What tools has the fiscal board developed to address Puerto Rico’s economic and budgetary crisis
In 2016, in response to a fiscal crisis in Puerto Rico, the United States Congress passed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). It was signed into law by President Barack Obama. This Act created a fiscal control board whose task was to develop a fiscal plan to bring from financial collapse.
Since its creation, the fiscal control board has encountered continuous opposition from the Puerto Rico government. The constitutionality of the fiscal board was challenged in court and the case was eventually appealed to the United States Supreme Court who determined that the boards’ members selection did not violate the Appointments Clause of the U.S. Constitution.
Today the fiscal board continue to supervise and modify Puerto Rico’s laws and budget, and conduct investigations in support of these efforts
QUERY:
- What tools has the fiscal board developed to address Puerto Rico’s economic and budgetary crisis?
- What are some of the obstacles faced by the fiscal control board from the Puerto Rico Government?
- Do you think the fiscal control board is meeting its mandate as prescribed by the U.S. Congress?
- Would you support a similar fiscal control board for the U.S. Virgin Islands? Explain your response in detail.
Answer preview What tools has the fiscal board developed to address Puerto Rico’s economic and budgetary crisis
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