Former Chamber of Commerce head joins Puerto Rico Oversight Board

Former Puerto Rico Chamber of Commerce President Cameron McKenzie will join the Puerto Rico Oversight Board.

President Joe Biden said Friday he will appoint McKenzie and reappoint current members Andrew Biggs and John Nixon.

The Puerto Rico Oversight, Management, and Economic Stability Act requires at least one of the seven board members reside on the island. The seat has been vacant and no member was a resident of the island since September when Antonio Medina left the board.

"As a proud Puerto Rican, I am deeply honored that President Joseph Biden intends to appoint me to serve on the Financial Oversight and Management Board for Puerto Rico," McKenzie said. "This role provides me with a meaningful opportunity to give back to an island that has shaped who I am and to contribute to a brighter future for my children."

Puerto Rico Clearinghouse Principal Cate Long said, "Cameron McKenzie appears to be a positive addition to the oversight board since he understands how important generating growth is for the island. Puerto Rico needs to simplify their tax code, reduce their massive levels of regulations and reduce corruption. Although the board appears to believe that budgeting is the solution to Puerto Rico's problems, it's likely someone with local experience, like McKenzie, understands the issues are much more complex."

The future of the island's economy is one of the issues at the center of arguments over how generous the payout to bondholders should be in the Puerto Rico Electric Power Authority bankruptcy.

Board Chairman Arthur Gonzalez said, "Puerto Rico's economy is at the very heart of what we are focusing on now and Cameron has already been an ally in helping Puerto Rico to return to growth as an active member of the Chamber of Commerce. His expertise in guiding the reforms and investment necessary to create a solid economic foundation will be critical for Puerto Rico's future."

McKenzie is the founder and CEO of McKenzie & Associates, a boutique investment bank and corporate finance advisory firm. He is an executive board member of the International Chamber of Commerce and was president of the Puerto Rico Chamber of Commerce last year.

U.S. Speaker of the House Mike Johnson, R-La., nominated McKenzie for the role.

Biggs and Nixon have served on the board since 2016 and 2020, respectively. Biggs is an expert on government pensions and a senior fellow at the American Enterprise Institute. Nixon is a senior vice president at Acentra Health, a technology and health solutions and services company. He served as Michigan's chief financial and administrative officer and as Utah's state budget director.

Appointments to the Oversight Board last for three years. The members serve without pay.