{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/s2328-114/featured_promesa-1467464724.jpg","featured_large":"https://assets.causes.com/bill/photo/s2328-114/featured_large_promesa-1467464724.jpg","shareable":"https://n.causes.com/share-images/bills/s2328-114.png"},"introduced_on":"2015-11-19","title_override":"The Updated Plan to Help Puerto Rico Resolve its $72 Billion Debt Crisis","summary_override":"

Update June 28, 2016: This bill was co-opted through the amendment process from its original form to serve as the legislative vehicle for a bill to help Puerto Rico resolve its debt crisis known as PROMESA. Originally, it reauthorized funding for the National Sea Grant College program (like this bill). When the House approved its version of PROMESA, it also amended this bill by transferring the text of PROMESA to it so as a result this bill is considered to have passed the House as well.

This bill seeks to assist Puerto Rico handle the U.S. territory's $72 billion debt crisis\n by creating an Independent Oversight Board to approve and execute \nfiscal plans. The bill would create a process for the Commonwealth to \nfurther restructure its debt with creditors if necessary. It also \ncontains regulatory reforms aimed at boosting Puerto Rico’s economic \ngrowth.

The seven member Independent Oversight Board \nwould be composed of financial and management experts appointed by the \nPresident and nominated by congressional leadership. The Speaker of the \nHouse and Senate Majority Leader would each have two of their \nsuggestions on the board, whereas the minority leaders of the House and \nSenate would each have one recommendation selected.

While\n the Oversight Board would be considered an entity within the government\n of Puerto Rico, it wouldn’t be subject to the control of the Governor \nor Legislative Assembly. The board would make use of the government’s \naudited financial statements to assist in the preparation of fiscal \nplans and budgets. It would also work with government agencies and \npublic corporations to improve operational efficiencies and \naccountability, optimize revenues over expenses, and make public \nservices more reliable for constituents.

If it \nbecomes necessary for Puerto Rico to further restructure its debt, three\n conditions must be met before any restructuring can take place:

Required audited financial statements must be provided;
A fiscal plan and budget must be in place that constitutionally protects the hierarchy of creditors and pensions;
There must be mediation among the various debtors and creditors.

To\n be approved, a debt restructuring proposal must be agreed to by a \ntwo-thirds vote from Puerto Rico’s creditors, who would voluntarily \nrestructure the Commonwealth’s debt. If an agreement on additional \nrestructuring can’t be reached, the Oversight Board would be able to \nfile a petition in U.S. district court for supervised restructuring that\n would be distinct from a Chapter Nine bankruptcy.

A\n Revitalization Coordinator would be established under the Oversight \nBoard to vet proposed infrastructure projects and work with federal \nagencies when necessary to accelerate mandatory reviews. The coordinator\n would make recommendations to the board about a project that could be \ngiven access to expedited permitting and regulatory processes if the \nproposal addresses several factors:

Economic support provided by the project;
The project’s access to private capital for financing;
Whether the project addresses a flaw in Puerto Rico’s infrastructure.

To\n encourage hiring, Puerto Rico would have the ability to adjust its \nminimum wage from $7.25 per hour to $4.25 per hour for workers up to age\n 25 for a five-year period, as the current minimum is seen as too high \nto compete with neighboring islands. The Commonwealth would also be \nexempt from the Dept. of Labor’s proposed increase in the pay threshold \nthat’s exempt from overtime requirements.

