Puerto Rico Financial Stability and Debt Restructuring Choice Act

Summary

Puerto Rico Financial Stability and Debt Restructuring Choice Act This bill establishes the Puerto Rico Financial Stability Council, subject to enactment of a law by the Legislative Assembly and the governor of Puerto Rico. For each fiscal year the governor of Puerto Rico shall develop a financial plan, and the Legislative Assembly shall develop a budget, that meet specified requirements to promote financial stability, and both shall submit them to the Council for its approval. The bill prescribes procedures for submission to the Council of revised financial plans or revised budgets in the event of disapproval for failing meet specified criteria. The government of Puerto Rico may not borrow money unless the Council certifies in advance that both the receipt of borrowed funds and the repayment of obligations incurred are consistent with the financial plan and budget for the year. The bill also prescribes procedures for addressing any variance of actual revenues and expenditures from the adopted financial plan and budget, including the withholding of funds under federal programs. The Council shall recommend to the governor, the Legislative Assembly, the President, and Congress actions for the government of Puerto Rico or the federal government to take to ensure compliance with a financial plan and budget. The bill amends federal bankruptcy law to apply to Puerto Rico treatment as a state with respect to Adjustments of Debts of a Municipality.

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

Timeline

1. 9 December 2015

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 9 December 2015

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 9 December 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 December 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 10 December 2015

   Introduced

   Sponsor introductory remarks on measure. (CR H9266)

   Source: IntroReferral

6. 14 December 2015

   Referred

   Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.

   Source: Committee

7. 15 January 2016

   Referred

   Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 December 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 December 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 December 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 9 December 2015

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Duffy, Sean P. [R-WI-7] · R · Sponsor
• Rep. Mooney, Alexander X. [R-WV-2] · R · Cosponsor
• Rep. Young, Don [R-AK-At Large] · R · Cosponsor
• Rep. Diaz-Balart, Mario [R-FL-26] · R · Cosponsor
• · hsju00 · Standing
• · hsii00 · Standing

Related records

• related to → Puerto Rico Assistance Act of 2015
• related to → Puerto Rico Chapter 9 Uniformity Act of 2015