Podcasts about financial oversight

In this episode, we tackle the concept of margin erosion and how it impacts scaling businesses. I share insights on how growing your sales doesn't necessarily equate to growing your profits. We dive into common culprits like hiring rates, customer acquisition costs, and overhead, providing practical solutions to maintain healthy margins. You'll learn the importance of knowing your fixed vs. variable costs, adjusting your pricing structure, and implementing standardized processes without compromising customization. I'll also emphasize the necessity of regularly reviewing your finances to ensure sustainable profitability. Tune in to gain actionable strategies to improve your margins, ensuring that your business growth translates into increased profitability.   What You'll hear in this episode: [00:50] Understanding Lifestyle Creep in Business [01:15] The Concept of Margin Erosion [02:50] Warning Signs of Margin Erosion [03:40] Customer Acquisition Costs [06:45] Diagnosing Margin Erosion [09:00] Improving Margins and Scaling [10:05] Standardization and Customization [13:10] Financial Oversight and Cash Flow Management   If you like this episode, check out: Smart Cash Management for Business Owner Start with This Financial Metric (Financial Priority Formula Part 1) Early Warning Signs of a Cash Flow Crisis   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this rerun episode of Let's Talk Business, we revisit a captivating conversation that dives deep into the essence of strategy in scaling a business successfully. Join your host, Meny Hoffman, as he sits down with Simon Severino, the author, CEO of Strategy Sprints, and host of the Strategy Sprints podcast. Simon shares his journey from a strategy advisor to revolutionizing the business world with the Strategy Sprints method. His approach helps businesses double their revenue in 90 days by focusing on effective strategy and getting owners out of the weeds. Through Strategy Sprints, Simon emphasizes the significance of direct paths to scaling and identifying bottlenecks within a business to streamline operations and maximize efficiency. Throughout the episode, Simon offers insightful advice on understanding the bottlenecks that prevent business growth, highlighting elements such as financial transparency and agility in business operations. He unveils the importance of weekly evaluations of profit, cost positions, and cash flow to maintain proper steering of the business. Furthermore, Simon discusses the role of proper delegation and accountability within business teams. He explains how these elements help business leaders transition from being doers to effective strategizers, who guide their companies through strategic insights and agile decision-making. Listeners will gain valuable knowledge on why removing oneself from daily operations and staying focused on strategic growth can propel a company to thrive in today's ever-changing market. Tune in to discover how businesses can achieve rapid growth by implementing strategic operations and learning faster than competitors.   https://ptex.co/pandadoc http://www.strategysprints.com/   00:00 - Business Growth with Simon Severino 06:00 - Scaling Challenges Beyond Initial Growth 08:29 - Uncovering Direct Paths in Business 11:27 - Prioritize Simple, Effective Business Steps 13:32 - Survival Through Fast Learning 19:07 - Financial Oversight for Business Leaders 21:42 - Weekly Scorecards Drive Business Success 26:02 - Strategy Sprints: Doubling Sales Skills 28:19 - Raise Prices to Boost Profit 30:21 - Rapid Testing Over Prolonged Research 33:59 - Podcast Takeaways for Immediate Action 38:59 - CEOs: Balance Autonomy and Oversight 42:10 - Blockchain's Transformative Power   The importance of adjusting pricing strategies and effectively communicating the value proposition is discussed. Simon and Meny talk about how businesses can consider increasing their prices by leveraging client testimonials and focusing on delivering and showcasing tangible value to their customers. Simon introduces the idea of return on luck, which reflects the impact of experimentation on business success. Running marketing and sales experiments regularly helps businesses seize opportunities akin to creating one's luck through strategic actions and learning faster than competitors.  Simon shares his insights and excitement about blockchain technology, describing it as transformational like the internet. The potential changes to business operations, finance, and global trade are profound, signaling the importance for business leaders to understand and integrate blockchain into their future strategies.  Develop standard operating procedures (SOPs) for various roles to enable effective delegation and reduce reliance on any single individual. Regular inspection of key metrics is vital for ensuring alignment with business goals and for effective decision-making.

Episode 235 of the Pool Nation Podcast - Join John JJ Flawless, Zac “Pool Boy” Nicholas, and Edgar on this action-packed episode of the Pool Nation Live Podcast as they dive deep into the scaling phase—the critical stage where pool companies transition from a one-person operation to building a thriving team and a sustainable empire. In this episode, our experts share real-world insights on leadership, delegation, financial management, customer communication, marketing strategies, and operational efficiency. Whether you're managing 40 pools or scaling to hundreds, learn how to overcome growing pains, maintain service quality, and plan for long-term success in the competitive pool service industry. Key topics include: Transitioning from working in your business to working on your business Hiring, training, and retaining a strong team Delegating effectively and building leadership skills Implementing systems, processes, and financial KPIs Enhancing customer communication and scaling marketing efforts Preparing for challenges, optimizing operational efficiency, and planning your exit strategy This episode is packed with actionable strategies to help pool pros at every stage of growth. If you're ready to level up your pool business and build an empire, this episode is for you! Time Stamps: 00:00 – 00:01 | Introduction & Welcome Meet our hosts and get an overview of today's focus on the scaling phase of your pool business. 00:01 – 00:02 | The Four Phases of Pool Business Growth Recap of the foundational and balancing stages leading up to scaling. 00:02 – 00:03 | Personal Phases & Setting the Stage Zach shares his personal experience with business phases and challenges. 00:03 – 00:04 | Western Pool & Spa Show & Budget Talk Discussion about upcoming events and planning for growth. 00:04 – 00:05 | Defining the Scaling Phase Exploring the challenges of hiring your first employee and expanding operations. 00:05 – 00:07 | Transitioning to Leadership How to shift from doing the work yourself to leading a team and focusing on strategy. 00:07 – 00:09 | Building Leadership Skills Insights into delegation, training, and leading by example in your pool business. 00:09 – 00:11 | Team Building & Delegation Strategies for recruiting, onboarding, and empowering your employees. 00:11 – 00:13 | Outsourcing & Maintaining Service Consistency The benefits of delegating tasks like bookkeeping and standardizing service quality. 00:13 – 00:15 | Creating Processes & Standard Operating Procedures (SOPs) How effective SOPs can ensure consistent customer service and efficient operations. 00:15 – 00:17 | Financial Oversight & Tracking Expenses Discussion on managing financial KPIs, tracking chemical costs, and cash flow. 00:17 – 00:19 | Enhancing Customer Communication Tips on maintaining strong customer relationships and effective communication. 00:19 – 00:21 | Scaling Marketing Efforts Transitioning from organic growth to strategic, paid marketing campaigns. 00:21 – 00:23 | Preparing for Unexpected Challenges Building contingency plans and managing operational challenges as you grow. 00:23 – 00:25 | Cultivating a Long-Term Vision & Exit Strategy Planning your future, setting goals, and preparing for eventual exit or expansion. 00:25 – 00:27 | Fostering Team Collaboration & Culture How to build a collaborative, high-performance team culture to retain talent. 00:27 – 00:29 | Maximizing Operational Efficiency Practical tips to streamline operations and reduce redundancies. 00:29 – 00:33 | Final Thoughts on Efficiency & Growth Wrapping up key strategies for scaling your pool business effectively. 00:33 – 00:39 | Sponsor Break Hear from our industry partners including SPPA, Pool Invoice, Blu-ray XL, Aquastar, Natural Chemistry, Ray Pak, and Hayward. 00:39 – 00:41 | Post-Sponsor Recap & Final Takeaways Final insights on leadership, delegation, and business scaling. 00:41 – 00:43 | Announcements & Business Matrix Details Learn about our new Business Matrix group for pool pros and upcoming events. 00:43 – 01:01 | Outro & Next Episode Preview Closing remarks and a sneak peek into our next podcast on the Western Pool & Spa Show. Optimize your pool business growth by listening to expert advice from those who have been in your shoes. Subscribe now to the Pool Nation Live Podcast and join our community of pool pros committed to excellence and expansion!

Chad Hyams and Bob Stewart dive into the pivotal role of a CEO, exploring key responsibilities like vision casting, financial oversight, and team building. Drawing inspiration from insights shared by Kelly Bagla, they highlight leadership at various levels—from businesses to personal life. They discuss the essential functions of decision-making, innovation, and brand representation, while sharing real-life examples from their experiences. Whether you're managing a company or a household, this episode offers valuable perspectives on embodying the multifaceted role of a CEO in everyday situations. ---------- Connect with the hosts: •    Ben Kinney: https://www.BenKinney.com/ •    Bob Stewart: https://www.linkedin.com/in/activebob •    Chad Hyams: https://ChadHyams.com/ •    Book one of our co-hosts for your next event: https://WinMakeGive.com/speakers/ More ways to connect: •    Join our Facebook group at www.facebook.com/groups/winmakegive •     Sign up for our weekly newsletter: https://WinMakeGive.com/sign-up •     Explore the Win Make Give Podcast Network: https://WinMakeGive.com/ Part of the Win Make Give Podcast Network

https://www.franchisewithmax.com/ https://www.linkedin.com/in/maxemma/ The story of BooXkeeping starts with an 18-year-old Max emigrating from the former Soviet Union to the U.S., where he initially worked in corporate accounting and finance but found it deeply unfulfilling. He celebrated his "Freedom Day" from corporate America on July 3rd, 2002, when he shifted to a family-run landscape maintenance business. Despite initially growing the business to an impressive $4 million, a lack of financial oversight and the 2008 recession led to bankruptcy. “It was the greatest lesson in accounting, finance, and business ownership I could have ever received,” said Max. “Although it felt like the end of the world at the time, I knew I had to keep going and learn from my mistakes.” Max persevered, restarting with a smaller landscape maintenance business, this time outsourcing his bookkeeping to another company. He immediately noticed a significant discrepancy in how the bookkeeping industry operated. A lightbulb went off in his head. “For the same scope of work, I was seeing quotes from as low as $200 to as high as $2,000 — anyone in finance knows that means there is a big opportunity to dominate a fragmented market,” said Max. “So, we started the BooXkeeping business in our garage part-time while we ran our landscaping company to pay the bills.” Gradually, BooXkeeping became Emmas' full-time job, and they sold their landscaping company. Although the couple divorced a few years later, they continued working together to grow the brand, driven by their passion for redefining an outdated industry and putting the client first. Today, BooXkeeping is the preferred bookkeeping vendor for over 95 franchise brands in the U.S., including companies like FastSigns, Gameday Men's Health, Sport Clips, and more. “Hanging out with franchisors gave me the idea that I could become one of them myself,” said Max. “So, I decided to franchise the BooXkeeping concept.” Entrepreneurial Journeys and Immigrant Contributions Michael and Max discussed their entrepreneurial journeys. Max, who immigrated from the Soviet Union, shared his experience of starting from scratch after leaving a well-paying job at Qualcomm. He initially took a significant pay cut to join a small family business, which he grew from 3 to 96 employees. Michael acknowledged the entrepreneurial spirit that drives individuals like Max to take risks and pursue new opportunities. Max also referenced the quote from the musical Hamilton, "Immigrants. We get the job done," emphasizing the role of immigrants in driving growth and innovation. Bookkeeping Services for Small Businesses Michael and Max discussed the benefits of their bookkeeping services for small businesses. Max explained how the idea for their business, Bookkeeping with an X, came about after they received vastly different quotes for the exact scope of work. They decided to bring technology efficiency to the market, starting in 2011. Their services are still human resource-focused but aim to automate 60-70% of the job processes. This approach allows them to keep a low price point, providing significant savings to small businesses. Maintaining Clean Financial Records for Business Michael discussed the importance of maintaining clean financial records for businesses. He emphasized that this is crucial not only for tax compliance and reporting but also for the ease of transitioning the company to someone else, whether through sale, winding down, or passing on to another party. He highlighted the benefits of having organized records for business valuation and potential exit scenarios. Michael also shared his personal experience of losing his mother earlier in the year, using it as an example of the importance of planning. Financial Management in Business Operations Michael and Max discussed the importance of financial management in business operations. Michael, a former public accountant, emphasized the need to analyze trends and understand a business's ebbs and flows, especially in the context of the pandemic and supply chain challenges. Max agreed, noting that many companies struggle with financial management, which can hinder growth and make it difficult to sell the business. They both highlighted the importance of knowing one's finances to make informed decisions about investments and growth. Accounting Systems and Bookkeeping Experiences Michael and Max discussed their experiences with accounting systems and bookkeeping. Michael shared his involvement in the early versions of QuickBooks and emphasized the importance of clean accounting for a strong business. On the other hand, Max talked about his journey in bookkeeping, starting with franchises and eventually becoming the preferred bookkeeping provider for about 100 franchise brands in the US. He also mentioned his recent venture into franchising bookkeeping services, with plans to expand to around 40 or 50 franchises by the end of the following year. Both agreed on the importance of delegation and living life beyond work. Growing a Business and Franchise Opportunities Max discussed his work in growing a business and creating a franchise, which he learned about through his experiences. He also introduced Main Entrance, a franchise brokerage he founded to help people not a good fit for bookkeeping franchises find other opportunities. Max emphasized that his services are free to candidates, and he gets paid only if they buy a franchise. He highlighted the interconnectivity of his businesses, with franchisees becoming clients for his bookkeeping services and vice versa. Michael praised Max's work, noting its potential for growth and impact, and encouraged others not to be deterred by economic situations. 

