Wednesday, October 5, 2022

García Padilla Names a Rep for Promesa’s Fiscal Board

By on September 1, 2016

 SAN JUAN — Gov. Alejandro García Padilla named Richard Ravitch, a former New York Lieutenant Governor, as his representative on Promesa’s fiscal control board, whose members were announced by the Barack Obama administration Wednesday.
Carlos García, José Carrión III, Andrew Biggs, David Skeel, Arthur González, José Ramón González and Ana Matosantos are the seven voting members that were appointed to the Puerto Rico Oversight, Management & Economic Stability Act’s (Promesa) fiscal board. The governor of the island, or his designee, acts as a non-voting member.
García Padilla admitted he had issues with some of the members that were appointed, but said it was not the time to discuss the matter. He said he would focus on delivering a long-term fiscal & economic growth plan to the board.
Gov. Alejandro García Padilla addresses the press at La Fortaleza.

Gov. Alejandro García Padilla addresses the press at La Fortaleza.

“I will make sure to have a presence in the day-to-day work of the board, without putting aside my responsibility as governor. That is why, as allowed by [Promesa], that I have decided to designate Richard Ravitch as my representative to the board,” García Padilla stated.

García Padilla highlighted Ravitch’s work in advising his administration for the past three years “without any remuneration,” along his previous track record in dealing with fiscal matters. For instance, he is known for his role during New York City’s fiscal crisis in the late 1970s, which resulted in the establishment of a financial control board in the city.

As for the fiscal plan, the governor stressed it will ensure the social and economic well-being of the island’s people ahead of any other consideration. “President Obama continues to be responsible for the decisions that board will make,” he further stated.

“My administration will responsibly address this complicated situation: making sure that the board moves swiftly on its fiscal duty and finishes as soon as possible its existence. The fiscal plan I will submit to [the board] is geared toward that end,” García Padilla said.

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