[Congressional Record Volume 162, Number 105 (Wednesday, June 29, 2016)]
[Senate]
[Page S4734]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4933. Mr. PAUL 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:

       Strike section 405 and insert the following:

     SEC. 405. FINDINGS AND PURPOSES.

       (a) Findings.--Congress finds the following:
       (1) A combination of severe economic decline, and, at 
     times, accumulated operating deficits, lack of financial 
     transparency, management inefficiencies, and excessive 
     borrowing has created a fiscal emergency in Puerto Rico.
       (2) As a result of its fiscal emergency, the Government of 
     Puerto Rico has been unable to provide its citizens with 
     effective services.
       (3) The current fiscal emergency has also affected the 
     long-term economic stability of Puerto Rico by contributing 
     to the accelerated outmigration of residents and businesses.
       (4) A comprehensive approach to fiscal, management, and 
     structural problems and adjustments that exempts no part of 
     the Government of Puerto Rico is necessary, involving 
     independent oversight and a Federal statutory authority for 
     the Government of Puerto Rico to restructure debts in a fair 
     and orderly process.
       (5) Finally, the ability of the Government of Puerto Rico 
     to obtain funds from capital markets in the future will be 
     severely diminished without congressional action to restore 
     its financial accountability and stability.
       (b) Purposes.--The purposes of this Act are to--
       (1) provide the Government of Puerto Rico with the 
     resources and the tools it needs to address an immediate 
     existing and imminent crisis;
       (2) incentivize the Government of Puerto Rico to focus its 
     resources on negotiating a voluntary resolution with its 
     creditors;
       (3) provide an oversight mechanism to assist the Government 
     of Puerto Rico in reforming its fiscal governance and support 
     the implementation of potential debt restructuring;
       (4) make available a Federal restructuring authority, if 
     necessary, to allow for an orderly adjustment of all of the 
     Government of Puerto Rico's liabilities; and
       (5) benefit the lives of 3.5 million American citizens 
     living in Puerto Rico by encouraging the Government of Puerto 
     Rico to resolve its longstanding fiscal governance issues and 
     return to economic growth.
                                 ______