SummaryIn this podcast, Clayton Cuteri explores the intersection of spirituality and political accountability, emphasizing the need for transparency in government spending and the importance of addressing global issues. He discusses the current geopolitical climate, particularly nuclear tensions, and critiques the lack of accountability within the Pentagon. Cuteri advocates for a public ledger to track government expenditures and stresses the responsibility of current leaders to care for future generations.Clayton's Social MediaTikTok | Instagram | Twitter (X) | YouTubeTimecodes:00:00 - Intro01:02 - Addressing Global Issues and Government Accountability06:39 - The Pentagon's Financial Accountability Crisis10:57 - The Need for a Public Ledger in Government Spending20:04 - Spirituality and Responsibility for Future GenerationsIntro/Outro Music Producer: Don KinIG: https://www.instagram.com/donkinmusic/Spotify: https://open.spotify.com/artist/44QKqKsd81oJEBKffwdFfPSuper grateful for this guy ^Send Clayton a text message!The Ryan Samuels ShowModern-day politics discussion and analysis. Conservative Political Commentator Ryan...Listen on: Apple Podcasts SpotifySupport the showClayton's Campaign: Clayton24.comFREE 999 Meditation Challenge: Sign Up Here

On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Reporters Simone Baribeau and Adrian Espallargas about Puerto Rico.Simone kicks off the podcast highlighting recent developments in the Puerto Rico Electric Power Authority restructuring.The discussion shifts to recent actions by the Financial Oversight and Management Board by Simone. Adrian jumps in with thoughts on what it would take for the board to be dissolved.Adrian and Simone explore the potential policy and political implications on Puerto Rico due to the results of the presidential election.The podcast concludes with Adrian providing some perspective how the gubernatorial results in the commonwealth will influence the PREPA restructuring, the relationship with the oversight board and other policy issues.#PuertoRico #PREPA #restructuring #ElectionDay

On the eve of Election Day, this final installment of our Decoding Project 2025 series delves deep into MAGA's radical economic proposals, including massive tax cuts for the wealthy, the elimination of SALT deductions, and plans to defund or privatize critical financial institutions. We‘ll discuss how the proposed gutting of agencies like the IRS, Federal Reserve, and Consumer Financial Protection Bureau would benefit a small circle of ultra-wealthy individuals while potentially devastating the American economy. Spoiler alert: These policies would disproportionately harm middle-class Americans and residents of blue states while enriching a select group of billionaires.

In this episode of the Mano a Mano podcast, George Las Garcia and Martin Rivera discuss the 2024 presidential election and its affect on efforts to decolonize Puerto Rico. They delve into the upcoming locally sponsored plebiscite aimed at addressing Puerto Rico's territorial status and its implications under the Puerto Rico Status Act.Special guest Jose Carrion III, the former chairman of Puerto Rico's Financial Oversight and Management Board, joins the show to discuss the economic and fiscal reforms in Puerto Rico under the PROMESA legislation and its impact on the island's competitiveness and quest for statehood. The discussion also covers political developments from the recent Republican National Convention, the transition in leadership within Puerto Rico's pro-statehood party, and the broader national security and economic arguments for Puerto Rico's statehood from a Republican perspective.02:27 Biden Drops Out of 2024 Race03:50 Republican National Convention Highlights07:31 DNC Platform and Puerto Rico09:15 Local Politics in Puerto Rico13:17 Puerto Rico's Fiscal Oversight and Economic Reforms33:53 Statehood vs. Independence: A Respectful Debate34:43 Facing Public Backlash and Security Concerns35:20 Psychological and Demographic Challenges37:28 Municipalities and Fiscal Realities39:11 Identity and Political Passion40:07 Consolidation and Political Manipulation42:00 Fiscal Oversight and Political Status44:29 Tax Rates and Economic Policies46:24 Preparing for Statehood: Policies and Reforms49:35 Political Landscape and Upcoming Elections52:14 Republican Influence and Statehood Movement58:45 National Security and Economic Potential01:05:58 Final Thoughts and Recommendations Watch episodes of Mano a Mano on YouTube @PuertoRico51st.Interested in learning more about the statehood movement? Visit our Website: https://www.pr51st.comSign-up for Email Updates: http://www.pr51st.com/take-action/sign-up/Follow us on: Facebook - @PR51stTwitter - @PuertoRico51stInstagram - @PR51st Produced by Caandor Labs.

Welcome to Supreme Court Opinions. In this episode, you'll hear the Court's opinion in Financial Oversight and Management Board for Puerto Rico v Centro De Periodismo Investigativo, Inc. In this case, the court considered this issue: Does the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)'s general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims? The case was decided on May 11, 2023. The Supreme Court held that Nothing in the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) categorically abrogates any sovereign immunity the Financial Oversight and Management Board for Puerto Rico enjoys from legal claims. Justice Elena Kagan authored the 8-1 majority opinion of the Court. If Congress wishes to abrogate sovereign immunity, it must do so using “unmistakably clear” language in the statute. The Supreme Court has found such language only in two types of situations: when a statute expressly states that it is stripping immunity from a sovereign entity, and when a statute creates a cause of action and authorizes a lawsuit against a government based on that cause of action. There is no such language in PROMESA, nor does it create a cause of action for use against the Board or Puerto Rico. Even § 2126(a)—which provides that “any action against the Oversight Board, and any action otherwise arising out of PROMESA . . . shall be brought” in the Federal District Court for Puerto Rico—does not amount to a clear intent to abrogate sovereign immunity. Justice Clarence Thomas authored a dissenting opinion, arguing that Puerto Rico lacks state sovereign immunity, which would make the question of abrogation superfluous. The opinion is presented here in its entirety, but with citations omitted. If you appreciate this episode, please subscribe. Thank you.  --- Support this podcast: https://podcasters.spotify.com/pod/show/scotus-opinions/support

On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire Legal Analyst Paul Gunther and Reporter Simone Baribeau on the recent court ruling that PREPA bonds are secured. Last month, the First Circuit Court of Appeals ruled that PREPA [Puerto Rico Electric Power Authority] bondholders have a secured USD 8.5bn claim on the utility's net revenues.Paul Gunther kicks off the podcast by providing background on PREPA and the bonds. He then segues into how the dispute between PREPA and the bondholders arose.The conversation shifts to the lower court ruling that was overturned by the appellate decision. Paul discusses how the appellate court arrived at different conclusions.Paul proceeds to discuss the First Circuit ruling also extends the lien to future net revenues and were perfected.Paul then explains how the First Circuit came to the conclusion that this was a USD 8.5bn secured claim.Paul concludes with providing the actions that the Financial Oversight & Management Board for Puerto Rico can take following this decision.Simone segues the conversation into the significance of this court decision for PREPA and the municipal bond market.The podcast concludes with Simone providing her perspective on what's next in the PREPA restructuring.

For nonprofits to make a meaningful impact and ensure sustainability, it is essential to maintain financial stability. This can only be achieved by establishing strong financial oversight. When you implement these steps with dedication and enthusiasm, your nonprofit can create a financial environment where its mission-driven goals can thrive, resulting in flourishing communities. In today's podcast, Linden Mattie from Pilot Ship Consulting and Stephen Halasnik from Financing Solutions (https://financingsolutionsnow.com/) discuss How Nonprofits Should Establish Strong Financial Oversight.  

Join Wes Benally, REDW Principal and National Tribal Practice Leader, for a one-to-one with Karletta Jones (Dine'), CPA, CIA—a true unicorn combination. Karletta is jumping on the podcast to talk about stewardship, the value of growing up immersed in Navajo culture, going after goals, and encountering adversity while pursuing higher education and CPA licensure. She is the Assistant Director, Financial Oversight with the W.A. Franke College of Business at Northern Arizona University.Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter. REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

Deborah La Fetra of the Pacific Legal Foundation joins us to talk about the case of Financial Oversight and Management Board for Puerto Rico v. Cooperativa de Ahorro y Credito Abraham Rosa, a unique case where the boundaries of just compensation and governmental restructuring collide.  Deborah and PLF served as counsel for several of the unpaid property owners. Additionally, Professor James Stern of William & Mary Law School joins to talk about the Brigham-Kanner Property Rights Conference scheduled for October 26-27 at the campus of the William & Mary Law School.  Please share your thoughts on the show or this episode with me. I'm on X @J_Clint. If you have thoughts about future show guests or ideas for episodes, please let me know.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Natalie Jaresko from EY-Parthenon joins us to discuss her impressive background and storied career. She also breaks down some of the nuts and bolts of restructuring, lessons she learned in her role in Ukraine and Puerto Rico, and how governments can best serve themselves.   What We Discussed in This Episode: What is the difference between restructuring a sovereign or municipal bankruptcy? What role does the IMF play in certain bankruptcies and what limitations are enforced? What has been Natalie's experience as Ukraine's Minister of Finance and how it has impacted the situation today? What lessons can be learned from the largest municipal restructuring in Puerto Rico? What is China's growing role in providing access to capital? What does the future look like for Ukraine? How can governments stop the repetition of borrowing and what can they do to help their communities instead?   About Natalie Jaresko Natalie Jaresko is a leader in EY-Parthenon's Turnaround and Restructuring Strategy practice, overseeing sovereign advisory efforts and complex public sector turnarounds. Natalie is a proven executive with a distinguished 30-year career leading large-scale government transformations that restructure debt and marshal limited resources to prioritize essential services and strengthen budgetary practices, financial reporting and transparency. As Executive Director of Puerto Rico's Financial Oversight and Management Board from 2017 to 2023, Natalie oversaw critical reforms and the largest debt restructuring in US municipal bond market history. Further, as Ukraine's Minister of Finance from 2014-2016, Natalie successfully restructured Ukraine's sovereign debt and negotiated its wide-ranging IMF program.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq.  Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.   Contact Information: Natalie Jaresko   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

Junto al Profesor Luis J. Torres Asencio del Proyecto de Acceso a la Información de la UIPR, analizamos la mas reciente decisión del Tribunal Supremo Federal que limita el acceso de información de las y los puertorriqueños(as) frente a la Junta de Control Fiscal. ¿Qué consecuencias tiene esto?; ¿Cuál es el razonamiento que utilizó el Supremo?, esto y más, en PYC.

Audio of the opinion of the Court in Financial Oversight and Management Board for Puerto Rico v. Centro de Periodismo Investigativo, Inc. (May 11, 2023)   Music by Epidemic Sound

Issue(s): Whether the Puerto Rico Oversight, Management, and Economic Stability Act's general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims. ★ Support this podcast on Patreon ★

It is a bedrock principle of federalism that a statute does not abrogate sovereign immunity unless Congress's intent to abrogate is "unmistakably clear'' in the statutory text. Dellmuth v. Muth, 491 U.S. 223, 228 (1989). This Court and each of the other Circuits have held that a statute granting the federal courts jurisdiction over a category of claims without expressly addressing sovereign immunity does not abrogate. See, e.g., Blatchford v. Native Vill. of Noatak, 501 U.S. 775, 786 & n.4 (1991). The First Circuit nevertheless held, over a vigorous dissent, that 48 U.S.C. § 2126 (a) of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)-which grants federal jurisdiction over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising out of PROMESA, but says nothing about abrogation-eliminates the Board's immunity in its totality. While acknowledging that the statutory language "may not be as precise" as other instances of abrogation, the court held that certain provisions "impl[y]" that result. It did so even though jurisdiction was necessary for those claims not subject to immunity. The Question Presented is: Does 48 U.S.C.§ 2126(a)'s general grant of jurisdiction to the federal courts over claims against the Board and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims? https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/22-96.html

A case in which the Court held the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)'s general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA does not abrogate the Board's sovereign immunity with respect to all federal and territorial claims.

A case in which the Court will decide whether the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)'s general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims.

A case in which the Court will decide whether the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)'s general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims.

Civil Procedure: Does the Puerto Rico Oversight, Management, and Economic Stability Act generally waive the sovereign immunity of the Financial Oversight and Management Board for Puerto Rico? - Argued: Wed, 11 Jan 2023 9:37:10 EDT

Financial Oversight Board v. CPI | 01/11/23 | Docket #: 22-96

Financial Oversight Board v. CPI

Each month, a panel of constitutional experts convenes to discuss the Court's upcoming docket sitting by sitting. The cases that will be covered are included below.In re Grand Jury (Jan. 9) - Professional Responsibility; whether a communication involving both legal and non-legal advice is protected by attorney client privilege when obtaining or providing legal advice was one of the purposes behind the communication.The Ohio Adjutant General's Department v. Federal Labor Relations Authority (Jan. 9) - Labor Law; whether the Civil Service Reform Act of 1978, which empowers the Federal Labor Relations Authority to regulate the labor practices of federal agencies only, empower it to regulate the labor practices of state militias.Glacier Northwest, Inc. v. International Brotherhood of Teamsters (Jan. 10) - Labor Law; Whether the National Labor Relations Act impliedly preempts a state tort claim against a union for intentionally destroying an employer's property in the course of a labor dispute.Financial Oversight and Management Board for Puerto Rico v. Centro de Periodismo Investigativo, Inc. (Jan. 11) - Federalism; whether the Puerto Rico Oversight, Management, and Economic Stability Act's general grant of jurisdiction to the federal courts over claims against the Financial Oversight and Management Board for Puerto Rico and claims otherwise arising under PROMESA abrogate the Board's sovereign immunity with respect to all federal and territorial claims.Santos-Zacaria v. Garland (Jan. 17) - Immigration; whether the court of appeals correctly determined that 8 U.S.C. 1252(d)(1) prevented the court from reviewing petitioner's claim that the Board of Immigration Appeals engaged in impermissible factfinding because petitioner had not exhausted that claim through a motion to reconsider.Featuring: -- William Hodes, Professor Emeritus of Law, Indiana University; Co-Author, The Law of Lawyering-- Tessa E. Shurr, Litigation Associate, The Fairness Center-- Prof. Richard Epstein, Laurence A. Tisch Professor of Law and Director, Classical Liberal Institute, New York University School of Law-- Moderator: Anna St. John, President and General Counsel, Hamilton Lincoln Law Institute

Professional sports broadcasters frequently use the phrase, “taking it to the next level.” Well, when it comes to improving application development in the federal world, taking it to the next level can involve some new concepts presented in this discussion. This is an interview with three professionals who have worked on many federal projects. They provide the listener with guidelines for making the transition with minimal expense and maintaining federal security standards. The discussion opens with a contrast between the traditional method of developing software and the way it is done today. Chris Moran from GDIT estimates 90% of systems generated today are comprised of third-party applications. In other words, it is assembled rather than coded line for line. This new method allows for flexibility and rapid development. Two other methods for deploying software were introduced in this discussion. When multiple applications are deployed over multiple clouds, a person dedicated to reliability must be included in the team, usually referred to as a “Site Reliability Engineer.”  This person is tasked with maintenance, patching, and increasing automation for those responsibilities.

