Puerto Rico Fed Board Was Illegally Appointed: 1st Circ.

Law360 (February 15, 2019, 10:44 PM EST) -- The federal board charged with overseeing Puerto Rico's financial overhaul and addressing its debt crisis was unconstitutionally appointed and must either be confirmed by the U.S. Senate or replaced in accordance with the law within the next 90 days, the First Circuit ruled Friday.

In a decision calling upon the White House to take action, a panel of First Circuit judges said that the seven members selected to serve on the Financial Oversight and Management Board for Puerto Rico during former President Barack Obama's last year in office should have never been seated without Senate confirmation, as is called for in...

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