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HR 4199 114th Congress House Economics and Public Finance Bankruptcy Budget deficits and national debt Budget process Caribbean area Financial crises and stabilization Legislative rules and procedure Puerto Rico State and local finance State and local government operations U.S. territories and protectorates

Puerto Rico Financial Stability and Debt Restructuring Choice Act

Introduced: December 9, 2015 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 15, 2016
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Dec 14, 2015
Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
Dec 10, 2015
Sponsor introductory remarks on measure. (CR H9266)
Dec 9, 2015
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.
Dec 9, 2015
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now January 15, 2016

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

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Republican 1