Financial Oversight and Management Board for Puerto Rico facts for kids
| Junta de Supervisión Fiscal | |
 |
|
| Agency overview | |
|---|---|
| Formed | June 30, 2016 |
| Type | Financial regulatory authorities |
| Jurisdiction | Federal government of the United States |
| Agency executive |
|
| Parent agency | United States Congress |
The Financial Oversight and Management Board for Puerto Rico (FOMBPR) is a special group created by the United States government. People often call it La Junta, which means "The Board" in Spanish. Its main job is to help Puerto Rico manage its money. This includes looking at and approving Puerto Rico's budget and how it spends money. The Board was set up because Puerto Rico faced big money problems and a lot of debt.
Contents
History of the Board
How the Board Was Created
The Financial Oversight and Management Board for Puerto Rico was created by a federal law called PROMESA. This law was passed to help Puerto Rico deal with its financial difficulties.
On August 31, 2016, Barack Obama, who was the President of the United States at the time, chose the first seven members of the Board. These members were appointed to start working on Puerto Rico's money issues.
In March 2017, Natalie Jaresko became the Board's executive director. She had previously been the Minister of Finance in Ukraine. Later, in 2019, Christian Sobrino, who represented the Puerto Rican government to PROMESA, left his position.
Who Is on the Board?
The Board is made up of several members and officers. They work together to oversee Puerto Rico's finances.
Current Board Members
Here are some of the people who are currently members of the Board:
| Name | Date Appointed | Political Affiliation |
|---|---|---|
| Andrew G. Biggs | August 31, 2016 | Republican |
| Ana Matosantos | August 31, 2016 | Democrat |
| David Skeel | August 31, 2016 | Republican |
| Justin Peterson | October 7, 2020 | Republican |
Past Board Members
Some people have served on the Board in the past. Here are a few of them:
| Name | Appointment Date | Resignation Date | Effective Resignation Date | Political Affiliation |
|---|---|---|---|---|
| José Carrión III (Former Chairman) | August 31, 2016 | July 1, 2020 | October 5, 2020 | Republican |
| Carlos García | August 31, 2016 | July 1, 2020 | August 31, 2020 | Republican |
| José González | August 31, 2016 | August 4, 2020 | August 31, 2020 | Democrat |
| Arthur Gonzalez | August 31, 2016 | October 8, 2020 | October 8, 2020 | Democrat |
Board Officers
These are some of the key people who hold important positions within the Board:
| Name | Position |
|---|---|
| David Skeel | Chairman |
| Natalie Jaresko | Executive Director |
| Jaime El Koury | Legal Counsel |
| Natalie Jaresko | Revitalization Coordinator (Interim) |
| Omar Marrero | Representative of the government of Puerto Rico |
What Authority Does the Board Have?
The members of La Junta are chosen by leaders in the United States government. This includes the President and the Speaker of the House of Representatives. The Board has a lot of power over Puerto Rico's money. Its main goal is to help Puerto Rico solve its money problems and debt crisis.
The Board can approve or change Puerto Rico's budget. It can also help speed up big building projects and partnerships between the government and private companies. The law that created the Board also protects its members from lawsuits.
Why Some People Oppose the Board
Many people in Puerto Rico do not agree with the Board. Business leaders, teachers, artists, and activists have protested against La Junta. They believe that the Board takes away Puerto Rico's ability to govern itself.
In July 2019, huge protests happened in San Juan. People chanted for Governor Ricardo Rosselló to resign and for the Board to leave. Many people feel that the Board makes Puerto Rico feel like a colony again, rather than a self-governing territory.
Some argue that the Board members have connections to banks and investment companies. These are some of the same groups involved in Puerto Rico's debt problems. In 2019, several members of the United States Congress, including Alexandria Ocasio-Cortez and Bernie Sanders, asked the Board to share any potential conflicts of interest they might have.
