The economist Valencia was very close to President Correa, who appointed him president of the CFN in 2007. En el cargo, a Valencia le tocó levantar un informe sobre la crisis financiera del año 2000 que quebró a la CFN por pedido expreso de Correa. While in office, at Correa’s express request, Valencia had to prepare a report on the financial crisis of 2000 and the bankruptcy of the CFN.

In May 2007, Valencia submitted to the President and the Attorney General the report titled "The financial crisis of the CFN as a result of the imposition of 1492 Decree (CDR's and CPG's) and receiving the AGD portfolio" where it was determined that the damage to the State was estimated at 1,178 billion USD, and where it held those responsible to be Jamil Mahuad, Juan Falconi and the president’s cousin Pedro Delgado.

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