Financial Oversight and Management Board for Puerto Rico

What Financial Oversight and Management Board for Puerto Rico does

The Financial Oversight and Management Board for Puerto Rico (FOMB) is an independent oversight entity created by the U.S. Congress under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), signed into law on June 30, 2016. It was established in response to Puerto Rico's fiscal crisis involving over $70 billion in debt and $55 billion in unfunded pension liabilities, following the territory's default on a $779 million general obligation payment on July 1, 2016. The board consists of seven members appointed by the U.S. President who serve as unpaid volunteers; the Governor of Puerto Rico serves as an ex-officio, non-voting member. Statutorily insulated from control by either the Governor or the Legislature, FOMB exercises exclusive authority over fiscal plan certification, budget certification, debt restructuring under PROMESA Titles III and VI, contract review, and legislative review for the Commonwealth and covered instrumentalities including COFINA, PREPA, PRASA, HTA, UPR, GDB, COSSEC, and CRIM.

FOMB's core products are statutory in nature rather than commercial: Fiscal Plan development and certification, Budget oversight and certification, Title III and Title VI debt-restructuring proceedings (including Plans of Adjustment for COFINA, the Commonwealth, HTA, PRASA, and pending PREPA), Section 204 contract review, and legislative-process review with the power to nullify laws inconsistent with the Certified Fiscal Plan. It also publishes monthly reports, audited financial statements, annual reports, and op-ed columns, and convenes public board meetings (the 51st was held in May 2026), webinars, and economic forecast symposiums. Documented outcomes include 12 completed debt restructurings, the elimination of more than $55 billion in principal and interest payments, a reduction of total liabilities from over $70 billion to a sustainable $37 billion level, sustained $0 government budget deficits, and approximately $76 billion in combined debt and spending savings.

FOMB's "business model" is non-commercial. It does not generate revenue, charge fees, or sell products; it is funded as a public entity and operates under a federally granted mandate. Its principal counterparties are the Commonwealth of Puerto Rico government, covered instrumentalities, creditor classes (BlackRock, Nuveen, Franklin Advisers, Whitebox Advisors, Taconic Capital, and others party to PREPA Restructuring Support Agreements), the Official Committee of Unsecured Creditors, the U.S. District Court for the District of Puerto Rico, and regulators including the Puerto Rico Energy Bureau. Engagement occurs through formal statutory processes, public board meetings, certified filings, and court proceedings. The mandate is time-bounded, with the FOMB's stated objective of returning Puerto Rico to credit markets before fiscal year 2029 contingent on resolution of the remaining PREPA Title III case.

Name

Financial Oversight and Management Board for Puerto Rico

Legal name

Financial Oversight and Management Board for Puerto Rico

Website

https://oversightboard.pr.gov

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

The Financial Oversight and Management Board for Puerto Rico is a federally created, independent oversight entity that certifies fiscal plans and budgets, restructures debt under PROMESA, and reviews contracts and legislation for the Commonwealth of Puerto Rico and its instrumentalities.

Ownership category

akta.pro rank

Product category

Government Fiscal Oversight and Public Debt Restructuring

NAICS

Executive, Legislative, and Other General Government Support (921), Public Administration (92), Administration of Economic Programs (9261)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Governance & Board Effectiveness Advisory (BPAHAFAC)

Keywords

• Government fiscal oversight
• Public debt restructuring
• Fiscal plan certification
• Government budget review
• Contract review oversight

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Distribution channels1 record

Marketing channels9 records

Core offering

The Financial Oversight and Management Board for Puerto Rico is an independent government oversight body created under PROMESA (2016) that develops and certifies Fiscal Plans, certifies government budgets, and oversees the restructuring of Puerto Rico's public debt for the Commonwealth and its covered instrumentalities. It also reviews certain government contracts and legislation to ensure consistency with the Certified Fiscal Plan, with authority to nullify non-conforming laws. The Board is composed of seven volunteer members appointed by the U.S. President and supported by a small executive team based in San Juan, Puerto Rico.

Product overview

The Financial Oversight and Management Board for Puerto Rico is a government oversight body created under PROMESA (Puerto Rico Oversight, Management and Economic Stability Act of 2016). It is NOT a technology product company. The organization provides a suite of government services including Fiscal Plan development and certification, Budget oversight and certification, Debt restructuring through Title III and Title VI proceedings, Contract review, Legislative process review, and various publications and reports. These services work together to help Puerto Rico achieve fiscal responsibility and restore access to capital markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Fiscal Plan Development and Certification The Oversight Board develops and certifies Fiscal Plans for the Commonwealth of Puerto Rico and covered instrumentalities (COFINA, PREPA, PRASA, HTA, UPR, GDB, COSSEC, PRIDCO, CRIM), providing a roadmap for fiscal responsibility and economic growth. Fiscal Plans outline necessary government action to improve fiscal responsibility and foster economic growth.
• Budget Oversight and Certification The Oversight Board reviews and certifies Commonwealth and covered entity budgets to ensure compliance with Certified Fiscal Plans under PROMESA Section 202.
• Debt Restructuring (Title III and Title VI Proceedings) PROMESA provides two mechanisms for restructuring Puerto Rico's debt: Title III follows U.S. bankruptcy law with court-confirmed plans binding on all creditors; Title VI requires unanimous creditor consent for financial debt restructurings. Used in completed restructurings of COFINA, Commonwealth, HTA, and ongoing PREPA case.
• Contract Review The Oversight Board reviews certain contracts between the Government of Puerto Rico and third parties pursuant to Section 204(b)(2) of PROMESA to ensure contracts conform within the Fiscal Plan and Budget.
• Legislative Process Review The Oversight Board reviews new laws enacted by the Puerto Rico Government to ensure consistency with the Certified Fiscal Plan, with authority to nullify laws that would impair PROMESA's purposes.
• PREPA Plan of Adjustment A comprehensive debt restructuring plan for the Puerto Rico Electric Power Authority (PREPA) under Title III of PROMESA, which would reduce PREPA's non-pension debt by nearly 80% to approximately $2.6 billion.
• Annual Reports and Publications Annual reports documenting the Oversight Board's activities, accomplishments, and Puerto Rico's fiscal progress, including the FY2025 Annual Report with two volumes covering the year's work and achievements under PROMESA.
• FOMB Reports and Monthly Updates Monthly reports tracking Oversight Board activities, audited financial statements, and various reports to Congress and stakeholders on Puerto Rico's fiscal status.

