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FINANCIAL OVERSIGHT AND MANAGEMENT BD. FOR 
PUERTO RICO v. AURELIUS INVESTMENT, LLC 
Opinion of the Court 

appointed by the President and with the Governor serving
as an ex officio member.  §§101(b), (e), id., at 553, 554–555.  
PROMESA gives the Board authority to file for bankruptcy 
on behalf of Puerto Rico or its instrumentalities.  §304(a), 
id.,  at  579.  The  Board  can  supervise  and  modify  Puerto
Rico’s laws (and budget) to “achieve fiscal responsibility and 
access  to  the  capital  markets.”  §201(b),  id.,  at  564;  see 
§§201–207, id., at 563–575.  And it can gather evidence and 
conduct investigations in support of these efforts.  §104, id., 
at 558–561. 

As we have just said, PROMESA gives the President of 
the United States the power to appoint the Board’s seven
members without Senate confirmation, so long as he selects
leaders. 
six 
§101(e)(2)(A), id., at 554–555. 

lists  prepared  by  congressional 

from 

B 
On  August  31,  2016,  President  Obama  selected  the
Board’s seven members in the manner just described.  The 
Board established offices in Puerto Rico and New York, and 
soon filed bankruptcy petitions on behalf of the Common-
wealth and (eventually) five Commonwealth entities.  Title 
III Petition in No. 17–BK–3283 (PR); see Order Pursuant 
to PROMESA Section 304(g), No. 17–BK–3283 (PR, Oct. 9, 
2019), Doc. 8829 (consolidating petitions filed on behalf of
the  Commonwealth  of  Puerto  Rico,  the  Puerto  Rico  Sales 
Tax Financing Corporation, the Puerto Rico Highways and 
Transportation Authority, the Employees Retirement Sys-
tem  of  the  Government  of  the  Commonwealth  of  Puerto 
Rico,  the  Puerto  Rico  Electric  Power  Authority,  and  the 
Puerto  Rico  Public  Buildings  Authority).  And  the  Chief 
Justice then selected a federal judge to serve as bankruptcy
judge  for  Puerto  Rico.  Designation  of  Presiding  District 
Judge, No. 17–BK–3283 (PR, May 5, 2017), Doc. 4. 

After both court and Board had decided a number of mat-
ters, several creditors moved to dismiss all proceedings on