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In a dramatic shake-up, the White House has fired five of the seven members of Puerto Rico’s powerful Financial Oversight and Management Board — the federal watchdog that manages the island’s budget, debt deals, and high-stakes contracts.
Board chair Arthur Gonzalez and four others got the boot Friday, leaving only Andrew Biggs and John Nixon in place. The move comes after mounting criticism — especially from far-right activist Laura Loomer — over the board’s handling of Puerto Rico’s long-running bankruptcies and its hefty legal bills, reportedly topping US$2 billion in the last decade.
Created in 2016, the board has slashed Puerto Rico’s debt obligations and kept spending in check, but it’s also been at the center of fierce fights, including a push to cut the island’s power authority debt from US$10 billion to US$2.6 billion. That battle, plus delays to a massive LNG deal, has made it a lightning rod for both investors and locals.
With Trump allies promising a broader shake-up of government boards, this sudden purge could mark a turning point in Puerto Rico’s already complex financial recovery.
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