‘This is wrong’: Fiscal board member Peterson resigns

Justin Peterson at right, said he decided to resign from the Financial Oversight and Management Board “because I do not wish to be part of a PREPA [Puerto Rico Electric Power Authority debt] deal that is unfair, coercive and discriminatory.” The oversight board, he said, “is basically eliminating bondholders while keeping pensions completely intact.”

By The Star Staff

Justin Peterson, one of the members of the Financial Oversight and Management Board, announced his resignation late last week due to what he said are disagreements with the negotiations on pensions in the Puerto Rico Electric Power Authority (PREPA) bankruptcy process.

“I am grateful for the opportunity to have served and I am proud of what was accomplished during my tenure to bring Puerto Rico out of bankruptcy. Thank you to Donald Trump for the opportunity to serve our great country,” Peterson said in a written statement on the social network X. “To be clear, I decided to resign because I do not wish to be part of a PREPA deal that is unfair, coercive and discriminatory. The [oversight board] is basically eliminating bondholders while keeping pensions completely intact. This is wrong.”

Peterson was appointed to the oversight board by then-President Donald Trump in 2020. His term was scheduled to end in October.