Sen. Rubio, Rep. González-Colón, Colleagues Introduce Bicameral Legislation for Greater Oversight and Accountability in Puerto Rico

Jenniffer González y Marco Rubio elogian la acción de la FCC para proporcionar acceso de Internet de banda ancha y alta velocidad a Puerto Rico
March 23, 2023
Press Release

Washington, D.C. - 

Puerto Rico’s Financial Oversight and Management Board (FOMB) is responsible for certifying fiscal plans for the island as well as restructuring debt, approving budgets and government contracts, funding essential public services, and reviewing legislation for fiscal compliance. Unfortunately, a lack of necessary conflict of interest policies has resulted in companies, like McKinsey & Company, to be able to profit from both sides by advising the oversight body, Puerto Rico’s FOMB, and also the beneficiary body, at the same time. 

U.S. Senators Marco Rubio (R-FL) and Rick Scott (R-FL) introduced the Financial Oversight and Management Board Integrity Act to prohibit any third-party advisement or consulting firm from advising the island’s FOMB for the duration of the period that the firm is also providing consulting services to a client that is competing for, or performing on a contract that is awarded by the Puerto Rican government and that is under the oversight responsibility of the FOMB to review and approve. 

  • “Government corruption and poor fiscal oversight are hurting the people of Puerto Rico. We cannot allow companies, like McKinsey, to exploit the situation. This is common sense: no company should be able to advise the island’s financial oversight and management board while actively advising the very clients who stand to monetarily profit from being granted large contracts from the government of Puerto Rico.” – Senator Rubio

     
  •  “The Financial Oversight and Management Board Integrity Act will help improve transparency and accountability of Puerto Rico’s FOMB. I am proud to join Senator Rubio and our colleagues in the House of Representatives as we fight for a better and more prosperous Puerto Rico and increased oversight of taxpayer dollars.”– Senator Rick Scott 

Representatives Jenniffer González Colón, Darren Soto, and Ritchie Torres introduced companion legislation in the House of Representatives. H.R. 1702

  • “As we did last Congress with the PRRADA legislation, we continue to seek increased transparency and trust in the work of the Financial Oversight and Management Board.  If Puerto Rico is going to be subjected to this process, we need to be confident that the decisions made by the Board and the advice given to its members is directed in the best interest of the people of Puerto Rico and of a just resolution to the debt settlements, for which it is important to know that the consultants that advise the Board whether a government contract meets the fiscal plan, are not the same as had the contractor as a client when they were writing their proposal or negotiating the contract.”– Congresswoman González Colón

     
  • “We must ensure that the decisions made by the Financial Oversight and Management Board (FOMB) are in the best interest of the people of Puerto Rico and not influenced by outside interests. It is also our responsibility to ensure the integrity and transparency of government institutions, including the FOMB. The Financial Oversight and Management Board Integrity Act is a crucial step towards achieving these goals by prohibiting third-party advisory or consulting firms from having any conflicts of interest when advising the FOMB. This bill is a necessary measure to safeguard the integrity of our government and protect the interests of our brothers and sisters on the island.” – Congressman Darren Soto

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