To amend PROMESA to authorize the legislature and require the Oversight Board to take into consideration reports prepared by the relevant Budget Office, and for other purposes.
About This Bill
Committee
Latest Action · July 25, 2023
Referred to the House Committee on Natural Resources.
This bill amends the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to allow Puerto Rico's legislature to submit budget reports to the federal Oversight Board for consideration when evaluating proposed laws. Currently, the Oversight Board reviews bills to ensure they comply with Puerto Rico's fiscal plan, but this legislation requires the board to take into account formal estimates of expenses and revenue impacts prepared by the Puerto Rico Legislature's Budget Office. The change gives Puerto Rico's elected lawmakers a formal role in providing financial analysis alongside the Oversight Board's review process. The bill takes effect 90 days after enactment and contains no specified funding provisions.
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