How does data transform policy making? Arnaldo and Rafa discuss the importance of data-driven decisions in governance and the state of data in PuertoRico. For the past 17 years, Arnaldo Cruz has worked for the government, private and nonprofit sectors, focused in analytics, program evaluation, finance, and information technology. He is currently the Director of Research and Policy of the Financial Oversight and Management Board of Puerto Rico. the Office of Management and Budget at the City of Chicago, and several other organizations. Arnaldo is co-founder of ABRE Puerto Rico, an organization dedicated to promoting data driven decisions in Puerto Rico. He has also worked for the US Census, the Mayor's Office of Workforce Development, he was chairman of the board of the Puerto Rico Institute of Statistics, the government entity in charge of establishing the statistical policy for the Commonwealth and is an adjunct professor at Sacred Heart University College of Business. Arnaldo has a Masters in Public Policy, from the Harris School of Public Policy Studies at the University of Chicago. Our Data Science Zoominars feature interactive conversation with data science experts and a Q+A session moderated by Rafael A. Irizarry, PhD, Chair, Department of Data Science at Dana-Farber Cancer Institute.

Puerto Rican public workers are protesting the neoliberal policies imposed by US colonialism and Washington's unelected Financial Oversight and Management Board. I speak with Ángel Rodríguez Rivera, president of the Puerto Rican Association of University Professors, about how teachers are rising up, after the minimum wage hasn't increased in 13 years. VIDEO: https://youtube.com/watch?v=hCKxWXuEYUc

Episode Title: The War Against Puerto Rico ContinuesGuest: Monisha Rios, a Puerto Rican psychologist and social worker, joins us live from Puerto RicoPolitical and economic tensions within the U.S.-occupied Latin American & Caribbean nation of Puerto Rico have resulted in another major uprising, led this time by teachers and other workers in the public sector. A national strike is scheduled for the 18th of February. This has come after a teacher fell asleep at the wheel when leaving his 3rd job and died in a car crash. https://www.latinorebels.com/2022/02/07/prteachersstrike/ A bit of background: In 2016, U.S. Congress imposed a Financial Oversight & Management Board (FOMB) as part of the Puerto Rican Oversight, Management, & Economic Stability Act (PROMESA) to rule its colony and impose IMF-style austerity measures to pay off an illegal debt. This came at the request of the current PNP Gov. Pierluisi when he was the Resident Commissioner under PDP Gov. Padilla. Since then, there have been numerous protests and a massive uprising (with features of a color revolution) that forced the resignation of then Governor Roselló of the Statehood party (PNP). Protests against the austerity measures have begun again in response to the FOMB's actions. The FOMB has been headed by none other than Natalie Jaresko, former Ukrainian Minister of Finance (2014-2016) who implemented the "largest IMF program in the institution's history" the impact of which severely harmed the Ukrainian people. In 2017, she was sent to Puerto Rico to do the same as Executive Director & Interim Revitalization Coordinator of the FOMB.     In partnership with Friends of Latin America, Massachusetts Peace Action and Task Force on the Americas, original broadcasts of WTF is Going on in Latin America & the Caribbean can be viewed every Wednesday at 4:30pm PT/7:30pm ET on CODEPINK YouTube Live

Puerto Rican public workers are protesting the neoliberal policies imposed by US colonialism and Washington's unelected Financial Oversight and Management Board.  I speak with Ángel Rodríguez Rivera, president of the Puerto Rican Association of University Professors, about how teachers are rising up, after the minimum wage hasn't increased in 13 years. VIDEO: youtube.com/watch?v=hCKxWXuEYUc

How does the U.S. retirement system compare with other countries in retiree satisfaction? For all its faults, you'd be surprised.Andrew Biggs, one of the busiest people we know, is a Forbes columnist, a senior fellow at the American Enterprise Institute, and is a member of the Financial Oversight and Management Board for Puerto Rico. He recently took a look at the issue and came away with a number of interesting observations.

Recorded 10/7/21

In most cases, Executive Directors are not hired for their financial prowess but most often for their leadership gifts, passion for the mission, and/or ability to raise funds.  But providing financial oversight, in concert with the Board of Directors is a significant piece of the job.On this episode, Tim and Nathan discuss 4 key areas that are part of providing financial oversight and also mention a few resources where an Executive Director can find help if feeling overwhelmed with this area of organizational leadership.Tim and Nathan are not CPAs and do not consider themselves financial experts.  All ideas and recommendations should be discussed with a financial professional before pursuing or implementing.Tim Barnes is the Executive Vice President of International Association for Refugees (IAFR).  He can be reached at tim@iafr.orgNathan Ruby serves as the Executive Director of Friends of the Children of Haiti (FOTCOH).  He can reached at nathan@fotcoh.org.All opinions expressed are personal to the presenters and do not represent those of their respective organizations.

John Ryan, the president and CEO of the Conference of State Bank Supervisors, and Charlie Clark, the director of the Washington State Department of Financial Institutions, discuss state bank regulators’ new effort to retire the siloed state-by-state system of financial services oversight. The new system expands state regulators’ successful mortgage licensing system to cover the entire bank as well as nonbank companies.

Debtwire Municipals' San Juan-based reporter Eva Llorens speaks to newly-appointed Puerto Rico House Speaker Rafael Hernandez on his thoughts on the Financial Oversight and Management Board, the Puerto Rico Electric Power Authority and the new legislature.Yong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact paul.greaves@acuris.com

Debtwire Municipals Puerto Rico-based reporter Eva Llorens discusses the Financial Oversight and Management Board (FOMB) offer to creditors, approved 20 November, that will serve as a basis for negotiations toward a new plan of adjustment for the central government. Yong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast. The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market. For comments or questions contact paul.greaves@acuris.com

Eleven months ago the Federal Circuit held that the Administrative Patent Judges who serve on the Patent Trial and Appeal Board, were unconstitutionally appointed because they act as “principal officers” within the meaning of the Constitution but were not appointed with the advice and consent of the Senate as required by the Appointments Clause. The court adopted a narrow “remedial approach” in which it “sever[ed] any problematic portions [of the statute] while leaving the remainder intact.” The court thus invalidated Title 5’s removal restrictions, as applied to these administrative patent judges. , See 35 U.S.C. § 3(c). Because the APJs can be removed without cause, the court concluded that, going forward they were inferior as opposed to principal officers. It has remanded scores of cases to the PTAB for reconsideration by a new panel of APJs.All parties have sought certiorari. The government argues that there was no Appointments Clause violation at all, and regardless that no remands were required. The patent owner argues that the Federal Circuit did not go far enough, and that there is no remedy for the purported Appointments Clause violation here. And some are of the view that the Federal Circuit got it just right. As the Supreme Court turns to its October 2020 Term, it will decide whether to take up this issue, following on decisions such as Lucia v. SEC and Financial Oversight & Management Board for Puerto Rico v. Aurelius.The stakes are high. Left unaltered, the Federal Circuit’s decision will lead to do-overs for potentially hundreds of invalidated patents. And if the patent owners’ arguments were to prevail, it would potentially bring down the entire statutory regime for Patent Office review (or at least re-review) of patentability decisions -- affecting hundreds of patents (and ultimately patent cases) each year. John O’Quinn, a frequent Federal Circuit practitioner with Kirkland & Ellis LLP in Washington D.C., will introduce the topic and its implications for patent practice, and Professor Aditya Bamzai, an expert on the Appointments Clause from the University of Virginia Law School, will discuss the constitutional issues presented by the caseFeaturing: John O'Quinn, Partner, Kirkland & Ellis LLP Aditya Bamzai, Associate Professor of Law, University of Virginia School of Law

This year's public-health crisis has ravaged state budgets across the country, as revenues plummet while spending explodes. For some states, this has dramatically worsened pre-existing fiscal problems caused by decades of mismanagement of pension obligations. Guest David Skeel argues that in order to help those states in particular, Congress should create the option of state-government bankruptcy, which current law does not allow. https://www.law.upenn.edu/cf/faculty/dskeel/ (David Skeel) is the S. Samuel Arsht Professor of Corporate Law at the University of Pennsylvania Carey Law School and the author of https://www.amazon.com/Debts-Dominion-History-Bankruptcy-America/dp/0691116377/?tag=natioaffai-20 (Debt's Dominion: A History of Bankruptcy Law in America). David also served as a member of Puerto Rico's Financial Oversight and Management Board, following the territory's bankruptcy crisis in 2016.  This podcast discusses themes from David's essay in the Summer 2020 issue of National Affairs, “https://nationalaffairs.com/publications/detail/state-bankruptcy-revisted (State Bankruptcy Revisited).”

Dr. Andrea Bonime-Blanc, compliance executive, board member, entrepreneur, and author, discusses with LRN’s Ben DiPietro the risks and opportunities companies face as they address issues of racial injustice, and the COVID-19 pandemic.   "We have businesses that are having to decide between the health and safety of their workers, or the well-being, quote unquote, of their shareholders, to keep the business running. This, I think, is almost unprecedented in terms of its massive scale.” - Dr. Andrea Bonime-Blanc   Dr. Andrea Bonime-Blanc is CEO and founder of GEC Risk Advisory, and is a global governance, risk, ESG, ethics, cyber, and crisis strategist who works with a broad cross-section of business, nonprofits, and government agencies. Since 2017, she has served as the independent ethics advisor to the Financial Oversight and Management Board for Puerto Rico.   Dr. Bonime-Blanc spent two decades as a C-suite global corporate executive at Bertelsmann, Verint, and PSEG, overseeing legal; governance; risk; ethics; corporate responsibility; crisis management; compliance; audit; information security; and environmental health and safety, among other functions. She began her career as an international corporate lawyer at Cleary Gottlieb.   She is an extensively published author of many articles and several books, including her latest, “Gloom to Boom: How Leaders Transform Risk into Resilience and Value,” which earlier this year debuted as an Amazon No. 1 Hot Release in business ethics and game theory.   What You’ll Learn on This Episode:   [1:34] What sparked Dr. Andrea Bonime-Blanc interest in ethics and compliance and how has her career path led to her current role?   [4:28] What should companies do in order to turn their words about social justice into action?   [6:33] How should companies work with police departments to bring about the change they would like to see?   [8:14] What are some of the lessons learned that Dr. Bonime-Blanc is seeing in the organization she is working with?   [10:27] What are some things that Dr. Bonime-Blanc recommends that businesses to to keep their employees safe during the pandemic?   [12:01] What do companies do to navigate the privacy issues that come from monitoring their employees for Covid?   Find this episode of Principled on Apple Podcasts, Google Podcasts, Stitcher, Sound Cloud, Podyssey, or anywhere you listen to podcasts.

The fiscal plan for the Puerto Rico Electric Power Authority (PREPA), released by Puerto Rico’s Financial Oversight and Management Board (FOMB) on 29 June, does little to advance the restructuring or to provide useful information about it. The plan’s “debt sustainability analysis”, for instance, accounts for only one-half page of the 89-page document. Debtwire Municipals' Head of Research Greg Clark gives us his take on the fiscal plans. Municipalities that filed for Chapter 9 bankruptcy protections in the years following the Great Recession tended to see improved public safety outcomes, compared with similarly situated jurisdictions, a trend that could have wider implications for public service delivery under municipal bankruptcy, researchers for St. John’s University and Arizona University said during an online conference. Debtwire Municipals' Chuck Stanley explains the outcomes for us. Yong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast. The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market. For comments or questions contact paul.greaves@acuris.com

Puerto Rico’s Financial Oversight and Management Board (FOMB) last week announced it has certified 2020 fiscal plans for three of the territory’s highways, water and power authorities and submitted revenue forecasts for a number of entities under its jurisdiction. Debtwire Municipals Eva Llorens explains the current situation. Preston Hollow Capital LLC (PHC), in its second round of litigation with competitor Nuveen LLC, has asked a Delaware Superior Court for a partial summary judgment in its favor over defamation claims. Debtwire's Caitlin Devitt brings us up to date on this legal saga. Yong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast. The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market. For comments or questions contact paul.greaves@acuris.com

The board can stay, they are primarily considered to be local officers, not federal officers.

Is it right to order grocery delivery during a pandemic? What measures should companies take to protect employees during a lockdown? As the COVID-19 crisis places ethical questions like this in the forefront, @GlobalEthicist Dr. Andrea Bonime-Blanc shares her views on the podcast. Dr. Bonime-Blanc has built a career around helping corporations, governments, and nonprofits navigate ethical issues, including serving as an Independent Ethics Advisor to the Financial Oversight and Management Board for Puerto Rico, and authoring the book, Gloom to Boom, on how leaders can transform ESG risk into opportunity.  In this episode, Dr. Bonime-Blanc discusses the deficit of public trust in institutions, the role of ethical advisors, and the influence of technology on ESG issues and risk. 

