By The Star Staff
Financial Oversight and Management Board David Skeel announced Wednesday that he will not run for a third term, after serving in the entity almost eight years.
Skeel informed President Joe Biden and Sen. Mitch McConnell that his term will end when a successor is named.
“When I was nominated by Senator Mitch McConnell and appointed by President Barack Obama to the Oversight Board, I knew the task would be demanding, complicated and rewarding,” Skeel said in a written statement. “The challenges have been formidable in ways I could not have anticipated in the summer of 2016, but, in the end, our work has been equally rewarding.”
Skeel highlighted the achievements of the oversight board in reducing debt and stabilizing Puerto Rico’s finances.
“Stability is not enough,” he said. “We must continue our work to complete the recovery of Puerto Rico and return our responsibilities to the elected government.”
He noted the significant challenges faced during his term, such as Hurricane Maria, earthquakes and the COVID-19 pandemic, which further complicated Puerto Rico’s fiscal crisis. However, Skeel said the dedication and effort of the board and his staff have brought the island to a more stable fiscal situation.
“I am convinced that we, the Oversight Board, did the best and the right thing,” he said. “Puerto Rico today is better than in 2016, and that is what matters.”
The oversight board was established to help Puerto Rico manage its debt and achieve fiscal stability, fulfilling the mandate of the Puerto Rico Oversight, Management and Economic Stability Act, commonly known as PROMESA.