S 2676 114th Congress Senate Economics and Public Finance Accounting and auditing American Samoa Bankruptcy Budget deficits and national debt Budget process Caribbean area Financial crises and stabilization Guam Northern Mariana Islands Public contracts and procurement Puerto Rico State and local finance State and local government operations U.S. territories and protectorates Virgin Islands

Puerto Rico Stability Act of 2016

Introduced: March 14, 2016 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 14, 2016

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

Mar 14, 2016

Introduced in Senate

Plain-English summary Congressional Research Service

Puerto Rico Stability Act of 2016

This bill permits the government of Puerto Rico to restructure its debt by using a process that requires it to establish a Fiscal Stability and Reform Board, a Chief Financial Officer, and a fiscal plan.

The Department of the Treasury may provide technical assistance to territories (Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, or the U.S. Virgin Islands) it determines are eligible for assistance relating to fiscal and financial practices.

The bill amends the Omnibus Insular Areas Act of 1992 to permit Puerto Rico to make purchases through the General Services Administration.

Puerto Rico may restructure all of its debts using specified procedures if it passes a resolution to opt-in to the process by establishing a Fiscal Stability and Reform Board to monitor, review, and approve certain fiscal policy decisions. Once Puerto Rico passes the resolution, the bill provides a 12-month initial stay on debt-related litigation to permit Puerto Rico to organize its finances.

The governor: (1) must appoint a Chief Financial Officer, (2) must develop and submit to the board for approval a five-year fiscal plan to restore solvency and fully fund pensions, and (3) may then submit a debt restructuring proposal to be considered using specified procedures.

Puerto Rico Chapter 9 Uniformity Act of 2015

The bill amends the federal bankruptcy code to treat Puerto Rico as a state under chapter 9 (Adjustment of Debts of a Municipality) to permit Puerto Rico to authorize its public corporations to be debtors.

What's happening now March 14, 2016

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

Committees of jurisdiction 1