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The Bank was the brainchild of Governor Rexford Guy Tugwell, who signed Law 253 of May 13, 1942, creating the institution in charge of economic development for the Government of Puerto Rico. A subsequent law in 1945 expanded its responsibilities to include serving as the fiscal agent for, and financial advisor of, the government of Puerto Rico.
The following is a list of presidents of the Puerto Rico Government Development Bank, which until 2017 was the Commonwealth's main financial and economic development agency along with the Puerto Rico Department of Treasury and the Puerto Rico Department of Economic Development and Commerce. [1]
In a TV address on Sunday, Puerto Rico's governor said the island's Government Development Bank will not make a $422 million payment to its creditors.
The government-owned corporations of Puerto Rico are autonomous, independent, and self-sufficient legal entities owned entirely or in large by the executive branch. These corporations engage in commercial activities with their revenues ultimately being allocated towards the government's treasury: the Puerto Rico Consolidated Fund.
Carlos M. García, (born on June 25, 1971, in Mayagüez, Puerto Rico), is a Puerto Rican banker, public servant, and private equity investor who served as president of the Puerto Rico Government Development Bank (GDB) from 2009 to 2011 during the administration of Governor Luis Fortuño.
David H. Chafey Jr. is a business executive and the current chairman of the board of the Puerto Rico Government Development Bank.Before the GDB, Chafey was the Chief Operating Officer of Popular, Inc. and former President of Banco Popular de Puerto Rico.
President of the Puerto Rico Government Development Bank; In office October 27, 2014 – July 7, 2016 [1] Governor: Alejandro García Padilla: Preceded by: Javier Ferrer: Secretary of Treasury of Puerto Rico; In office January 2, 2013 – October 26, 2014: Governor: Alejandro García Padilla: Preceded by: Jesús Méndez: Succeeded by: Juan Zaragoza
The Bureau was part of a package of new agencies created to provide the impoverished United States territory with a state-like government. Some of the new agencies included the Puerto Rico Planning Board, the Puerto Rico Electric Power Authority and the Government Development Bank of Puerto Rico. It was created to assist the Governor in the ...