Carlos M. García
Encyclopedia
Carlos M. García, born on June 25, 1971, is a Puerto Rican
banker who served as president of the Puerto Rico Government Development Bank
(GDB) 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 (JREF) 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.
As head of the Governor's economic team, García coordinated simultaneously the disbursement of over $6.5 billion in American Recovery and Reinvestment Act of 2009
funds, lobbying and implementation of the federal health reform program that is injecting hundreds of millions of dollars in new federal dollars in Puerto Rico's health industry, and the rescue of Puerto Rico's banking system, including three Federal Deposit Insurance Corporation
-assisted transactions that comprised 70% of Puerto Rico's banking market.
During his stint in the public sector, he also served as Chairman of the Board of the newly-created Puerto Rico Public Private Partnership Authority]], charged initially with five major public private initiatives that will inject over $3 billion in Puerto Rico's economy.
Prior to his stint in public life, Carlos García served as President and COO of Banco Santander Puerto Rico, one of the top banks in Puerto Rico, as well as member of the Board of Directors of Santander Bancorp (NYSE: SBP) from 2001 to 2008. Until 2001, he served as President, CEO and Vice Chairman of the Board of Santander Securities Corporation, Puerto Rico's second largest wealth and asset management firm. Before joining the Santander corporate family, he served as Vice President of Popular Securities, a subsidiary of Popular Inc., and an analyst for Credit Suisse
First Boston in San Juan, Puerto Rico and New York, New York.
Married with three children, García is an avid marathoner.
, García participation in a dual degree program made it possible to obtain a Bachelor of Science
in Economics, majoring in Management, from the Wharton School, and a Bachelor of Arts
and Sciences degree in Comparative Literature after completing an honors thesis on Federico García Lorca
's "Sonetos del Amor Oscuro", published after the Spanish writer's death.
All Ivy league Academic Honors, University of Pennsylvania
UPenn's Men's Varsity Division, Tennis Team Captain and Julius Axelrod
Sportsmanship Award
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
banker who served as president of the Puerto Rico Government Development Bank
Puerto Rico Government Development Bank
The Government Development Bank of Puerto Rico was the brainchild of Governor Rexford Guy Tugwell, who signed Law 252 of May 13, 1942, creating the institution in charge of economic development for the Government of Puerto Rico...
(GDB) from 2009 to 2011 during the administration of Governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
Luis Fortuño
Luis Fortuño
Luis Guillermo Fortuño Burset is the governor of the Commonwealth of Puerto Rico, a territory of the United States of America. Fortuño is also the president of the New Progressive Party of Puerto Rico , a member of the Republican National Committee, and will be president of the Council of State...
.
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
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
, 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 (JREF) 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.
As head of the Governor's economic team, García coordinated simultaneously the disbursement of over $6.5 billion in American Recovery and Reinvestment Act of 2009
American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009, abbreviated ARRA and commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted by the 111th United States Congress in February 2009 and signed into law on February 17, 2009, by President Barack Obama.To...
funds, lobbying and implementation of the federal health reform program that is injecting hundreds of millions of dollars in new federal dollars in Puerto Rico's health industry, and the rescue of Puerto Rico's banking system, including three Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
-assisted transactions that comprised 70% of Puerto Rico's banking market.
During his stint in the public sector, he also served as Chairman of the Board of the newly-created Puerto Rico Public Private Partnership Authority]], charged initially with five major public private initiatives that will inject over $3 billion in Puerto Rico's economy.
Prior to his stint in public life, Carlos García served as President and COO of Banco Santander Puerto Rico, one of the top banks in Puerto Rico, as well as member of the Board of Directors of Santander Bancorp (NYSE: SBP) from 2001 to 2008. Until 2001, he served as President, CEO and Vice Chairman of the Board of Santander Securities Corporation, Puerto Rico's second largest wealth and asset management firm. Before joining the Santander corporate family, he served as Vice President of Popular Securities, a subsidiary of Popular Inc., and an analyst for Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
First Boston in San Juan, Puerto Rico and New York, New York.
Married with three children, García is an avid marathoner.
Education
A graduate of the University of PennsylvaniaUniversity of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, García participation in a dual degree program made it possible to obtain a Bachelor of Science
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
in Economics, majoring in Management, from the Wharton School, and a Bachelor of Arts
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
and Sciences degree in Comparative Literature after completing an honors thesis on Federico García Lorca
Federico García Lorca
Federico del Sagrado Corazón de Jesús García Lorca was a Spanish poet, dramatist and theatre director. García Lorca achieved international recognition as an emblematic member of the Generation of '27. He is believed to be one of thousands who were summarily shot by anti-communist death squads...
's "Sonetos del Amor Oscuro", published after the Spanish writer's death.
Honors and recognitions
Named "Public Sector Person of the Year" by Caribbean Business weekly business newspaper in 2009.All Ivy league Academic Honors, University of Pennsylvania
UPenn's Men's Varsity Division, Tennis Team Captain and Julius Axelrod
Julius Axelrod
Julius Axelrod was an American biochemist. He won a share of the Nobel Prize in Physiology or Medicine in 1970 along with Bernard Katz and Ulf von Euler...
Sportsmanship Award