3.0.0 3725 2023-01-11T13:29:40Z 2023-01-11T13:29:40Z House HR 2015-10-08 114 [Congressional Record Volume 161, Number 148 (Thursday, October 8, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PIERLUISI:H.R. 3725.Congress has the power to enact this legislation pursuantto the following:The constitutional authority on which this bill rests isthe power of the Congress to provide for the general welfareof the United States, as enumerated in Article I, Section 8,Clause 1 of the United States Constitution; to borrow moneyon the credit of the United States, as enumerated in ArticleI, Section 8, Clause 2 of the United States Constitution; tomake all laws which shall be necessary and proper forcarrying into execution such powers, as enumerated in ArticleI, Section 8, Clause 18 of the Constitution; and to makerules and regulations respecting the U.S. territories, asenumerated in Article IV, Section 3, Clause 2 of theConstitution.[Page H6937]]]> hsba00 Financial Services Committee House Standing Referred to 2015-10-08T14:02:15Z 2015-10-08 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-10-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-10-08 Introduced in House IntroReferral 1000 9 Library of Congress P000596 Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large] Pedro Pierluisi D PR R. N Finance and Financial Sector Appropriations Caribbean area Federal Reserve System Government lending and loan guarantees Puerto Rico Securities State and local finance Finance and Financial Sector 00 2015-10-08 Introduced in House 2015-11-10T15:36:58Z Puerto Rico Financial Improvement and Bond Guarantee Act of 2015

This bill expresses the sense of Congress with respect to the current financial distress of the government of Puerto Rico.

The Department of the Treasury may guarantee up to 100% of 30-year bonds issued by the government of Puerto Rico or any of its instrumentalities that are issued solely to finance capital projects or refinance existing debt, but not bonds to finance operational expenses.

A guarantee is only permitted if Treasury determines that there is a reasonable prospect of repayment of the principal and interest on the bond to be guaranteed.

Treasury shall:

  • examine the financial management practices of the government of Puerto Rico and its instrumentalities, and
  • establish guidelines and recommendations for making improvements in those practices and whether to make a requested guarantee.

Appropriations are made to fund the loan guarantees.

Treasury may also provide advice and technical assistance to the government of Puerto Rico.

The Federal Reserve Act is amended to empower Federal Reserve banks to buy and sell bonds and notes issued by Puerto Rico in anticipation of the collection of taxes or receipt of assured revenues.

]]> Puerto Rico Financial Improvement and Bond Guarantee Act of 2015 Display Title Puerto Rico Financial Improvement and Bond Guarantee Act of 2015 Official Title as Introduced To authorize the Secretary of the Treasury to guarantee principal and interest payments on bonds issued by the government of the U.S. territory of Puerto Rico, including its public corporations and instrumentalities, on the condition that the government of the territory demonstrates meaningful improvement in the management of its public finances, and for other purposes. Introduced in House IH Short Titles as Introduced Puerto Rico Financial Improvement and Bond Guarantee Act of 2015 Introduced in House 2015-10-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3725ih/xml/BILLS-114hr3725ih.xml 2015-10-08 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.