The White House said yesterday that it had chosen seven experts in finance and the law to supervise Puerto Rico’s fiscal affairs in the coming months under a law enacted this summer intended to help the island restructure its $72 billion debt, the New York Times reported today. Four of the supervisory board members are Republicans and three are Democrats, chosen from lists provided to the White House by the party leaders of both houses of Congress. The members of the board are:
■ Andrew G. Biggs, a resident scholar at the American Enterprise Institute.
■ José B. Carrión III, president of Hub International, an insurance brokerage in Puerto Rico.
■ Carlos M. García, founder and chief executive of BayBoston Managers, a private equity firm.
■ Prof. David A. Skeel Jr. of University of Pennsylvania Law School and former ABI Resident Scholar.
■ Arthur J. Gonzalez, a senior fellow at the New York University School of Law and a former chief judge of the United States Bankruptcy Court for the Southern District of New York.
■ José Ramon González, president and chief executive of the Federal Home Loan Bank of New York.
■ Ana J. Matosantos, president of Matosantos Consulting and a former director of the California Department of Finance.
In addition, the governor of Puerto Rico, Alejandro García Padilla, will hold a position on the board. He is not seeking a second term as governor, so whoever is elected to succeed him in November will take his seat on the board. The board was created as part of a new legal framework to shelter Puerto Rico from creditor lawsuits while it seeks to reduce its debt as its financial crisis intensifies. Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
