[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2682 Introduced in Senate (IS)]

<DOC>






114th CONGRESS
  2d Session
                                S. 2682

To provide territories of the United States with bankruptcy protection.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 15, 2016

     Mrs. Gillibrand (for herself, Ms. Warren, and Mr. Blumenthal) 
introduced the following bill; which was read twice and referred to the 
               Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
To provide territories of the United States with bankruptcy protection.

    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 ``Territories Relief Act''.

SEC. 2. ADJUSTMENTS OF DEBTS OF A TERRITORY OR A MUNICIPALITY OF A 
              TERRITORY.

    (a) Definitions.--In this Act--
            (1) the term ``municipality'' includes any political 
        subdivision, public agency, or instrumentality of a territory; 
        and
            (2) the term ``territory'' means the Commonwealth of Puerto 
        Rico, Guam, American Samoa, the Commonwealth of the Northern 
        Mariana Islands, or the United States Virgin Islands.
    (b) Adjustments of Debts.--A territory or a municipality of a 
territory may file a petition with bankruptcy court for the judicial 
district in which the territory or municipality is located to effect a 
plan to adjust the debts of the territory or the municipality.
    (c) Designation of Bankruptcy Judge.--The chief judge of the court 
of appeals for the circuit embracing the district in which the case is 
commenced shall designate the bankruptcy judge to conduct the case.
    (d) Regulations.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of the Treasury shall, in 
consultation with the Governors of the territories, promulgate 
regulations carrying out this Act.
                                 <all>