04.30.19

Chair Grijalva Statement on President Trump’s Decision to Submit Members of Puerto Rico Financial Oversight Board for Senate Consideration

Washington, D.C. – Chair Raúl M. Grijalva (D-Ariz.) released the following statement on President Trump’s recently announced decision to nominate the seven members of the Financial Oversight and Management Board for Puerto Rico for Senate approval. The decision comes in the wake of a First Circuit Court of Appeals ruling invalidating the direct appointment of the Board’s membership. The Board was created by thePuerto Rico Oversight, Management, and Economic Stability Act (PROMESA) of 2016. 

“The president’s decision to nominate the members of the Financial Oversight and Management Board for Puerto Rico for Senate confirmation is welcome. Democrats supported PROMESA largely to enable Puerto Rico to restructure and reduce its debts. If the First Circuit’s ruling invalidating the original appointments had not been addressed, the Board would have collapsed and three years of work on debt restructuring would have been wasted. We are close to a final restructuring agreement on the largest remaining block of Puerto Rican debt, and it’s in the interests of the Puerto Rican people to finalize that agreement without interruption.”

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