PROMESA

Summary

Puerto Rico Oversight, Management, and Economic Stability Act or PROMESA This bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects. The bill establishes the Financial Oversight and Management Board to oversee the development of budgets and fiscal plans for Puerto Rico's instrumentalities and government. The board may issue subpoenas, certify voluntary agreements between creditors and debtors, seek judicial enforcement of its authority, impose penalties, and enforce territorial laws prohibiting public sector employees from participating in strikes or lockouts. The board's responsibilities include: approving the governor's fiscal plan; approving annual budgets; enforcing budgets and ordering any necessary spending reductions; and reviewing laws, contracts, rules, and regulations for compliance with the fiscal plan. The bill establishes procedures and requirements for Puerto Rico to restructure its debt and designates the board as the representative of the debtor. The board may initiate a procedure for debt restructuring and submit or modify a plan of adjustment. The establishment of the board operates as an automatic stay of creditor actions to enforce claims against the government of Puerto Rico. The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that address an infrastructure emergency, have access to private capital, and meet other requirements. Critical projects approved by the oversight board are eligible for an expedited permitting process. The board shall divide creditors into pools based on the characteristics of the debt, and each pool may vote on a plan to restructure the debt. If at least two-thirds of the outstanding principal amount of a pool agrees with the plan, the pool may file a petition in court to bind the dissenting bondholders to the modification.

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

Timeline

1. 12 April 2016

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and Education and the Workforce, 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. 12 April 2016

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and Education and the Workforce, 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. 12 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

4. 12 April 2016

   Introduced

   Introduced in House

   Source: IntroReferral

5. 13 April 2016

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 28 April 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 · 12 April 2016 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 April 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 April 2016

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 12 April 2016

  Open at official source

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  Vertaal document

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Sponsors

• Rep. Duffy, Sean P. [R-WI-7] · R · Sponsor
• · hsju00 · Standing
• · hsii00 · Standing
• · hsed00 · Standing

Related records

• related to → PROMESA
• related to → Puerto Rico Emergency Financial Stability Act of 2015
• related to ← PROMESA