President Donald Trump removed five out of seven members of Puerto Rico’s Financial Oversight Management Board. The board is responsible for overseeing the island’s budget plan as Puerto Rico works toward financial solvency.

A White House official said the five were fired because of their exorbitant salaries and ineffective oversight.

The Trump administration has dismissed five out of seven members on Puerto Rico's federal control board that oversees the U.S. territory's finances, sparking concern about the future of the island's fragile economy.