Rebuilding Puerto Rico: How Cameron McKenzie Is Bringing Babson Grit to Fiscal Reform
Cameron McKenzie ’07, MBA’12 knew he was stepping into a historic and challenging role when President Joe Biden appointed him to the seven-member Financial Oversight and Management Board (FOMB), which was created to oversee Puerto Rico’s fiscal recovery.
But, McKenzie, a Puerto Rico native and investment banker who is deeply committed to his homeland, wasn’t prepared for the hefty emotional toll.
“This is my heart, my home. I became successful here, and I feel it’s my civic duty to give back,” McKenzie said. “But this is a very difficult position, and it’s actually quite painful for me to be on this board emotionally, just because of what’s transpired over the last 20 years.”
A Call to Serve
McKenzie is referencing Puerto Rico’s years of financial hardship, with $72 billion in debt and over $55 billion in unfunded pension liabilities leading to bankruptcy in 2017. The situation worsened after Hurricanes Irma and Maria devastated the island’s infrastructure.
The Oversight Board, together with the government of Puerto Rico, has since restructured about 80% of Puerto Rico’s outstanding debt, but past issues of political corruption and ongoing infrastructure issues continue to plague the territory. McKenzie attended his first FOMB public meeting in December.
“Before my first board meeting, I was overwhelmed by the weight of what has transpired over the past 20 years,” McKenzie said. “But it emboldened me to dig deeper and add value to this process.”
Since joining the board in late 2024, McKenzie has thrown himself into understanding the root causes of Puerto Rico’s financial struggles and identifying solutions.
“I’ve spent over 100 hours researching, meeting with consultants, and speaking with stakeholders to triangulate the data,” he explained. “It’s emotionally taxing, but it’s critical work for the future of 3 million Puerto Ricans and the 6 million who would love to return.”
The Path from Babson
McKenzie credits much of his ability to tackle such a complex and emotionally charged role to his time at Babson College. As a double Beaver, he absorbed the entrepreneurial mindset and practical skills that have guided him through a diverse career—from founding his investment banking firm, McKenzie & Associates, in 2015 to leading the Puerto Rico Chamber of Commerce and serving as Honorary Consul of Japan.
“Babson taught me grit,” McKenzie said. “The focus on fundamentals and the entrepreneurial way of thinking prepared me to navigate challenges and create solutions.”
But, he also is clear-eyed about the difficulty of his role.
“A lot of decisions were made for short-term political gains,” McKenzie said. “Our focus now is on creating proper systems and guardrails to ensure we never find ourselves in this position again. This includes responsible budgeting, holding people accountable, and ensuring legislation supports sustainable economic growth.”
Looking Ahead
McKenzie’s appointment runs for three years, and he sees this as an opportunity to lay the groundwork for a brighter future.
“It might be difficult, but being in a position where I can give back and make changes that will impact future generations of Puerto Ricans? That’s a satisfaction that money can’t buy.”
Cameron McKenzie ’07, MBA’12
“This isn’t about being liked. It’s about doing what’s right for Puerto Rico’s future generations,” he said. McKenzie’s vision includes not just financial stability but a socio-economic renaissance that can bring back the talent and drive that once defined the island.
Meanwhile, McKenzie remains committed to his other roles as father, founder of an investment banking firm, and the first Puerto Rican to join the International Chamber of Commerce.
“It might be difficult, but being in a position where I can give back and make changes that will impact future generations of Puerto Ricans? That’s a satisfaction that money can’t buy,” McKenzie said.
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