Financial Oversight and Management Board for Puerto Rico

E586786

fiscal oversight board government body public law entity

The Financial Oversight and Management Board for Puerto Rico is a U.S.-appointed fiscal control body created under the PROMESA law to oversee Puerto Rico’s finances and debt restructuring.

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Statements (48)

Predicate	Object
instanceOf	fiscal oversight board ⓘ government body ⓘ public law entity ⓘ
abbreviationOfLegalBasis	PROMESA NERFINISHED ⓘ
alsoKnownAs	FOMB NERFINISHED ⓘ La Junta de Supervisión Fiscal NERFINISHED ⓘ Oversight Board NERFINISHED ⓘ
appliesToTerritory	Puerto Rico NERFINISHED ⓘ
appointmentProcessInfluencedBy	congressional leadership recommendations ⓘ
composition	one ex officio member ⓘ seven voting members ⓘ
controversy	criticized for austerity measures ⓘ criticized for democratic accountability concerns ⓘ criticized for impact on public services in Puerto Rico ⓘ
country	United States of America ⓘ surface form: United States
createdBy	United States Congress ⓘ
createdInResponseTo	Puerto Rican government-debt crisis ⓘ
dateEstablished	2016-06-30 ⓘ
exOfficioMember	Governor of Puerto Rico ⓘ
governingLawSection	Title I of PROMESA ⓘ
hasPower	approve Puerto Rico annual budgets ⓘ approve Puerto Rico fiscal plans ⓘ certify fiscal plans and budgets ⓘ initiate court-supervised debt restructuring under Title III of PROMESA ⓘ require fiscal reforms from the Puerto Rico government ⓘ review certain territorial laws for fiscal impact ⓘ
headquartersLocation	San Juan, Puerto Rico NERFINISHED ⓘ
jurisdiction	Government of Puerto Rico NERFINISHED ⓘ covered territorial instrumentalities of Puerto Rico ⓘ
legalBasis	Puerto Rico Oversight, Management, and Economic Stability Act NERFINISHED ⓘ
litigationInvolvedIn	Title III debt restructuring case for Puerto Rico Electric Power Authority NERFINISHED ⓘ Title III debt restructuring case for Puerto Rico Highways and Transportation Authority ⓘ Title III debt restructuring cases for Puerto Rico ⓘ
membersAppointedBy	President of the United States NERFINISHED ⓘ
oversightPeriodCondition	continues until Puerto Rico has four consecutive years of balanced budgets ⓘ continues until Puerto Rico regains adequate access to short-term and long-term credit markets ⓘ
purpose	achieve fiscal responsibility for Puerto Rico ⓘ facilitate Puerto Rico’s debt restructuring ⓘ oversee Puerto Rico’s public finances ⓘ restore access to capital markets for Puerto Rico ⓘ
signedIntoLawBy	Barack Obama NERFINISHED ⓘ
subjectOf	Supreme Court of the United States case Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC NERFINISHED ⓘ
supervises	Commonwealth of Puerto Rico central government finances ⓘ certain Puerto Rico public corporations ⓘ
SupremeCourtHoldingRelatedTo	Board members are territorial officers not subject to U.S. Constitution Appointments Clause in the same way as federal officers ⓘ
website	https://oversightboard.pr.gov ⓘ
workingLanguages	English ⓘ Spanish ⓘ

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

United States–Puerto Rico relations → hasActor → Financial Oversight and Management Board for Puerto Rico ⓘ

Puerto Rico Oversight, Management, and Economic Stability Act → createsBody → Financial Oversight and Management Board for Puerto Rico ⓘ