","official_title":"A bill to reauthorize and amend the National Sea Grant College Program Act, and for other purposes.","short_title":"PROMESA","popular_title":null,"short_summary":"(This measure has not been amended since it was passed by the House on June 9, 2016. The summary of that version is repeated here.)\n\nPuerto Rico Oversight, Management, and Economic Stability Act or PROMESA \n\nThis bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects.\n\n(Sec. 2) The effective date of this bill is the date of enactment. Title III (Adjustments of Debts) only applies to cases commenced under it on or after the date of enactment. Titles III and VI (Creditor Collective Action) apply to all debts, claims, and liens, regardless of the creation date.\n\n(Sec. 3) If any provision of the bill is held invalid, the remainder of the bill is not affected. Title III is not severable from Title I (Establishment and Organization of Oversight Board) and Title II (Responsibilities of Oversight Board), and Titles I and II are not severable from Title III.\n\n(Sec. 4) This bil...","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"People who live and work in Puerto Rico; members of the Independent Oversight Board; Puerto Rico’s creditors; and the Puerto Rican government.","argument_for":"This bill offers the best path forward in resolving Puerto Rico’s debt crisis without a bailout or financial market turmoil. It provides Puerto Rico with a process to collaboratively restructure its debt with creditors, and enacts reforms to boost the economy.","argument_against":"The Oversight Board this bill creates would have too much control over Puerto Rico’s finances, and if it sides with creditors in negotiations then the Puerto Rican government may not receive as much debt relief as it needs. 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Not only used to add riders and other unrelated things to legislation, but in this case, the amendment process has been used to completely co-opt a bill as the \"legislative vehicle\" for a totaly unrelated bill. \"A [Committee Markup] is a meeting of the committee to debate and consider amendments to a measure under consideration. The markup determines whether the measure pending before a committee will be recommended to the full Senate, and whether it should be amended in any substantive way...In [some] cases, the markup vehicle may be placed before the committee as an \"amendment in the nature of a substitute\" for the measure or text initially referred to it.\" http://www.senate.gov/legislative/common/briefing/Senate_legislative_process.htm","page_title":"Co-opted Bills","icons":{"black":"https://assets.causes.com/issue/icon/co-opted-bills/black_co-opted-bills-1434065804.svg","grey":"https://assets.causes.com/issue/icon/co-opted-bills/grey_co-opted-bills-1434065804.svg","white":"https://assets.causes.com/issue/icon/co-opted-bills/white_co-opted-bills-1434065804.svg"},"cover_image_url":null,"is_following":false},{"id":"economy","name":"Economy","slug":"economy","description":"The US Economy is heavily impacted by Federal legislation. Here you can find bills encompassing US monetary policy, the US Federal Budget, overall government spending, appropriations and how we handle the US federal debt and state finances. ","page_title":"Legislation related to the US Economy, monetary policy, the federal budget and government spending - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/economy/black_economy-1429042041.svg","grey":"https://assets.causes.com/issue/icon/economy/grey_economy-1429042041.svg","white":"https://assets.causes.com/issue/icon/economy/white_economy-1429042041.svg"},"cover_image_url":null,"is_following":false},{"id":"government","name":"Government","slug":"government","description":"Federal legislation related to the operations of the US Federal Government. 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Legislation can also cover foreign loans, corporations and debt.","page_title":"Federal legislation related to regulating US financial markets and the US Currency - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/financial-markets/black_financial-markets-1429042042.svg","grey":"https://assets.causes.com/issue/icon/financial-markets/grey_financial-markets-1429042042.svg","white":"https://assets.causes.com/issue/icon/financial-markets/white_financial-markets-1429042042.svg"},"cover_image_url":null,"is_following":false}],"users":[{"name":"Mark","vote_count":1181,"photos":{"large":"https://assets.causes.com/user/avatar/default-2.png","small":"https://assets.causes.com/user/avatar/default-2.png","tiny":"https://assets.causes.com/user/avatar/default-2.png"},"links":{"following":"/api/users/zmJeav1Z/following","followers":"/api/users/zmJeav1Z/followers"},"about_me":"","twitter_id":"","facebook_id":"","youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":0,"is_following":null,"influence_score":3490,"influence_level":30,"follower_count":13,"following_count":3,"position_count":633,"id":"zmJeav1Z","partner_id":null},{"name":"Elinor","vote_count":1909,"photos":{"large":"https://assets.causes.com/user/avatar/default-with-flags.png","small":"https://assets.causes.com/user/avatar/default-with-flags.png","tiny":"https://assets.causes.com/user/avatar/default-with-flags.png"},"links":{"following":"/api/users/OWlR51mJ/following","followers":"/api/users/OWlR51mJ/followers"},"about_me":null,"twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":0,"is_following":null,"influence_score":12035,"influence_level":40,"follower_count":41,"following_count":4,"position_count":806,"id":"OWlR51mJ","partner_id":null}],"bill_position":{"flagged":false,"id":"e149e535-ec0f-4b70-a8d9-bfa1dc385562","argument_for":null,"argument_against":"Let Puerto Rico default on its debt. Let creditors loot it of anything valuable including anything owned by the Puerto Rican citizens because they are just as responsible because they voted for politicians who put them in this situation. They deserve no help at all.","show_argument_for":false,"show_argument_against":true,"upvote_count":1,"upvotes_for_count":null,"upvotes_against_count":1,"has_upvoted":false,"endorsement_count":1,"links":{"self":"https://www.causes.com/positions/e149e535-ec0f-4b70-a8d9-bfa1dc385562"},"body":"Let Puerto Rico default on its debt. Let creditors loot it of anything valuable including anything owned by the Puerto Rican citizens because they are just as responsible because they voted for politicians who put them in this situation. They deserve no help at all.","stance":"nay","created_at":"2016-06-29T22:31:13.650Z","shareable_image_url":"https://n.causes.com/share-images/positions/e149e535-ec0f-4b70-a8d9-bfa1dc385562.png","note_color":null,"note_text":null,"bill_id":"s2328-114","user_id":"zmJeav1Z","endorser_ids":["OWlR51mJ"]}}

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The Updated Plan to Help Puerto Rico Resolve its $72 Billion Debt Crisis