The Financial Oversight and Management Board (FOMB) — imposed by the federal government to enforce fiscal discipline over the Puerto Rico government and its agencies — has gone a year without publishing some of its members’ financial disclosure reports, as required by the federal PROMESA law. The board also has not published the financial disclosures of Gov. Jenniffer González, who is subject to the requirement as an ex officio, nonvoting member of the board.
In total, the fiscal body has not released close to 50 financial disclosures, the Centro de Periodismo Investigativo (CPI) found.
At least 33 quarterly reports, covering the period from January through September 2025, are missing, along with 11 annual reports for 2024 and the final filings for three members who left the board last August. The board has also not posted the governor’s initial disclosure, which she was required to file upon taking office, or the final disclosure of former Gov. Pedro Pierluisi.
As officials of the Puerto Rico government, governors must submit a similar financial disclosure report to the Puerto Rico Office of Government Ethics. However, that office releases only a summary that provides fewer details than the report governors must file with the FOMB — including financial information about spouses and specifics about sources of income, among other differences.
Section 109 of PROMESA requires disclosure of the FOMB members’ financial interests under standards such as those mandated by the federal Ethics in Government Act. The process laid out in the board’s bylaws requires members and senior officials to file a financial disclosure report upon beginning and ending their service, as well as at the close of each year they remain in their posts. The reports must identify any assets, sources of income and liabilities, along with any employment, arrangement or professional arrangement the filer holds, among other details.
In addition, each quarter, board members and senior executives must disclose any purchase, sale or exchange of stocks, bonds or other securities valued at more than $1,000 that occurred during that period.
In response to questions from CPI, the FOMB said it is “in the process of updating the information related to the financial disclosures of Board members and executive staff.”
“Court proceedings related to the appointment of Board members have delayed the review process. The Oversight Board recognizes the importance of transparency in financial disclosure and has provided this information proactively,” the entity added.
The board, however, did not confirm whether Gov. González has submitted her financial disclosure reports, as PROMESA requires.
Once the board’s ethics adviser, Andrea Bonime Blanc, reviews the financial disclosures, they are posted on the fiscal body’s website, as required under its bylaws.
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In its most recent annual report, published in November, the FOMB said it was implementing its ethics program, which requires board members and top executives to submit financial disclosure reports.
“Annual and quarterly financial disclosure reports were prepared for all board members and senior staff. Termination Financial Reports were scheduled for members no longer serving on the Oversight Board and Initial Financial Reports were scheduled for incoming members,” the annual report said — although two months later, the fiscal body had not published any of those filings.
During this period, the FOMB had seven active members — John Nixon, Andrew Biggs, Arthur González, Betty Rosa, Cameron McKenzie, Luis Ubiñas and Juan Sabater — who were required to file quarterly financial disclosure reports, along with Executive Director Robert Mujica, General Counsel Jaime El Koury and Revitalization Coordinator José Pérez Riera.
Last August, President Donald Trump removed González, McKenzie, Rosa, Sabater, Ubiñas and Biggs, triggering the requirement that they file termination financial disclosures.
However, Biggs, González and Rosa were provisionally reinstated in October after prevailing in a lawsuit against the Trump administration, in which they argue they were removed without just cause — contrary to what PROMESA requires. The federal government appealed the decision to the First U.S. Circuit Court of Appeals, where a ruling is still pending.
Separately, Puerto Rico’s change in administration took effect on Jan. 1, 2025, with Gov. González taking office at La Fortaleza and then-Gov. Pedro Pierluisi leaving, requiring each to submit the corresponding financial disclosure reports.
The FOMB currently has four active members — Nixon, Biggs, González and Rosa — along with the governor as an ex officio member.
The board’s transparency practices operate without clear limits. In 2023, the U.S. Supreme Court ruled that the entity is immune from public records claims under Puerto Rico law and under the federal Freedom of Information Act.
This translation was generated with the assistance of AI and reviewed by our editorial team to ensure accuracy and clarity.
