The last few weeks have been very difficult for Puerto Rico. Widespread allegations of corruption in the island's Government have been proven right by a social media scandal that has rocked the island. Several current and former cabinet members have been arrested - or are being investigated - by the FBI. The allegations, investigations and arrests - carried out by FBI as well as other Federal and US state agencies - come at a terrible time. They reinforce a bipartisan perception in Washington that the island's government has been unable to root out a corruption problem decades in the making.

Puerto Rico is still reeling from the impact of Hurricane Maria almost two years past. Billions in Federal recovery funding, crucial for meeting economic recovery goals, have yet to be released, in part because of concerns on how the funding will eventually be used. Puerto Rico still desperately needs funding for widespread repair of critical infrastructure affected by years of neglect and hurricane damage. But the Federal government is unable to bear the full cost, and thus expects private capital to have a substantial role. These private investors are understandably reluctant to invest in an island mired in Federal investigations of corruption scandals, without the backstop of the Federal Government. Puerto Rico is in an endless hold, where Federal lack of trust in the local government prevents the disbursement of recovery resources that will unlock the private investment that the American citizens in Puerto Rico desperately need.The only viable solution is Radical Transparency for Puerto Rico. During recent Congressional testimony I addressed one transparency initiative in particular: the creation of an Office of a Federal Coordinator for Recovery for Puerto Rico to speed up disbursement of recovery funds. A growing bipartisan group of us - public officials, investors, developers, Federal executives, lawmakers - have brought this option to the US Congress, the US Senate, HUD and other Federal agencies. The concept is simple: Anytime the Government of Puerto Rico considers projects funded with Federal recovery funds, the Federal Government has a senior representative at the table to fully understand how these funds are awarded. Nothing more, and nothing less. The Federal Coordinator is not another bureaucratic step - it is a catalyst, with visibility deep into PR's procurement process, determining whether Federal funds are allocated appropriately and transparently to deserving stakeholders. If the Government of Puerto Rico takes active steps to find and expose corruption, the Federal Coordinator would act as an advocate, reporting that information to the Federal government, external stakeholders, business leaders, media and capital providers. Likewise, if the Federal Coordinator discovers that contract awards are less than fully transparent, the office would again report such activity to Federal Agencies, the Senate, Congress, the media and capital providers. It would be up to those stakeholders to apply corrective action. This Federal Coordinator would work closely with the FOMB and the Federal agencies providing recovery funds for Puerto Rico. Implementing this 'sunlight pressure' - a concept welcomed by private citizens and the vast majority of PR government employees - is a necessary solution for the island's problems. As Machiavelli and Churchill correctly said: 'Never waste the opportunity afforded by a good crisis.' History has provided Governor Rosselló the perfect opportunity to regain the trust of the Federal government by unconditionally 'opening the books' of the government's procurement processes, applying sunlight pressure to historically opaque, shadow processes that have existed for decades. The Governor can welcome, with open arms, full Federal overwatch of all recovery funds for the island. He is running out of other options: allegedly there are now widespread calls for his ouster. Doing the right thing - instituting unconditional, aggressive transparency - will not be easy. But it will be the right thing - the only thing - that has a hope of restoring trust with Federal stakeholders. It is the only remaining option to create the bright economic future that all of Puerto Rico deserves. P.S.: As of 15 July 2019, the island is in the throes of a civic uprising not seen in decades. The past ten days have shown that even the concept of Federal Oversight for recovery funds may be insufficient. There are voices - on island as well as in Washington, from Democrats and Republicans, from 'penepes' and 'populares' - that recommend stringent, involved Federal oversight for ALL Federal funds disbursed on the island. Whether this comes to pass is still to be determined. But the fact that citizens and stakeholders from across the spectrum of social and political discourse are asking for the same solution is remarkable. It shows that all of Puerto Rico - on island and beyond - is clamoring for a level of transparency unthinkable just months ago. Radical Transparency, fully embraced by the citizenry, is the best outcome for this crisis.

*The author is the President of Atabey Group, an advisory firm focused on ethical investment in emerging markets. He is a son of Puerto Rico, a former business executive, retired Air Force Colonel and combat veteran. He previously served as the Revitalization Coordinator for the Financial Oversight and Management Board for Puerto Rico. He has twice testified before Congress on rebuilding the island's power grid, and the need for widespread structural reform of the Government of Puerto Rico.