United States 114th Congress Status: Died 1 R cosponsors

HR 4199 — Puerto Rico Financial Stability and Debt Restructuring Choice Act

Last action — Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 4199 on the official United States source →

Action History

  1. Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

  2. Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.

  3. Sponsor introductory remarks on measure. (CR H9266)

  4. Referred to House Judiciary

  5. Referred to House Natural Resources

  6. 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.

  7. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation finance
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Frequently asked questions

What does HR 4199 do?
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.
Who sponsors HR 4199?
HR 4199 is sponsored by Sean Duffy (R).
What is the current status of HR 4199?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4199?
Track HR 4199 free on One Click Politics — get push/email alerts when it moves.

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