The Puerto Rico Senate last week rejected the nomination of Jose Guillermo Davila as treasury secretary, a move that will make current assistant secretary Angel Ortiz acting secretary until Gov. Anibal Acevedo Vila announces a new candidate.

The governor, a member of the People’s Democratic Party, designated Davila to replace outgoing Treasury Secretary Juan Carlos Mendez in mid-December. New Progressive Party senators, including Migdalia Padilla — who heads the Senate Budget Committee — for months have spoken against the nomination.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.