Op-Ed: The intent of Congress with PROMESA
August 25, 2023
PROMESA brought with it the controversial creation of the Financial Oversight and Management Board to lead the financial reorganization process. #NewsismyBusiness
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Op-Ed: Fiscal plan for Puerto Rico’s electricity system edges closer to reality, IEEFA says
July 6, 2023
The Oversight Board intends to file an amended plan in July to reflect the new projections. #NewsismyBusiness
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SCOTUS to see case in which CPI requests public documents from OBoard
October 5, 2022
The Board will have until Nov. 17 to present its argument on the merits of the case before the SCOTUS, and the CPI must do the same before Dec. 19.
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OBoard OKs $19.5M in emergency aid to allocate to municipalities
September 23, 2022
The Oversight Board also approved a request from the CRIM to advance certain towns a total of about $22 million in property tax disbursements.
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Op-Ed: Oversight Board refuses to act on debt but won’t let Puerto Rico take action
July 26, 2022
"A recent review of the nest of conflicts of interest at the FOMB makes clear that the advice coming from the board is corrupted."
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Oversight Board orders a freeze of recently passed Act 41
July 20, 2022
The Board said the government fell short in providing an economic analysis to show the law's impact on employers
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Op-Ed: Puerto Rico regulators fight against solar to benefit bondholders
July 20, 2022
Bondholders, not residents, are primary concern of Puerto Rico regulators.
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CPI scores federal court win against OBoard, and for access to information
May 20, 2022
Five years ago, the CPI sued the Board to gain access to several categories of public information.
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Gov’t rolls out Civil Service Reform to adjust public sector salary scales, classifications
April 19, 2022
The latest phase of a pilot program that began in August 2021 started at two agencies.
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US District Court approves Puerto Rico’s debt adjustment plan
January 19, 2022
After more than five years, the US District Court for the District of Puerto Rico approved a Plan of Adjustment that reduces the commonwealth’s debt by 80% and saves Puerto Rico more than $50 billion in debt service payments. Among other matters, the plan orders modifying some $33 billion in central government obligations. In a […]
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Op-Ed: Puerto Rico’s Plan of Adjustment in peril, we all face unknown journey
October 27, 2021
On July 1, 2016, Puerto Rico decided to default on its General Obligations bonds, a credit protected by our constitution and debt which should have NEVER defaulted. Most of us realize the Financial Oversight and Management Board for Puerto Rico (FOMB) exists because our politicians could not avoid the financial crisis that led us to […]
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OBoard’s new agreement with bondholders would leave local gov’t without cash by ’29
February 25, 2021
The proposed new agreement struck recently by the Financial Oversight and Management Board for Puerto Rico with bondholder groups implies higher annual fixed payments and cash disbursements and for a longer period of time than in the October 2020 proposal, according to Espacios Abiertos Senior Public Policy Analyst Daniel Santamaría-Ots. “What remains constant with this […]
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OBoard flags $80M in payments from Education Dept. to ex-staffers
October 1, 2020
The Financial Oversight and Management Board for Puerto Rico announced that the Puerto Rico Education Department made at least $80 million in payments over 13 years to employees who had resigned, are retired, are deceased, on vacation, or otherwise not working because the agency “lacks an automated system that ensures only employees who are working […]
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Op-Ed: A note to the Oversight Board — Are you considering climate change?
September 17, 2020
It is the public understanding that the Financial Oversight and Management Board for Puerto Rico (FOMB) is “tasked with working with the people and government of Puerto Rico to create the necessary foundation for economic growth and to restore opportunity to the people of Puerto Rico.” Furthermore, its express statutory mandate includes that “at any time submit […]
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Oversight Board member González steps down effective Aug. 31
August 5, 2020
After almost four years of service as a member of the Financial Oversight and Management Board for Puerto Rico, José Ramón González announced he has informed the White House that he will not be available to continue holding over in his current appointment beyond Aug. 31, nor will he be available for re-nomination to a […]
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