Financial Oversight and Management Board for Puerto Rico: Difference between revisions
Update current and former members tables as of October 2020 |
Added two sections: (1) on the Board's authority and (2) on surrounding controversies. Added scholarly citations to support the statements. |
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'''Financial Oversight and Management Board for Puerto Rico''' (FOMBPR), colloquially known as ''La Junta de Control/Supervisión Fiscal'' is a government entity whose role to revise and approve the budget and obligations of the government of [[Puerto Rico]] was created by federal law [[PROMESA]]. |
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==History== |
==History== |
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| Representative of the government of Puerto Rico |
| Representative of the government of Puerto Rico |
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== Authority == |
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Appointed by the [[Speaker of the House of Representatives of the Philippines|Speaker of the House of Representatives]] and the President of the United States, La Junta has authority over the commonwealth’s budget, with a mandate to maneuver the liquidity crisis that the island's government faces amidst a shrinking economy and a debt crisis.<ref name=":0">{{Cite book|last=Mendoza-de Jesus|first=Ronald|url=https://www.worldcat.org/oclc/1143649021|title=Free-dom: United States of Banana and the Limits of Sovereignty (Poets, philosophers, lovers: on the Writings of Giannina Braschi)|publisher=U Pittsburgh|others=Aldama, Frederick Luis, O'Dwyer, Tess,|year=2020|isbn=978-0-8229-4618-2|location=Pittsburgh, Pa.|pages=136-139|oclc=1143649021}}</ref> The board has the authority over “the prompt enforcement of any applicable laws of the covered territory prohibiting public sector employees from participating in a strike or lockout” (PROMESA, 559).<ref>{{Cite journal|last=Cabán|first=Pedro|date=2020-03-03|title=Puerto Rico’s Summer 2019 Uprising and the Crisis of Colonialism|url=http://dx.doi.org/10.1177/0094582x20906509|journal=Latin American Perspectives|volume=47|issue=3|pages=103–116|doi=10.1177/0094582x20906509|issn=0094-582X}}</ref> La Junta also has the power to fast-track approval of infrastructure projects and public-private partnerships. The law also gives total immunity to the board members in the face of any potential lawsuits.<ref name=":0" /> |
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== Controversy == |
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Puerto Rican business leaders, scholars, teachers, performing artists, and activists have led massive protests against La Junta.<ref>{{Cite web|title=mass protests against la junta in puerto rico - Google Search|url=https://www.google.com/search?biw=1014&bih=585&tbm=nws&sxsrf=ALeKk03zBBs2mhiU5_6pxUliAIyZsrnE6A:1604947350340&ei=lo2pX_GuFMCqytMPpbKb8A0&q=mass+protests+against+la+junta+in+puerto+rico&oq=mass+protests+against+la+junta+in+puerto+rico&gs_l=psy-ab.3...1275.1965.0.2249.5.5.0.0.0.0.212.452.1j1j1.3.0....0...1c.1.64.psy-ab..2.0.0....0.ftRqkv_FiEg|access-date=2020-11-09|website=www.google.com}}</ref><ref>{{Cite web|title=Puerto Ricans Aren't Done Protesting. “La Junta” Is Why.|url=https://www.vice.com/en/article/9kxxxy/puerto-ricans-arent-done-protesting-la-junta-is-why|access-date=2020-11-09|website=www.vice.com|language=en}}</ref> In July 2019, hundreds of thousands of people rallied in the streets of San Juan to chants for Governor [[Ricardo Rosselló|Ricardo Rosello]] to “resign and take the “junta” with you."<ref>{{Cite web|title=Puerto Ricans Aren't Done Protesting. “La Junta” Is Why.|url=https://www.vice.com/en/article/9kxxxy/puerto-ricans-arent-done-protesting-la-junta-is-why|access-date=2020-11-09|website=www.vice.com|language=en}}</ref> Many argue that The Financial Oversight and Management Board for Puerto Rico amounts to the return of colonial rule over Puerto Rico.<ref>{{Cite journal|last=Fonseca|first=Melody|date=2019-03-17|title=Beyond Colonial Entrapment: The Challenges of Puerto Rican “National Consciousness” in Times of Promesa|url=http://dx.doi.org/10.1080/1369801x.2019.1585917|journal=Interventions|volume=21|issue=5|pages=747–765|doi=10.1080/1369801x.2019.1585917|issn=1369-801X}}</ref> Among them, Puerto Rican filmmaker [[Frances Negrón-Muntaner|Francis Negrón-Muntaner]] argues in "The Emptying Islan," that "PROMESA marks a transition to a new iteration of colonial-capitalism".