President Trump fired five of the eight members of Puerto Rico’s Financial Oversite Management Board, which oversees the US region’s budget plan. Trying to find its way for fiscal solvency after island struggling With your debt over the years.
Mr. Trump, Chairman of the Board, Arthur J. Gonzalez, Cameron McKenzie, Betty A. Rosa, Juan A. Subaters, and Louis a. Ubinas dismissed, except for only two board members, according to a White House, Puerto Rickon Governor, in addition to a one appointed by CBS News. This was first reported Breitebart,
Four of the extracted members were appointed by Democratic Presidents, while fifth, Betti A. Rosa was nominated by Mr. Trump during his first term and was later rebuilt by President Biden.
One of the remaining board members was nominated by President Barack Obama and was re -appointed by Mr. Trump, while the other was nominated by Mr. Trump and later rebuilt by Biden.
Seven members are appointed by the President – six of which are elected from lists provided by the majority and minority Congress leaders, and one is chosen at the President’s discretion – and a former officer member chosen by the Governor of Puerto Rico who works on the board, but has no voting rights.
A White House official stated that the board has been “run by its glory for a very long and ineffectively, and it is time to restore general knowledge leadership.”
The Financial Oversite Board was created by the Congress in the final year of the Obama administration by Puerto Rico Oversite, Management and Economic Stability Act, known as Promce. This was established to address Puerto Rico to address its fiscal crisis and to help the island infrastructure projects badly necessary and rapid.
The oversight board said in a statement that it was informed by the White House that the President had abolished five members and would “continue to work in the interest of the Professor’s mandate and Puerto Rico’s people.”
Although Prommsa was implemented in 2016, the loan of Puerto Rico’s Electric Power Authority has not yet been interacted, as Bondholders continue to fight for Arabs who are due to them.
Xavier Garcia/Bloomberg via Getty Image 
Amidst the ongoing legal battle when Puerto Rico’s Electric Power Authority’s Bondholders, Democrats also undergone the weight of Democrats in the Congress. a hearing In July about the performance of the financial board, Democratic rape. New York’s Nyadia Velzkez slammed the Bondholder Golden Tree Asset Management, which is considered the main objection to the proposal of the Financial Overweight Management Board, which cuts the principal payment from $ 8.5 billion to $ 2.6 billion on pre -bond.
“They took advantage of a distressed government to buy cheap loans, and now they demand maximum payments. It is not a long -standing story of prepaid’s bankruptcy.
The House Natural Resources Committee ranked member, Jreds Hafman, Jreds Hafman said, “Now call to eliminate the board, just refuses to refuse to agree to its expenses on advisors and overreching demands of prep bonds.”
As Puerto Rico’s national newspaper El Nuevo Diya, The island’s Republican Governor, Jennifer Gonzalez-Kolone earlier stated that the financial oversight board needs to quit “immediately”.
Gonzalez-Kolone said in a statement, “he will work with whatever the new board” will work with him, once President Trump announces. ,
One day after hearing, right -wing activist Laura Lumor Xe The President Trump had the power to set the board members on fire and “replace it with a new board.”
Lumor said, “The failure of lawyers and advisors to solve the insolvency of Puerto Rico has left the people of Puerto Rico without electricity, or further a route,” the Lumor said.
According to the text of Primea“The President can remove any member of the oversite board only for the reason.”
The White House official told CBS News that no decision has been taken yet about the replacement of five members.
