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has gloss | eng: The Government Development Bank of Puerto Rico (GDB) 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. A subsequent law in 1945 expanded its responsibilities to include serving as the fiscal agent for, and financial advisor of, the government of Puerto Rico. The highly centralized government structure set up by Tugwell, one of President Franklin Delano Roosevelt's Brain Trusters required such a fiscal agent, contrary to the model followed by most states, in which each agency and political subdivision is responsible for issuing its own bonds. |
lexicalization | eng: Puerto Rico Government Development Bank |
instance of | e/Public corporations of the Government of Puerto Rico |
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