NEWARK, NJ – U.S. Senator Bob Menendez (D-N.J.) issued the following statement in reaction to the appointment of seven individuals to the Financial Oversight and Management Board for Puerto Rico established by the bipartisan Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). Sen. Menendez led the charge in Congress to make improvements to the PROMESA Act including a clear path to debt restructuring, and an oversight board that represented the people of Puerto Rico and respected their democratic rights.

“As a member of the Congressional Task Force on Economic Growth in Puerto Rico, I continue to believe the fate of 3.5 million American citizens on the island should not be determined by seven unelected, unaccountable members of a fiscal control board.

“Notwithstanding the fundamental flaws of the PROMESA Act, it is in the best interest of Puerto Rico that we continue to look for ways to implement policies that allow the island to come back from the brink of a financial and humanitarian crisis, and that includes close oversight and monitoring of the control board’s activities.

“Congressional oversight for transparency on this board is critical given the unprecedented authority it has over the fiscal management and general governance of Puerto Rico. I will do everything possible to ensure the board’s decisions prioritize the best interests of the people of Puerto Rico.”

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