Fiscal Control Board

A few weeks ago, I attended the commencement ceremony of the University of Puerto Rico’s Río Piedras campus. One figure was omnipresent throughout the ceremony: the federally appointed Fiscal Control Board, whose enabling federal law, PROMESA, recently marked its 10th anniversary.

The Governor canceled the contract on Monday, six weeks after the CPI began investigating the matter and sought interviews with the relevant agencies.

In his second term, U.S. President Donald Trump and the Make America Great Again movement have decided to leave their mark on the entity created by the federal PROMESA Act. Once again, the debt of the Puerto Rico Electric Power Authority and the reconstruction of the power grid are treated as the spoils of war.

Far from seeking its exit, the Fiscal Control Board is at its peak integration with the Puerto Rico government. At a time when each side has its interpretation of what PROMESA requires, it seems unlikely that the Board will leave on its terms.

Outgoing President Luis Ferrao acknowledged that the proposal sought to access part of the $102 million that the Fiscal Control Board has reserved for 2025, but the Board denied specifically having requested a program moratorium as a condition for ensuring financial sustainability.

The CPI launched the “El Buscador de la Junta” platform as a response to the lack of transparency of the organization imposed by the United States Government and Congress. As part of the presentation, the forum “The Board's Archives Revealed” was held on Thursday.

The Supreme Court of the United States on Monday confirmed it will see a case that the Puerto Rico Fiscal Control Board filed regarding an access to public information lawsuit that the Center for Investigative Journalism has won against the entity in all prior court decisions.

During the past years, Puerto Rico has been witnessing a mise en scene in which the Fiscal Control Board says, “We have to cut here” and the government tells the press “I am not going to cut anything.” The net result is that many of the cuts have indeed been made, seen and felt. As […]

Examiner's first interim report raises flags over deficiencies in the billing process of attorneys and consultants retained by the Fiscal Control Board, the Government and official committees. The tab for the first five months of the Title III bankruptcy cases amounts to more than $77 million and will be paid with public funds.