Etiqueta: Washington Watch

Washington Watch – Spotlight on Puerto Rico: Trump Renominates Current FOMB Members

Washington Watch – Spotlight on Puerto Rico: Trump Renominates Current FOMB Members

By Jennice Fuentes / Fuentes Strategies President Donald Trump announced that he will nominate all current Financial Oversight and Management Board (FOMB) members for Senate confirmation. The move comes in anticipation of a May 16 deadline imposed by the US Circuit Court of Appeals, which ruled the FOMB’s composition is unconstitutional because its members were appointed bypassing the ...

Washington Watch – Spotlight on Puerto Rico: HUD Inspector General Investigating White House Interference in Puerto Rico Funding - maría maria

[VIDEO] Washington Watch – Spotlight on Puerto Rico: HUD Inspector General Investigating White House Interference in Puerto Rico Funding

By Jennice Fuentes / Fuentes Strategies The House Financial Services Subcommittee on Oversight and Investigations held a hearing on “The Administration of Disaster Recovery Funds in the Wake of Hurricanes Harvey, Irma, and Maria.” Witnesses included Puerto Rico Housing Secretary Fernando Gil Enseñat and Jeremy Kirkland, Counsel to the Inspector General, among others. At the hearing, full committee ...

Raúl Maldonado

Washington Watch – Spotlight on Puerto Rico: Treasury Secretary Resigns, Governor Reshuffles Top Financial Spots

By Jennice Fuentes / Fuentes Strategies Treasury Secretary Teresa Fuentes resigned in a surprise move this week. In her resignation letter, the former partner at Ernst and Young said that the Governor should have a Treasury Secretary that shares his public policy views. She also alluded to the need for compassion and love of country in the Island’s ...

Spotlight on Puerto Rico – Governor’s rep in Fiscal Oversight Board (FOB) resigns

By Jennice Fuentes / Fuentes Strategies Governor Ricardo Rossello’s official representative on the Fiscal Oversight Board (FOB), Elías Sánchez, has resigned just six months into the post. Sánchez, a close confidante who also served as Rosselló’s campaign manager, said he was satisfied with the work he accomplished thus far, citing approval of the Fiscal Plan, the Island’s new ...

Spotlight on Puerto Rico – GDB Voluntary Restructuring Gets Green Light

Spotlight on Puerto Rico – GDB Voluntary Restructuring Gets Green Light

By Jennice Fuentes / Fuentes Strategies The Fiscal Oversight Board (FOB) has approved the Restructuring Support Agreement (RSA) for the Government Development Bank (GDB). This is the first voluntary Title VI debt restructuring agreement under PROMESA. The FOB certified the RSA, with additional conditions that have yet to be made public. Implementation of the agreement is subject to ...

Spotlight on Puerto Rico – Statehood wins landslide vote marred by boycott, low turnout

Spotlight on Puerto Rico – Statehood wins landslide vote marred by boycott, low turnout

By Jennice Fuentes / Fuentes Strategies Puerto Rico held its fifth non-binding status referendum on Sunday, as 97% of voters who turned out voted for the Island to become the 51st state. The New Progressive Party (NPP) was the only political party that participated in the vote, while all opposition parties called for a boycott, resulting in the ...

Spotlight on Puerto Rico – FOB certifies Governor's budget pending adjustments

Spotlight on Puerto Rico – FOB certifies Governor’s budget pending adjustments

By Jennice Fuentes /Fuentes Strategies Governor Ricardo Rosselló’s proposed $9.2 billion budget was quickly certified by the Fiscal Oversight Board (FOB), but with several caveats. FOB Chairman, José Carrión, wrote to the Governor and legislative leaders stating that, in order for the budget to take effect, the Legislature would have to make adjustments to certain ...

UPR-RP

Spotlight on Puerto Rico – UPR in turmoil as Interim President, Board members resign

By Jennice Fuentes /Fuentes Strategies The University of Puerto Rico—already struggling through student protests of mandated Federal Oversight Board (FOB) budget cuts— made headlines again with the resignation of the University’s Interim President, Nivia A. Fernández. Fernández had refused to comply with a court order to reopen the gates at the UPR Río Piedras Campus, ...

Banco Gubernamental de Fomento para Puerto Rico

Spotlight on Puerto Rico – GDB reaches tentative deal with creditors

By Jennice Fuentes /Fuentes Strategies The Government Development Bank (GDB) has reached a tentative restructuring agreement with at least 45% of its creditors. The deal, negotiated by the Financial Advisory and Fiscal Agency Administration (AAFAF in Spanish) is expected to be finalized by September. The agreement allows GDB bondholders to exchange their current bonds and ...