Friday, May 24, 2019

Puerto Rico fiscal board director concerned about members’ permanency

By on May 6, 2019

(CB file)

Jaresko says new court extension ‘might not be enough’ due to unpredictability of Senate confirmations

SAN JUAN – The executive director of Puerto Rico’s Financial Oversight and Management Board, Natalie Jaresko, said the extension granted by the U.S. First Court of Appeals Monday for Congress to correct deficiencies does not ensure the panel members’ seats.

“I think it might not be enough because the confirmation process in the Senate is unpredictable,” Jaresko said during a news conference.

In February, the Boston court declared the board unconstitutionally appointed because its members were not confirmed by the U.S. Senate, as required by the Appointments Clause. The court set a May 16 deadline for the board to be validly reappointed or replaced after Puerto Rico creditors challenged the board’s legitimacy.

On Monday, the court gave the board another 60 days to allow for the reappointment of its members by President Donald Trump and the Senate. Trump has already reappointed the members but the Senate has yet to vote on them.

Jaresko said the confirmation process takes much longer than the 60 days provided by the court.

“We are reviewing the judicial decision to determine what to do,” she said.

Although the White House said last week it would send the names of the board’s current members for the Senate to consider, the legislative chamber has yet to receive the list.