[Congressional Record Volume 162, Number 104 (Tuesday, June 28, 2016)]
[Senate]
[Pages S4668-S4669]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4911. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2328, to reauthorize and amend the National Sea 
Grant College Program Act, and for other purposes; which was ordered to 
lie on the table; as follows:

       In section 101(b), strike paragraph (1) and insert the 
     following:
       (1) Puerto rico.--Subject to the legislature of Puerto Rico 
     adopting a resolution approving the establishment of a 
     Financial Oversight and Management Board for Puerto Rico, a 
     Financial Oversight and Management Board is established for 
     Puerto Rico.
       In section 101, strike subsection (e) and insert the 
     following:
       (e) Membership.--
       (1) Number; categories.--
       (A) Number of members.--The Oversight Board shall consist 
     of 9 members appointed by the President who meet the 
     qualifications described in subsection (f) and section 
     109(a).
       (B) Categories.--The Board shall be comprised of--
       (i) 1 Category A member;
       (ii) 1 Category B member;
       (iii) 2 Category C members;
       (iv) 1 Category D member;
       (v) 1 Category E member;
       (vi) 2 Category F members; and
       (vii) 1 Category G member.
       (2) Appointed members.--
       (A) Appointment.--The President shall appoint the 
     individual members of the Oversight Board, of which--
       (i) the Category A member should be selected from a list of 
     individuals submitted by the Speaker of the House of 
     Representatives;
       (ii) the Category B member should be selected from a 
     separate list of individuals submitted by the Speaker of the 
     House of Representatives;

[[Page S4669]]

       (iii) the Category C members should be selected from a list 
     submitted by the majority leader of the Senate;
       (iv) the Category D member should be selected from a list 
     submitted by the minority leader of the House of 
     Representatives;
       (v) the Category E member should be selected from a list 
     submitted by the minority leader of the Senate;
       (vi) the Category F members should be selected from a list 
     submitted by the Governor and approved by the Legislature; 
     and
       (vii) the Category G member may be selected in the sole 
     discretion of the President.
       (B) Submission of list.--After the selection of the 
     Category G Board member by the President under subparagraph 
     (A)(vii), for purposes of subparagraph (A) and within a 
     timely manner--
       (i) the Speaker of the House of Representatives shall 
     submit to the President 2 nonoverlapping lists of at least 3 
     individuals, of which 1 list shall include 3 individuals 
     who--

       (I) maintain a primary residence in the territory; or
       (II) have a primary place of business in the territory;

       (ii) the majority leader of the Senate shall submit to the 
     President a list of at least 4 individuals;
       (iii) the minority leader of the House of Representatives 
     shall submit to the President a list of at least 3 
     individuals;
       (iv) the minority leader of the Senate shall submit to the 
     President a list of at least 3 individuals; and
       (v) the Governor shall submit to the President a list of at 
     least 4 individuals.
       (C) Additional names.--If the President does not select any 
     of the individuals from a list submitted under subparagraph 
     (B), the official that submitted the list may supplement the 
     lists submitted under that subparagraph with the names of 
     additional individuals.
       (D) Requirement for category a member.--The Category A 
     member shall--
       (i) maintain a primary residence in the territory; or
       (ii) have a primary place of business in the territory.
       (E) Senate confirmation.--With respect to the appointment 
     of an Oversight Board member in Category A, B, C, D, E, or 
     F--
       (i) the appointment shall be by and with the advice and 
     consent of the Senate; or
       (ii) if the President appoints an individual from a list of 
     individuals in accordance with this subsection, no Senate 
     confirmation shall be required.
       (F) Vacancy.--In the event of a vacancy of a Category A, B, 
     C, D, E, or F Oversight Board member, the official 
     responsible for submitting a list of individuals for that 
     category under subparagraph (B) shall submit a list in 
     accordance with this subsection within a timely manner of the 
     date on which resignation or removal of the Oversight Board 
     member becomes effective.
       (G) Deadline for puerto rico.--With respect to an Oversight 
     Board for Puerto Rico, if any of the 9 members have not been 
     appointed by September 30, 2016, the President shall appoint 
     an individual from the list for the vacant category by 
     December 1, 2016, if the list includes at least 2 individuals 
     per vacancy who--
       (i) meet the requirements under subsection (f) and section 
     109; and
       (ii) are willing to serve.
       In section 201(b)(1)(C), strike ``adequate'' and insert 
     ``full''.
       In section 206, strike subsection (b) and insert the 
     following:
       (b) Issuance of Restructuring Certification.--The Oversight 
     Board shall issue a restructuring certification for an entity 
     only after the Oversight Board determines that the 
     requirements of subsection (a) have been met with respect to 
     the entity, which shall satisfy the requirement established 
     under section 302(2).
       Strike sections 403 and 404.
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