Joe Biden appoints investment expert Juan Sabater as a member of the Fiscal Oversight Board

Washington DC. – President Joe Biden The White House announced that Puerto Rican Juan Sabater, an investment expert, has been appointed as a member of the Fiscal Oversight Board (JSF).

Sabator will fill the vacancy left by the resignation of Justin Peterson, sent by Donald Trump to the tax entity. In that sense, Sabater is someone who is directly appointed by President Biden. The other six posts are based on the recommendations of Congress leaders.

The Puerto Rican executive is a partner and co-chairman of Weller Equity Partners, a firm with $16,000 million in assets where he has worked for the past decade. Previously, he was a managing director at investment firm Goldman Sachs in its investment banking division.

There is still another vacancy in the board after the resignation of Antonio Medina — who was the only resident of Puerto Rico on the board — and five other current appointments have expired.

Sabater, who has 25 years of experience in the investment industry, is a native of Puerto Rico, where he lived during his childhood. He lives in New York with his wife and three daughters.

He holds a bachelor’s degree in history from Princeton University and also studied history at Oxford University. He graduated as a lawyer from Stanford University and was an officer in the United States Army Reserve.

Previously, he was appointed by Biden to the Board of Visitors of the United States Military Academy. He is a member of the Board of Directors of the Association of Investment Companies, which promotes diversity in the private equity industry.

Sabater joins the board – which has been in office for seven and a half years – at a time when the debt restructuring of the Electric Energy Authority (PREPA) and the certification of at least four balanced budgets by the government of Puerto Rico.

Sabater serves on the boards of Harmony Biosciences, Adaper and Premise Data, and participates as an observer on the boards of Dataminer and BlueVoyant, all companies in which Virat is an investor, according to the White House.

He was previously a founder of the Board of Directors of the “My Brother’s Keepers” Alliance, created during the administration of President Barack Obama and now part of the Obama Foundation. In Puerto Rico, he is part of the board of directors of Endeavor Puerto Rico, and previously served on the board of Invest Puerto Rico, a foundation for Puerto Rico and Private Equity for Puerto Rico, which raised funds for disaster relief caused by Hurricane Maria. , in 2017.

Five members of JSF – David Skill, the President; Former judge Arthur Gonzalez, John Nixon, Andrew Biggs And Betty Rosa-, their appointment has expired.

That position and Medina will depend on the recommendations congressional leaders present to Biden. According to the PROMESA law – which created the board, as well as the regional bankruptcy judicial process – Speaker Michael Johnson and Senate Democratic Majority Leader, Charles SchumerEach board may submit two lists with recommendations.

Biden will have to select other members from a list of recommendations presented to him by both the Republican Senate Minority Leader, Mitch McConnell (Kentucky), as House Democratic Minority Leader, Hakeem Jeffries (NY).

For his part, the Resident Commissioner in Washington, Jennifer GonzalezHighlighted Sabater’s experience, “both in the world of investments, as well as on boards of directors or advisory boards of various agencies, universities and organizations promoting entrepreneurs in the Latin community.”

“We hope this means bringing to the board the perspective of promoting economic development and business activity for Puerto Rico’s recovery, and I hope to meet soon to share what its priorities will be and how it will respond to those needs. Continue to exist,” he said.