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Flag of the Commonwealth of Puerto Rico in front of Capitolio, San Juan, Puerto Rico. Flag of the Commonwealth of Puerto Rico in front of Capitolio, San Juan, Puerto Rico.

During Constitutional Law, I learned of an important concept concerning the judiciary and the practice of law: the limits of the law. In federal constitutional law, the judiciary is authorized to adjudicate disputes and issue decrees; however, it is usually another branch of government that must enforce that decree. PROMESA is a classic example of the limits of the law. On June 30, 2016, PROMESA was signed into law by President Obama. PROMESA has established an elaborate process for the restructuring of Puerto Rico’s debt. The Federal Oversight Management Board (the FOMB), which is authorized to oversee the financial affairs of Puerto Rico and to oversee Puerto Rico’s debt restructuring, has been in existence for over three years. The FOMB has proposed a debt restructuring plan for Puerto Rico. Nevertheless, absent the support of the executive and legislative branches of the federal government, the Puerto Rico debt readjustment plan will fail.

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