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PROMESA- The Puerto Rico Oversight, Management and Economic Stability Act


PROMESA BULLET POINTS

 

1.    It PROMISES to cut the minimum wage to 4.25 per hour.

2.    It PROMISES to take all fiscal control away from the Puerto Rican people, and put it in the hands of the people who destroyed our economy in the first place. And don’t forget, the board is able to do WHATEVER THEY SEE FIT with the finances in Puerto Rico, with no oversight or protective measures in place. The Puerto Rican people are barred from seeking legal action against unjust fiscal measures.

3.    It PROMISES to cut pensions. What’s better for the island’s economy than to leave its inhabitants penniless after years of working hard and earning a living?

4.    It PROMISES that the board is able to accept gifts in the form of services and properties, which grossly increases the probability of corruption and bribery.

5.    It PROMISES that the Board is able to meet in secret and legally privatize and sell essential services, such as electricity, education, and water without consulting the people. They can also expedite energy projects and exploit energy resources without public approval.  This means that if they see fit, the power company can be sold, which would impact jobs, rates, service, etc. And the people have no say.

6.    It PROMISES to forbid public sector employees from exercising their rights to strike and/or participate in a lockout which is a violation of their rights.

7.    It PROMISES to make Puerto Rico foot the bill! Congress has estimated that the control board will cost the people of Puerto Rico an estimated 350 million dollars in the first year alone. The Oversight Board will remain active until the island has achieved a balanced budget for 4 consecutive fiscal years, IN ADDITION to having “good credit.” However, the control board determines what meets the criteria for good credit, which makes their term indefinite.

 


PROMESA BOARD MEMBERS

Andrew Briggs is currently with the American Enterprise Institute and served in the George W. Bush administration, including in the Social Security Administration and supports privatizing the system.


Jose B. Carrión III is president and principal Partner of HUB International CLC, LLC. He previously served in various positions in the island government, including the Workers Compensation Board.


Carlos García is the CEO of BayBoston Managers LLC and managing partner of BayBoston Capital L.P., a company he founded in 2013. He has held several financial positions in the past, including president and CEO of island's Government Development Bank. García, who favors statehood for the island, is considered the architect of Puerto Rico's controversial Ley 7 (7 Law), which allowed the government to temporarily declare a fiscal emergency and lay off thousands of public sector employees in response to Puerto Rico's fiscal crisis.


Arthur González is with the New York University School of Law. Judge Gonzalez previously served on the United States Bankruptcy Court for the Southern District of New York from 1995 to 2012, retiring as Chief Judge in 2010.


José R. González is CEO and [resident of the Federal Home Loan Bank of New York. He has served in a variety of banking and financial services positions, including with Credit Suisse First Boston and with the Government Development Bank of Puerto Rico.


Ana Matosantos, the only woman on the board, is president of Matosantos Consulting and has been director of the California Department of Finance and deputy director of budgets for the state.


David Skeel Jr. is a professor at the University of Pennsylvania Law School, having previously taught at Temple University in Philadelphia and in private practice. He authored the book, "True Paradox: How Christianity Makes Sense of Our Complex World."