3.0.0 2676 2023-01-11T13:31:45Z 2023-01-11T13:31:45Z Senate S 2016-03-14 114 sseg00 Energy and Natural Resources Committee Senate Standing Referred to 2016-03-14T23:09:41Z Puerto Rico Chapter 9 Uniformity Act of 2015 114 870 HR 2015-03-16 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Related bill CRS Puerto Rico Chapter 9 Uniformity Act of 2015 114 1774 S 2015-07-15 Read twice and referred to the Committee on the Judiciary. Related bill CRS 2016-03-14 sseg00 Energy and Natural Resources Committee Senate Read twice and referred to the Committee on Energy and Natural Resources. IntroReferral 2016-03-14 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2016-03-14 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2016-03-14 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2016-03-14 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2016-03-14 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2016-03-14 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2016-03-14 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2016-04-05 False N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2016-04-18 False M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2016-05-10 False 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 Economics and Public Finance 00 2016-03-14 Introduced in Senate 2016-07-08T19:55:26Z 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.

]]> Puerto Rico Stability Act of 2016 Display Title Puerto Rico Stability Act of 2016 Official Title as Introduced A bill to provide for the adjustment of the debts of the Commonwealth of Puerto Rico, and for other purposes. Introduced in Senate IS Short Titles as Introduced Puerto Rico Stability Act of 2016 Short Titles as Introduced for portions of this bill Puerto Rico Chapter 9 Uniformity Act of 2015 Introduced in Senate 2016-03-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2676is/xml/BILLS-114s2676is.xml 2016-03-14 Read twice and referred to the Committee on Energy and Natural Resources. 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.