Puerto Rican Oversight, Management and Economic and Stability Act

Instructions

The United States Congress passed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) enabling a fiscal control board to oversee all of Puerto Rico's financials. Query: (1) What were the circumstances that made it necessary for the U.S Congress to intervene and adopt PROMESA?          (2) What are duties and responsibility of the fiscal control board that will oversee all of Puerto Rico's financial affairs.          (3) What is the current status of Promesa? Is the fiscal control board accomplishing its goals as mandated by the U.S Congress.          (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 they could not file bankruptcy under Laws of the United States. https://caribbeanbusiness.com/tag/promesa/

Answer

Puerto Rican Oversight, Management and Economic and Stability ActIn 2016, the United States, through its Congress, passed and enacted the PROMESA, which provided for a fiscal control board tasked with the responsibility of overseeing all matters related to the financials of Puerto Rico. This policy is considered a federal law that established the procedure for approval of infrastructure as well as the due process for the restructuring of debt. Circumstances that made it necessary for the U.S Congress to intervene and adopt PROMESAThe reason for passing this legislation regarding the management of Puerto Ricos financials is to address the debt crisis that the government faced. As such, PROMESA provided the US government with the avenue to supervise the restructuring of debt. It is a situati...

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Puerto Rican Oversight, Management and Economic and Stability Act

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Answer

Why we are Ranked the best

Hear from our customers

Shawn Richards Universiteit van Amst

Anthony Pezer Florida State University

Anush Thari Goenka University

Nek lean Louisiana State

Shawn Richards
Universiteit van Amst

Anthony Pezer
Florida State University

Anush Thari
Goenka University

Nek lean
Louisiana State