In a major shakeup for Puerto Rico's financial recovery, President Trump has abruptly removed five members of the island's powerful fiscal oversight board, leaving the future of the territory's debt crisis uncertain. Just three members of Puerto Rico's Financial Oversight Management Board, the federally appointed body in charge of guiding the territory's troubled finances, now remain, CBS News reports. According to the White House, the firings were prompted by concerns that the board had been "run inefficiently and ineffectively … for far too long," and that new leadership is needed.
Those let go include the board's chairman, Arthur J. Gonzalez, as well as Cameron McKenzie, Juan A. Sabater, Luis A. Ubiñas, and Betty A. Rosa. Four were originally picked by Democratic presidents, while Rosa was first chosen by Trump and later reappointed by President Biden. Only two board members remain, along with a non-voting participant selected by Puerto Rico's governor. Despite the upheaval, the board has stated it will continue fulfilling its mandate under PROMESA, even as the White House has not yet named replacements for the ousted members.
The oversight board was established in 2016 under the Obama administration, via the PROMESA law, to help Puerto Rico address its government-debt crisis and support vital infrastructure. The territory, which has been mired in fiscal distress for years and filed for municipal bankruptcy in 2015, still faces unresolved issues—notably, a bitter fight over how much the Electric Power Authority owes to bondholders. That more than $9 billion debt is all that remains of the government debt, but restructuring it has been a struggle, the AP reports. Congressional Democrats recently criticized both the board's performance and what they say is undue pressure from creditors, while Puerto Rico's Republican governor has called for the board's immediate departure.
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