New Ethics Rules for Advisors to Financial Oversight and Management Board.
This law establishes strict ethics rules for consulting firms working for the Financial Oversight Board, which manages the finances of U.S. territories like Puerto Rico. The goal is to eliminate conflicts of interest: advisory firms cannot simultaneously work for the Board and for companies competing for or performing major government contracts overseen by the Board. This change aims to increase fairness and transparency in public spending, indirectly protecting citizens' interests.
Key points
Consulting firms are banned from advising the Financial Oversight Board if they also serve companies bidding on or executing government contracts supervised by the Board.
Firms must certify they have no conflict of interest; providing false information can lead to legal penalties and referral to the Attorney General.
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