus relief funds. Puerto Rico has been allocated $2.2 billion from a $150 billion fund dedicated to state, territorial and tribal governments under the Coronavirus Aid, Relief, and. Economic Security (CARES) Act. “This funding,… Read more »

Sharp Board Response to Democratic Lawmakers

The PROMESA Financial Board (FOMB) recently sent a strong reply  to six of the 34 congressional Democrats who wrote a critical letter to the board three weeks ago. The congressional letter was organized by the incoming chairman of the House committee with jurisdiction regarding PROMESA, Raul Grijalva (D-AZ), and signed by three senators who are… Read more »

Ambiguity Over Cash Calls Fiscal Plans into Question

Not knowing how much cash the Government of Puerto Rico really has available makes determining fiscal plans for it difficult, Financial Oversight and Management Board Member Jose Ramon Gonzalez said after today’s Board hearing on the Government’s cash position. He added that the information was also needed to enable the Government to draw down loans… Read more »

AEI Panel Examines Puerto Rico Economy After Hurricane Maria

On November 6, the American Enterprise Institute held a seminar that took stock of Puerto Rico’s post-hurricane economic prospects and explored the appropriate policy response from Washington. The panel included Anne Krueger, Antonio Weiss, John Mosseau, Andrew Biggs, and Desmond Lachman. The opening statement was made by Jose Carrion, chairman of the Financial Oversight and… Read more »

Board Changes Worker Furlough Plan, Steps up Pressure for Enhanced Federal Assistance

In response to the Hurricane Maria disaster that has devastated Puerto Rico, the territory’s federally-named Financial Oversight and Management Board has dropped its demand that Governor Ricardo Rossello Nevares (New Progressive Party-NPP) cut the working hours of all territorial Executive branch employees and pensions by 10% during insular Fiscal Year 2018, which ends next June… Read more »

Hurricane Maria: Emergency Info for Puerto Rico

The arrival of hurricane Maria to the island is imminent. Tuesday morning, the hurricane regained classification of a category 5 storm at over 160 mph winds. Hurricane Maria will start affecting the island tonight, finalizing its trajectory on Wednesday night. As of today at 2 p.m., all of Puerto Rico’s businesses and schools were closed. … Read more »

Puerto Rico Debt Probe Will Be Broad

The Puerto Rico fiscal control board’s investigation of the territory’s debt will go far beyond the probe that that those calling for an investigation have sought — and may not dig into what they have wanted as much as they have wanted. The Financial Oversight and Management Board made this clear this afternoon in issuing… Read more »

Puerto Rico Board Writes Territory’s Budget & OK’s Bankruptcy for PREPA

Puerto Rico’s federally-imposed fiscal control board today determined the territory’s final central government budget for the fiscal year that begins tomorrow over objections of insular elected officials. Under PROMESA, the Financial Oversight and Management Board’s budget for Fiscal Year 2018 is now deemed to be Puerto Rican law instead of the legislation enacted locally. The… Read more »

Puerto Rico OKs Budget But Will the Board?

A budget for the fiscal year that begins Saturday is on its way from the Legislative Assembly to Governor Ricardo Rossello Nevares – but whether it is the final budget for Fiscal Year 2018 is unclear. The Senate passed the legislation early Sunday morning after the House of Representatives did Friday night. Rossello’s Secretary of… Read more »

Congress Continues to Influence Puerto Rico Financial Board

The Puerto Rico Financial Oversight and Management Board (FOMB), created by the PROMESA law, has been the subject of a number of complaints and concerns from members of the U.S. Congress. There have also been complaints about the board directed to the U.S. Congress. On June 15, Congressman Rob Bishop (R-UT), Chairman of the House… Read more »