El Nuevo Día business journalist Joanisabel González and David Skeel, a professor at the University of Pennsylvania Law School and one of the members of the FOMB. (David Villafañe)

When Promesa was signed into federal law in mid-2016, it was touted as a groundbreaking, bipartisan piece of legislation designed to take Puerto Rico out of its decade-long fiscal crisis. However, close to three years after Promesa established a Fiscal Oversight and Management Board (FOMB) to help restructure the island’s $70-billion debt load, both mechanisms have been called into question, in part because they lack enough teeth to exert authority over state officials in the U.S. territory’s fiscal bottom line.


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