Red Alert: US Treasury in Puerto Rico, Conducting Board’s Work

I have been informed that the US Treasury is already conducting the control board’s work in Puerto Rico, with staffers on the ground revising the Fiscal and Economic Growth Plan as Melba Acosta alluded to in interviews earlier this week.

As I have mentioned before, while the board has not yet been appointed, it assumed control over PR the moment that PROMESA was signed into law by President Obama. In the interim, Treasury is temporarily staffing the board and is thus in charge of PR’s finances.

This should be deeply concerning to those who are concerned foremost with the board’s independence, as Treasury will no doubt use this time to lay groundwork for the board in a manner that comports with the Administration’s political goals.