Puerto Rico governor makes FAFAA head her liaison to Oversight Board

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Puerto Rico Gov. Wanda Vázquez Garced appointed debt director Omar Marrero as her representative to the Puerto Rico Oversight Board. Marrero is executive director of the Fiscal Agency and Financial Advisory Authority.

“Marrero has an excellent relationship with the fiscal oversight board and fully knows the economic situation of the government,” Vázquez Garced said. “We want the relationship with the board to continue being one of respect and openness in order to work for the good of Puerto Rico.”

Omar Marrero

Marrero will continue in his role as head of FAFAA, which oversees the debt and some other financial issues of Puerto Rico’s central government, authorities, and instrumentalities.

“With the greatest sense of humility and responsibility I assume the task entrusted,” Marrero said. “I also agree to use my experience and knowledge for the benefit of Puerto Rico so that we can get out of this inherited bankruptcy as soon as possible. Our commitment is to maintain effective and clear communication with the fiscal oversight board so that our governor’s public policy is advanced.”

Marrero continued by saying that his objectives are to “continue improving the relationship with the board and our creditors for the benefit of Puerto Rico, the restructuring of the central government’s debt, and the transformation of the Electric Power Authority, without affecting essential services, while protecting the most vulnerable.”

In government service, along with being FAFAA head, Marrero has a background as Ports Authority executive director, Convention District Authority executive director, Economic Development Bank president, Department of Consumer Affairs secretary, and other roles.

Outside of government, Marrero has worked at several law firms mainly in corporate law, two banks, and has served as a professor of law.

Marrero studied law at two schools. As an undergraduate he majored in accounting and finance.

Marrero is the fifth person to hold the role as governor’s representative to the board since the board was founded in August 2016. He replaces Elí Díaz Atienza, who resigned the position and that of executive director of the Puerto Rico Aqueduct and Sewer Authority on Feb. 27.

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