Jaresko Resigns from FOMB
Executive Director Exits Panel Prematurely as P.R. on ‘Path to a Better Future’
The surprising resignation last week of the executive director of Puerto Rico’s Financial Oversight and Management Board (FOMB) occurred as public school teachers, whose pension benefits will be reduced by the confirmed plan of adjustment (POA), filed a motion requesting that U.S. District Judge Laura Taylor Swain halt the implementation of the plan while the U.S. First Circuit Court of Appeals in Boston reviews their appeal.
After five years of arduous negotiations with creditors and three different commonwealth administrations, Natalie Jaresko tendered her resignation effective April 1, less than a year after the oversight board renewed her $625,000-a-year contract, which was granted on March 20, 2017, and had been extended through Sept. 17, 2023.
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