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Institutions

Puerto Rico Fiscal Agency and Financial Advisory Authority

The public corporation serving as Puerto Rico’s fiscal agent, financial adviser, and reporting authority. It coordinates debt and fiscal-compliance matters and serves as a liaison with the Oversight Board. It is a state-level institution distinct from that Board, Hacienda, and OGP.

Arts. 4–5 ↗ · Sources consulted:

Puerto Rico Fiscal Agency and Financial Advisory Authority · Autoridad de Asesoría Financiera y Agencia Fiscal (AAFAF) · AAFAF · Fiscal Agency · Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico · FAFAA

AAFAFState-levelActive

Spanish legal name: Autoridad de Asesoría Financiera y Agencia Fiscal (AAFAF). Spanish legal names are retained. Some English names are functional translations.

Official websiteThe mapPractice
Government level
State-level
Branch or grouping
Independent bodies
Type
Public corporation
Sources consulted
Oct 18, 2026

What it does

  • Provides financial advice to the government and its entities and coordinates communication and cooperation with the Oversight Board. It assists the governor with fiscal plans and budgets; that role does not transfer the Board’s federal certification powers to AAFAF.Art. 5(a)–(b) ↗Secs. 201(e), 202(e) ↗Sec. 202(e) ↗ · Sources consulted:
  • Supervises restructuring, renegotiation, and adjustment of obligations and assumes the non-banking fiscal-agent and financial-adviser functions previously assigned to GDB. This does not establish that every GDB banking operation or liability transferred to AAFAF.Art. 5(c) ↗ · Sources consulted:
  • Monitors executive entities’ fiscal-plan compliance and may require information, assess operations, and take corrective measures under its statute. Article 5(b) leaves the legislative and judicial branches responsible for supervising their own dependencies; fiscal oversight does not itself create component membership.Arts. 5(b), 8 ↗Art. 8 ↗ · Sources consulted:
  • Publishes fiscal and financial information, including audited statements, certified budgets, fiscal plans, liquidity reports, and budget-to-actual comparisons. Document type matters: available cash, spending authorization, and actual spending answer different questions.Financial repository categories ↗ · Sources consulted:

In everyday life

When reading about a “fiscal approval,” first identify the document: an AAFAF debt negotiation, an OGP-prepared budget, a Board certification, or a judicial decision on a plan of adjustment. AAFAF’s repository helps locate financial documents, but publishing them on one portal does not mean the same authority issued them.Document categories ↗Art. 8(q) ↗Secs. 202, 314 ↗Sec. 314 ↗ · Sources consulted:

Budget & finance ↗

How to distinguish it from other institutions

AAFAF is created by Puerto Rico law and is not PROMESA’s Oversight Board. Local law assigns it negotiations for the government; in a Title III proceeding, PROMESA provides that the Board represents the debtor and has the exclusive power to file its plan of adjustment. A fiscal plan and a judicial debt-adjustment plan are different documents.Arts. 4, 8(q) ↗Art. 8(q) ↗Secs. 312(a), 315(b) ↗Sec. 315(b) ↗ · Sources consulted:

Hacienda administers taxes and accounting; OGP prepares and monitors the budget; AAFAF coordinates financial advice, debt, and fiscal compliance. Advisory, coordination, and board-participation powers do not make all agencies administratively subordinate to AAFAF.Arts. 5, 16 ↗Art. 16 ↗Arts. 2–3 ↗Arts. 4–7 ↗ · Sources consulted:

Official services and information

Confirm requirements, forms, and schedules on the linked official portal.

Where it fits

Map groupings support navigation; they do not themselves establish reporting authority.

Legal basis

Act 2-2017 creates and organizes AAFAF, defines fiscal and financial powers, and establishes succession to GDB functions and board seats. Its powers must be read with PROMESA; state negotiation authority does not replace the Board’s and court’s Title III roles.Arts. 4–8, 16 ↗Art. 16 ↗Secs. 312–315 ↗ · Sources consulted:

The enabling reference is a reading aid. Consult applicable texts and amendments in official sources; directory cards can retain older references.

Leadership & appointments

AAFAF Executive Director

The governor appoints the executive director, who is the chief executive officer and sits on the board. The board selects its chair from its members: those roles are not automatically interchangeable. The consulted “Executive Team” page publishes no identifiable officeholder; the current name and appointment dates remain uncertified, without implying a vacancy.Arts. 6(a)–(b), 7 ↗Art. 7 ↗Consulted Executive Director page ↗ · Sources consulted:

A name is not published without current verification of the role.

Appointment
Verification pending
Confirmation
Verification pending
Term end
Verification pending

An absent name does not imply a vacancy. Names from the seed report are not automatically treated as current officeholders.

