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3/19/2020

Readout from a Treasury Spokesperson of Secretary Mnuchin’s Meetings with Chair of the Puerto Rico Financial Oversight and Manage…

Readout from a Treasury Spokesperson of Secretary Mnuchin’s
Meetings with Chair of the Puerto Rico Financial Oversight and
Management Board and the Governor of Puerto Rico
February 24, 2017

WASHINGTON — Earlier today, Secretary Mnuchin participated in a phone call with the Chair of
the Puerto Rico Financial Oversight and Management Board, José Carrión III, and a separate
meeting with the Governor of Puerto Rico, Ricardo Rosselló Nevares.
The Secretary thanked Chair Carrión for his service to the people of Puerto Rico and
congratulated Governor Rosselló Nevares on his recent election.
During the discussions, Secretary Mnuchin made it clear he is very familiar with Puerto Rico’s
ongoing economic challenges, including continued outmigration and the need to close large,
structural budget deficits.
Secretary Mnuchin stressed that the Governor should work with the Oversight Board to take
advantage of the framework created by the Puerto Rico Oversight, Management, and Economic
Stability Act (PROMESA

) to address Puerto Rico’s challenges that was cra ed by House

Speaker Paul Ryan last year and passed by Congress with bipartisan support. The critical next
step under PROMESA is for the Governor to submit, and Oversight Board to certify as soon as
possible, a credible multi-year Fiscal Plan based on realistic revenue projections and expense
assumptions.
The leaders all agreed to keep the lines of communication open.

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