Puerto Rico Financial Improvement and Bond Guarantee Act of 2015

Summary

Puerto Rico Financial Improvement and Bond Guarantee Act of 2015 This bill expresses the sense of Congress with respect to the current financial distress of the government of Puerto Rico. The Department of the Treasury may guarantee up to 100% of 30-year bonds issued by the government of Puerto Rico or any of its instrumentalities that are issued solely to finance capital projects or refinance existing debt, but not bonds to finance operational expenses. A guarantee is only permitted if Treasury determines that there is a reasonable prospect of repayment of the principal and interest on the bond to be guaranteed. Treasury shall: examine the financial management practices of the government of Puerto Rico and its instrumentalities, and establish guidelines and recommendations for making improvements in those practices and whether to make a requested guarantee. Appropriations are made to fund the loan guarantees. Treasury may also provide advice and technical assistance to the government of Puerto Rico. The Federal Reserve Act is amended to empower Federal Reserve banks to buy and sell bonds and notes issued by Puerto Rico in anticipation of the collection of taxes or receipt of assured revenues.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 October 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 October 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 8 October 2015

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.