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FSU The Puerto Rico Oversight Management and Economic Act Essay
On June 30, 2016, President Barrack Obama signed into law the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), enabling a financial control board to oversee all of Puerto Rico’s central government financial affairs. Five years after the enactment of PROMESA, the financial control board still control’s Puerto Rico’s fiscal policy.
QUERY:
(1). Please explain the reasons for the enactment of PROMESA?
(2). What are the circumstances that have prevented the Financial Oversight and Management Board (FOMB) from achieving the mission of PROMESA?
(3)If the mission of PROMESA is achieved, will it resolve future budgetary problems in Puerto Rico? Explain your response in detail.
(4)What can the Government of the Virgin Islands do to avoid a similar fate that caused Puerto Rico to seek federal assistance due to the fact that it could not file for bankruptcy under the laws of the United States?
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