What does FOMB mean in MANAGEMENT
The Financial Oversight and Management Board (FOMB) was established by the U.S. Congress with the passage of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in 2016. Its purpose is to ensure that public finances are managed effectively in Puerto Rico so that its economic future can be secured.
FOMB meaning in Management in Business
FOMB mostly used in an acronym Management in Category Business that means Financial Oversight and Management Board
Shorthand: FOMB,
Full Form: Financial Oversight and Management Board
For more information of "Financial Oversight and Management Board", see the section below.
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Essential Questions and Answers on Financial Oversight and Management Board in "BUSINESS»MANAGEMENT"
What is FOMB?
FOMB stands for Financial Oversight and Management Board. It is an oversight board established by the U.S. Congress as part of PROMESA, to support Puerto Rico's economic future through effective management of public finances.
How long has FOMB been in existence?
FOMB was established in 2016 with the passage of PROMESA by the U.S. Congress.
Who created FOMB?
FOMB was created by the U.S Congress with PROMESA to help oversee and manage public finances in Puerto Rico with the aim of securing its economic future.
What is PROMESA?
PROMESA stands for Puerto Rico Oversight, Management, and Economic Stability Act and it was passed into law by the US Congress in 2016 establishing FOMB among other things to address debt crisis in Puerto Rico.
What is FOMBs purpose?
The purpose of FOMB is to ensure that public finances are managed effectively within Puerto Rico so that it can secure its economic future.
Final Words:
The Financial Oversight and Management Board (FOMB) has been a key actor in helping Puerto Rico secure its financial and economic future since its establishment four years ago as part of PROMESA, providing oversight and management services of public finances on the island so that it can alleviate fiscal pressures due to heavy debt burdens faced by local government units.
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