José Berrocal
Encyclopedia
José Berrocal was the youngest president of Puerto Rico Government Development Bank
(1991–1992).
He graduated in 1975 from the Academia del Perpetuo Socorro in Miramar, PR, where he distinguished himself as president of the student council and the Model United Nations Club of PR. An accomplished debater, he championed Perpetuo's Model UN team to first place at the Washington, DC nationals. In 1979, Berrocal graduated Phi Beta Kappa with a Bachelor's degree
from Princeton University
's Woodrow Wilson School of Public and International Affairs
. He followed this with studies as a Marshall Scholar at Oxford University, and then the study of law at Yale University
, where he was an editor at the Yale Law Journal
.
Rafael Hernández Colón
, Berrocal was chosen to serve as president of the Puerto Rico Government Development Bank
, the fiscal agent of the Government of Puerto Rico. At the time of his selection, he became the youngest president in the history of the bank.
During his years in public service, Berrocal was also the Governor's designee in the years-long negotiations led by the United States Senate
Energy Committee Chairman J. Bennett Johnston, D-La, on Puerto Rico's political status, representing the status quo. He also mentored numerous young professionals working in government, some of whom were humorously called "berrocalitos" (or mini-Berrocal's) in his honor.
In 1991, it was rumored that Governor Hernández Colón intended to appoint Berrocal as an Associate Justice of the Supreme Court of Puerto Rico
, according to a recent history of the Supreme Court (La justicia en sus manos-2007).
, then Deutsche Bank
, where he worked closely with Federal Reserve Bank
chairman Paul Volker. Prominent businesses in and out of Puerto Rico sought him out as a consultant.
cancer
. After visiting him in Puerto Rico, Ford sent a plane to fly his friend to the Henry Ford Hospital
in Michigan, where a new chemotherapy treatment was applied, to no avail. On October 25, 2000, Berrocal died with his family and Bill Ford at his bedside.
announced the creation of the José M. Berrocal Scholarship for Environmental Studies — $10,000 scholarships to assist graduate students studying environmental disciplines in Puerto Rico.
On May 13, 2002, the Government Development Bank announced the creation of the José M. Berrocal Institute for the Study of Public Finances and the Economy, which offers "training on the theory and practice of public finances and economic development to university students and new government employees." Since 2002, the GDB has sponsored the annual José Berrocal Finance & Economy Institute Internships aimed at providing college level students in the areas of Business Administration, Finance, Economy and Public Administrations — the areas in which Berrocal personally excelled — with a two month internship experience.
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...
(1991–1992).
Early years; Education
Berrocal was born in 1957 in Puerto Rico.He graduated in 1975 from the Academia del Perpetuo Socorro in Miramar, PR, where he distinguished himself as president of the student council and the Model United Nations Club of PR. An accomplished debater, he championed Perpetuo's Model UN team to first place at the Washington, DC nationals. In 1979, Berrocal graduated Phi Beta Kappa with a Bachelor's degree
Bachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...
from Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
's Woodrow Wilson School of Public and International Affairs
Woodrow Wilson School of Public and International Affairs
The Woodrow Wilson School of Public and International Affairs is a professional public policy school at Princeton University. The school has granted undergraduate A.B. degrees since 1930 and graduate degrees since 1948...
. He followed this with studies as a Marshall Scholar at Oxford University, and then the study of law at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, where he was an editor at the Yale Law Journal
Yale Law Journal
The Yale Law Journal is a student-run law review affiliated with the Yale Law School. Published continuously since 1891, it is the most widely known of the eight law reviews published by students at Yale Law School...
.
Public service
After serving for several years as Legal Counselor to Puerto Rico GovernorGovernor of Puerto Rico
The Governor of Puerto Rico is the Head of Government of the Commonwealth of Puerto Rico. Since 1948, the Governor has been elected by the people of Puerto Rico...
Rafael Hernández Colón
Rafael Hernández Colón
Rafael Hernández Colón is a Puerto Rican politician who served as the fourth Governor of the Commonwealth of Puerto Rico for three non-consecutive terms, from 1973 to 1977 and from 1985 to 1993. An experienced politician, Hernández holds the record for being the youngest Governor of Puerto Rico,...
, Berrocal was chosen to serve 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...
, the fiscal agent of the Government of Puerto Rico. At the time of his selection, he became the youngest president in the history of the bank.
During his years in public service, Berrocal was also the Governor's designee in the years-long negotiations led by the United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
Energy Committee Chairman J. Bennett Johnston, D-La, on Puerto Rico's political status, representing the status quo. He also mentored numerous young professionals working in government, some of whom were humorously called "berrocalitos" (or mini-Berrocal's) in his honor.
In 1991, it was rumored that Governor Hernández Colón intended to appoint Berrocal as an Associate Justice of the Supreme Court of Puerto Rico
Supreme Court of Puerto Rico
The Supreme Court of Puerto Rico is the highest court of the Commonwealth of Puerto Rico, having judicial authority within Puerto Rico to interpret and decide questions of Commonwealth law. As the highest body of the judicial branch of the Puerto Rican government, it is analogous to one of the...
, according to a recent history of the Supreme Court (La justicia en sus manos-2007).
Professional life
Subsequent to his stint in government, Berrocal became managing director of Wolfensohn (later acquired by Bankers TrustBankers Trust
Bankers Trust was an historic American banking organization. The bank merged with Alex. Brown & Sons before being acquired by Deutsche Bank in 1998.-History:A consortium of banks created Bankers Trust to perform trust company services for their clients....
, then Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, where he worked closely with Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
chairman Paul Volker. Prominent businesses in and out of Puerto Rico sought him out as a consultant.
Final illness
Berrocal's close Princeton classmate, Bill Ford, found out that he was seriously ill with a rare disease, thymicThymus
The thymus is a specialized organ of the immune system. The thymus produces and "educates" T-lymphocytes , which are critical cells of the adaptive immune system....
cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
. After visiting him in Puerto Rico, Ford sent a plane to fly his friend to the Henry Ford Hospital
Henry Ford Hospital
Henry Ford Hospital, the flagship facility for , is an 805-bed tertiary care hospital, education and research complex located in Detroit ....
in Michigan, where a new chemotherapy treatment was applied, to no avail. On October 25, 2000, Berrocal died with his family and Bill Ford at his bedside.
Memorials
On December 7, 2001, Bill Ford and the Ford Motor CompanyFord Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
announced the creation of the José M. Berrocal Scholarship for Environmental Studies — $10,000 scholarships to assist graduate students studying environmental disciplines in Puerto Rico.
On May 13, 2002, the Government Development Bank announced the creation of the José M. Berrocal Institute for the Study of Public Finances and the Economy, which offers "training on the theory and practice of public finances and economic development to university students and new government employees." Since 2002, the GDB has sponsored the annual José Berrocal Finance & Economy Institute Internships aimed at providing college level students in the areas of Business Administration, Finance, Economy and Public Administrations — the areas in which Berrocal personally excelled — with a two month internship experience.