Rebuilding Puerto Rico: How Cameron McKenzie Is Bringing Babson Grit to Fiscal Reform

Colorful houses line the hillside overlooking the beach in San Juan, Puerto Rico
Listen

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.

President Biden appointed Cameron McKenzie '07, MBA'12 to FOMA late last year.
President Biden appointed McKenzie to FOMB late last year.

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.

Posted in Entrepreneurial Leadership, Outcomes

More from Entrepreneurial Leadership »

Latest Stories

Babson Study Reveals the Power of Customer Kindness New Babson-funded research shows that customer kindness can boost employee satisfaction, reduce turnover, and spark a cycle of positivity in service industries.
By
Hillary Chabot
Writer
Hillary Chabot
Hillary Chabot is a writer for Babson Thought & Action and Babson Magazine. An award-winning journalist, she is known for her insightful reporting and dedication to detailed storytelling. With a career spanning over two decades, she has covered a wide range of topics, from presidential campaigns and government policy to neighborhood issues and investigative series. As a reporter for The Boston Herald, Hillary earned a reputation for tenacity and integrity. Her work at Babson College fuels her passions—to learn something new every day and conduct thoughtful, empathic interviews. She’s thrilled to be at Babson College, where students, faculty, staff members and classes provide compelling copy daily.
September 3, 2025

Posted in Community, Insights

Three photos in a side-by-side collage depict Michael Kopelman coaching, Brady Anderson in action, and the doubles team celebrating
Courting Success: How Babson Tennis Teams Transformed into National Powerhouses With championships and top-tier recruiting classes, Babson Director of Tennis Michael Kopelman has overseen the transformation of the men’s and women’s programs into national powerhouses.
By
Scott Dietz
Writer
Scott Dietz
Scott Dietz is Babson College's Associate Athletic Director for Strategic Communications. Dietz is responsible for the department's internal and external communications, including branding, campus engagement, marketing, social media, sponsorships and website management. Additional duties consist of event coverage, facilitation of interview requests, media pitching, video content, writing and editing. Before Babson, Dietz spent 13-plus years at fellow NEWMAC institution Wheaton College, worked for the NFL, New England Patriots, and in the media relations department with the NBA's Cleveland Cavaliers. A native of South Park, PA, Dietz began his sports information career at Westminster College.
September 2, 2025

Posted in Community

Babson Build students from HBCUs participate in an exercise in the Weissman Foundry
An Entrepreneurial Summer: How Babson Impacts Communities Year-Round The school year may be over, but Babson’s work of educating entrepreneurial leaders doesn’t stop. In the summer, many entrepreneurs, educators, and leaders descend on campus. They come from around the globe to connect and to learn. What they take away from the College can impact their companies, their classrooms, and their communities.
By
John Crawford
Senior Journalist
John Crawford
A writer for Babson Thought & Action and the Babson Magazine, John Crawford has been telling the College’s entrepreneurial story for more than 15 years. Assignments for Babson have taken him from Rwanda to El Salvador, from the sweet-smelling factory of a Pennsylvania candy maker, to the stately Atlanta headquarters of an NFL owner, to the bustling office of a New York City fashion designer. Beyond his work for Babson, he has written articles and essays for The Philadelphia Inquirer, Notre Dame Magazine, The Good Men Project, and other publications. He can be found on Twitter, @crawfordwriter, where he tweets about climate change.
August 29, 2025

Posted in Community, Entrepreneurial Leadership