Debtwire reporter Simone Baribeau looks at Aemerge Redpak, California’s only medical waste treatment facility which shut down last year because the state continued to allow haulers to take medical waste out of the state even when there was a local option. Debtwire's Eva Llorens discusses the new Puerto Rico general obligation bond deal with the Financial Oversight and Management Board (FOMB). Debtwire's Head of Municipal Research Greg Clark breaks down the London Economics International analysis regarding the future of the Puerto Rico Electric Power Authority (PREPA). Yong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast. The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market For comments or questions contact paul.greaves@acuris.com

Today, B.C.'s Seniors Advocate Isobel Mackenzie released her latest report titled A Billion Reasons to Care. The report is the first provincial review of the $1.4 billion-dollar contracted long-term care sector in British Columbia. The review examined industry contracts, annual audited financial statements and detailed reporting on revenue and expenditures for the years 2016/17 and 2017/18.   Guest: Isobel MacKenzie B.C.'s Senior's Advocate

Puerto Rico’s electric system was destroyed by Hurricane Maria in 2017. Will privatization of the island’s electric utility ensure reliable and affordable energy for the future? ---In 2017 Hurricane Maria destroyed Puerto Rico’s electric grid, cutting off power to the island’s residents, some of whom remained without electricity for nearly a year. The island’s publicly owned power utility, PREPA, is now for sale, and it’s hoped that privatization will deliver an electric grid better prepared to endure future tropical storms, and to deliver power that Puerto Ricans can afford.David Skeel, member of Puerto Rico’s congressionally mandated Financial Oversight and Management Board tasked with guiding the recovery of Puerto Rico’s bankrupt economy, talks about PREPA’s controversial privatization plan and the challenge of overcoming years of mismanagement and corruption that have dogged the utility.David Skeel is the S. Samuel Arsht Professor of Corporate Law at the University of Pennsylvania Law School and a member of Puerto Rico’s Financial Oversight and Management Board.Related ContentClimate Change and Financial Risks https://kleinmanenergy.upenn.edu/policy-digests/climate-change-and-financial-risksPower Over the Twenty-First Century Electric Grid https://kleinmanenergy.upenn.edu/policy-digests/power-over-twenty-first-century-electric-grid

Join our private Facebook community for accountability on getting your bookkeeping done AND using your number! Join by going to lydiagmiller.com/join. I’d be honored to work with you. To get started, email me at lydia@dacbalance.com with the problem you’re having and we can discuss the best way to get to a solution. I would love to connect with you. You can find me on Instagram @lydia.miller.mba and always by email lydia@dacbalance.com.

Burnout is a real thing for academics. I know you know this, but you might not know exactly what “pre-burnout” looks like, and what to do if you feel like you might be on the edge of a burnout. On this podcast episode, I’m sharing the stories of two times that I got very close to burning out, how I dealt with it, and what I’m doing to keep a comfortable pace right now. I’m sharing some red flags to help you recognize the signs of pre-burnout in yourself, as well as an exercise to help you control the pace of your academic life so academia feels good to you.  My stories My first burnout situation came when my infant son became extremely sick. About two weeks into the semester, after I went back to work from maternity leave, my 10-month-old son stopped breathing while I was nursing him to sleep one night.  This was the beginning of the 10 most horrible days of my life.  By late October I was so exhausted and strained that I could not continue. If I didn’t take action I would end up in the hospital myself. So I took sick leave. Right at the worst time of the semester. I remember sitting in the office of my young, single department head and feeling like he would never understand, or would push back. But he didn’t. I took the leave I needed to recover.  “I thought the world was going to collapse, but it absolutely did not.” -Cathy Mazak My second experience with pre-burnout came the traumatic academic year of Hurricane María. We were a country exhausted from hurricane recovery and a university trying to find our footing after blow after blow by the Financial Oversight and Management Board for Puerto Rico. We were collectively breaking down. But this time I recognized the signals and took action sooner. I heard the desperate voice in my head that said, “I just need to breathe. I can’t keep this up. If I could only rest …” This time, I intentionally listened to that voice and rested. On the weekends, I made myself lie down, I cleared our schedule, we ate more takeout, and the kids watched more Netflix. I whittled down my to-do list until it only contained the absolutely necessary items to finish the semester: grade the papers. Give the classes. That’s it. The difference between this almost-breakdown and the first one was that I knew that if I cut way back, everything would still be fine. The world would not end. And, I deeply understood that if I didn’t deliberately rest, I would collapse, and that wouldn’t serve anyone. Read about my son’s illness, the year after Hurricane Maria, and all the details in this article I wrote for Inside Higher Ed.  Recognizing Pre-Burnout Recognizing you are about to burnout means tuning in to what your body and mind are trying to tell you. Here are some red flags for me:   I was exhausted from the moment I woke up to the moment I went to bed. I had no energy. I was mentally foggy. I couldn’t bring up the words I wanted to use, and my memory was shaky. I was on the verge of tears constantly.   Recovering from Burnout (and Avoiding it in the Future) Recovering from burnout is not easy. It takes intentional effort to make the right choices for your health. Here are some ideas for recovering and avoiding the issue in the future.   Create room for deliberate rest. Nap when you can, go to bed early, do whatever you can to get more sleep.  Pare down your schedule to include only the absolute necessities.  Move your body. Find a way to incorporate gentle exercise. I joined a gym that provided childcare. Call in reinforcements. Ask for help! Draw on whatever resources you can. I called my mom to come help with the kids for a while. When summer rolls around, don’t try to “get ahead”. Plan it out to include rest and activities that rejuvenate you.  Do whatever is necessary to recover, including taking time off. Controlling the Pace-How do You Want Academia to Feel? If you’ve had an experience that stopped you in your tracks like a death in the family, illness, or other serious issue, you may have been forced to change the pace of your academic life. But you don’t need to wait for something to blow up to decide you need a change.    How do you want to feel in your academic life? Remember that the feeling comes first, not after something you’ve set up as an arbitrary sign post. Here is an exercise you can do to prioritize your own goals for how you want academia to feel for you.   Choose one word for the way you want to feel in your academic life and write it down.. (For example: Calm)   Now list 10 things that a person who that adjective describes might do.  For our example of “calm”, you might write:   Eats breakfast sitting at the table Takes a walk every day  Is content with accomplishing three things Makes a plan and sticks to it Starts work at 9:00 and stops work at 5:00 Gets 7-8 hours of sleep Asks for help before a situation gets out of control Shakes off guilt about undone projects Concentrates on restorative activities on the weekends  Meditates using the Calm app in the middle of the work day   The problem is that you are saying when X happens, THEN I’ll feel Y. But you need to start feeling Y right now. Nothing needs to happen first. “You need to draw a line in the sand and say, ‘from now on, I am a calm person’”. -Cathy Mazak   If you want to join a small cohort of academic women who are learning ways to amplify their impact in academia without the break-neck pace, apply for my Amplify: Writing Accelerator program. In this program, you’ll get permission to do things the way that feels right for you, and learn how to write and publish more while still controlling the pace. Say goodbye to guilt and overwhelm, and hello to a new movement for women in the campus culture. Click here to apply. Connect with me: Website Facebook Group Facebook Page This episode was first published at cathymazak.com/episode8.

QUESTION PRESENTED: Whether the Appointments Clause governs the appointment of members of the Financial Oversight and Management Board for Puerto Rico. CONSOLIDATED WITH 18-1475, 18-1496, 18-1514 AND 18-1521, AND WILL BE SET FOR ARGUMENT IN THE SECOND WEEK OF THE OCTOBER 2019 ARGUMENT SESSION. Argument Transcript: https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1334_dc8f.pdf --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/scotus/support

Financial Oversight and Management Bd. for Puerto Rico v. Aurelius Investment, LLC | 10/15/19 | Docket #: 18-1334

A group of cases in which the Court will decide the constitutionality of President Barack Obama’s appointments (without their being confirmed by the Senate) to the oversight board created to help Puerto Rico recover from its substantial indebtedness.

A group of cases in which the Court will decide the constitutionality of President Barack Obama’s appointments (without their being confirmed by the Senate) to the oversight board created to help Puerto Rico recover from its substantial indebtedness.

A group of cases in which the Court will decide the constitutionality of President Barack Obama’s appointments (without their being confirmed by the Senate) to the oversight board created to help Puerto Rico recover from its substantial indebtedness.

A group of cases in which the Court will decide the constitutionality of President Barack Obama’s appointments (without their being confirmed by the Senate) to the oversight board created to help Puerto Rico recover from its substantial indebtedness.

Sen. Sanders and Rep. Ocasio-Cortez signed a letter with other Democrats demanding the end of the Financial Oversight and Management Board's control over economic decisions of Puerto Rico. While the letter has some good points, Andrew discusses why it misses the mark. 

In this episode of Great Women in Compliance, Lisa speaks with Andrea Bonime-Blanc, who has "done it all" during her career in compliance.  Andrea has been a leader in this area since the "greed is good" era in 1980s New York, has developed and implemented risk, ethics and compliance programs, and is currently the founder and CEO of  GEC Risk Advisory LLC.  She talks about her current appointment as the Ethics Advisor to the Financial Oversight and Management Board for Puerto Rico, her experiences as a member of a Board and some practical ideas for women (and men) in the ethics and compliance space to maximize their opportunities to become members of Boards.   She has also just completed a book "Gloom to Boom: How Leaders Transform Risk into Resilience and Value," which provides a practical roadmap for managing environmental, social, governance and technology (ESGT) risk and opportunity and the critical role that high integrity leaders play in creating ethical and sustainable organizational resilience

Headnotes: Today, Holidae is joined by Dre and Special Guest Omar.  They discuss the wages in American and address the disparaging differences of pay.  Should the difference of pay in [ … ]

Our continued look behind the purpose and creation of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). What powers do the members of the Financial Oversight and Management Board of PROMESA actually have? Support us on Patreon and get early access to full episodes as well as other special updates: https://www.patreon.com/puertoricoforward

Recent financial crises have highlighted the need to update the global institutions for financial and economic oversight that were founded more than 70 years ago, and their Asian counterparts that have been developing over the last 20 years. The evolution of financial markets and monetary policy makes it increasingly obvious that the coordination between organizations as well as the organizations themselves need to be better suited to modern reality. Peter Morgan, co-chair of research at the Asian Development Bank Institute, is one of the editors of a recent ADBI book, Global Shocks and the New Global and Regional Financial Architecture, Asian Perspectives, and an author of two of its chapters. The book investigates the issues and suggests possible remedies. Read the transcript https://bit.ly/2L3tLAy Read the book https://www.adb.org/publications/global-shocks-and-new-global-and-regional-financial-architecture-asian-perspectives Read the related blog post https://bit.ly/2Mv6cjP About the authors Peter Morgan is co-chair of research at the Asian Development Bank Institute. Pradumna B. Rana is associate professor at the Centre for Multilateralism Studies, S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore. Know more about ADBI's work https://bit.ly/2uqt2iw https://bit.ly/2zLY35j

Please join us as Congresswoman Jenniffer González-Colón, labor policy experts, and representatives from the Financial Oversight and Management Board for Puerto Rico discuss reforms to help Puerto Rico reach its economic potential by attracting jobs for the 3 million American citizens living on the island. Puerto Rico suffers from one of the lowest labor force participation rates in the world, in part due to heavy-handed labor laws that reduce job opportunities and welfare rules that penalize participation in the formal labor market. Hurricanes Irma and Maria exacerbated Puerto Rico’s labor challenges as workers have flocked to the mainland in search of steady employment and improved living conditions. The panel will analyze how to improve access to good and plentiful jobs in Puerto Rico, in turn helping the economy of Puerto Rico grow and flourish. See acast.com/privacy for privacy and opt-out information.

Not everyone is a finance expert, but church administrators and leaders are called to ensure financial integrity. Surround your ministry with the support and financial leadership needed to stay on track.

