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A proposal to create a Puerto Rico Treasury Department that would strip Treasury Secretary of powers

Puerto Rico House Speaker Rafael “Tatito” Hernandez Montañez’s measure would eliminate the Aafaf, change the Treasury Secretary’s powers, and reconfigure the government’s economic and financial component “to prevent Puerto Rico from falling into bankruptcy again”

November 6, 2023 - 9:51 AM

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If the reorganization of the government's financial and fiscal tasks is approved, the current Secretary of State and Executive Director of Aafaf, Omar J. Marrero, would become the first Secretary of the Department of the Treasury of Puerto Rico. (tonito.zayas@gfmedia.com)

By Maricarmen Rivera Sánchez

Periodista de Negociosmaricarmen.rivera@gfrmedia.com

Puerto Rico House Speaker Rafael “Tatito” Hernández Montañez introduced a bill seeking to create a “Department of Treasury” in Puerto Rico, a new government agency that would absorb some of the functions now performed by the Department of Treasury, the Fiscal Agency and Financial Advisory Authority (Aafaf, Spanish acronym) and the Office of Management and Budget (OMB).