CUD president says he is willing to become fiscal board member

Ramón Barquín, president of the United Retailers Center

By THE STAR STAFF

Ramón Barquín, president of the United Retailers Center (CUD by its acronym in Spanish), has acknowledged that the White House is considering him as a candidate for the Financial Oversight and Management Board.

“That is the decision of the president of the United States …” Barquín said in a segment of the televised program “Primera Pregunta.” “I have acknowledged that two times I have been called.”

He said he did not know if Gov. Jenniffer González Colón promoted his appointment during a trip to Washington last week. The governor said Friday that she does not rule out submitting names of possible members to be part of the oversight board, after meetings in Washington with the White House, the Treasury Department and congressional leaders.

“I am always available to help Puerto Rico,” Barquín said.

President Donald Trump fired six of the seven members of the oversight board in early August, marking the first time in the 10-year history of the board that a president has fired board members.

The legal cause for the firings is unclear. Various reports, including the STAR, have noted that the move appears likely to benefit Puerto Rico Electric Power Authority bondholders who have been demanding higher levels of debt repayment than the board’s latest offer.

The oversight board has said the bankrupt utility can repay $2.6 billion of the more than $9 billion in bonded debt.