A Look At NYC Bar Association's Task Force On Puerto Rico

Law360, New York (November 9, 2017, 3:58 PM EST) -- The United States Congress enacted, effective June 30, 2016, the Puerto Rico Oversight Management and Economic Stability Act ("PROMESA") in response to the ongoing financial crisis in the commonwealth of Puerto Rico. Pursuant to PROMESA, Congress established the Fiscal Oversight and Management Board (the "oversight board") to provide a method for Puerto Rico to achieve fiscal responsibility and access to the capital markets.

The Powers of the Oversight Board

Under PROMESA, the oversight board has exclusive authority, inter alia, (a) to certify fiscal plans to be submitted by the government of Puerto Rico to the oversight board; (b) to approve budgets...

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