Governance & composition

The statutory board has five members: the executive director, two additional gubernatorial appointees, and a representative of each legislative chamber designated by its presiding officer. Gubernatorial appointees serve at the governor’s pleasure; legislative representatives may be removed only by the officer who designated them. The initial rule permitting one member for 45 days is not used to describe today’s board. A roster, vacancies, and delegations are not certified here.Art. 6(a)–(b) ↗ · Sources consulted:

Members, vacancies, and terms are not certified as a complete roster. An expired term is not automatically treated as a vacancy; some laws allow service until a successor qualifies.

Sources consulted: Oct 18, 2026

Open research

Article 16 automatically substitutes AAFAF’s director or designee for the GDB president in seats established by statute, executive order, or regulation. It permits ceding the seat to the GDB president or designee. Establishing legal succession, as for HTA and PRITA, does not identify today’s delegate or prove that each seat is occupied.Art. 16 ↗Art. 21(a) — Board of Directors (9 LPRA § 2020a) ↗Art. 4(a) ↗ · Sources consulted:

Sources & method

The consultation date is not the institution’s own update date.

  1. AAFAF Puerto Rico Fiscal Agency and Financial Authority ↗https://www.aafaf.pr.gov/Sources consulted: Oct 17, 2026
  2. AAFAF Puerto Rico Fiscal Agency and Financial Authority ↗https://aafaf.pr.gov/Sources consulted: Oct 17, 2026
  3. Ley 2-2017 — AAFAF: organización, facultades y sucesión de asientos (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/2-2017.pdfSources consulted: Oct 18, 2026 · Document revised: Jul 2, 2026
  4. PROMESA — Public Law 114-187 (texto promulgado por el Congreso) ↗https://www.congress.gov/114/plaws/publ187/PLAW-114publ187.pdfSources consulted: Oct 18, 2026 · Published: Jun 30, 2016
  5. AAFAF — Repositorio de información financiera y fiscal ↗https://www.aafaf.pr.gov/financial-informationSources consulted: Oct 18, 2026
  6. Ley 147-1980 — Oficina de Gerencia y Presupuesto (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/147-1980.pdfSources consulted: Oct 18, 2026 · Document revised: Mar 13, 2025
  7. Ley 230-1974 — Contabilidad del Gobierno de Puerto Rico (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/leyesreferencia/PDF/Contabilidad%20de%20Gobierno/230-1974.pdfSources consulted: Oct 18, 2026 · Document revised: Apr 15, 2024
  8. AAFAF — Página publicada de Dirección Ejecutiva (sin titular identificable) ↗https://www.aafaf.pr.gov/executive-teamSources consulted: Oct 18, 2026
  9. Ley 74-1965 — Autoridad de Carreteras y Transportación (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/74-1965.pdfSources consulted: Oct 18, 2026 · Document revised: Apr 21, 2026
  10. Ley 123-2014 — Autoridad de Transporte Integrado (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/123-2014.pdfSources consulted: Oct 18, 2026 · Document revised: Apr 16, 2024
  11. AAFAF — Propósitos y funciones institucionales ↗https://www.aafaf.pr.gov/about-usSources consulted: Oct 18, 2026
  12. OGP — Presupuesto aprobado y certificado del año fiscal 2026–2027 ↗https://www.presupuestos.pr.gov/aprobado-26-27/aprobado-27Sources consulted: Oct 18, 2026
  13. Ley 72-1993 — Administración de Seguros de Salud (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/72-1993.pdfSources consulted: Oct 18, 2026 · Document revised: Apr 21, 2025
  14. FOMB — Covered Entities (copia publicada por la Junta de Gobierno de la UPR) ↗https://juntagobierno.upr.edu/wp-content/uploads/sites/134/2021/02/PROMESA_Covered_Entities_List.pdfSources consulted: Oct 18, 2026
  15. Ley 4 de 11 de octubre de 1985 — OCIF y Junta Financiera (compilación OGP) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/LeyesOrganicas/Pages/4-10-1985.pdfSources consulted: Oct 18, 2026 · Document revised: Sep 24, 2024
  16. Ley 114-2001 — Versión OGP anterior a las enmiendas 99 y 205 de 2024 ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/leyesreferencia/PDF/Cooperativas/114-2001/114-2001_Anterior.pdfSources consulted: Oct 18, 2026 · Document revised: Jan 9, 2025
  17. COSSEC — Carta Informativa 2026-21: elección de representante de ejecutivos de cooperativas aseguradas ↗https://docs.pr.gov/files/COSSEC/Documentos%20Cooperativas/Cartas%20Informativas/CARTA%20INFORMATIVA%202026/CARTA%20INFORMATIVA%202026-21.pdfSources consulted: Oct 18, 2026 · Published: Jul 31, 2026
  18. Ley 99-2024 — Reforma fiscal de COSSEC y condiciones de vigencia (secs. 4–5, 11–12) ↗https://bvirtualogp.pr.gov/ogp/Bvirtual/leyesreferencia/PDF/2020/0099-2024.pdfSources consulted: Oct 18, 2026 · Published: Jun 25, 2024
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