Monday, October 14, 2019

Puerto Rico Senate given time to share bank balances

By on March 18, 2019

Puerto Rico’s Capitol (CB file)

Fiscal board had filed a complaint in court to compel disclosure

SAN JUAN – The Financial Oversight and Management Board for Puerto Rico has agreed to an extension requested by the island’s Senate to provide the chamber’s bank account balances.

“We welcome the Senate’s decision to find an acceptable solution for complying with the Oversight Board’s request and join the other entities in this exercise of transparency and accountability,” said Natalie Jaresko, the board’s Executive Director. “The importance of transparency and accountability cannot be overemphasized in Puerto Rico’s turnaround process.”

The board said that “after various requests for this financial data and the Senate’s documented refusal,” on Feb. 14, it filed a complaint in an adversary proceeding in the commonwealth’s Title III case under the Puerto Rico Oversight, Management and Economic Stability Act of 2016 (Promesa), which grants the panel access to relevant information from the government of Puerto Rico.

“We hope to avoid spending taxpayers’ money to compel any branch of the Government to provide the Oversight Board with the information necessary to achieve fiscal responsibility and transparency in Puerto Rico,” Jaresko said.

Fiscal board releases report detailing Puerto Rico’s bank balances

 

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