WASHINGTON - U.S. Supreme Court justices on Tuesday signaled reluctance to overturn appointments to Puerto Rico’s federally created financial oversight board in a dispute that could disrupt the panel’s restructuring of about $120 billion of the bankrupt U.S. territory’s debt.
The legal challenge to the board’s composition was brought in 2017 by Puerto Rico creditors including Aurelius Investment, LLC, a hedge fund that holds Puerto Rico bonds, and Unión de Trabajadores de la Industria Eléctrica y Riego, Inc, a labor group that represents workers at Puerto Rico’s government-owned electricity utility.
The Boston-based 1st U.S. Circuit Court of Appeals said in its February ruling that board members are federal officers who exercise the power of the federal government and therefore must be confirmed by the Senate. The board and its allies have argued that Congress can create positions in federal territories that require Senate approval or can chose not to if the officials predominantly work on local issues.
Olson also faced a stinging question from Justice Samuel Alito, who wondered if it was “excessively cynical” to ask if the creditors had a financial interest in the outcome of the case.The ruling ultimately is likely to hinge on whether the justices think that the board primarily has control over local issues or is exercising federal control.
While the appeals court declined to void actions taken by the board, the decision created uncertainty as the panel continues its efforts to restructure Puerto Rico’s debt and pension obligations.
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