Puerto Rico Oversight, Management, and Economic Stability Act or PROMESA
This bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects.
The 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, and impose penalties.
The board's responsibilities include:
The bill establishes procedures and requirements for Puerto Rico to restructure its debt and designates the board as the representative of the debtor. The board may initiate a procedure for debt restructuring and submit or modify a plan of adjustment.
The establishment of the board operates as an automatic stay of creditor actions to enforce claims against the government of Puerto Rico.
The bill amends the Fair Labor Standards Act of 1938 to permit the governor, subject to the approval of the board, to designate a time period of no more than four years during which employers in Puerto Rico may pay certain employees less than the national minimum wage.
The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that meet specified requirements. Critical projects approved by the oversight board are eligible for an expedited permitting process.
The board shall divide creditors into pools based on the characteristics of the debt, and each pool may vote on a plan to restructure the debt. If at least two-thirds of the outstanding principal amount of a pool agrees with the plan, the pool may file a petition in court to bind the dissenting bondholders to the modification.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-06-13 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources. | Senate |
| 2016-06-09 | Floor | The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 5278. | House floor actions |
| 2016-06-09 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2016-06-09 | Vote | On passage Passed by recorded vote: 297 - 127 (Roll no. 288). | House floor actions |
| 2016-06-09 | Floor | The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H3611-3627) | House floor actions |
| 2016-06-09 | Floor | The previous question was ordered pursuant to the rule. (consideration: CR H3634) | House floor actions |
| 2016-06-09 | Floor | The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5278. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Torres amendment No. 8. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Serrano amendment No. 7. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Duffy amendment No. 6. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Byrne amendment No. 5. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Byrne amendment No. 4. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Jolly amendment No. 3. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Graves(MO) amendment No. 2. | House floor actions |
| 2016-06-09 | Floor | DEBATE - Pursuant to the provisions of H.Res. 770, the Committee of the Whole proceeded with 10 minutes of debate on the Bishop(UT) amendment No. 1. | House floor actions |
| 2016-06-09 | Floor | GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 5278. | House floor actions |
| 2016-06-09 | Floor | The Speaker designated the Honorable Michael K. Simpson to act as Chairman of the Committee. | House floor actions |
| 2016-06-09 | Floor | House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 770 and Rule XVIII. | House floor actions |
| 2016-06-09 | Floor | Rule provides for consideration of H.R. 5278 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The resolution makes in order as original text for purpose of amendment an amendment in the nature oa substitute consisting of the text of Rules Committee Print 114-57 and provides that it shall be considered read. The resolution makes in order only those further amendments printed in the report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member desingated in the report, shall be considered as read, be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to a demand for division of the question in the House or Committee of the Whole. Section 2 provides that upon passage of H.R. 5278, the House shall be considered to have: (1) stricken all after the enacting clause of S. 2328 and inserted in lieu thereof the provisions of H.R. 5278, as passed by the House; and (2) passed the Senate bill as so amended. | House floor actions |
| 2016-06-09 | Floor | Considered under the provisions of rule H. Res. 770. (consideration: CR H3600-3635) | House floor actions |
| 2016-06-09 | Floor | Rule H. Res. 770 passed House. | House floor actions |
| 2016-06-08 | Floor | Rules Committee Resolution H. Res. 770 Reported to House. Rule provides for consideration of H.R. 5278 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The resolution makes in order as original text for purpose of amendment an amendment in the nature oa substitute consisting of the text of Rules Committee Print 114-57 and provides that it shall be considered read. The resolution makes in order only those further amendments printed in the report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member desingated in the report, shall be considered as read, be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to a demand for division of the | House floor actions |
| 2016-06-03 | Calendars | Placed on the Union Calendar, Calendar No. 468. | House floor actions |
| 2016-06-03 | Discharge | Committee on Small Business discharged. | House floor actions |
| 2016-06-03 | Discharge | Committee on Education and the Workforce discharged. | House floor actions |
| 2016-06-03 | Discharge | Committee on the Judiciary discharged. | House floor actions |
| 2016-06-03 | Committee | Reported (Amended) by the Committee on Natural Resources. H. Rept. 114-602, Part I. | House floor actions |
| 2016-05-25 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 10. | House committee actions |
| 2016-05-25 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-05-24 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-05-20 | Committee | Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. | House committee actions |
| 2016-05-18 | IntroReferral | Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2016-05-18 | IntroReferral | Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2016-05-18 | IntroReferral | Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2016-05-18 | IntroReferral | Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2016-05-18 | IntroReferral | Introduced in House | Library of Congress |