José B. Carrión resigns as president of the Fiscal Oversight Board



The president of the Fiscal Supervision Board (JSF), José B. Carrión, announced this Wednesday his resignation from said body, assuring that he has made “difficult” decisions, but for the benefit of Puerto Rico.

Carrión announced his departure from the JSF during the nineteenth public meeting of the body created through the federal Promesa law about four years ago.

“I have notified the White House that he will not be available to be renamed to a second term.”, argued the insurance businessman.

His last day will be October 5 or when the President of the United States, Donald Trump, or Congress names a successor, whichever comes first.

“Serving as president of the Fiscal Oversight Board has also been the one that has given me the greatest opportunity to contribute to Puerto Rico,” added Carrión, describing himself as fortunate to work with colleagues of diverse backgrounds interested in advocating for the island.

At the end of his message, Carlos M. García also reported that he vacates his chair in the Board from August 31.

“After nearly four years of pro bono service, one year more than the initial three-year term for which I was appointed Today I have informed the office of the President of the United States that I am not available for renewal for a new term.“he indicated.

According to sources of The new day, most of the members of the JSF are inclined to leave their positions, reason why other members of the organism are also expected to announce their respective departures in the coming weeks.

Carrión, who has been linked to the Republican Party for years, was recommended to the JSF along with García, for whom he implemented the bipartisan approval of the Promise Law and was the speaker and congressman for Wisconsin, Paul Ryan.

As a result, Carrión was named by President Barack Obama to occupy a position under Category A, as established by Promesa.

In turn, Carrión would have been designated as the director of the JSF resident in Puerto Rico.

In October 2016, after his appointment, Carrión was elected president of the JSF.

Since his appointment to the post, Carrión has been the subject of conflict of interest indications for being a relative of the top management of Popular Inc., in turn, subscriber of several of the bond issues issued by the government and for being a creditor of the United States territory and he was the object of citizen protests against Promesa while he was in private or private events.

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He also received harsh criticism for being a donor to political figures in federal circles and joining the campaign for the reelection of President Donald Trump.

However, none of the citizen criticism or accusations from political figures to his appointment ended in any accusation or formal accusation at the state or federal level.

Cancer survivor, Carrión – an insurance businessman who throughout his career also served as a director of public agencies such as the State Insurance Fund Corporation – said then that he accepted to be part of the JSF with the aim of contributing to the transformation of Puerto Rico and motivated by the desire to contribute to the community of which it was a part and in which it had been able to develop its business and personal projects.

Carrión leaves office just one month after the United States Supreme Court recognized that his appointment and that of his counterparts was made in accordance with the US Constitution.

Under the federal Promesa law, Carrión’s appointment and that of his counterparts ended in August last year because the terms of the components of the JSF are for three years.

However, according to Promesa, the JSF officers remain in their positions until their successor is appointed by the president in accordance with the status of each member of the tax agency.

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