Andrew Biggs was the "pension expert" on the OBoard but as I pointed out in my recent white paper for Congress pension liabilities have actually grown during the 8 year Puerto Rico bankruptcy #muniland. This stands as one of the largest failures of the OBoard (among many). The https://t.co/wfhFfE71XL
Here is the official announcement of the removal of Andrew Biggs from the Puerto Rico OBoard by President Trump #muniland. https://t.co/bwVF0lC9ry https://t.co/QH6iTk2X0v
Puerto Rico's Secretary of the Interior Francisco Domenech stated that President Donald Trump has removed Andrew Biggs as a member of the OBoard. [@biggsag has said publicly he should quit so I guess the president heard him] #muniland https://t.co/HnvLNah4Hk https://t.co/K9OwoHgPnr
President Donald Trump has officially removed Andrew Biggs from the Puerto Rico Financial Oversight and Management Board (OBoard), as confirmed by Puerto Rico's Secretary of the Interior Francisco Domenech. Biggs, who served as the board's pension expert, had publicly suggested that he should resign. During the eight-year Puerto Rico bankruptcy process, pension liabilities have increased, which has been cited as one of the board's major failures. The board's executive director, Robert Mujica, has faced criticism for his $625,000 salary—three times his previous salary in New York—and for holding multiple consulting roles outside Puerto Rico. Despite these controversies, Puerto Rico's governor has ruled out any changes to limit the functions of the Energy Bureau, with Representative Jenniffer González stating there is no administration plan to amend its authority, which is viewed as positive for oversight of the Puerto Rico Electric Power Authority (Prepa). Critics argue that the board has failed to foster economic growth in Puerto Rico, projecting an economic collapse instead. The removal of Biggs has been seen by some as a necessary step amid concerns over billions of dollars wasted without accountability and ongoing struggles such as inadequate electricity supply on the island.