{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/hr4900-114/featured_promesa-1460611475.jpg","featured_large":"https://assets.causes.com/bill/photo/hr4900-114/featured_large_promesa-1460611475.jpg","shareable":"https://n.causes.com/share-images/bills/hr4900-114.png"},"introduced_on":"2016-04-12","title_override":"Does Puerto Rico Need Help Curbing its Debt Crisis and Boosting the Economy?","summary_override":"

This bill seeks to assist Puerto Rico handle the U.S. territory's $70 billion debt crisis by creating an Independent Oversight Board to approve and execute fiscal plans. The bill would create a process for the Commonwealth to further restructure its debt with creditors if necessary. It also contains regulatory reforms aimed at boosting Puerto Rico’s economic growth.

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

While the Oversight Board would be considered an entity within the government of Puerto Rico, it wouldn’t be subject to the control of the Governor or Legislative Assembly. The board would make use of the government’s audited financial statements to assist in the preparation of fiscal plans and budgets. It would also work with government agencies and public corporations to improve operational efficiencies and accountability, optimize revenues over expenses, and make public services more reliable for constituents.

If it becomes necessary for Puerto Rico to further restructure its debt, three 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;
There must be mediation among the various debtors and creditors.

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

A Revitalization Coordinator would be established under the Oversight Board to vet proposed infrastructure projects and work with federal agencies when necessary to accelerate mandatory reviews. The coordinator would make recommendations to the board about a project that could be given access to expedited permitting and regulatory processes if the proposal 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 encourage hiring, Puerto Rico would be able to adjust its minimum wage from $7.25 per hour to $4.25 per hour for workers up to age 25 for a five-year period, as the current minimum is seen as too high to compete with neighboring islands. The Commonwealth would also be exempt from the Dept. of Labor’s proposed increase in the pay threshold that’s exempt from overtime requirements.

","official_title":"To establish an Oversight Board to assist the Government of Puerto Rico, including instrumentalities, in managing its public finances, and for other purposes.","short_title":"PROMESA","popular_title":null,"short_summary":"Puerto 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\nThe bill establishes the Financial Oversight and Management Board to oversee the development of budgets and fiscal plans for Puerto Rico's instrumentalities and government. The board may issue subpoenas, certify voluntary agreements between creditors and debtors, seek judicial enforcement of its authority, impose penalties, and enforce territorial laws prohibiting public sector employees from participating in strikes or lockouts.\n\nThe board's responsibilities include:\n\n approving the governor's fiscal plan; approving annual budgets; enforcing budgets and ordering any necessary spending reductions; and reviewing laws, contracts, rules, and regulations for compliance with the fiscal plan. The bill establishes procedures and requirement...","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. This is a bailout by another name.","bill_type":"hr","published":true,"type":"FederalBill","id":"hr4900-114","bill_id":"hr4900-114","formal_id":"H.R. 4900","chamber":"house","congress":114,"last_action_at":"2016-04-28T00:00:00.000Z","active":true,"enacted":false,"enacted_at":null,"vetoed":false,"last_vote_at":null,"debated_on":null,"congress_url":"https://www.congress.gov/bill/114th/house-bill/4900","plain_text_url":"https://www.gpo.gov/fdsys/pkg/BILLS-114hr4900ih/html/BILLS-114hr4900ih.htm","shareable_image_url":"https://n.causes.com/share-images/bills/hr4900-114.png","congress_full_text_url":"https://www.congress.gov/bill/114th/house-bill/4900/text","is_current_congress":false,"last_version_on":"2016-04-12","related_bill_ids":["s2328-114","hr5278-114","hr4290-114"],"progress":"Introduced","house_passage_result":false,"senate_passage_result":false,"position_count":331,"committees":[{"name":"Committee on Education and Labor","chamber":"house","committee_id":"HSED","subcommittee":false},{"name":"Committee on Natural Resources","chamber":"house","committee_id":"HSII","subcommittee":false},{"name":"Committee on the Judiciary","chamber":"house","committee_id":"HSJU","subcommittee":false},{"name":"Antitrust, Commercial and Administrative Law","chamber":"house","committee_id":"HSJU05","subcommittee":true}],"links":{"rollCalls":"/api/roll_calls?bill_id=hr4900-114","details":"/api/bills/hr4900-114/details","sharingMessage":"/api/sharing_messages/hr4900-114","positionsFor":"/api/bills/hr4900-114/positions/for","positionsAgainst":"/api/bills/hr4900-114/positions/against"},"upcoming":false,"cosponsors_count":0,"slug":"hr4900-114-promesa","latest_chamber_votes_id":null,"official_url":null,"target_video":true,"following":false,"vote_count":2609,"yea_vote_count":1654,"nay_vote_count":949,"passed_house":false,"passed_senate":false,"vote_id":null,"my_position_id":null,"topic_ids":["financial-markets","economy"],"issue_ids":["financial-markets","economy"],"sponsor_id":434}],"votes":[],"issues":[{"id":"financial-markets","name":"Financial Markets","slug":"financial-markets","description":"Regulations for the US financial Markets - including Banking, Securities, Insurance, Currency and the Credit Markets. 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},{"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}],"users":[{"name":"C j","vote_count":188,"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/LWgM54em/following","followers":"/api/users/LWgM54em/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":30,"influence_level":10,"follower_count":1,"following_count":0,"position_count":34,"id":"LWgM54em","partner_id":null}],"bill_position":{"flagged":false,"id":"f9038dd9-68e6-4e0a-9f0a-fc09bdbfbe04","argument_for":null,"argument_against":"Send all those hard working Syrians there. Pretty soon Sharia law will be the rule and the finances will be in order.","show_argument_for":false,"show_argument_against":true,"upvote_count":0,"upvotes_for_count":null,"upvotes_against_count":0,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/f9038dd9-68e6-4e0a-9f0a-fc09bdbfbe04"},"body":"Send all those hard working Syrians there. Pretty soon Sharia law will be the rule and the finances will be in order.","stance":"nay","created_at":"2016-04-30T13:01:49.640Z","shareable_image_url":"https://n.causes.com/share-images/positions/f9038dd9-68e6-4e0a-9f0a-fc09bdbfbe04.png","note_color":null,"note_text":null,"bill_id":"hr4900-114","user_id":"LWgM54em","endorser_ids":[]}}

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Does Puerto Rico Need Help Curbing its Debt Crisis and Boosting the Economy?