On September 20, 2017, Hurricane Maria wiped out the electricity on the entire island of Puerto Rico. Six months later the lights are still off for too many people. In this episode, by hearing highlights of Congressional testimony from Puerto Rico's government officials and through stories of Jen's recent trip to the island, learn the good news and the bad news about life right now on Puerto Rico. Please Support Congressional Dish Click here to contribute using credit card, debit card, PayPal, or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD028: Crisis in Puerto Rico CD147: Controlling Puerto Rico Additional Recommended Listening The David Pakman Show Additional Reading Article: Needs go unmet 6 months after Maria hit Puerto Rico by Danica Coto, AP News, March 20, 2018. Article: Six months after Maria, the hardest hit city in Puerto Rico is still being ignored by AJ Vicens, Grist, March 20, 2018. Article: The battle for paradise by Naomi Klein, The Intercept, March 20, 2018. Report: U.S. executive appointed head Puerto Rico power company by Dalissa Zeda Sanchez, Caribbean Business, March 20, 2018. Report: Puerto Rico legislature sends education reform to governor's desk for enactment by Genesis Ibarra, Caribbean Business, March 20, 2018. Report: Gov presents Puerto Rio justice, agriculture reorganization plans, Caribbean Business, March 20, 2018. Article: 'We are the forgotten people': It's been almost six months since Hurricane Maria, and Puerto Ricans are still dying by John D. Stutter, CNN, March 15, 2018. Article: Puerto Rico reforms could boost GNP by 1.5 percent: Jaresko by Daniel Bases, Reuters, March 14, 2018. Press Release: Committee seeks answers on corruption at Puerto Rico Power Utility, House Committee on Natural Resources, March 12, 2018. Report: Recycled proposals in Puerto Rico's fiscal plans by Luis J. Valentin Ortiz, City & State New York, March 11, 2018. Article: 'This city has been ignored': Yabucoa, ground zero for Hurricane Maria in Puerto Rico, still reeling by Rick Jervis, USA Today, March 11, 2018. Article: The role of private investment in rebuilding Puerto Rico by The Brian Lehrer Show, WNYC, March 8, 2018. Opinion: Puerto Rico? Guinea pig for water privatization by Britt Fremstad, Public Citizen, 2018. Article: Why Puerto Rico is pushing to privatize its schools by Mimi Kirk, City Lab, February 27, 2018. Report: Citigroup drove Puerto Rico into debt. Now it will profit from privatization on the island by Kate Aronoff, The Intercept, February 21, 2018. Report: Hedge fund-driven austerity could come back to bite the hedge funds driving it in Puerto Rico by Kate Aronoff, The Intercept, February 3, 2018. Article: Privatization won't fix Puerto Rico's broken power utility by Lara Merling, NACLA, February 1, 2018. Press Release: Bishop statement on Puerto Rico fiscal plans, PREPA privatization by House Committee on Natural Resources, January 25, 2018. Report: Puerto Rico governor seizes opportunity created by Hurricane Maria, plans to privatize electric power by Kate Aronoff, The Intercept, January 24, 2018. Article: The peril of privatizing PREPA by Vann R. Newkirk II, The Atlantic, January 24, 2018. Report: Puerto Rico to sell off crippled power utility PREPA by Daniel Bases, Reuters, January 22, 2018. Report: Puerto Rico utility workers charge that federal government is hoarding reconstruction supplies by Kate Aronoff, The Intercept, January 16, 2018. Article: PREPA "Warehouse 5" was no secret by Alex Figueroa Cancel, El Nuevo Dia, January 16, 2018. Article: Energy answers marchincinerator: the struggle continues by Leysa Caro Gonzelez, El Nuevo Dia, January 16, 2018. Report: Armed federal agents enter warehouse in Puerto Rico to sieze hoarded electric equipment by Kate Aronof, The Intercept, January 10, 2018. Article: Puerto Rico said 64 people died in Hurricane Maria. A new report puts the death toll over 1,000 by Aric Jenkins, Time.com, December 19, 2017. Report: Nearly 1,000 more people died in Puerto Rico after Hurricane Maria by Center for Investigative Journalism, Latino USA, December 7, 2017. Law Firm Post: Did you lose money investing in Puerto Rico bonds with Morgan Stanley financial advisor Robert Dennison? by Erez Law Firm, December 6, 2017. Article: The lineman got $63 an hour. The utility was billed at $319 an hour. by Frances Robles, The New York Times, November 12, 2017. Article: Ex-Morgan Stanley broker at center of Puerto Rico bond disputes by Bruce Kelly, Investment News, September 28, 2017. Report: Maps: Hurricane Maria's path across Puerto Rico by Sarah Almukhtar, Matthew Bloch, Ford Fessenden and Jugal K. Patel, The New York Times, September 26, 2017. Article: Incinerating the future: Austerity crisis threatens wetlands and economic opportunity for Puerto Rico by Adriana Gonzelez, The Planet: Sierra Club, August 14, 2017. Report: Puerto Rico's Fiscal Control Board spent $31 million in fiscal year 2017 by Julio Ricardo Varela, Latino USA, August 2, 2017. Report: SEC probes Barclays, Morgan Stanley bankers over Puerto Rico by Martin Z. Braun, Bloomberg, June 28, 2017. Report: Puerto Rico Senate approves bill to eliminate debt audit commission by Cindy Burgos Alvarado, Caribbean Business, April 18, 2017. Article: A glimpse of Natalie Jaresko by Jose A. Delgado Robles, El Nuevo Dia, March 29, 2017. Article: Ukraine must fully implement IMF Program, says former finance minister by Mitch Hulse, Atlantic Council, April 14, 2016. Article: How free electricity helped dig $9 billion hole in Puerto Rico by Mary Williams Walsh, The New York Times, February 1, 2016. Article: Puerto Rico - a way forward by Anne O. Krueger, Ranjit Teja, and Andrew Wolfe, GDB.PR.GOV, June 29, 2015. Article: Meet the woman overhauling Ukraine's economy - and born and raised in the suburbs of Chicago by James Ellingworth, Business Insider, March 1,2015. Article: Proposed Arecibo waste-to-energy plan gets EPA nod by Michelle Kantrow, Energy Answers, May 10, 2012. Research Paper: Does private management lead to improvement of water services? Lessons learned from the experiences of Bolivia and Puerto Rico by Susana Maria Cortina de Cardenas, University of Iowa Research Online, Spring 2011. Resources DESMOG Blog Info: Edison Electric Institute Energy Answers Resources: Puerto Rico Resource Recovery and Renewable Energy Project International Monetary Fund Bio: Anne O. Krueger International Monetary Fund Blog: Ranjit Teja LinkedIn Profile: Noel Zamot, Federal Oversight Management Board USDA Report: Arecibo Waste to Energy Generation and Resource Recovery Facility Arecibo, Puerto Rico Sound Clip Sources Hearing: Hurricane Recovery Efforts in Puerto Rico and Virgin Islands, Power Utility Officials; Senate Energy and Natural Resources Committee, November 14, 2017. Witnesses: - Natalie Jaresko - Executive Director of the Financial Oversight and Management Board for Puerto Rico - Jose Roman Morales - Associate Commission and Interim President of the Puerto Rico Energy Commission - Ricardo Ramos - Executive Director of Puerto Rico Electric Power Authority - Julio Rhymer - Executive Director of the US Virgin Islands Water and Power Authority 53:40 Ricardo Ramos: Many of the fallen poles fell because of the additional weight of infrastructure that originally was not supposed to be there, so the grid itself is old—are new. Design standards account for an amount of additional infrastructure for communications and other, but many of the poles were—they had communications because some local law of Puerto Rico permitted the common right-of-way usage, so we had to allow telecom companies to put the telecommunications cables there—but the pole itself not necessarily was designed to those standards. 59:10 Natalie Jaresko: So, as you know, Madame Chairman, the board took an action and filed in the Title III court to name a chief transformation officer. The court ruled yesterday against us in that action, although we have not yet seen the written judgment, so I can’t comment on it in detail. Hearing: Hurricane Recovery Efforts in Puerto Rico and Virgin Islands, Governors; Senate Energy and Natural Resources Committee Witnesses: - Donald Jackson - Deputy Commanding General of the US Army Corps of Engineers, Civil and Emergency Operations - Kenneth Mapp - Governor of US Virgin Islands - Jose Roman Morales - Associate Commission and Interim President of the Puerto Rico Energy Commission - Ricardo “Ricky” Rossello - Governor of Puerto Rico - Bruce Walker - Assistant Secretary of the Department of Energy, Office of Electricity Delivery and Energy Reliability 38:20 Assistant Secretary of the Department of Energy Bruce Walker: PREPA, with the limited crews that it had—I will point to this map over here—made an early decision to have to tie the southern portion, where the generation is, to the northern portion, where the load is. And in doing so, they made a key decision to construct the 230 kV line from the south, bringing it up to the San Juan area, the Bayamon substation. On the map, you can see here, from down here, wrapping up through here, that that align is going to appear all the way over to here. What was important about that was that one decision and the efforts made by PREPA, with limited staffing, enabled the power to be distributed to where the load was and in conjunction with the other big decision, which is the next slide, Jennifer, the Army Corps, working with PREPA, installed two 25-megawatt generators at the Palo Seco generation plant, and that, in conjunction with the rebuild of the 230 line, enabled power to be distributed to the northern portion to start picking up commercial and residential customers. Those two efforts were monumental, given the facts and circumstances. The installation of this generator was, with the letting of the contract and the install—and I was at Palo Seco when this was being put in—and the work that had to be done was really incredible—we had fantastic support from PREPA in coordinating it particularly with the re-laying and the coordination with the Army Corps. 1:10:00 Governor Ricardo Rossello: We have several flaws in terms of the design, aside from having antiquated power plants. Most of our generation was done in the south, yet most of the people and most of the consumption is done in the north, so you lose about 12 to 15% in the transmission, going northward. It is time, it is an opportunity, to rethink that, where do we have that generation and make it better? Piggybacking on Senator Cassidy’s comments, I think it is an opportunity also to leapfrog in renewables. I’ve envisioned us leapfrogging to 25% renewables in Puerto Rico and recognizing that there are some mitigation strategies that we need to put in place. That is why we have worked with the PREPA governing board to have a group of thought leaders that can actually help us in the design, looking forward, and specifically looking where this could happen. Last-mile events in Puerto Rico are very important. It’s important to consider the terrain. Puerto Rico’s not flat; it’s got a mountainous region. And so we will be very aggressively pursuing that we get to 90, 95% of energy consumption and energy generation, but that last mile always takes more time because there are sort of remote areas of the island. This is an opportunity to make microgrids in Puerto Rico so that they can be sustained in different areas. And, lastly, adding to this whole component of renewables, I think it is an opportunity to look at this from a bottom-up-and-a-top-down approach. With the collaboration of FEMA, we were able to, for the first time in the STEP program, allow that either a power plant generator be added to the house or a renewable battery-pack solar combo be added to those homes in the STEP program. Now, we expect that there will be about 80,000 homes that will be introduced in the STEP program. Think about what that means if half of them decide to go with the renewable battery-pack route. It means that now you have the starting conditions to actually think about things like a virtual power plant in Puerto Rico, where you can have smart distribution of the energy; and where some days it might be cloudy in some areas in Puerto Rico—it’ll be sunny, certainly, in others as well—and that energy can be distributed alongside, of course, a complement of utility-size and industrial-size generation, which I envision, Senator, should start transitioning from petroleum-based generation, which is costly and, of course, more harmful, to liquid-gas and so forth generation. So, those are, in a nutshell, what we envision the sort of future grid of Puerto Rico looking like. 1:34:15 Senator Catherine Cortez Masto: It’s my understanding under the Stafford Act, it’s Section 406(e), that limits the use of federal disaster-relief funds for repairing, restoring, reconstructing, or replacing a public facility or private nonprofit facility on the basis of the design of the facility as the facility existed immediately before the major disaster. Now, my understanding of that, then, is that all of the talk that I’ve heard today, which is important talk about new infrastructure—burying lines, looking at how we add renewable capacity—that is something that is not going to be addressed through the funding, through the relief, that comes from the federal government. Is that correct? And I guess I’m asking Mr. Walker and General Jackson, is that your understanding? Assistant Secretary of the Department of Energy Bruce Walker: That is my understanding. As I mentioned earlier, we’re doing emergency restoration work now. A number of the things that have been mentioned here, if the Congress approves additional appropriations, those would be opportunities that we could further, you know, build into— Masto: And that’s—are you asking today, then? That’s what you’re asking Congress today, additional appropriations outside of the Stafford Act be able to set up new infrastructure and do just what we’ve heard today, because we know another hurricane’s going to come through, or some other disaster. I think it’s just the way the climate is today. Is that the ask today from the governors? Governor Ricardo Rossello: To amend that, could you repeat the question, Senator? Masto: Sure. So, the Stafford Act limits the amount of— Rossello: Yeah. Masto: —money that you’re getting from the federal government for disaster relief to repair and reconstruct. Rossello: Yeah. Masto: It is not for new construction or new types of renewable energy or burying lines. So, are you coming today for additional funds outside of the Stafford Act, outside of disaster relief? Is that what I’m hearing today? Governor Kenneth Mapp: Yes. Yes, because under Stafford, if a system connected to the power generation isn’t damaged, it can’t be touched. If it’s cost effective, it can be mitigated, but the whole power system is all connected, and so if we want to change to more-efficient renewables—wind, solar—if the generation system hasn’t been damaged, then we can have an exclusion. So we will need changes in the language to permit that. Rossello: Yes. We are, we recognize what the limitations of FEMA funding are within this, so we’re asking for additional funding so that we can get that flexibility as well and actually rebuild better. I mean, again, you can discuss whether it’s a good idea or not on the context of the merit of the energy and the structure, but it is really just a bad idea to rebuild a system that is frail over again, spend good taxpayer money in that, because you’re going to have to do it once over again. 1:44:34 Senator Mazie Hirono (HI): Based on your estimates, how much are you asking Congress to fund in terms of the kind of modernization, resilience, etc. that you would like to see in Puerto Rico? Governor Ricardo Rossello: Yeah. It’s about $17 billion in damage estimates. Hirono: One year? Rossello: No. For the bulk of the process. Hirono: Seventeen billion dollars? Rossello: Yes, that’s right. Hirono: And is it your—well, I know that you hope that Congress will authorize that, and do you think that authorization or the funding to occur in one year, or is it over a period of time? Rossello: No, it would be over a period of time, of course. 1:53:28 Senator Bernie Sanders (VT): Puerto Rico is struggling with an unsustainable 75-billion-dollar debt and $49 billion in pension obligations. More than one-third of that debt is held by Wall Street vulture funds that are getting interest rates of up to 34% on tax-exempt bonds they purchased for as little as 29 cents on the dollar. Is that correct, Governor? Governor Ricardo Rossello: Yep. Hearing: Puerto Rico Recovery Challenges; House Natural Resources Committee, November 7, 2017. Witnesses: - Natalie Jaresko - Executive Director of the Financial Oversight and Management Board for Puerto Rico - Angel Perez Otero - Mayor of Guanynabo, Puerto Rico - Noel Zamot - Revitalization Coordinator of the Financial Oversight and Management Board for Puerto Rico 22:30 Natalie Jaresko: As the committee is aware, the board has recently named Noel Zamot as chief transformation officer of PREPA, with all the powers of a CEO and reporting to the board. We believe this is absolutely essential both to restoring service as soon as possible and to creating a sustainable, efficient, resilient, and fiscally accountable power system for the island. While the board is confident, the PROMESA, coupled with fundamental aspects of bankruptcy law, gives us the power and responsibility to do as we have done. Some parties are vigorously contesting our authority in proceedings before the Title III judge. To avoid uncertainty and lengthy delays and litigation, congressional reaffirmation of our exercise of our authority is welcome. 