The Financial Oversight and Management Board for Puerto Rico

The Financial Oversight and Management Board for Puerto Rico is a federal entity established in 2016 to oversee the territory's finances. It was created to help Puerto Rico manage its significant debt crisis, ensuring financial stability and responsible budgeting. The Board reviews and approves the island's fiscal plans and budgets, working to restore confidence among creditors and promote economic growth. Its role is to provide oversight and support while allowing local officials to maintain some control over governance. Essentially, it aims to guide Puerto Rico towards financial recovery after years of economic struggles and mounting debt.