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This bill modifies the federal oversight structure governing Puerto Rico's finances by allowing the Oversight Board—which currently manages the island's fiscal and economic matters—to be terminated if Puerto Rico's legislature passes legislation establishing a successor entity to replace it. The bill also enables the Puerto Rico Electric Power Authority or another locally designated entity to take over representation duties in bankruptcy cases once this transition occurs, while requiring the new representative to retain existing Oversight Board staff unless specified otherwise. The changes preserve existing legal requirements, maintain the validity of previously certified fiscal plans, and keep federal court jurisdiction intact during the transition. In essence, the legislation gives Puerto Rico greater control over its own economic governance by providing a path to replace federal oversight with local leadership, though the specifics depend on what replacement structure Puerto Rico chooses to establish.

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