US Congress House Bill 4199 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on December 9 2015 - 25% progression, died in committee
Action: 2016-01-15 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Pending: House Subcommittee on Regulatory Reform, Commercial And Antitrust Law Committee
Text: Latest bill text (Introduced) [PDF]

Puerto Rico Financial Stability and Debt Restructuring Choice Act This bill establishes the Puerto Rico Financial Stability Council, subject to enactment of a law by the Legislative Assembly and the governor of Puerto Rico. For each fiscal year the governor of Puerto Rico shall develop a financial plan, and the Legislative Assembly shall develop a budget, that meet specified requirements to promote financial stability, and both shall submit them to the Council for its approval. The bill prescribes procedures for submission to the Council of revised financial plans or revised budgets in the event of disapproval for failing meet specified criteria. The government of Puerto Rico may not borrow money unless the Council certifies in advance that both the receipt of borrowed funds and the repayment of obligations incurred are consistent with the financial plan and budget for the year. The bill also prescribes procedures for addressing any variance of actual revenues and expenditures from the adopted financial plan and budget, including the withholding of funds under federal programs. The Council shall recommend to the governor, the Legislative Assembly, the President, and Congress actions for the government of Puerto Rico or the federal government to take to ensure compliance with a financial plan and budget. The bill amends federal bankruptcy law to apply to Puerto Rico treatment as a state with respect to Adjustments of Debts of a Municipality.

Puerto Rico Financial Stability and Debt Restructuring Choice Act

Rep. Sean Duffy [R-WI]

Rep. Alexander Mooney [R-WV]

Rep. Don Young [R-AK]

Rep. Mario Diaz-Balart [R-FL]

Date	Chamber	Action
2016-01-15	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2015-12-14	House	Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
2015-12-10	House	Sponsor introductory remarks on measure. (CR H9266)
2015-12-09	House	Referred to House Judiciary
2015-12-09	House	Referred to House Natural Resources
2015-12-09	House	Referred to the Committee on Natural Resources, and in addition to the Committee on the Judiciary, 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.
2015-12-09	House	Introduced in House

SB2381 (Related) 2015-12-09 - Read twice and referred to the Committee on Finance.
HB870 (Related) 2015-03-16 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4199/all-info
Text	https://www.congress.gov/114/bills/hr4199/BILLS-114hr4199ih.pdf