[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7409 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 7409
To modify the conditions for the termination of an oversight board, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 5, 2022
Mr. Torres of New York (for himself, Miss Gonzalez-Colon, Ms.
Velazquez, Mr. Soto, and Mr. Grijalva) introduced the following bill;
which was 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
_______________________________________________________________________
A BILL
To modify the conditions for the termination of an oversight board, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Territorial Relief Under Sustainable
Transitions for Puerto Rico Act of 2022'' or the ``TRUST for Puerto
Rico Act of 2022''.
SEC. 2. MODIFICATION TO CONDITIONS FOR TERMINATION.
(a) In General.--Section 209 of the Puerto Rico Oversight,
Management, and Economic Stability Act (48 U.S.C. 2149) is amended--
(1) in the matter preceding paragraph (1), by striking
``upon'' and inserting ``not later than 90 days after'';
(2) by striking paragraph (1); and
(3) in paragraph (2)--
(A) in the matter preceding subparagraph (A), by
striking ``at least 4'' and inserting ``at least 2'';
and
(B) in subparagraph (B), by inserting ``and without
regard to whether the applicable Budget provides for
the payment of debt service'' after ``standards''.
(b) Effective Date.--Each amendment made by subsection (a) shall
take effect and apply as if enacted as part of the Puerto Rico
Oversight, Management, and Economic Stability Act.
(c) Transfer of Functions.--Upon certification of an Oversight
Board under section 209 of the Puerto Rico Oversight, Management, and
Economic Stability Act (48 U.S.C. 2149), as amended by subsection (a),
and upon the adoption of a resolution by the legislature of a territory
and signed by that territory's governor setting forth the manner in
which such termination shall be implemented--
(1) all property, funds, assets, and records of the
Oversight Board shall be transferred to the territorial
government in accordance with the transition provisions
established by such adopted resolution;
(2) a copy of all such records of the Oversight Board shall
be transmitted to Congress;
(3) with respect to any pending action under title III of
the Puerto Rico Oversight, Management, and Economic Stability
Act (48 U.S.C. 2161 et seq.) as of the date of the adoption of
such resolution, the duties and responsibilities of the
Oversight Board (including the role and capacity set forth
under section 315 of such title) with respect to such action,
as of the day before such date of adoption, shall be
transferred to the territorial government in accordance with
the provisions of such adopted resolution;
(4) with respect to any action taken pursuant to the
authorities under title VI of the Puerto Rico Oversight,
Management, and Economic Stability Act (48 U.S.C. 2191 et seq.)
on or after the date of the adoption of such resolution, the
duties, responsibilities, and all applicable powers and roles
of the Oversight Board, including under any other provision of
such Act relating to such action, shall become the duties,
responsibilities, powers, and roles, respectively, of the
territorial government in accordance with the provisions of
such adopted resolution;
(5) section 302 of the Puerto Rico Oversight, Management,
and Economic Stability Act (48 U.S.C. 2162) shall be applied
with respect to such territorial government as if it read as
follows:
``SEC. 302. WHO MAY BE A DEBTOR.
``An entity may be a debtor under this title if--
``(1) the entity is--
``(A) a territory that has requested the
establishment of an Oversight Board or has had an
Oversight Board established for it by the United States
Congress in accordance with section 101 of this Act; or
``(B) a covered territorial instrumentality of a
territory described in paragraph (1)(A);
``(2) the Oversight Board--
``(A) has issued a certification under section
206(b) of this Act for such entity; or
``(B) has terminated pursuant to section 209 and
the territorial government has undertaken all duties
and responsibilities under this title that were
formerly assigned to the Oversight Board; and
``(3) the entity desires to effect a plan to adjust its
debts.'';
(6) the definition of ``covered territorial
instrumentality'' in section 5(7) of the Puerto Rico Oversight,
Management, and Economic Stability Act (48 U.S.C. 2104(7))
shall be applied as if ``or, upon termination of the Oversight
Board pursuant to section 209, designated by the covered
territory to be subject to such requirements'' were inserted
before the period at the end; and
(7) the definition of ``administrative supervisor'' in
section 601(a)(1) of the Puerto Rico Oversight, Management, and
Economic Stability Act (48 U.S.C. 2231(a)(1)) shall be applied
as if ``or, upon termination of the Oversight Board pursuant to
section 209, the Territory Government Issuer'' were inserted
before the period at the end.
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