Last year during the administration of Barack Obama the Puerto Rico Oversight, Managemnet and Stability Act (PROMESA) became law. Law that opens the way for a Fiscal Control Board to be appointed so that the country’s finances will be restored as an initiative to comply with bondholders and GO’s (General Obligation Debts). Then this year the governor of Puerto Rico Ricardo Rossello apply to chapter 4 of the PROMESA law and Judge Laura Taylor Swain was appointed to handle this bankruptcy case. Even so, the country does not recognize the legality of the Board and is resigned to pleasing it in their demands. The people want to see the head of the Board roll.
Since the adoption of the PROMESA law, in the country a campaign against it has been carried out by majority and minority political parties with the hand of population indignation. At the same time, the initiative of an audit of the public debt was born to make public who were behind this economic crisis and face justice. The local government has also been required to reduce the cost of the Fiscal Control Board from about $ 60 million to less than $ 40 million. This to understand that in the difficult times that the country faces we can not give the board 60 million per year for their work. Citizens has also been claimed the legitimacy of the constituents of the Board who in one way or another have close ties to the bondholders. Claims that have been ignored by both the state and federal governments.
In the federal court, Judge Swain is not only facing bankruptcy but also the lawsuits filed by groups of ranging citizens from the legality and constitutionality of the Board and violations of the Board to the same law. The Fiscal Control Board has focused on the fiscal plan presented by Ricardo Rossello, the fulfillment of the same, the goals of the Board and the agreements between the Board and the state government , but has forgotten to comply with the restructuring of public agencies such as the Electric Power Authority (AEE), the Aqueduct and Sewer Authority (AAA), the University of Puerto Rico (UPR), among others. Restructuring that is mandated by the Board to present to the government by the PROMESA Law and to date they have not submitted any measure to the local branch of law. The meetings that the Board has carried out outside the country, since in Puerto Rico citizens prevent them from carrying them in the island, have been to take more austerity measures and confront the local government to enforce them. Given this situation and the lack of action on the part of the Board in a breach of the Law, the competence and intentions of the people forming this Fiscal Control Board are questioned.
Today Judge Swain is exerting pressure on the Board to fully comply with the requirements of the PROMESA law, here we can note the incompetence of its members. The citizens, since Obama appointed the members of this Board, questioned the appointments and demanded the change of these individuals since, being bankers and lifetime members of the banks that bought the country’s bonds, they came to look after their interests and not to achieve the economic stability of the country. After this time we see that the claims of citizenship were true and that the only one currently ensuring compliance with the purpose of the Board and not to mistreat the citizens so much is Judge Swain. Even though the country wants something different, it wants to restructure everything including how the government manages the finances so that this atrocity does not happen again but more important still is that Puerto Rico wants the ashes of the Fiscal Control Board.