View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University at Albany, State University of New York (SUNY): Scholars Archive University at Albany, State University of New York Scholars Archive Latin American, Caribbean, and U.S. Latino Studies Latin American, Caribbean, and U.S. Latino Studies Faculty Scholarship Summer 5-17-2018 PROMESA, Puerto Rico and the American Empire Pedro Caban
[email protected] Follow this and additional works at: https://scholarsarchive.library.albany.edu/lacs_fac_scholar Part of the Latin American Studies Commons, and the Political Economy Commons Recommended Citation Caban, Pedro, "PROMESA, Puerto Rico and the American Empire" (2018). Latin American, Caribbean, and U.S. Latino Studies Faculty Scholarship. 33. https://scholarsarchive.library.albany.edu/lacs_fac_scholar/33 This Article is brought to you for free and open access by the Latin American, Caribbean, and U.S. Latino Studies at Scholars Archive. It has been accepted for inclusion in Latin American, Caribbean, and U.S. Latino Studies Faculty Scholarship by an authorized administrator of Scholars Archive. For more information, please contact
[email protected]. PROMESA, Puerto Rico and the American Empire When President Barak Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) he reignited a debate on Puerto Rico’s role within the American empire that had been publicly dormant for years. PROMESA became law soon after the Puerto Rican government announced it could not pay down a $74 billion debt obligation to investors holding Puerto Rican municipal bonds. This landmark legislation established a Financial and Management Oversight Board for Puerto Rico (FMOB), “to provide a method for a covered territory to achieve fiscal responsibility and access to capital markets” (Public Law 114-187 2016).