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Home > About GDB > Gallery of Presidents

Gallery of Past Presidents

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Melba Acosta Febo (2014 - 2016)

Melba I. Acosta Febo graduated Magna Cum Laude with a B.B.A. from the University of Puerto Rico and became a Certified Public Accountant in 1988. She attended graduate school at the Harvard Business School where she earned an M.B.A. in 1992. She went on to obtain a Juris Doctor, Magna Cum Laude, from the University of Puerto Rico in 1995. That same year she was admitted to the Puerto Rico bar. She is also an authorized notary public.

Acosta Febo was appointed President of the Government Development Bank for Puerto Rico on October 27, 2014, and Chairwoman of GDB Board of Directors in September 2015. At the time of her appointment, she served as the Commonwealth’s Treasury Secretary, Chief Financial Officer, and member of the GDB Board. Previously, she had serve as Director and Chief Information Officer of the Office of Management and Budget, from 2001 to 2004, and as Chief of Staff of the Municipality of San Juan, from 1997 to 2000.

 

In the private sector, Acosta Febo worked as an attorney with McConnell Valdés LLC, in the corporate, tax, banking and financing areas. She served as Executive Vice President, Chief Operating Officer, Chief Risk Management Officer and Chief Financial Officer of RG Financial Corporation and RG Premier Bank. In addition, she served as Tax Consultant with Price Waterhouse.

 

As Treasury Secretary and GDB President, Acosta Febo played a key role in searching for viable solutions to the economic and fiscal crisis facing Puerto Rico. She was a member of the Working Group for the Fiscal and Economic Recovery of Puerto Rico that retained a group for former IMF economists, lead by Anne Krueger, to conduct a study and report on the state of the island’s finances, and developed a 10-year Fiscal and Economic Growth Plan. Acosta Febo also led the efforts to negotiate a debt restructuring for the Commonwealth, a total of 11 issuers, and $48 billion in bond indebtedness, including general obligations and and Cofina. She participated in U.S. Congress hearings in support of debt restructuring legislation for Puerto Rico. She developed a restructuring proposal, as well as two counterproposals. She provided support to the Puerto Rico Electric Power Authority during its debt restructuring negotiations and to the Commonwealth government managing its liquidity through innovative measures, such as the Tax and Revenue Anticipation Notes issued internally. As Treasury Secretary, she promoted and managed a Tax Reform study conducted by KPMG; supported several legislative measures to increase General Fund revenues and was responsible for issuing the Commonwealth Financial Statements of 2012 and 2013.

 

For the benefit of the GDB, Acosta Febo advocated for Act 24-2014 that established better financing practices and banned the GDB from granting loans to public corporations without a repayment source. She promoted the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act that would safeguard the provision of essential services to island residents while protecting the GDB’s liquidity. In addition, while she was in office, the Risk and Audit Committees of the Board of Directors of the GDB were created to improve its governance, and several bank policies were developed. She was responsible for issuing the GDB’s 2014 Financial Statements overcoming a number of obstacles due to the auditors’ requests for information and the island’s difficult fiscal situation.

 

Ms. Acosta Febo was also an active member of the boards of the Puerto Rico Art Museum, the Luis Muñoz Marín Foundation and United Way of Puerto Rico.

 

In July 2016 Acosta Febo decided to return to private practice.


 
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