Puerto Rico Gov. Alejandro García Padilla signed a bill to create a fiscal supervisory board, part of the commonwealth's plan to address its debt crisis.
In a press statement Dec. 8, the governor said that the so-called Krueger Report in June called for the commonwealth to develop a five year fiscal and economic plan and an independent body to supervise the following of the plan. In early September the governor's Working Group for Fiscal and Economic Recuperation proposed a proposed five year plan.
Signing the bill fulfills the Krueger Report's second key provision, the governor said.
While the Krueger Report had called for an independent board controlling Puerto Rico's fiscal and economic decisions, the new board will merely oversee and potentially comment on these matters. Ultimately, the Puerto Rico legislature and the governor will decide on government policies.
In addition, the governor signed measures to simplify and modernize the process of property and environmental permitting, things the Krueger Report had also called for.
Finally, García Padilla signed a law allowing certain government agencies to offer a voluntary preretirement program. To qualify the agencies either have to be up to date with their retirement payments or have a payment plan whereby they would earmark 25% of the savings from the retirements to paying for their pensions.
