Warren Says Board Put Wall Street First

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Sen. Elizabeth Warren (D-Mass.) criticized President Donald Trump on Tuesday for trying to reshape Puerto Rico’s federal financial oversight board, using the 10th anniversary of the bipartisan PROMESA Act to warn that the island’s fiscal future could again be tilted toward Wall Street creditors.

Warren Says Board Put Wall Street First

“10 years ago, Congress put Puerto Rico’s finances under an unelected fiscal board that put Wall Street first. Now Trump is firing its members and opening the door for even more of his Wall Street buddies,” Warren wrote on X. “It’s time for Puerto Rico to have the right to determine its own future,” she added.

10 years ago, Congress put Puerto Rico’s finances under an unelected fiscal board that put Wall Street first.

Now Trump is firing its members and opening the door for even more of his Wall Street buddies.

It’s time for Puerto Rico to have the right to determine its own future.

— Elizabeth Warren (@SenWarren) June 30, 2026

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Congress enacted PROMESA in 2016 to respond to Puerto Rico’s financial crisis. The law created the seven-member Financial Oversight and Management Board, known as FOMB, and gave it broad power over budgets, fiscal plans and debt restructuring.

Puerto Rico later entered the largest municipal bankruptcy-like proceeding in U.S. history after declaring it could not repay more than $70 billion in debt. Critics have long argued that the board prioritized creditor repayment over local public services and economic recovery.

Trump Firings Trigger Legal And Political Fight

In August 2025, Trump abruptly fired five of the board’s seven members, including Chairman Arthur J. González. The White House said the board had operated inefficiently and that it wanted “common sense leadership.” Days later, Trump moved to remove a sixth member, Andrew Biggs, after Biggs publicly defended his ousted colleagues and called the dismissals a setback for Puerto Rico.

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In October, a federal district judge blocked several removals, ruling that the administration had failed to give valid “for cause” notices required by PROMESA. The case left the board’s future tied to a wider fight over presidential removal power.

Lawmakers, including Warren, as well as Puerto Rico advocates, say Trump’s purge could “stack” the board with members more favorable to corporate bondholders. They argue that the original board already imposed austerity that hurt residents.

New Bill Seeks Puerto Rico Fiscal Control

The White House, in a statement shared with the Associated Press earlier, has countered that the board failed creditors and Puerto Ricans, especially by letting power-sector debt talks drag on while the island’s fragile electric grid continued to struggle.

With regard to Warren’s latest social media post, Benzinga reached out to the White House for comment but had not heard back at the time of writing.

The dispute has fueled new legislation. Reps. Raja Krishnamoorthi (D-Ill.) and Darren Soto (D-Fla.) introduced the Puerto Rican People’s Power Restoration Act of 2026 in March this year. The bill, which is currently pending review in the House Committees on Natural Resources and the Judiciary, would amend PROMESA, end the oversight board under defined conditions and restore fiscal authority to Puerto Rico’s elected government.

Photo Courtesy: Bryan J. Scrafford on Shutterstock.com

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