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FOMB says PROMESA has improved Puerto Rico finances but urges reforms before board ends
Summary
The House Subcommittee on Indian and Insular Affairs heard testimony that Puerto Rico’s finances have improved under PROMESA, but the Financial Oversight and Management Board said termination should wait for permanent reforms and four consecutive balanced budgets.
The House Subcommittee on Indian and Insular Affairs heard testimony that Puerto Rico’s finances have improved under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), but witnesses and the Financial Oversight and Management Board (FOMB) urged Congress and local leaders to ensure permanent reforms before ending federal oversight.
Robert Mujica, executive director of the Financial Oversight and Management Board for Puerto Rico, told the subcommittee that PROMESA helped reduce Puerto Rico's debt and align spending with revenue but “we are not done,” stressing that termination requires four consecutive balanced budgets under modified accrual standards and restored market access. “Putting in permanent reforms that survive past the board is what would be successful,” Mujica said.
The advisory witness panel placed the progress in context. Michelle Sager,…
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