23:08 Natalie Jaresko: We have also implemented a contract-review policy as a tool to ensure transparency throughout the government, for the benefit of the people of Puerto Rico and all stakeholders. The policy applies to all contracts in which the commonwealth or any covered instrumentality is a counterparty, including those with the federal government, state governments, and private parties. The policy provides that all contracts of 10 million or more must be submitted to the board for its approval before execution. In addition, the board retains the authority to adopt other methods, such as random sampling of contracts below that 10-million-dollar threshold, to assure that they promote market competition and are not inconsistent with the approved fiscal plan. 26:48 Noel Zamot: I will retain key leaders on my staff to enable speed and effectiveness in our decision-making. I’d like to highlight two key roles. The chief operations officer will be responsible for day-to-day operations of the utility. This will initially be a senior leader from within PREPA but will be augmented by an industry executive identified in conjunction with input that we are receiving from the Edison Electric Institute. 27:41 Noel Zamot: I’ve also identified key executives to serve on a board of advisors. These are CEOs from public and private utilities who have generously volunteered to bring their considerable expertise to help with this task. I will also rely on an internal group of world-class experts from multi-national utilities, the energy sector, academia, and more. 28:22 Noel Zamot: Puerto Rico’s energy strategy calls for 50% renewables by 2040, with a balance of natural and LP gas mix; regional grids, with generation close to demand; physical hardening and control systems to provide resiliency; and widespread distributed generation, all wrapped by an empowered and accountable energy regulator. PROMESA is clear in its guidance to attract private capital to achieve this end state. We need to do just that, not only for generation but to attract innovative capital solutions from the private sector for transmission and distribution as well. 43:42 Representative Raul Grijalva (AZ): Do you or the board hold a view that, relative to Title V, waiving or eliminating additional federal environmental safeguards like NEPA or regulations will accelerate the recovery in Puerto Rico? Ms. Jaresko, you and then Mr. Zamot, if you don’t mind, as well, answering the question. Natalie Jaresko: I certainly believe that further expeditious permitting is a requirement. I’m not an expert on the individual sets of permitting, but I want to underline that it’s both federal, commonwealth, and municipality permitting at all levels. It needs to be expedited for any private-sector investment to become a quick recovery. Grijalva: Okay. Mr. Zamot, do you think that’s needed? Noel Zamot: Thank you, sir. My view is that economic growth and fast-tracking projects is not inconsistent with being good stewards of the environment, and we have a very robust process within Title V and within the working group that we have set with the government to ensure that we, the residents of Puerto Rico, are very respectful of that. Grijalva: If I may, sir, let me just follow up with you. You cite the proposed trash incinerators an example of a project Title V that could come to fruition, but I see an example of why Title V, in this instance, doesn’t work. Public comments about the project are overwhelming in opposition. It’s opposed by both mayors’ groups, representing all the mayors in the island. It was stalled in part because it couldn’t get a permit to drain 2.1 million gallons from a protected wetland. Farmers and residents concerned about the effects on their health, that it could undermine recycling programs that are in place. It flooded during the hurricane. We have a before-and-after situation, that’s up on the screen. It flooded during and released some of the hundreds of tons of toxic ash that could release, in the future, toxic ash into surrounding neighborhoods. And it requires a major loan from the federal government to go forward even though it’s fully privately funded for 67 megawatts of power. Is that what we can expect in terms of Title V critical projects? Zamot: Sir, there are many voices that, obviously, in a democratic process, voice their concern with such a project, but there are equal number of voices on the positive side. We don’t look at this project in Arecibo necessarily as even a power project. It is really a waste-management project. Puerto Rico has a critical, essentially a crisis, in waste management and landfill use that has been identified by the EPA, and that is why the EPA has actually been supportive of this program. 47:30 Representative Doug Lamborn (CO): Is it safe in assuming that pretty much 100% of the electricity generated in Puerto Rico today is from burning fuel oil? Noel Zamot: Sir, I would say it’s 96%. There is approximately 4% that is renewables in Puerto Rico right now. Lamborn: And as we know, fuel oil is very expensive and very dirty. Zamot: That is correct, sir. Lamborn: So, I like the plan. I think you said by 2040, 50% renewables, 50% natural gas through liquefied form. Zamot: That’s correct. Lamborn: Have you identified investors who are willing to make that huge investment in a LNG terminal? Zamot: Sir, there are a number of investors that are actually very bullish on Puerto Rico’s long-term prospects, and we and the board and specifically in my role as revitalization coordinator, we receive a lot of proposals, a lot of questions about how people can bring innovative capital solutions using private capital to bear, to benefit, the reconstruction of the grid and the people of Puerto Rico. Lamborn: Well, I would really urge you to keep pushing in that direction because I don’t think nuclear or coal is going to be a solution. Renewables are great, but to provide that much electricity in that short of time is unrealistic. So I welcome the discussion about LNG. 50:30 Representative Doug Lamborn (CO): And the last thing I want to ask you about is that 800-million-dollar project, and the ranking member referred to it: burning waste to create electricity. Is my understanding that that would be privately funded and would not need government subsidies of any kind? Noel Zamot: That is correct, sir. It’s entirely privately funded. Some of the capital structure includes some federal loans, but there is no money from Puerto Rico, and it relies on relatively new technology that is respectful of emissions. 51:53 Representative Grace Napolitano (CA): The incinerator would be built in an area in Arecibo previously contaminated by a battery recycling plant, and it was flooded during the hurricanes. Has the area been tested for lead, arsenic, and other contaminants? Noel Zamot: Ma’am, I do not have the specific details on what work has been accomplished to date, but we do know that the company that is planning that work has done extensive mitigation pre-work— Napolitano: How long has the plant been there, that it hasn’t been tested? Zamot: Ma’am, I do not have that information. Napolitano: Would you mind sending the answers to this committee— Zamot: Yes, ma’am. Napolitano: —so we can understand that. And how does the Energy Answers Arecibo, LLC plan to prevent their landfill from being flooded by future hurricanes? Zamot: Ma’am, could you repeat the question? Napolitano: How do you prevent landfill from being flooded by hurricanes? Zamot: That is an engineering question that I’m not prepared to answer right now. I would imagine that that has been looked at in the permitting that the company has received to date. Napolitano: Okay. When and—how and when does the company plan to bury the toxic ashes generated by the incinerator? Zamot: That is being currently discussed with the current Puerto Rico administration. Napolitano: Is, let’s see, how many Puerto Rico municipalities refuse to send trash to the plant incinerator? Zamot: I think the answer to that is many, because that represents a threat to current waste management in Puerto Rico, which the EPA has identified as a critical need to address. 1:19:36 Representative Steve Pearce (NM): Now, one of the problems that I see, just as a former business owner taking a look at it, one of the reasons that residents had to pay such a high rate is that certain entities didn’t have to pay for the electrical power. One of those would be the hotels. So are they still exempt from paying their power? Natalie Jaresko: Each of the economic development plans that Puerto Rico implemented over the years had individual tax agreements— Pearce: I’m just asking about the hotels. Jaresko: —between businesses and energy. Pearce: Are they still exempt? Are they not exempt? Jaresko: Some of them are, yes. Pearce: Some of them are exempt. Jaresko: That’s correct. Pearce: Now, also, cities were also exempt, and so city governments were exempt prior, according to what I’ve read. Noel Zamot: That’s correct, sir. 1:38:50 Natalie Jaresko: The board certainly considers privatization as one of the options going forward. There’s a question that remains open to see whether it’s privatization of the entire power sector, meaning generation transmission and distribution or some select part, or whether it just means bringing in private sector to compete and bring down the cost and bring up the efficiency of electricity. We’re looking at all of those as we define this fiscal plan for PREPA. 1:49:50 Representative Raul Labrador (ID): You stated that prior to the hurricane that the board possessed the authority to execute its mission and deliver on the underlying mandate Congress set with PROMESA, but with the devastation, you allude that those tools may be inadequate. So please tell us why does the board currently have—does the board currently have the tools necessary to facilitate efficient and effective recovery? Natalie Jaresko: I will try to be clear. I believe the board has the tools, that PROMESA gives us the tools. That said, when there are disagreements, the use of those tools ends up in costly and time-consuming litigation. Today more than ever that time and that cost is not helping Puerto Rico, so we asked for clarity of the tools that we have—whether it is in the appointment of a CTO through Title III, whether it is the implementation of our contract-policy review, or whether or not it is the implementation of the fiscal plans in full when certified. Labrador: So, what else do you need to be successful? Is there anything else that we need to give you to be successful? Jaresko: I think we would appreciate a legislative affirmation of those and/or conditioning of appropriations on those powers as you see fit. 2:11:11 Representative Garret Graves (LA): The governor recently proposed a law to address emergencies and disasters. Part of that law would allow, basically, eliminating or waiving sales tax in Puerto Rico. Are you aware—is that proposal on your radar screen? Were you consulted? Natalie Jaresko: No, we were not consulted. And I am aware that there has been a problem because of the lack of electricity and the collections of the sales-and-use tax. However, as electricity comes back, the collection process should also return. Graves: So you were not consulted. You were not aware on the front end. If ultimately the governor certifies that this is in compliance with the fiscal plan and you determine otherwise, what happens then? How does that play out? Jaresko: Well, I would hope that they would consult prior to putting that policy in place because it is something that can have a direct adverse fiscal effect, and it could be not in compliance with the fiscal plan. If they certify that it is, as you described, then we have a situation which could potentially, again, lead to difference of opinion in terms of what our role is in PROMESA. And it is very difficult for us, once it is certified by the government as being in compliance, if we disagree, to reverse that. Graves: I’m sorry. Say that last part again. Jaresko: If the government certifies that the executive order or law is in compliance with the fiscal plan, it is difficult for us to reverse that. Graves: Your hands are effectively tied. Do you think Congress should revisit that in terms of something that you believe causes economic harm or undermines the objectives of the fiscal plan but you don’t have the ability to actually help reset that? Jaresko: I think it should be very clear that the intent of PROMESA was for us to be able to stop things that were having an adverse effect on the fiscal plan, yes. 2:26:37 Representative Luis Gutierrez (IL): Arecibo incinerator, Mr. Zamot, I would hope you would talk to Secretary Vilsack because you seem to have a different perspective than he does, since the loan from the USDA is through the Rural Utilities Services. In other words, the money is not in order to do something with waste management; the money is to create energy. But you said to us earlier—and correct me if I’m wrong, if I misunderstood—that the purpose is one of for garbage, basically, disposal, and not for energy. How do you see it? Is it garbage disposal or energy? What is the primary purpose of it? Noel Zamot: Sir, the government of Puerto Rico has a letter out, and they consider that plan in Arecibo to be both a provider of energy— Gutierrez: But when you said primarily, you said primarily. Zamot: The plan at Arecibo, where about 2% of the aggregate electrical demand— Gutierrez: Okay. So primarily, I heard you—and we can go back to the record—you said that it was primarily; yet, they are asking for a loan between half a million and 750 million dollars. And let me just assure you and everybody here: Given the fact that the government of Puerto Rico already owes over $2 billion, unless Mrs. Jaresko’s going to use some of her skills to eliminate that debt, I don’t see how we’re going to do that. And in the last 25 seconds, because I want to focus on this issue with you, do you believe that the control board has such power that you do not have to take into consideration the concerns of the duly elected mayors of the cities that will be affected by the incinerator? Or do you feel you need to consult with them before you make a decision going forward? Zamot: Sir, in 9 seconds, the statute provides for a public comment period that in conclusion— Gutierrez: So, you don’t believe. You do believe that you’re supreme. You’re kind of a dictator over everything. 2:32:05 Resident Commissioner Jenniffer Gonzalez (PR): You say that the board has the power to name a chief transformation officer to take over the management of PREPA, and at the same time, I know the state government, state legislator, the governor is against that. And you filed a motion in the court to allow that to happen. Do you have the power or you don’t have the power to actually name the coordinator board? Natalie Jaresko: Thank you. We believe we do have that power, and that’s why we filed that petition in court. We believe we have that power under Title III as any representative of a debtor, and the board is named the representative of the debtor, in the law in PROMESA, to name a chief restructuring officer, a receiver, a chief transformation officer, as we call it. Gonzalez: So, sorry to interrupt you, but then you don’t need any change in the PROMESA law? You don’t need any power to make that happen, because that’s the question this committee is doing. What do you need in terms of helping the people of Puerto Rico to recover power? I think that’s the main question. If we were a state, we will not have you. If we were a state, we will have full funding in all federal programs, and now that’s a problem all territories got. Jaresko: The board believes that in appointing this CTO will help us move more quickly to restoration of power. That is the only reason the board took this position, and they took it at this time. 2:43:30 Representative Luis Gutierrez (IL): Mayor, thank you very much for being here with us. Could you tell us your annual salary? Mayor Angel Perez Otero: My? Gutierrez: Yes. *Otero: 96,000. Gutierrez: $96,000. Mr. Zamot? What’s your annual salary? Noel Zamot: That’s a matter of— Gutierrez: I’m sorry? Zamot: Sir, that’s a matter of public record. Gutierrez: How much is it? Zamot: I think it’s in the record, sir. Gutierrez: Just—can’t you tell us how much it is? You know how much you’re getting paid. Why are you so reluctant to give us—this is a committee. Just want to know how much you’re getting paid. The mayor was very forthcoming. Zamot: The board found a competition competitive compensation of $315,000. 2:55:30 Representative Luis Gutierrez (IL): So, I’ll ask Mrs. Jaresko—I didn’t get to ask you—what’s your annual salary? Natalie Jaresko: $625,000. Gutierrez: $625,000. Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)  

