FOMB – Media Release – Oversight Board Member Antonio Medina Steps Down

(San Juan, PR – September 29, 2023) – After finishing his term of service as a member of the Financial Oversight and Management Board for Puerto Rico, Antonio Medina announced that he will be stepping down from his position at the Oversight Board effective October 1^st, 2023.

“Being selected as the only Puerto Rican member of the Oversight Board has been an honor and a privilege. It is with great pride that I am leaving the Oversight Board at a time of recovery and stability,” said Medina, who was nominated by House Speaker Nancy Pelosi and appointed to the Oversight Board by President Donald Trump in December 2020. “After three years of intense work with total commitment to the people of Puerto Rico, it’s time for me to move forward as the end of my term at the Oversight Board reaches its conclusion. I will be returning to my private practice and focus my time on my family and personal projects.”

“We want to thank Antonio for the indispensable contribution he made to the Oversight Board. He provided great insight into the priorities we needed to take care of and always advocated for the people of Puerto Rico first and foremost,” said David Skeel, Chairman of the Oversight Board.

Since the beginning of his term, Antonio Medina brought extensive financial and economic expertise to the Oversight Board. His profound knowledge was instrumental in addressing the complexities of Puerto Rico’s fiscal challenges, providing a solid foundation for important decisions such as working towards balanced budgets while increasing spending for the University of Puerto Rico and other instrumentalities and defending the pensions of Commonwealth public employees.

Medina also championed for the University of Puerto Rico’s Comprehensive Cancer Center, so the center has access to adequate funding that enables it to purchase the da Vinci Xi, as well as other needed equipment.

Throughout his tenure, Medina demonstrated an unwavering commitment to restoring financial stability to Puerto Rico. Together with his fellow board members he worked tirelessly to identify strategies to tackle the economic and fiscal hurdles faced by the island and end the bankruptcies of the Commonwealth of Puerto Rico and of the Puerto Rico Highways and Transportation Authority, while also completing other historic debt restructurings.

His ability to collaborate effectively was instrumental in reaching consensus on decisions that have benefited Puerto Rico, like the filing of the third amended Plan of Adjustment forthe Puerto Rico Electric Power Authority (PREPA), that provides a path to end PREPA’s bankruptcy. Especially with PREPA, Medina was very vocal about the necessity of reducing the legacy charge imposed on PREPA customers.

Medina maintained a clear focus on Puerto Rico’s economic well-being and improving the quality of life for its residents. His efforts were geared toward promoting sustainable economic growth.

“I feel confident that the Oversight Board will continue its work to successfully return to the market at reasonable rates, while driving economic growth in Puerto Rico,” concluded Medina.

“The Oversight Board thanks Antonio for his service, his support and all the work he has done for the benefit of the people of Puerto Rico. Throughout all these years, I have seen Antonio continue to work hard. We will miss his valuable input and we wish him the very best in his new endeavors,” said Skeel.

The Oversight Board continues its work with the Government of Puerto Rico to maintain fiscal stability and to implement reforms that will help Puerto Rico to continue to recover and grow.