The TRUST for Puerto Rico Act of 2023 modifies the conditions under which Puerto Rico's federal Oversight Board can be terminated. The bill reduces the financial performance requirements the territory must meet from four years to two years of sustainable budgets, and removes the requirement that Puerto Rico fully pay debt service before the board can be dissolved. Upon the board's certification that termination conditions are met and after Puerto Rico's legislature and governor adopt a resolution, all of the board's property, funds, assets, and records would transfer to Puerto Rico's government. A copy of the Oversight Board's records would also be sent to Congress. This legislation, introduced by a bipartisan group of representatives, aims to give Puerto Rico a faster path to ending federal financial oversight.
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