Resident CommissionerJenniffer González-Colón (PR), Representatives Sean Duffy (WI-7), and Tom MacArthur (NJ-3)discuss the work of the Financial Oversight and Management Board and what a path forward may look like for Puerto Rico as the island territory grapples with recovery efforts from Hurricane Maria and a daunting debt crisis.

What is Puerto Rico? Many Americans - if not most - are unaware that Puerto Rico is a part of the United States. In this episode, learn the history of our scandalous treatment of the US citizens living in Puerto Rico and explore how Puerto Rico’s past foreshadowed the United States' present… and possibly our future. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD128: Crisis in Puerto Rico Additional Reading Book: War Against All Puerto Ricans by Nelson A. Denis, March 2016. Article: Puerto Rico Warning Congress Its Health Crisis Will Impact U.S. States by Suzanne Gamboa, NBC News, March 22, 2017. Document: Testimony of Jose B. Carrion III, Chairman, Financial Oversight & Management Board for Puerto Rico, March 22, 2017. Article: Why the GOP's proposals to cap Medicaid funding won't work by Ana Mulero, Healthcare Dive, March 21, 2017. Article: Fed Raises Interest Rates for Third Time Since Financial Crisis by Binyamin Appelbaum, The New York Times, March 15, 2017. Letter: Fiscal Plan Certification, Financial Oversight & Management Board for Puerto Rico, March 13, 2017. Press Release: Jenniffer Gonzalez Calls for Fiscal Oversight Board Action to Prevent Medicaid Crisis by Jenniffer Gonzalez-Colon, March 13, 2017. Article: Tensions heighten following control board rejection of fiscal plan by Luis J. Valentin, Caribbean Business, March 9, 2017. Article: A bad deal for Puerto Rico, Globe control board opinion, The Boston Globe, March 5, 2017. Article: Quest for statehood: Puerto Rico's new referendum aims to repair economic disaster by Danica Coto, Salon, February 3, 2017. Letter: Letter to Governor Rossello Nevares, Financial Oversight & Management Board for Puerto Rico, January 18, 2017. Article: Puerto Rico's New Governor Takes Over as Debt Crisis Reaches Climax by Tatiana Darie, Bloomberg, January 3, 2017. Article: Puerto Rico Control Board Names Carrion Chair Amid Protests by Katherine Greifeld, Bloomberg, September 30, 2016. Article: Puerto Rico's Invisible Health Crisis by Valeria Pelet, The Atlantic, September 3, 2016. Op-Ed: Understanding Puerto Rico's Healthcare Collapse by Johnny Rullan, Morning Consult, June 20, 2016. Article: Puerto Rico not sovereign, Supreme Court says by Richard Wolf, USA Today, June 9, 2016. Article: US supreme court says Puerto Rico must abide by federal double jeopardy rule by Alan Yuhas, The Guardian, June 9, 2016. Op-Ed: No More Colonialism Disguised as Financial Assistance: The US Must Relinquish Puerto Rico by Nelson A. Denis, Truthout, May 19, 2016. Article: Sea Turtles Delay Debt-Ridden Puerto Rico's Gas-Switching Plan by Jonathan Crawford, Bloomberg, March 23, 2016. Article: There's a big sale on Puerto Rican homes by Heather Long, CNN Money, February 21, 2016. Article: The US shipping industry is putting a multimillion dollar squeeze on Puerto Rico by Rory Carroll, Business Insider, July 9, 2015. Article: Harvard's billionaire benefactor also a GOP sugar daddy by Vanessa Rodriguez, OpenSecrets.org, June 4, 2015. Interview: How the United States Economically and Politically Strangled Puerto Rico by Mark Karlin, Truthout, May 24, 2015. Article: Why Have So Many People Never Heard Of The MOVE Bombing? by Gene Demby, NPR, May 18, 2015. Article: Puerto Rico Expands Tax Haven Deal For Americans To Its Own Emigrants by Janet Novack, Forbes, January 27, 2015. Article: Citizenship Renunciation Fee Hiked 422%, And You Can't Come Back by Robert W. wood, Forbes, January 13, 2015. Article: Puerto Rican Population Declines on Island, Grows on U.S. Mainland by D'Vera Cohn, Eileen Pattien and Mark Hugo Lopez, Pew Research Center, August 11, 2014. Article: Puerto Rico woos rich with hefty tax breaks by Sital S. Patel and Ben Eisen, Market Watch, April 22, 2014. Article: Bankers Crashed the Economy - Now They Want to Be Your Landlord by Rebecca Burns, Michael Donley, and Carmilla Manzanet, Moyers & Company, April 2, 2014. Article: 'Backdoor bailout' boosts Puerto Rico's revenues, Bond News, Reuters, February 10, 2014. Article: Economy and Crime Spur New Puerto Rican Exodus by Lizette Alvarez, The New York Times, February 8, 2014. Article: Everything You Need to Know About the Territories of the United States, Everything Everywhere, June 27, 2013. Document: Puerto Rico's Political Status and the 2012 Plebiscite: Background and Key Questions by R. Sam Garrett, Congressional Research Service, June 25, 2013. GAO Report: Economic Impact of Jones Act on Puerto Rico's Economy by Jeffry Valentin-Mari, Ph.D. and Jose I. Alameda-Lozada, Ph.D. April 26, 2012. Article: Massive Puerto Rico pipeline triggers debate by Danica Coto, The San Diego Union-Tribune, May 14, 2011. Article: Island residents sue U.S., saying military made them sick by Abbie Boudreau and Scott Bronstein, CNN, February 1, 2010. Article: At Riggs Bank, A Tangled Path Led to Scandal by Timothy L. O'Brien, The New York Times, July 19, 2004. Case Study: Money Laundering and Foreign Corruption: Enforcement and Effectiveness of the Patriot Act by the Minority Staff of the Permanent Subcommittee on Investigations, United States Senate, July 15, 2004. Article: MIT to Pay Victims $1.85 Million in Fernald Radiation Settlement by Zareena Hussain, The Tech, January 7, 1998. Article: Police Drop Bomb on Radicals' Home in Philadelphia by William K. Stevens, The New York Times, May 14, 1985. References U.S. Energy Information Administration Puerto Rico Territory Energy Profile Puerto Rico Territory Profile and Energy Estimates Average Price of Electricity to Ultimate Customers by End-Use Sector Video: 1985 Philadelphia MOVE bombing This Day in History: March 2, 1917: Puerto Ricans become U.S. citizens, are recruited for war effort FBI Files Pedro Albizu Campos - includes letter about his radiation torture Pedro Albizu Campos - full files Luis Munoz-Marin 1986 Congressional Report: US Army & US Atomic Energy Commission radiation experiments on US citizen prisoners 1995 Dept of Energy Report: Human Radiation Experiments OpenSecrets Excelerate Energy: Profile for 2016 Election Cycle Crowley Maritime Excelerate Energy Company website Lobbying Report American Maritime Partnership Company website Lobbying Report Financial Oversight and Management Board for Puerto Rico Control Board Website Control Board Document List Website: Puerto Rico Tax Incentives Law 20: Export Services Act Law 22: Individual Investors Act Department of Economic Development & Commerce: Act 73: Economic Incentives for the Development of Puerto Rico 26 US Code 936: Puerto Rico and possession tax credit IRS: Expatriation Tax Forbes Company Profiles Johnson & Johnson Pfizer GlaxoSmithKline Travelponce.com: Ponce Massacre Museum Sound Clip Sources Hearing: Oversight Hearing on The Status of the Puerto Rico Electric Power Authority (PREPA) Restructuring Support Agreement, Subcommittee on Indian, Insular and Alaska Native Affairs, March 22, 2017. Witnesses Panel I The Honorable Ricardo Rossello, Governor of Puerto Rico Mr. Gerardo Portela-Franco, Executive Director - Puerto Rico Fiscal Agency and Financial Advisory Authority Panel 2 Mr. Jose B. Carrion III, Chairman - Financial Oversight and Management Board of Puerto Rico Mr. Luis Benitez Hernandez, Chairman - PREPA Governing Board Mr. Stephen Spencer, Managing Director - Houlihan Lokey Mr. Adam Bergonzi, Managing Director & Chief Risk Officer - National Public Finance Guarantee Corporation Mr. Rob Bryngelson, President & CEO - Excelerate Energy Ms. Ana J. Matosantos, Member of Financial Oversight and Management Board of Puerto Rico Interview: Interview with Luis M. Balzac, March 7, 2017. Luis: Puerto Ricans in Puerto Rico, contrary to common opinion, we do pay some federal taxes. What we don’t pay is federal income tax. Jen: Okay. Luis: So we don’t pay federal income tax. However, Puerto Ricans pay Medicare at the same rate that you pay in San Francisco/California. Jen: Do Puerto Ricans get the same benefits that I get in San Francisco? Luis: No, we do not get the same benefits that you get in San Francisco. Jen: Oh. Luis: So, for example, there are states like California, New York, and other states that I believe get about an 83 percent federal subsidy for Medicare expenses. There are other states—and I realize I’m being recorded, but don’t quote me on it. This you can check, also, very easily— Jen: Sure. Luis: Other states—I think it’s Tennessee— Jen: And you don’t have to give me exact numbers. Just go ahead and, like, big picture, tell me the situation. Luis: Got it. Jen: Yeah. Luis: Even better. So, there are states like California and New York that get about 80-some percent of reimbursement on their major expenses from the federal government. There are other states that get less. I think Tennessee gets less; I think Tennessee gets, like, 50-some percent. Puerto Rico, I think it gets about 23 percent. Jen: Oh, god. Luis: It’s important to understand that, where does the other—if we use 23 percent as an example for Medicare—where does the other 77 percent come from? State funding. Jen: Okay. Luis: So, please understand that if you move to Puerto Rico as a U.S. citizen, and you, for any reason, need Medicare, and you go to the hospital, those hospitals that you go to have to comply with MCS, which is part of HHS—Health and Human Services. And you have to comply with all the regulations and requirements of a hospital to be reimbursed and enjoy federal dollars. However, that institution/Puerto Rico is only getting cents on the dollar compared to other states, but someone needs to make up for that short fall. Jen: Yeah. Luis: The state does. Jen: Well— Luis: That lack of equality translates to Puerto Rico’s budget. Luis: I’m a proud American, and I will defend our country wherever I go. Jen: Mm-hmm. Luis: But I’m also a realist. I cannot expect Congress to give the people in Puerto Rico a fair share of the pie when we don’t have a delegation sitting at the table when the pie is divided. Luis: When I ran the office of the governor of Puerto Rico in New York, and we were lobbying to be included into the Affordable Care Act, my biggest argument, when I met with members of the Senate or the House, in states that had a large Puerto Rican population—Connecticut, New York, New Jersey, by way of example—my point to these members of Congress was, I need your help; I need you to be a voice to Puerto Rico to be included in the Affordable Care Act. And the staff would be like, are you kidding me, Luis? That is none of our business. And I will be like, well, let me—give me an opportunity to maybe convince you that it is your business. The problem is— Jen: Yeah, because you’ll pay for them when they come here. Luis: —you will pay for it. And by the way, we don’t even have a way to qualify because guess what, a lot of them are coming in, getting services, and going back to Puerto Rico once they’re done. Some are staying— Jen: Yeah, that's what I would do. Luis: Some are staying, but others are just coming here, and you have no way of qualifying and quantifying it because they’re United States citizens. You can’t stop it. Jen: Yeah— Luis: And how could you blame them? How could you blame them if Puerto Rico does not have the facilities to treat a cancer or SSI or any other initiative and my mother is risking her life? I’m going to take her to Orlando— Jen: Mm-hmm. Luis: —without a doubt. Jen: Yeah. Luis: I will say that Puerto Rico, even though we have all the issues that you and I have been talking about, we are still part of the United States, and it’s somewhat similar to the changes that we see here, stateside, in the contiguous 48 states, where I would say that from coast to coast, from Florida to California, I think the middle class in the United States has been shrinking. Jen: Mm-hmm. Luis: Likewise in Puerto Rico. Jen: Okay. Luis: But I would say that it is more like the United States, and we are not like Latin America and other third-world jurisdictions. We have a decent-size middle class because we don’t have the IRS because we are not paying federal income tax. There is in Puerto Rico a large underground economy where people work on the side, get paid in cash, and don’t report their earnings to the—there's no IRS—or to the local version of the IRS which is the Treasury Department. So, what you have in Puerto Rico is that you see somewhat of a thriving economy. So those people that are in commercial real estate and they’re doing business with big national chains like Macy’s and JCPenney and all that stuff, you will see in Puerto Rico sales records being broken and people spending a lot of money in the island. So, it’s not like the Dominican Republic. Even people in the projects that are subsidized by state and federal dollars, you can see that they have a/c in the walls, the projects are made out of cement, and you will be able to see all that when you go there in person. So, when you drive around Puerto Rico, all over the island, it is nothing like the Dominican Republic. We are way better, and— Jen: Well, I’ve never been there, either, so a comparison doesn’t really… Luis: Yeah. We are way better—and I realize that I’m about to contradict myself, okay?—we are way better, and it is thanks to the United States. So even though inequality has got all these problems and it’s affected the debt and all that stuff and we are looking now at serious issues, Puerto Rico is still better than—I will never move to Cuba because I think Cuba is better than Puerto Rico, so I get it— Puerto Rico is United States, and we’re doing better than most. Jen: So that brings me to the control board, because now we have Puerto Ricans saying on paper, no doubt, we want to become a state, and yet Congress just did this thing where your government, your state government, or closest thing—what do you call it? Territorial government? Luis: Yeah. Jen: Is that the proper phrase? Luis: Territory. Jen: Okay. Luis: Yeah. Jen: So your territorial government was, basically just taken over by this weird board that has some dictatorial powers. Is there any one in Puerto Rico that’s happy about this? Is there something I’m not seeing? Luis: Yeah. Okay, so, I’m going to compare that. First of all, let’s be fair, and we’re not the first jurisdiction that, let’s say, enjoys the benefit of a control board, because D.C., New York City, have both had it in different jurisdiction relationships, but they did, and it helped. Okay? Jen: O-kay. Luis: The difference between New York City is the following: you have a city that imposed a board by the state. So people in the city of New York, even though they had a control board years back, they had a control board what was decided by politicians who they elected. Jen: Yeah. Luis: Okay? Jen: Mm-hmm. Luis: So, that makes it—but it’s still the same in that you have a higher jurisdiction imposing a control board for fiscal reasons over a lower jurisdiction. Correct? Jen: Yes. Luis: And then you have D.C. They also had a control board, and the list goes on and use the federal government, if I’m not mistaken. So there you have a jurisdiction of a federal imposing in D.C., which is not independent. Now, let me tell you where emotions can go a little crazy here. And remember I’m a stakeholder; I’m pro American. Jen: Yeah. Luis: However, we did not invite the United States of America, back a hundred-and-some years ago; we were invaded. Jen: Yeah. Luis: So, we are invaded, we are treated unequally, that inequality causes financial chaos. We are told by the Supreme Court that our constitution is not really a constitution—you should research that; that was recent—an opinion by the Supreme Court. So, really, our