Op-Ed: Puerto Rico Status and Finances
After five years of haggling, debate, and protests, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York finally approved a debt restructuring agreement for Puerto Rico in January. The Fiscal, Oversight and Management Board for Puerto Rico (FOMB) was able to reduce the government of Puerto Rico’s total debt obligations from $33 billion to $7.4 billion, according to recent reporting by The New York Times. FOMB was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. It consists of seven members appointed by the President
