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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

PROMESA
Puerto Rico Oversight, Management, and Economic Stability Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To establish an Oversight Board to assist the Government of Puerto Rico, including instrumentalities, in managing its public finances, and for other purposes.


Actions Overview (1)

Date
04/12/2016Introduced in House

All Actions (7)

Date
04/28/2016Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: Committee on the Judiciary
04/13/2016Committee Consideration and Mark-up Session Held.
Action By: Committee on Natural Resources
04/12/2016Referred 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.
Action By: House of Representatives
04/12/2016Referred 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.
Action By: House of Representatives
04/12/2016Referred 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.
Action By: House of Representatives
04/12/2016Referred 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.
Action By: House of Representatives
04/12/2016Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Natural Resources04/12/2016 Referred to
04/13/2016 Markup by
House Judiciary04/12/2016 Referred to
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law04/28/2016 Referred to
House Education and the Workforce04/12/2016 Referred to

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Latest Summary (1)

There is one summary for H.R.4900. View summaries

Shown Here:
Introduced in House (04/12/2016)

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.