The US Financial Control Board (FCB) has announced that NO government agency in Puerto Rico may enter ANY transaction, without the prior approval of the FCB.
In other words…the entire insular government, and the entire public economy, is now under FCB dominion and control.
The announcement was made on October 14, 2016 during the second official meeting of the FCB.
In a matter of minutes, the FCB declared its jurisdiction over the island’s electrical grid (PREPA), water supply (PRASA), university system (UPR), central bank (BGF), and the all the public pension & retirement systems.
It also placed the entire public infrastructure of Puerto Rico under its financial authority. This includes:
(a) electricity and power (PREPA)
(b) water and aqueducts (PRASA)
(c) highway and transportation
(d) public housing
(e) port authority
(f) convention center
(g) public finance
(h) housing finance
(i) municipal finance
(j) Economic Development Bank
(k) Government Development Bank (GDB)
(l) Industrial Development Company
(m) Tourism Company
(n) Public Finance Corporation
(o) State Insurance Corporation
(p) Children’s Trust Fund
(q) Sales Tax Authority (COFINA)
(r) Public Private Partnership Authority
None of these agencies may now sign a contract, hire an employee, or spend a single penny…without the prior blessing of the FCB.
But Puerto Rico, which is nearly insolvent, must give the FCB $370 million to hire lawyers, accountants, bankers and “consultants.”
THE BENEFITS OF SELLING OUT
The FCB will select those “consultants.”
They will have “hiring input” from Rep. José Serrano and Rep. Nydia Velasquez, who voted for the PROMESA bill.
They will also have “hiring input” from Luis Fortuño, who has two close associates as sitting members of the FCB. One of those associates, José Carrión III, is the Chairman of the FCB.
The next meeting of the FCB will occur in Puerto Rico.
The time and place of this meeting, has not yet been disclosed.
For a history of the War Against All Puerto Ricans, read the book…
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