Financial Oversight and Management Board for Puerto Rico

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The Financial Oversight and Management Board for Puerto Rico is a U.S.-appointed fiscal control body created under the PROMESA law to oversee Puerto Rico’s finances and debt restructuring.

All labels observed (2)

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf fiscal oversight board
government body
public law entity
abbreviationOfLegalBasis PROMESA
alsoKnownAs FOMB
La Junta de Supervisión Fiscal
Oversight Board
appliesToTerritory Puerto Rico
appointmentProcessInfluencedBy congressional leadership recommendations
composition one ex officio member
seven voting members
controversy criticized for austerity measures
criticized for democratic accountability concerns
criticized for impact on public services in Puerto Rico
country United States
createdBy United States Congress
createdInResponseTo Puerto Rican government-debt crisis
dateEstablished 2016-06-30
exOfficioMember Governor of Puerto Rico
governingLawSection Title I of PROMESA
hasPower approve Puerto Rico annual budgets
approve Puerto Rico fiscal plans
certify fiscal plans and budgets
initiate court-supervised debt restructuring under Title III of PROMESA
require fiscal reforms from the Puerto Rico government
review certain territorial laws for fiscal impact
headquartersLocation San Juan, Puerto Rico
jurisdiction Government of Puerto Rico
covered territorial instrumentalities of Puerto Rico
legalBasis Puerto Rico Oversight, Management, and Economic Stability Act
litigationInvolvedIn Title III debt restructuring case for Puerto Rico Electric Power Authority
Title III debt restructuring case for Puerto Rico Highways and Transportation Authority
Title III debt restructuring cases for Puerto Rico
membersAppointedBy President of the United States
oversightPeriodCondition continues until Puerto Rico has four consecutive years of balanced budgets
continues until Puerto Rico regains adequate access to short-term and long-term credit markets
purpose achieve fiscal responsibility for Puerto Rico
facilitate Puerto Rico’s debt restructuring
oversee Puerto Rico’s public finances
restore access to capital markets for Puerto Rico
signedIntoLawBy Barack Obama
subjectOf Supreme Court of the United States case Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC
supervises Commonwealth of Puerto Rico central government finances
certain Puerto Rico public corporations
SupremeCourtHoldingRelatedTo Board members are territorial officers not subject to U.S. Constitution Appointments Clause in the same way as federal officers
website https://oversightboard.pr.gov
workingLanguages English
Spanish

How these facts were elicited

Referenced by (10)

Full triples — surface form annotated when it differs from this entity's canonical label.

United States–Puerto Rico relations hasActor Financial Oversight and Management Board for Puerto Rico
Puerto Rico Oversight, Management, and Economic Stability Act createsBody Financial Oversight and Management Board for Puerto Rico
Fiscal Agency and Financial Advisory Authority of Puerto Rico relatedTo Financial Oversight and Management Board for Puerto Rico
PROMESA establishes Financial Oversight and Management Board for Puerto Rico
PROMESA creates Financial Oversight and Management Board for Puerto Rico
PROMESA oversightBody Financial Oversight and Management Board for Puerto Rico
Public Law 114-187 createdEntity Financial Oversight and Management Board for Puerto Rico
Public Law 114-187 establishes Financial Oversight and Management Board for Puerto Rico
Title IV (PROMESA) relatedTo Puerto Rico Oversight Board
subject linked to: Title IV
linked to: Financial Oversight and Management Board for Puerto Rico
economy of Puerto Rico hasOversightBody Financial Oversight and Management Board for Puerto Rico