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, and impose penalties. 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, regulations, or executive orders 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 amends the Fair Labor Standards Act of 1938 to permit the governor, subject to the approval of the board, to designate a time period of no more than four years during which employers in Puerto Rico may pay certain employees less than the national minimum wage. The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that meet specified 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. 18 May 2016

   Introduced

   Introduced in House

   Source: IntroReferral

2. 18 May 2016

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, 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. 18 May 2016

   Introduced

   Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, 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

4. 18 May 2016

   Introduced

   Introduced in House

   Source: IntroReferral

5. 20 May 2016

   Referred

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

   Source: Committee

6. 24 May 2016

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

7. 25 May 2016

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 10.

   Source: Committee

8. 25 May 2016

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

9. 3 June 2016

   Calendars

   Placed on the Union Calendar, Calendar No. 468.

   Source: Calendars

10. 3 June 2016

    Discharge

    Committee on the Judiciary discharged.

    Source: Discharge

11. 3 June 2016

    Committee

    Committee on the Judiciary discharged.

    Source: Committee

12. 3 June 2016

    Reported

    Reported (Amended) by the Committee on Natural Resources. H. Rept. 114-602, Part I.

    Source: Committee

13. 3 June 2016

    Reported

    Reported (Amended) by the Committee on Natural Resources. H. Rept. 114-602, Part I.

    Source: Committee

14. 8 June 2016

    Reported

    Rules Committee Resolution H. Res. 770 Reported to House. Rule provides for consideration of H.R. 5278 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The resolution makes in order as original text for purpose of amendment an amendment in the nature oa substitute consisting of the text of Rules Committee Print 114-57 and provides that it shall be considered read. The resolution makes in order only those further amendments printed in the report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member desingated in the report, shall be considered as read, be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to a demand for division of the

    Source: Floor

15. 9 June 2016

    Floor

    The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 5278.

    Source: Floor

16. 9 June 2016

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

17. 9 June 2016

    Vote

    On passage Passed by recorded vote: 297 - 127 (Roll no. 288).

    Source: Floor

18. 9 June 2016

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 297 - 127 (Roll no. 288).

    Source: Floor

19. 9 June 2016

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H3611-3627)

    Source: Floor

20. 9 June 2016

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H3634)

    Source: Floor

21. 9 June 2016

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5278.

    Source: Floor

22. 9 June 2016

    Floor

    The Speaker designated the Honorable Michael K. Simpson to act as Chairman of the Committee.

    Source: Floor

23. 9 June 2016

    Passed

    Rule provides for consideration of H.R. 5278 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The resolution makes in order as original text for purpose of amendment an amendment in the nature oa substitute consisting of the text of Rules Committee Print 114-57 and provides that it shall be considered read. The resolution makes in order only those further amendments printed in the report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member desingated in the report, shall be considered as read, be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to a demand for division of the question in the House or Committee of the Whole. Section 2 provides that upon passage of H.R. 5278, the House shall be considered to have: (1) stricken all after the enacting clause of S. 2328 and inserted in lieu thereof the provisions of H.R. 5278, as passed by the House; and (2) passed the Senate bill as so amended.

    Source: Floor

24. 9 June 2016

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 770 and Rule XVIII.

    Source: Floor

25. 9 June 2016

    Floor

    Considered under the provisions of rule H. Res. 770. (consideration: CR H3600-3635)

    Source: Floor

26. 9 June 2016

    Passed

    Rule H. Res. 770 passed House.

    Source: Floor

27. 13 June 2016

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 13 June 2016 · Download file
• Engrossed in House · 9 June 2016 · Download file
• Reported in House · 3 June 2016 · Download file
• Introduced in House · 18 May 2016 · Download file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 13 June 2016

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• Referred in Senate (PDF)

  Referred in Senate · EN · 13 June 2016

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  Vertaal document

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• Engrossed in House (text)

  Engrossed in House · EN · 9 June 2016

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• Engrossed in House (PDF)

  Engrossed in House · EN · 9 June 2016

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• Passed House amended

  summary · EN · 9 June 2016

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• Reported in House (text)

  Reported in House · EN · 3 June 2016

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• Reported in House (PDF)

  Reported in House · EN · 3 June 2016

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  Vertaal document

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• Reported to House amended, Part I

  summary · EN · 3 June 2016

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  Vertaal document

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• Introduced in House (text)

  Introduced in House · EN · 18 May 2016

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  Vertaal document

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• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2016

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  Vertaal document

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

• Introduced in House

  summary · EN · 18 May 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
• Rep. Bishop, Rob [R-UT-1] · R · Sponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Sponsor
• · sseg00 · Standing
• · hssm00 · Standing
• · hsed00 · Standing
• · hsju00 · Standing
• · hsii00 · Standing

Related records

• related to → PROMESA
• related to → PROMESA
• related to ← Providing for consideration of the bill (H.R. 5278) to establish an Oversight Board to assist the Government of Puerto Rico, including instrumentalities, in managing its public finances, and for other purposes.
• amends ← Manager's amendment makes technical and clarifying changes as well as providing for 4 substantive elements: 1) the bill contains an opt-in provision for other territories but if a court finding removes the opt-in language for being unconstitutional, the amendment adds reverse severability provisions that would reinstate the opt-in for the other territories; 2) amendment contains a funding mechanism so that the oversight board can be up and running; 3) amendment provides the ability for the oversight board to have the authority to review and rescind any laws passed by the territory between May 4 and the date of its full appointment of membership if those actions alter the priorities of repayment and move things around in a controversial way; and 4) amendment provides a timetable allowing the President to have the appointment of the board in place by Sept. 15, 2016.
• amends ← Amendment ensures that Federally funded public transportation systems are considered an essential service as Puerto Rico works to address its debt issues.
• amends ← Amendment requires the Congressional Task Force on Economic Growth in Puerto Rico to report back to Congress on recommended changes to Federal law and programs that would reduce child poverty.
• amends ← Amendment sets a deadline of 18 months for the submission of the GAO report detailing how Puerto Rico reached its current state of insolvency.
• amends ← Amendment requires the GAO to submit a biennial report to Congress on the debt and revenue levels of each territory; the drivers of each territory's debt; the effect of Federal policy on each territory's debt; and the ability of each territory to repay its debt.
• amends ← Amendment temporarily eliminates a statutory cap in Puerto Rico that limits the total number of census tracts within a Metropolitan Statistical Area that can be designated as qualified census tracts under the Small Business Administration's HUBZone program. Amendment also requires the SBA to implement a risk-based approach to requesting and verifying information from firms applying to be designated or re-certified as a qualified HUBZone small business.
• amends ← Amendment preserves the ability of the Puerto Rico Commission for the Comprehensive Audit of the Public Debt to continue its work in analyzing the legality of certain debts issued by the Commonwealth, and allow the government of Puerto Rico or the Oversight Board to act upon any determination by the Commission.

Showing 10 of 11 related records.