On November 17, Budget Director Robert Mujica announced that he was stepping down from his position as Director of the Budget Office to take over as Executive Director of Puerto Rico’s Financial Oversight Board. Mujica has been in his current position since 2015 when Andrew Cuomo appointed him as then-governor. He held financial and leadership positions in the New York State Senate for decades.
Subject to U.S. Senate approval, Mujica will assume his new position effective January 1, 2023, and will serve a three-year term on the Financial Oversight Board. The Board consists of her seven members appointed by the President of the United States and one ex-officio member appointed by the Governor of Puerto Rico. The Commission’s mission is to support Puerto Rico’s economic growth and provide opportunities for its residents.
Mujica plans to continue until his resignation to work with the Hochul government to formulate the 2024 state budget. There has been considerable speculation about his successor, but no new minister has yet been named by the Ho-chol administration. The Manatt team will continue to monitor developments and will share additional information as it becomes available. In the meantime, if you have any questions, please reach out to a member of the Manatt team.