constitution, that we thought we had a constitution, is not worth anything on paper because Congress has complete control of that jurisdiction. Jen: Mm-hmm. Luis: So, what we have is, back to your question about a board, is a federal government imposing a board on people who did not vote for those that imposed that board. Jen: Yeah. And I know that in Congress Puerto Rico has a representative at the time that this was created—I think it was Pedro Pierluisi—but he didn’t have a vote, so— Luis: No. Jen: And even on the board, the governor gets to sit at the table, but the governor of Puerto Rico doesn’t get a vote of the board. Luis: No. And there’s a slight correction to what you said about Pierluisi in your podcast: the resident commissioner does have a vote in Congress—not on committees, on subcommittees. Okay? Jen: Okay, so he has a vote on a subcommittee but not— Luis: No. Jen: —in the committee or the main House. Luis: Correct. Now, are you ready for the kicker? Jen: Yes. Luis: If the vote on a subcommittee comes to a point where the resident commissioner becomes the deciding vote, it doesn’t go. You’ve got to vote again. Jen: No! Luis: Yeah. Jen: So, that’s— Luis: Can I give you an— Jen: —kind of not really having a vote. I mean— Luis: No. Jen: —he does— Luis: No, I know. Luis: Let’s talk for a second about the pharmaceutical industry, okay? Jen: Yeah, because— Luis: Not to be confused— Jen: —just so that I’m on the same page as you, you worked for Pfizer for a while, too, right? Luis: I directed governor affairs for Pfizer, and that included jurisdictions of New York City and Puerto Rico. Jen: Okay— Luis: And San Francisco. Jen: —and when did you do that? Luis: I did that in 20—I took a year off of the government and I went to Pfizer, did not like it, then went back to Puerto Rico government. So that was 2011. Jen: So was that before the Clinton administration took away the tax credits or after? Luis: Oh, no, after. Oh, yes. Jen: Okay, okay. Luis: 2011, before I became a deputy secretary of the United States. Jen: Okay, got you. Luis: Okay. Jen: So this is after all the tax benefits were gone, and was Pfizer still—when did the pharmaceutical industry, like, leave Puerto Rico? When did they leave? Luis: No way. Why are you saying that? Jen: Because that's what I read. Luis: That's wrong. Jen: Is that not what happened? Luis: No! That’s wrong. I’m about to clarify that. Jen: Okay. Luis: All right. So, if you look at the pharmaceutical industry, if you search, let’s say, BIO, I believe BIO is still the pharmaceutical, big pharma association, the industry association, trade association, okay? If you look at that, you will see that in Puerto Rico BIO had a membership of a huge number of pharmaceuticals. And then you may look at BIO now, and the Puerto Rico chapter, which has another name, has way less pharmaceuticals. So the normal person that doesn’t understand how things work will say, well, everyone left. Well, let’s slow down and look at what are the names that are missing. Well, some of those names don’t exist anymore because the industry has completely merged and consolidated their resources. By way of example, I will tell you that in Puerto Rico alone, Pfizer bought Wyeth. Jen: Pfizer what? Luis: Pfizer bought Wyeth. Jen: Oh, okay. So, okay. Luis: Okay? Jen: Gotcha. So Pfizer got bigger by eating a smaller company. Luis: Correct. And there’s nothing wrong with that. So what happened was that I believe at that time when that happened, Pfizer had three operations in Puerto Rico, Wyeth had three operations in Puerto Rico, okay? So now when they merge, they have six plants in Puerto Rico. So what do they do? They are able to— economies of scale and to do streamline, and they are able to close two and stay with four. And now Wyeth is not in Puerto Rico— Jen: But the effect— Luis: —and people think Wyeth— Jen: Is the effect of that, of the people of Puerto Rico, that the people that worked in those two plants are now out of a job? Luis: But it has nothing to do with 936. Jen: Remind me. I did that episode, like, eight months ago. 936 was the tax credits disappearing? Was that…? Luis: That’s exactly—they disappeared with a coin toss, you said. Jen: Okay, okay. Thank you. Luis: So, so, that consolidation, that example that I’m sharing with you, I believe all happened after 936 stopped, but the reason why Pfizer and Wyeth consolidated was for reasons that had nothing to do with 936. Jen: Yeah. Luis: It had a lot to do with being more productive and being able to share assembly lines and being able to share resources and the same CEO and all that stuff. And so, to the untrained eye, to the Puerto Rican, what they think or see is, oh, Wyeth left. No, they didn’t leave; it was absorbed by a larger pharmaceutical. Jen: So, is the pharmaceutical industry still a major employer in Puerto Rico? Luis: Yes, it is. And I will tell something else: Pfizer and many pharmaceuticals, for many years, are enjoying tax benefits on—there’s something called CFC—controlled foreign corporations—and they are able to enjoy benefits that are comparable to 936. It’s just a different name; a different loophole, you want to call it—I don’t want to call it a loophole—it’s a different tax advantage. Luis: Remember, the pharmaceutical industry, way back when—and we’re talking about right after Puerto Rico changed from an agricultural economy to a manufacturing economy, okay? Jen: Mm-hmm. Luis: I really need you to follow me on this. Puerto Rico used to be sugarcane industry. Jen: Yeah. Luis: And we changed. Take my great uncle. He was the governor of Puerto Rico for the other party, the commonwealth party, and him and Governor Luis Munoz Marin came up with this tax incentive with the federal government and 936 were invented, and Puerto Rico changed—completely—and became a manufacturing economy. Jen: Okay. Luis: No more sugar cane; now we’re manufacturing. And when that happened, pharma came to Puerto Rico. What we have to remember is manufacturing industry also included, probably, the largest textile industry. Textile was huge in Puerto Rico. Now— Jen: Is it still there? Luis: No! Why—now, you’re smart. Why do you think textile is gone in Puerto Rico? Where is textile nowadays? Jen: Probably China, India. Luis: Yes, yes! So, in this case, it left to other jurisdictions for minimum wage and for a bunch of other reasons. 936? Yes! It was not great when it left, but the industry changed. Textile goes wherever you have the cheapest labor. And Puerto Rico— Jen: So— Luis: —cannot compete with India, China, Dominican Republic, where people get paid a dollar an hour. Forget it. You can’t compete with that. Jen: And it sounds like the same problem we’re having in California, in Texas, and Massachusetts, and everywhere. Luis: Yeah, yes. Jen: What would you like to see happen on the island? What do you think could help? Luis: Becoming a state. Jen: So that's the goal. Luis: Yes, without a shadow of a doubt, because if we become a state, we are able now to have the congressional mitigation to help us, and we’re able to fight for equal funding so that the state does not need to subsidize such huge percentages. And now we have an equal playing field. Now if I get in debt— Jen: Okay. Luis: Now if I get in debt, go ahead and criticize me all you want. Jen: Well, then you have bankruptcy protection if you go into debt. Luis: Also. Luis: So, you understand the reason why people are going to Puerto Rico is because of Law 20 and 22, right? Jen: Um, I don't know. No. Luis: So, I’m going to share with you the Law 20 and Law 22. Both laws were passed by Governor Luis Fortuno, which is a governor that I worked for. Jen: Okay. Luis: And those two laws were used, pushed, and promoted big time by the previous governor, Alejandro Garcia Padilla. You can do a quick Google, and you will see how most people went nuts over those two laws, and those two laws is the sole reason why people in stateside, mainland U.S., are fleeing to Puerto Rico to enjoy those tax benefits. Jen: Well, what are those benefits? Luis: I'm going to tell you. Jen: Okay. Luis: So, first, you have Law 20. Law 20 is better known as Export Services law, meaning you and I can open a corporation in Puerto Rico that exports services outside of Puerto Rico. Services, not manufacturing. So you and I can open a consulting firm that consults on any issue, and if our clients are not in Puerto Rico, if our clients are in Europe or New York or California, when that company in Puerto Rico bills those accounts, that corporation will only pay local four percent tax and no sales tax. Wow! Jen: Okay. That's crazy. Luis: Okay? So that means that you and I can have an existing company and have a law firm in New York, and you and I are the partners, and we’ll make—and let’s say that half of our clients are not in Puerto Rico, so why don’t we just open an office in Puerto Rico and do all the billing out of Puerto Rico and serve those clients from Puerto Rico—by the way, you and I can hire attorneys in Puerto Rico that are bilingual; graduated from Harvard, Yale, all those popular universities; pay even a fraction of what you and I would pay a lawyer in New York, and we bill them to the clients that are outside Puerto Rico, and we only pay four percent tax. That’s Law 20. It’s beautiful. Jen: Wow. Okay. Luis: All right. So, now, Law 20 was supplemented, complemented, by Law 22. Law 22 is called the Investor Act. So, now, you and I are the partners of that law firm, and we’ve moved operations and the corporation is only paying four percent tax, local tax, okay? Jen: Okay. Luis: Got it. You and I have not lived in Puerto Rico for the last 15 years. Jen: Okay. Luis: So we, you and I, have our attorneys will review Law 20, and what Law 20 says is you and I can move to Puerto Rico personally, and when we’re in Puerto Rico, our Puerto Rico-sourced income will be tax free. Jen: So the income—so, it’s the Investment Act. So are you talking about, like— Luis: Yes. Jen: —instead of paying capital gains tax, they pay nothing. Luis: Nothing. Now, it needs to be Puerto Rico-sourced income. That means that if you and I own Apple shares, or Microsoft, and we move to Puerto Rico, that’s passive income. We’ll pay taxes because that income is generated outside of Puerto Rico. Jen: Okay. Luis: But if you and I go to Puerto Rico like Paltry and Paulson moved to Puerto Rico, and we invest in property, and we invest in the business of Puerto Rico, that Puerto Rico-sourced income will be tax free. Jen: Federally or are there any state taxes? Luis: Both. Jen: Wow. So the state— Luis: I don’t have the law— Jen: —doesn’t even get anything from that. Luis: Well, yeah, they do because think about all the jobs. You know it’s crazy how much money is generated by having those people in Puerto Rico. Of course it generates— Jen: Yeah. I guess that makes sense. Luis: It’s called economic development. Yes, it generates—I have a lot of people that have new accounts with those individuals all the way from real estate, legal fees, engineering. They’re all millions and millions and millions of dollars that were not moving around the economy until they moved there. Jen: And so, are these two laws something that you personally support? Are they a good idea? Luis: I think it’s a good idea. We somehow need to generate some federal activity. Jen: We do, but at the same time, your government is broke. So isn’t raising revenues, isn’t that a solution? Luis: Well, no. Well, you know what? It’s a little contradicting, so when I say I endorse it, but I just told you a little while ago that I want to be a state. And if I was a state, that would probably not be possible. Jen: Yeah. Luis: Those two laws would not be possible if we’re a state, but guess what—we’re not a state. Jen: Yeah. Luis: And what the heck are we supposed to do? Jen: Yeah. I guess that’s true. You’ve got to play the hand you’re dealt. Okay. Luis: I would rather not have those two laws and be a state. Jen: Okay. That's fair. Luis: Education. I think that your podcast touched on education about 100 schools being closed. Jen: Yeah. Luis: Yeah, but how many people have moved to Orlando? We do not have— Jen: So there's not as many kids? Luis: No! No! Now, I’m going to defend, I’m going to defend this. With me, you may go crazy because I jump from side to side, so for one, one part of me says— Jen: I do that, too. I totally get it. Luis: One part of me says, the student body—I think the island student population went down from half a million to 400,000 students. That’s 25 percent. Jen: Okay. Luis: Okay. That means that I should be able to cut 25 percent of schools and 25 percent of my budget. Right? Well, let’s look at the other side. You and I, again, are married, right? Jen: Uh-huh. Luis: And you and I have a boat, and we have two kids, and the schools that we have our kids are three blocks away. Beautiful. Well, you and I bought a house because it was right next to the school. So now they’re going to close that school, and the next school is five miles away. Jen: Yeah. Luis: Are you and I pissed? Jen: Of course. Luis: I don’t give a crap that there’s less students. I’m going to picket, and I’m going to make a lot of noise, and I’m going to make it impossible for the government to close that school, which is what happens. You know what? Somebody else should sacrifice, not my wife and I. We have it good. I like to be able to walk three blocks and grab my children by the hand, have a beautiful conversation with them while we eat cookies, and we go to the school right next door. Well, guess what? The population is so much smaller now that somehow we cannot justify having the same number of schools open. I believe that happened in Chicago under new jurisdictions. We have to adjust. So guess who needs to deliver those bad news? The fiscal control board, because you cannot possibly justify having all those schools open. So who’s going to be the bad guy? Thank God there’s a fiscal control board, because if you leave, you allow the local elected official to make those decisions, it would be political suicide. And that transfers to any state. Ask any governor to close down 25 percent of schools, and they’re going to lose the election. Jen: Well, I mean, I think that’s just a part of the job. The problem— Luis: I know! Jen: —that I’m seeing as— Luis: No, but wait a second the problem is that the governor can’t do it because when you commit political suicide, and you need to support the legislature to do that, the elected officials in the legislative body would be the first ones that won’t back you up. They’ll say, you crazy? I’m not going to back you up; I want to get elected next time. That’s a huge problem. He says, I can’t do it without you. People are like let’s not do it; let’s let the other guy do it. And he’s like, no, we don’t have enough money. The students are leaving Orlando and New York. They moved away. We don’t need so many schools; we need to close. And the senators will be like, I’m not going to pass that law; are you kidding me? We’re all going to be out of a job. Jen: Well, I mean, and that’s the thing, like, maybe you’re not supposed to serve forever. Like, I just feel like those tough decisions are a part of a job of being elected, and one of my concerns of this control board is that those families, they can’t petition to this board. There is no voice for the Puerto Ricans where the governor doesn’t have a vote. I guess I’d feel more comfortable with it if I thought that those families could petition to their governor, and it would be one vote at the table that would have those political calculations in mind. But with these seven people that were selected by Congress, I mean, is there any concern that they’re going to prioritize the bankers over the Puerto Rican people? Luis: I think a lot of people are concerned about that. Cover Art Design by Only Child Imaginations