Carlos M. García

Who is Carlos M. García?

Carlos M. García, born on June 25, 1971, is a Puerto Rican banker who served as president of the Puerto Rico Government Development Bank from 2009 to 2011 during the administration of Governor Luis Fortuño.

Appointed as President, CEO and Chairman of the Board of GDB on November 13, 2008 by Gov.-elect Fortuño, he had to assume responsibilities long before going on the payroll since they both had to travel to Wall Street, while still in transition, to buy time from the credit-rating agencies to avoid having the island's bonds reclassified into junk-bond status before the new administration had an opportunity to legislate new fiscal policy laws.

The 2009 legislation to handle the $3.306 billion operational and structural deficit that the new administration confronted upon taking office created a Fiscal Reconstruction and Stabilization Board and the Governor appointed García as chairman of the new board that was tasked with designing and implementing the fiscal recuperation policies. Over 22 months, government expenditures were reduced by 20% and Wall Street credit-rating agencies have restored the islands' ratings to their highest levels in 35 years.