The Puerto Rico Senate adjusted the budget for the upcoming fiscal year, reducing the funds available for the Iniciativa para la Desreglamentación y Eficiencia Administrativa (IDEA), led by Verónica Ferraiuoli, to $7 million. The original budget allocated $9.5 million for IDEA, but the House of Representatives redistributed the funds for school improvements and other purposes.
The Senate transferred the custody of the funds to the Department of Economic Development and Commerce (DDEC). The funds can be used for economic development initiatives, but the disbursement is subject to approval by the Fiscal Oversight Board (JSF) and certain conditions.
Senator Luis Javier Hernández expressed concerns that the DDEC secretary, Carlos Ríos Pierluisi, may not have the discretion to allocate the funds as needed. The Senate's adjustments also retained language requiring JSF approval and certain conditions for the release of the funds, including a clause that allows for the release of up to half of the funds if certain conditions are met by January 1, 2027.