U.S. Sens. Lisa Murkowski, R-Alaska, and Joe Manchin, D-W.Va., the Chairman and Ranking Member of the Senate Energy and Natural Resources Committee, today released the following statement after President Trump formally nominated seven individuals to serve on the Financial Oversight and Management Board (FOMB) for Puerto Rico. All seven currently serve on the Board, but are subject to Senate confirmation in the wake of a recent court decision.
"We appreciate the President's decision to nominate these individuals and to ensure the FOMB can continue to function in line with congressional intent. Once we receive all requisite paperwork for these nominees, we will proceed with the normal, regular order process, starting with a full committee hearing," Murkowski and Manchin said.
The FOMB was created by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which became law in 2016. President Barack Obama announced the appointment of seven members to the FOMB, in accordance with the requirements of PROMESA, shortly thereafter. President Trump announced his intent to nominate the same individuals to the FOMB in April 2019, and has now formally nominated them in light of a U.S. Court of Appeal ruling that the members be appointed to the FOMB with Senate advice and consent.
The committee expects to receive the paperwork for these nominees within several weeks and will announce a hearing for them shortly thereafter.