Puerto Rico in Distress

ABI Analysis

Puerto Rico got its third governor in less than a week yesterday just hours after the bankrupt U.S. territory’s supreme court ruled that Pedro Pierluisi’s assumption of the office was unconstitutional and ordered him to leave, Reuters reported. The island’s justice secretary, Wanda Vazquez, was sworn in as governor at the supreme court in San Juan.

Puerto Rico’s newly installed governor and its Senate president faced off yesterday in written arguments submitted to the island’s supreme court, which will decide who is in charge of the bankrupt government, Reuters reported. Both sides agreed that Puerto Rico is facing its biggest constitutional crisis after days of protests forced Governor Ricardo Rosselló to leave office on Friday.

The future of Pedro Pierluisi as Puerto Rico’s governor will be up to the U.S. territory’s supreme court after the island’s Senate yesterday declined to vote on his confirmation, adding to the political turmoil that has swirled for weeks, Reuters reported.

Puerto Rico’s newly installed Gov. Pedro Pierluisi faces a legal challenge to his authority, further muddling the U.S. territory’s leadership and extending a period of political disarray, the Wall Street Journal reported.

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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.