PROMESA Two Years Out: Are We Closer to a Solution?

Over two years have elapsed since Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The law was controversial when it was first proposed and remains subject to ongoing criticism and debate. By its terms, PROMESA is meant to help Puerto Rico attain financial stability. In practice, PROMESA has raised a number of substantive issues including the authority of the Financial Oversight and Management Board created under PROMESA, the appointment of its members and its encroachment on Puerto Rico’s sovereignty. After more than two years of decisions, commentary and statements from the Oversight Board, the Puerto Rico Government, the U.S. Federal Court and others, we ask: Is PROMESA succeeding? On February 12, 2019, the New York City Bar Association held a lively conversation to discuss the question of what has been done “good and bad” and what remains in store for the island’s economic future.

Welcome:
Roger Juan Maldonado, President, New York City Bar Association

Speakers:
Luis Jose Torres Asencio, Professor, Faculty of Law, Inter American University of Puerto Rico, Faculty of Law
Natasha Lycia Ora Bannan, Associate Counsel, Latino Justice and Co-Chair of the Puerto Rico Task Force
Hon. Arthur J. Gonzalez, Senior Fellow, New York University Law School, member of PROMESA Oversight Board, and former United States Bankruptcy Judge, SDNY 
Alvin Velázquez, Associate General Counsel, Service Employees International Union (SEIU), Chair of the Official Committee of Unsecured Creditors in the jointly administered Title III cases of Puerto Rico, COFINA, ERS, HTA and PREPA

Moderator:
Liana Fiol Matta, Professor, Pontifical Catholic University of Puerto Rico School of Law, and former Chief Justice of the Supreme Court of Puerto Rico

Sponsoring Association Committee:
Puerto Rico Task Force, Rick Antonoff and Natasha Lycia Ora Bannan, Co-Chairs

Co-Sponsoring Association Committee:
Bankruptcy and Corporate Reorganization Committee, Christopher Kiplok, Chair
Inter-American Affairs Committee, David Flechner, Chair

Sponsored By: