Washington's hurry-up-and-wait approach could spell disaster in Puerto Rico

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Like Nero fiddling as Rome burned, the costs of inaction are high. This is especially true when it comes to the Puerto Rico's debt crisis.

Unfortunately, the legal and government structures that have been put in place to guide the economic recovery of the commonwealth are not functioning with the level of urgency or foresight the situation requires. If this doesn't change soon, the consequences for inhabitants of the commonwealth, as well as creditors, could be dire.

The Puerto Rico Oversight, Management, and Economic Stability Act was signed into law on June 30, 2016, and it laid out a framework for resolving Puerto Rico's financial ailments, notably providing for bankruptcy relief only as a last resort. This bill was the product of more than a year of debate and negotiation. One key element of PROMESA was that a group of experts be appointed by the Obama administration (based on recommendations by Congressional leaders from both parties) to an Oversight Board to supervise the restructuring and manage the fiscal crisis.

However, since the board's formation on Aug. 31, 2016, its lack of action has been concerning (to say the least). For example, the Board has still not hired an executive director, or settled on its full roster of advisors. This is the equivalent of a football team not having a quarterback or a complete roster a few games into the season. In the case of the NFL, this would definitely not go unnoticed. Yet little attention has been paid despite the urgency of Puerto Rico's situation.

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