Puerto Rico to focus on fiscal board’s exit at congressional hearing

Puerto Rico Federal Affairs Administration Executive Director Gabriella Boffelli emphasized the island government’s commitment to collaborating with the Natural Resources Committee in the House of Representatives to ensure a smooth transition out of federal oversight.

By The Star Staff

Puerto Rico will seek the exit of the Financial Oversight and Management Board at a congressional hearing next week, an official said Thursday.

The oversight board has yet to leave because it is representing the Puerto Rico Electric Power Authority (PREPA) in its bankruptcy case, which remains in limbo, and has said the government has failed to approve four consecutive balanced budgets.

Puerto Rico Federal Affairs Administration (PRFAA) Executive Director Gabriella Boffelli discussed the government’s position regarding the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) and the island’s aim to eventually see the exit of the oversight board. Boffelli emphasized the government’s commitment to collaborating with the House of Representatives Natural Resources Committee to ensure a smooth transition.

Boffelli highlighted the importance of reviewing the oversight board’s performance and compliance, as well as assessing the impact of recent changes to the PREPA litigation on Puerto Rico’s infrastructure projects. She acknowledged that Puerto Rico has achieved significant milestones under the current administration, including the approval of its first certified budget.

The PRFAA executive director stated that the government’s focus on working closely with federal partners and securing necessary resources for vital sectors such as security, education, energy and housing demonstrates its dedication to promoting the island’s long-term growth and stability.

While neither Boffelli nor Gov. Jenniffer González Colón has confirmed their attendance at the upcoming public hearing scheduled for next Wednesday at 10 a.m., their administration’s stance remains firm: Puerto Rico’s ultimate goal is to exit the fiscal oversight board and regain its financial autonomy.

The Committee on Natural Resources will hold the hearing, which was convened by the Subcommittee on Indigenous and Territorial Affairs to investigate Puerto Rico’s recovery under the oversight board.

Speakers will be invited, it was announced.

Resident Commissioner Pablo José Hernández Rivera confirmed his participation earlier this week and revealed that the hearing will feature official appearances by members of the oversight board, “an agency that has exercised extraordinary powers over Puerto Rico’s public finances since 2016,” he said.

“The hearing offers a much-needed opportunity to scrutinize the Board,” Hernández Rivera said in a written statement. “Nine years after the approval of Promesa, the people of Puerto Rico deserve to know why they [the board’s members] haven’t ceased their work and why they insist on measures that increase the cost of living.”