Puerto Rico Task Force
In October 2016, the New York City Bar formed the Task Force on Puerto Rico (the “Task Force”) to monitor and comment on, as appropriate, Puerto Rico’s current fiscal crisis, the enactment of the Puerto Rico Oversight Management and Economic Stability Act of 2016 (“PROMESA”) and the creation of the Fiscal Oversight and Management Board for Puerto Rico (the “Board”) pursuant to PROMESA.
The Task Force has commented on the actions of various stakeholders impacted by Puerto Rico’s Fiscal Plan that serves as the lynchpin for establishing Puerto Rico’s budget for the upcoming fiscal year and determining the parameters of any consensual agreements or plans of adjustment to re-structure its debt. The Task Force also focuses on concerns about the impact of PROMESA – related actions on the human rights of the residents of Puerto Rico and how any mandated austerity measures can be balanced by stimulus measures and other actions designed to maintain the essential services required by the residents of Puerto Rico. Post-Hurricane Maria, the Task Force will also focus on adding its voice to the reconstruction of Puerto Rico.
The Task Force currently is comprised of members of New York City Bar Committees on Bankruptcy and Corporate Reorganization, Inter-American Affairs, International Human Rights and International Law. New York City Bar members who are interested in joining the Task Force should contact the co-chairs.