<ref>{{Cite book|last=Riofrio|first=John|url=https://www.worldcat.org/oclc/1143649021|title="Rompiendo esquemas" (Poets, philosophers, lovers: on the writings of Giannina Braschi)|publisher=U Pittsburgh|others=Aldama, Frederick Luis, O'Dwyer, Tess,|year=2020|isbn=978-0-8229-4618-2|location=Pittsburgh, Pa.|pages=30|oclc=1143649021|quote="PROMESA marks a transition to a new iteration of colonial-capitalism."}}</ref> [[Frances Negrón-Muntaner|Negrón-Muntaner]] note that the Board was composed of individuals with deep ties to the banking and investment world—including some involved in producing the debt crisis—and granted them broad powers over Puerto Rico’s elected government to assure that creditors will be paid.”<ref>{{Cite web|title=The Emptying Island: Puerto Rican Expulsion in Post-Maria Time|url=https://hemisphericinstitute.org/en/emisferica-14-1-expulsion/14-1-essays/the-emptying-island-puerto-rican-expulsion-in-post-maria-time.html|access-date=2020-11-09|website=hemisphericinstitute.org}}</ref> Dr. Ronald Mendoza-de Jesus wrote, "Many, myself included, feel that the time has come to finally dispel the fantasy of Puerto Rico’s sovereignty under US rule and to take up again the question of the economic and ontological implications of striving to become a sovereign nation."<ref name=":0" /> |
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== See also == |
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* [[Puerto Rican government-debt crisis]] |
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* [[Territories of the United States]] |
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* [[PROMESA]] |
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* [[Soy boricua]] |
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==References== |
==References== |
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[[Category:Government bonds]] |
[[Category:Government bonds]] |
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[[Category:Local government finance]] |
[[Category:Local government finance]] |
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[[Category:History of Puerto Rico by topic]] |
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Revision as of 19:08, 9 November 2020
Financial Oversight and Management Board for Puerto Rico (FOMBPR), colloquially known as La Junta de Control/Supervisión Fiscal is a government entity whose role to revise and approve the budget and obligations of the government of Puerto Rico was created by federal law PROMESA.
History
Creation
On August 31, 2016, Barack Obama appointed the seven members of the board.[1][2]
In March 2017, Natalie Jaresko, former Minister of Finance in Ukraine, was appointed as the board's executive director.[3] In 2019, Christian Sobrino, PROMESA's Representative of the Puerto Rican government, resigned in the wake of the Telegramgate scandal effective immediately on July 13 2019.[4] On September 1, 2020, El Nuevo Día newspaper reports that USDA Rural Development State Director Josué Rivera was mentioned as a potential nominee for the Board. [5]
FOMBPR v. Aurelius Investment, LLC
![[icon]](/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | This section needs expansion. You can help by adding to it. (October 2020) |
Composition of the FOMBPR
Current members
| Name | Date appointed | Affiliation |
|---|---|---|
| Andrew G. Biggs | August 31, 2016 | Republican |
| Ana Matosantos | August 31, 2016 | Democrat |
| David Skeel | August 31, 2016 | Republican |
| Justin Peterson | October 7, 2020[6] | Republican |
Former members
| Name | Appointment date | Resignation date | Effective resignation date | Affiliation |
|---|---|---|---|---|
| José Carrión III (Former Chairman) | August 31, 2016 | July 1, 2020 | October 5, 2020 | Republican |
| Carlos García | August 31, 2016 | July 1, 2020 | August 31, 2020 | Republican |
| José González | August 31, 2016 | August 4, 2020 | August 31, 2020[7] | Democrat |
| Arthur Gonzalez | August 31, 2016 | October 8, 2020 | October 8, 2020[8] | Democrat |
Officers
| Name | Position |
|---|---|
| David Skeel | Chairman |
| Natalie Jaresko | Executive Director |
| Jaime El Koury | Legal Counsel |
| Natalie Jaresko | Revitalization Coordinator (Interim) |
| Omar Marrero | Representative of the government of Puerto Rico |