Quantifiable outcome

• Reduced Puerto Rico's debt from $70+ billion to $37 billion sustainable level
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• Puerto Rico Energy Bureau (PREB)coreStrategic or Co-development PartnerThe Puerto Rico Energy Bureau is Puerto Rico's independent energy regulator, created in 2014 (then as the Puerto Rico Energy Commission) to oversee PREPA and ensure sound energy policies. The Fiscal Plans and Act 17 require that the Energy Bureau operate independently and free from political influence. The FOMB supports the Energy Bureau's independence as critical to Puerto Rico's energy transformation.
• Luma EnergycoreStrategic or Co-development PartnerLuma Energy operates Puerto Rico's electricity grid under Act 17. The FOMB oversees and works with Luma as part of the energy transformation required under the certified Fiscal Plans. Grid transfer to Luma enabled significant growth in rooftop solar installations (120,000+ homes).
• Genera PRcoreStrategic or Co-development PartnerGenera PR operates aspects of Puerto Rico's energy system as part of the transformation required under Act 17 and the Fiscal Plans. The FOMB oversees Genera PR's operations as part of the energy sector restructuring.
• Kobre & Kim LLCcoreImplementation/ SI/ Consulting PartnerThe independent investigations firm Kobre & Kim LLC was retained by the FOMB to conduct a comprehensive investigation of Puerto Rico's approximately $72 billion in debt and $55 billion in pension liabilities. The resulting 600+ page report reviewed approximately 260,800 documents (2.7 million pages) and interviewed 120 witnesses.
• U.S. District Court for the District of Puerto RicocoreOthersThe federal court has jurisdiction over PREPA's Title III case and confirmation authority over Plans of Adjustment filed by the FOMB. The court must confirm plans meeting criteria under Section 314(b) of PROMESA including feasibility, best interest of creditors, consistency with Fiscal Plan, and good faith.
• Andrea Bonime-Blanc (Independent Ethics Advisor)coreImplementation/ SI/ Consulting PartnerThe independent ethics advisor counsels the Oversight Board on compliance with relevant sections of PROMESA and the management and review of the effectiveness of the ethics and compliance program. The ethics advisor is also responsible for reviewing situations that raise potential conflict of interest issues.

Scale indicators10 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Federal Deposit Insurance Corporation (FDIC): U.S. federal agency that resolves failed financial institutions and oversees systemic financial stability. Directly comparable to FOMB in its federal mandate to oversee and resolve financial distress for the public interest, with statutory independence from political control.
• Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF): Puerto Rico's own fiscal agency that works in tandem with FOMB on financial matters, debt issuance, and budget execution. Directly comparable as the local counterparty to FOMB's federal oversight authority, handling day-to-day financial operations for the Commonwealth.

Broad incumbents

• International Monetary Fund (IMF): International institution that assists countries facing sovereign debt distress and fiscal crises through restructuring programs and conditional lending. Comparable to FOMB in its role overseeing sovereign/sub-sovereign debt restructurings and enforcing fiscal discipline, though at a global scale.
• Government Accountability Office (GAO): U.S. legislative-branch agency that audits federal programs and oversees government spending. Comparable to FOMB as a federally-mandated oversight body providing fiscal accountability and program review, though GAO lacks restructuring authority.
• European Stability Mechanism (ESM): Intergovernmental institution that provides financial assistance and manages debt restructurings for eurozone member states. Comparable to FOMB as a supranational fiscal backstop with authority to enforce austerity and structural reform in distressed jurisdictions.
• Congressional Budget Office (CBO): U.S. legislative-branch agency that provides budgetary and economic analysis to Congress. Comparable to FOMB in producing fiscal analysis, certifying budget compliance, and advising on the sustainability of government finances.

Emerging players

• Resolution Trust Corporation (RTC): Historical U.S. federal entity (1989-1995) created to resolve the savings and loan crisis by managing and disposing of failed institutions' assets. Comparable to FOMB as a time-limited federal restructuring entity established to resolve a specific fiscal crisis.

Others

• Kobre & Kim LLP: International law firm specializing in insolvency, financial restructuring, and government investigations. Comparable to FOMB's mandate as a service provider — Kobre & Kim conducted FOMB's 600+ page independent investigation of Puerto Rico's $72B in debt and was retained to support restructuring work.
• Alvarez & Marsal: Global professional services firm specializing in turnaround management, restructuring, and financial advisory to distressed entities. Comparable to FOMB's mandate as an ecosystem participant supporting fiscal restructuring in distressed jurisdictions through interim management and advisory services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UClV8q0xfS7sSFZdzsWuZu6A
• Facebookfacebook.com/fombpr
• LinkedInlinkedin.com/company/fombpr
• Instagraminstagram.com/fombpr
• Xx.com/fombpr

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Financial Oversight and Management Board for Puerto Rico