Vote Smart's Synopsis:

Vote to pass a bill that establishes an autonomous oversight board to restructure the debt in Puerto Rico.

Highlights:

• Establishes the Financial Oversight and Management Board for Puerto Rico consisting of 7 members appointed by the president and recommended by congressional leaders (Secs. 101 & 108).

• Specifies that the Oversight Board’s responsibilities include, but are not limited to, the following responsibilities (Secs. 201, 202, 206, 208 & 104):
• Establish a schedule to develop and certify fiscal plans to fund essential public services and public pensions;
• Authorize budgets submitted by the governor and legislature that comply with fiscal plans;
• Issue restructuring certifications; and
• Submit a progress report to the president, Congress, the governor, and the territorial legislature.

• Specifies that the Oversight Board is funded by a source determined by the territorial government, not subject to subsequent legislative appropriations (Sec. 107).

• Establishes an automatic stay of liability claims against the government of Puerto Rico, effective immediately (Sec. 405).

• Authorizes the governor to reduce the minimum wage of employees who are under 20 years old and were initially employed after the enactment of this bill for a time period of less than 4 years (Sec. 403).

Full Bill Text

Full Bill Text