[Congressional Record Volume 167, Number 137 (Monday, August 2, 2021)]
[Senate]
[Pages S5619-S5620]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2218. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 2137 proposed by Mr. Schumer (for Ms. Sinema (for 
herself, Mr. Portman, Mr. Manchin, Mr. Cassidy, Mrs. Shaheen, Ms. 
Collins, Mr. Tester, Ms. Murkowski, Mr. Warner, and Mr. Romney)) to the 
bill H.R. 3684, to authorize funds for Federal-aid highways, highway 
safety programs, and transit programs, and for other purposes; which 
was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. _____. DISCLOSURE BY PROFESSIONAL PERSONS SEEKING 
                   APPROVAL OF COMPENSATION UNDER SECTION 316 OR 
                   317 OF PROMESA.

       (a) Required Disclosure.--
       (1) In general.--In a voluntary case commenced under 
     section 304 of PROMESA (48 U.S.C. 2164), no attorney, 
     accountant, appraiser, auctioneer, agent, consultant, or 
     other professional person may be compensated under section 
     316 or 317 of that Act (48 U.S.C. 2176, 2177) unless prior to 
     making a request for compensation, the professional person 
     has submitted a verified statement conforming to the 
     disclosure requirements of rule 2014(a) of the Federal Rules 
     of Bankruptcy Procedure setting forth the connection of the 
     professional person with--

[[Page S5620]]

       (A) the debtor;
       (B) any creditor;
       (C) any other party in interest, including any attorney or 
     accountant;
       (D) the Financial Oversight and Management Board 
     established in accordance with section 101 of PROMESA (48 
     U.S.C. 2121); and
       (E) any person employed by the Oversight Board described in 
     subparagraph (D).
       (2) Other requirements.--A professional person that submits 
     a statement under paragraph (1) shall--
       (A) supplement the statement with any additional relevant 
     information that becomes known to the person; and
       (B) file annually a notice confirming the accuracy of the 
     statement.
       (b) Review.--
       (1) In general.--The United States Trustee shall review 
     each verified statement submitted pursuant to subsection (a) 
     and may file with the court comments on such verified 
     statements before the professionals filing such statements 
     seek compensation under section 316 or 317 of PROMESA (48 
     U.S.C. 2176, 2177).
       (2) Objection.--The United States Trustee may object to 
     compensation applications filed under section 316 or 317 of 
     PROMESA (48 U.S.C. 2176, 2177) that fail to satisfy the 
     requirements of subsection (e).
       (3) Right to be heard.--Each person described in section 
     1109 of title 11, United States Code, may appear and be heard 
     on any issue in a case under this section.
       (c) Jurisdiction.--The district courts of the United States 
     shall have jurisdiction of all cases under this section.
       (d) Retroactivity.--
       (1) In general.--If a court has entered an order approving 
     compensation under a case commenced under section 304 of 
     PROMESA (48 U.S.C. 2164), each professional person subject to 
     the order shall file a verified statement in accordance with 
     subsection (a) not later than 60 days after the date of 
     enactment of this Act.
       (2) No delay.--A court may not delay any proceeding in 
     connection with a case commenced under section 304 of PROMESA 
     (48 U.S.C. 2164) pending the filing of a verified statement 
     under paragraph (1).
       (e) Limitation on Compensation.--
       (1) In general.--In a voluntary case commenced under 
     section 304 of PROMESA (48 U.S.C. 2164), in connection with 
     the review and approval of professional compensation under 
     section 316 or 317 of PROMESA (48 U.S.C. 2176, 2177), the 
     court may deny allowance of compensation for services and 
     reimbursement of expenses, accruing after the date of the 
     enactment of this Act of a professional person if the 
     professional person--
       (A) has failed to file statements of connections required 
     by subsection (a) or has filed inadequate statements of 
     connections;
       (B) except as provided in paragraph (3), is on or after the 
     date of enactment of this Act not a disinterested person, as 
     defined in section 101 of title 11, United States Code; or
       (C) except as provided in paragraph (3), represents, or 
     holds an interest adverse to, the interest of the estate with 
     respect to the matter on which such professional person is 
     employed.
       (2) Considerations.--In making a determination under 
     paragraph (1), the court may take into consideration whether 
     the services and expenses are in the best interests of 
     creditors and the estate.
       (3) Committee professional standards.--An attorney or 
     accountant described in section 1103(b) of title 11, United 
     States Code, shall be deemed to have violated paragraph (1) 
     if the attorney or accountant violates section 1103(b) of 
     title 11, United States Code.
                                 ______