White House names seven to Puerto Rico oversight board
The White House on Wednesday named seven members of the oversight board that Congress established to help Puerto Rico control its spending and restructure its massive debt load.
The members include a retired New York bankruptcy judge, a Puerto Rican banker, a former director of the California finance department, a private equity manager and former bank president, an insurance expert who has been a bankruptcy trustee, a Social Security expert from the American Enterprise Institute, and a conservative corporate law professor at the University of Pennsylvania.
Four of them have Puerto Rican backgrounds and most have worked in Puerto Rico before, a factor the White House hopes will soothe anxiety on the island. where some critics have alleged that the board would be a colonial-style overseer with more power than the territory’s elected officials.
Puerto Rico’s elected officials must still draw up their own fiscal plan, which will be reviewed by the oversight board under the Puerto Rico Oversight, Management, and Economic Stability Act, known as the PROMESA bill.
Read more: https://www.washingtonpost.com/business/economy/white-house-names-seven-to-puerto-rico-oversight-board/2016/08/31/9cee9376-6f8b-11e6-9705-23e51a2f424d_story.html
