This article appeared online at TheNewAmerican.com on Monday, August 29, 2016:
On or before September 1, President Obama will complete the eight appointments to the oversight board created when he signed PROMESA (Puerto Rico Oversight, Management and Economic Stability Act) into law on June 30. Those already on the board include Republican Senators Orrin Hatch and Marco Rubio, Democrat Senator Bill Nelson and Congresswoman Nydia Velázquez.
In theory the board will have the power to override the island’s government, delay litigation, fire government workers, and “suggest” other ways the island can begin to recover from its present economic implosion. It has been described as a “de facto” Chapter 9 bankruptcy. In practice it is likely that,