-- President Obama today announced the seven members who will make up the oversight board that is charged with helping right the ship that is Puerto Rico’s debt-laden economy.
The panel is a key component of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), which was passed by Congress and signed into law by the president in June.
The members include:
The board will facilitate the process of reducing the island’s $70 billion in debt by overseeing negotiations between Puerto Rico and its creditors and courts.
Alejandro García Padilla, the governor of Puerto Rico, will serve as an eighth, non-voting member.
The first order of business for the new oversight board will be electing a chairman, opening an office and hiring staff, all of which must be done in 30 days.
“In order to be successful, the Financial Oversight and Management Board will need to establish an open process for working with the people and Government of Puerto Rico, and the members will have to work collaboratively to build consensus for their decisions,” Obama said.
“The task ahead for Puerto Rico is not an easy one, but I am confident Puerto Rico is up to the challenge of stabilizing the fiscal situation, restoring growth, and building a better future for all Puerto Ricans.”
The Associated Press contributed to this report.