Authority
Appointed by the Speaker of the House of Representatives and the President of the United States, La Junta has authority over the commonwealth’s budget, with a mandate to maneuver the liquidity crisis that the island's government faces amidst a shrinking economy and a debt crisis.[9] The board has the authority over “the prompt enforcement of any applicable laws of the covered territory prohibiting public sector employees from participating in a strike or lockout” (PROMESA, 559).[10] La Junta also has the power to fast-track approval of infrastructure projects and public-private partnerships. The law also gives total immunity to the board members in the face of any potential lawsuits.[9]
Controversy
Puerto Rican business leaders, scholars, teachers, performing artists, and activists have led massive protests against La Junta.[11][12] In July 2019, hundreds of thousands of people rallied in the streets of San Juan to chants for Governor Ricardo Rosello to “resign and take the “junta” with you."[13] Many argue that The Financial Oversight and Management Board for Puerto Rico amounts to the return of colonial rule over Puerto Rico.[14] Among them, Puerto Rican filmmaker Francis Negrón-Muntaner argues in "The Emptying Islan," that "PROMESA marks a transition to a new iteration of colonial-capitalism".[15] Negrón-Muntaner note that the Board was composed of individuals with deep ties to the banking and investment world—including some involved in producing the debt crisis—and granted them broad powers over Puerto Rico’s elected government to assure that creditors will be paid.”[16] Dr. Ronald Mendoza-de Jesus wrote, "Many, myself included, feel that the time has come to finally dispel the fantasy of Puerto Rico’s sovereignty under US rule and to take up again the question of the economic and ontological implications of striving to become a sovereign nation."[9]
See also
References
- ^ "White House names seven to Puerto Rico oversight board". Washingtonpost.com. Retrieved 24 September 2016.
- ^ "Puerto Rico oversight board appointed". Reuters. 2016-08-31. Retrieved 24 September 2016.
- ^ "Fiscal board chairman: Extent of Puerto Rico crisis justifies new executive director's salary – Caribbean Business". caribbeanbusiness.com. 2017-03-23. Retrieved 2017-04-03.
- ^ Rosselló Makes Two Appointments
- ^ [https://www.elnuevodia.com/noticias/locales/notas/la-junta-se-queda-con-cinco-miembros-y-estos-son-los-nombres-que-suenan-para-llenar-las-vacantes/
- ^ https://www.whitehouse.gov/presidential-actions/president-donald-j-trump-announces-intent-appoint-individuals-key-administration-posts-100720/
- ^ https://www.elnuevodia.com/noticias/locales/notas/jose-r-gonzalez-deja-la-junta-de-supervision-fiscal/
- ^ https://www.elnuevodia.com/noticias/locales/notas/el-juez-arthur-gonzalez-anuncia-su-salida-de-la-junta-de-supervision-fiscal/
- ^ a b c Mendoza-de Jesus, Ronald (2020). Free-dom: United States of Banana and the Limits of Sovereignty (Poets, philosophers, lovers: on the Writings of Giannina Braschi). Aldama, Frederick Luis, O'Dwyer, Tess,. Pittsburgh, Pa.: U Pittsburgh. pp. 136–139. ISBN 978-0-8229-4618-2. OCLC 1143649021.
{{cite book}}: CS1 maint: extra punctuation (link) - ^ Cabán, Pedro (2020-03-03). "Puerto Rico's Summer 2019 Uprising and the Crisis of Colonialism". Latin American Perspectives. 47 (3): 103–116. doi:10.1177/0094582x20906509. ISSN 0094-582X.
- ^ "mass protests against la junta in puerto rico - Google Search". www.google.com. Retrieved 2020-11-09.
- ^ "Puerto Ricans Aren't Done Protesting. "La Junta" Is Why". www.vice.com. Retrieved 2020-11-09.
- ^ "Puerto Ricans Aren't Done Protesting. "La Junta" Is Why". www.vice.com. Retrieved 2020-11-09.
- ^ Fonseca, Melody (2019-03-17). "Beyond Colonial Entrapment: The Challenges of Puerto Rican "National Consciousness" in Times of Promesa". Interventions. 21 (5): 747–765. doi:10.1080/1369801x.2019.1585917. ISSN 1369-801X.
- ^ Riofrio, John (2020). "Rompiendo esquemas" (Poets, philosophers, lovers: on the writings of Giannina Braschi). Aldama, Frederick Luis, O'Dwyer, Tess,. Pittsburgh, Pa.: U Pittsburgh. p. 30. ISBN 978-0-8229-4618-2. OCLC 1143649021.
PROMESA marks a transition to a new iteration of colonial-capitalism.
{{cite book}}: CS1 maint: extra punctuation (link) - ^ "The Emptying Island: Puerto Rican Expulsion in Post-Maria Time". hemisphericinstitute.org. Retrieved 2020-11-09.