It was in this context that in 2016, Congress took the drastic measure of passing the PROMESA law that put Puerto Rico’s finances under the control of a newly created Financial Oversight and Management Board, a seven-person body appointed by the U.S. president, six of whom appear not to live on the island. The board, which is essentially charged with overseeing the liquidation of Puerto Rico’s assets to maximize debt repayments and approving all major economic decisions, is known in Puerto Rico as “La Junta.”
