Senate president asks Congress for fiscal board’s dissolution

Senate President Thomas Rivera Schatz

By The Star Staff

Senate President Thomas Rivera Schatz announced Tuesday the filing of Senate Resolution 236, which expresses the Puerto Rico Senate’s rejection of the Financial Oversight and Management Board remaining in Puerto Rico.

Rivera Schatz argues that the oversight board has clearly exceeded the terms established in the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) and calls for immediate action by Congress and the president of the United States for its prompt dissolution.

“The Oversight Board was created as a transitional entity to stabilize Puerto Rico’s finances, not to become a permanent government or impose conditions beyond what is clearly outlined in the PROMESA Act,” Rivera Schatz stated. “Its continued presence has become an obstacle rather than a solution.”

The resolution outlines how the oversight board has arbitrarily imposed a list of 50 requirements not stipulated by PROMESA as conditions for its dissolution. The Senate president also emphasized what he said has been the board’s failure to address critical issues, such as the Puerto Rico Electric Power Authority’s (PREPA) debt, which continues to negatively impact the island.

“The Board has failed miserably in restructuring PREPA’s debt,” Rivera Schatz added. “Despite having the necessary resources and time, this problem remains unresolved, hindering our development and directly affecting our economic recovery.”

“We have significantly reduced our debt, successfully restructured a large portion of our financial obligations, and restored confidence in the markets,” Rivera Schatz emphasized. “These achievements are a result of the fiscal discipline exercised by our Legislature and state government -- not the Board. The continuation of this entity poses an additional financial burden and is an affront to the democracy and political autonomy of the Puerto Rican people.”

The resolution will be formally forwarded to the White House, the United States Congress and Senate, the Government Accountability Office and the federal Department of Justice, requesting “an immediate and concrete response to this just and legitimate claim” from the island Senate.