On June 30, President Obama signed the PROMESA bill, a bill designed to help Puerto Rico sort out its budget, debt, and economic issues. Democrats carried the bill in both chambers, apparently voting along the lines of 'aiding' Puerto Rico residents. Most Republicans voted against the bill because they did not want to be associated with a 'bailout'. The media has described this bill as the 'magic pill' that will solve all of Puerto Rico's problems.

Despite the confusion among our elected officials and media, this bill does not bring financial 'aide' to Puerto Rico, nor is it a 'bailout' for creditors, not is it a 'magic pill'. This bill is all about  creating two Boards. First, a seven member Control Board has been given the mandate and the authority to understand and fix the Puerto Rican budget imbalances. This Control Board has the power to limit expenditures and restructure liabilities. Second, an eight member Economic Task Force has been given the mandate to understand the Puerto Rican economy and to come up with policy recommendations that will attract investment, people, and stimulate growth.

Both of these Boards have enormous jobs that will require cooperation and accurate information from the Puerto Rican government. If Congress and the President choose motivated Board members that are truly interested in fixing Puerto Rico's problems then this bill will likely result in solutions that are meaningful. Its a start!!