Panel at Wharton event, featuring Fiscal Oversight Board member David Skeel, reviewed restructuring efforts on the island
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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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