S.3262 - United States Territorial Relief Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 07/25/2018)|
|Committees:||Senate - Energy and Natural Resources|
|Latest Action:||Senate - 07/25/2018 Read twice and referred to the Committee on Energy and Natural Resources. (All Actions)|
This bill has the status Introduced
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Summary: S.3262 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (07/25/2018)
United States Territorial Relief Act of 2018
This bill establishes a process under which Puerto Rico and other U.S. territories may terminate certain debts if they meet eligibility criteria.
The bill allows territories to terminate their public, unsecured debt if they meet two of three criteria:
- the population of the territory has decreased by more than 5% over 10 years,
- the territory received major federal disaster assistance, and
- the territory's per capita debt exceeds $15,000.
The bill also provides funding that a special master must allocate to certain creditors whose debts were discharged under this bill.