Puerto Rico Gov. Alejandro García Padilla named Richard Ravitch to represent García Padilla's positions to the PROMESA oversight board.
Ravitch has a long history of work in business and government, including helping New York City deal with its mid-1970s fiscal crisis.
Ravitch has advised Puerto Rico's government on an unpaid basis for three years, García Padilla said in a press statement.
In the Puerto Rico Oversight, Management, and Economic Stability Act the governor can serve as a nonvoting, ex officio member of the board or can designate someone for this role. The governor has designated Ravitch.
García Padilla said he wants the board to address the commonwealth's fiscal problems quickly. In this way the purpose of the board would soon end and then the board would cease to exist.
