Financial Oversight and Management Board for Puerto Rico

The Financial Oversight and Management Board for Puerto Rico is a federal entity established to help address Puerto Rico's severe financial crisis. Formed by the U.S. Congress in 2016, its purpose is to oversee the island's financial management, ensure fiscal responsibility, and help restructure its debt. The board aims to promote sustainable economic recovery by approving budgets, monitoring spending, and guiding Puerto Rico towards financial stability. Essentially, it acts as a financial advisor and regulator to help the territory regain control over its economic situation while protecting the interests of creditors and residents.