Luis Álvarez Renta appointment as part of his retirement, in order to effect positive change for the country by helping it negotiate a Free Trade Agreement with the European Union. However, after Governor José Lois Malkún of the Central Bank of the Dominican Republic’s announcement that Álvarez Renta was involved in the Baninter debacle, Álvarez Renta resigned the post in order to avoid a dispute between President Mejia and his advisors. In response to the announcement, Álvarez Renta took out full-page advertisements in the press, in which he declared he was innocent of all the charges made by the Central Bank. He also
Oscar de la Renta winner of the American Fashion Critic's Award and was inducted into the Fame in 1973. De la Renta's talents received continual international recognition. Among them, he received the "Council of Fashion Designers Designer of the Year Award" in 2000 and in 2007 (tied with Proenza Schouler). In February 1990, he was honored with the CFDA Lifetime Achievement Award. King Juan Carlos of Spain bestowed de la Renta with two awards, the Gold Medal of Bellas Artes and the La Gran Cruz de la Orden del Mérito Civil. He was recognized by the French government with the Légion d'honneur as a