Oversight Board to Focus on Financial Stability in the New Year
During the Financial Oversight and Management Board for Puerto Rico’s 46th Public Board Meeting on Dec. 11, 2024, Executive Director Robert F. Mujica, Jr. said that the Oversight Board’s priorities are resolving the PREPA debt crisis and continuing reforming the government budget process.
“Our goal is to build the foundation for Puerto Rico’s growth. That means a growing economy, growing businesses, and growing opportunities for the people of Puerto Rico. Fiscal responsibility is the key to building this future,” he said.
Mujica said the Commonwealth must begin to develop five-year financial plans, capital plans for infrastructure projects, and investments in economic growth.
He congratulated Jenniffer González on her election as Governor. “We have spoken in recent weeks – and many times in Washington – and I feel confident that we are aligned in our priorities for Puerto Rico,” Mujica said.
Watch a recording of Mujica’s full remarks at the Oversight Board’s 46th Public Board Meeting here.
Judge Gonzalez Becomes Chair of the Oversight Board
The members of the Oversight Board designated Judge Arthur J. Gonzalez as the Chair. The board members designated Judge Gonzalez as Chair in July on an interim basis because the appointments of all members were not yet complete and effective. Since the Oversight Board is now complete again, the members designated Judge Gonzalez again as Chair.
He is a Senior Fellow at New York University School of Law (NYU). A retired Chief Judge at the U.S. Bankruptcy Court for the Southern District of New York, Gonzalez is also one of the board members who was first appointed in 2016.
In the nearly 17 years as a bankruptcy judge, he presided over many complex insolvencies, including Enron and WorldCom, which were the largest U.S. bankruptcy cases at the time.
Before his legal career, Gonzalez was a teacher in the New York City school system.
Read Judge Gonzalez’s bio on the Oversight Board’s website.
Taking an In-Depth Look at Puerto Rico’s Demographic Trends
There has been much public discussion about Puerto Rico’s population trends and as part of efforts to bring more in-depth knowledge to this important issue, the Oversight Board organized a webinar with university researchers and professors.
Studies by University of Puerto Rico and Pennsylvania State University professors highlight the continuing trends of a decreasing as well as an aging population.
Puerto Rico’s population has dropped from 3.8 million in 2010 to 3.2 million in 2024, due largely to high outmigration, decreasing birthrates and stable mortality rates. As was discussed in the webinar, a low rate of migration to the island is also a factor.
He and Deputy Executive Director Arnaldo Cruz agreed that it is important for this information to be shared publicly, for the benefit of the people of Puerto Rico.
Watch more here.
In The Media
Oversight Board Outlines a More Active Role in the Path to Reliable Electricity
The pace of Puerto Rico’s energy transformation needs to move faster. That is why the Oversight Board is taking a more proactive role in the process, said Executive Director Robert F. Mujica, Jr.
“The transformation has not been completed. The electric service is still unreliable. Improving the grid is a precondition to everything else the Government and the Oversight Board must accomplish to improve the quality of life in Puerto Rico and usher in sustainable economic growth,” Mujica said in a column published in El Vocero.
That is why the Oversight Board has been bringing together the Government, LUMA Energy, Genera, COR3, P3 Authority, Energy Bureau, FEMA, and the U.S. Department of Energy to find solutions to expedite the electricity system reconstruction and disbursement of federal funds. The Oversight Board will also take a more proactive role in the procurement process of large-scale green energy projects. Today less than 10% of Puerto Rico’s energy comes from renewable sources.
The Oversight Board is committed to helping Puerto Rico establish a resilient and reliable electric system that will propel its residents and businesses to economic prosperity
Read the full Spanish column here or the English version on the Oversight Board’s website.
Stakeholder engagement:
November 8, 2024
Oversight Board Executive Director Robert F. Mujica, Jr. met with U.S. Representative Ritchie Torres, who represents New York’s 15th Congressional District in the Bronx. During the meeting, they discussed federal funding opportunities for Puerto Rico and the status of the energy grid reconstruction, among other topics.
November 18, 2024
