Garcia Padilla RESIGNS as Governor of Puerto Rico: U.S. Financial Control Board will now govern the island


Puerto Rico now … officially, out in the open .. belongs to the USA!! “The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.”

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The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.

According to the New York Times, this Financial Control Board “will have oversight over nearly all branches of the island’s central government.”

http://www.nytimes.com/2015/10/17/business/dealbook/puerto-rico-governors-fiscal-oversight-plan-raises-doubts.html

The Financial Control Board (FCB) will include representatives of the hedge funds that own Puerto Rico’s $73 billion public debt.

The FCB will also have authority over the treasury of Puerto Rico, the Government Development Bank, and most public corporations.

The “public corporations” under the FCB’s authority will include the education and prison systems; public housing; public transportation systems; highways, bridges, airports and seaports; public real estate; and energy projects throughout the island.

Gov. García Padilla explains the fine points of making himself impotent

As prescribed in Gov. Garcia Padilla’s own “Fiscal and Economic Growth Plan,” the FCB will have authority over “most government entities: including…

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About Dr. Rex

I'm originally from Puerto Rico. I was born in Santurce and raised in Rio Piedras. Have lived in Florida since 1999. I have a doctorate degree in Medicine; completed in 1976. My Internal Medicine specialty was completed in 1979. Worked for Puerto Rico's health system until 1985. At this time, I'm happily retired after working for the federal government for almost 28yrs. I want to offer any knowledge that I have to anyone "out there" who is interested. My views are liberal in almost every sense. My knowledge is "eclectic" - a bit of everything. Music and reading are my passion. Blogging has also become a very interesting endeavor. Metaphysical topics attract me. I'm interested in news reporting human issues like injustice, discrimination and abuse - the "wrongly" affected. My intention is to bring this knowledge to an understandable level and to help anyone in need. I'm open to questions and will answer them to the best of my ability. Currently working on an enterprise whose main mission will be to bring peoples of all walks of life together. To be one .... since we ALL are ONE!! The future looks bright and promising!!!

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