United States 114th Congress Status: Died 1 R cosponsors

HR 4900 — PROMESA Puerto Rico Oversight, Management, and Economic Stability 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

PROMESA Puerto Rico Oversight, Management, and Economic Stability Act This bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects. The bill establishes the Financial Oversight and Management Board to oversee the development of budgets and fiscal plans for Puerto Rico's instrumentalities and government. The board may issue subpoenas, certify voluntary agreements between creditors and debtors, seek judicial enforcement of its authority, impose penalties, and enforce territorial laws prohibiting public sector employees from participating in strikes or lockouts. The board's responsibilities include: approving the governor's fiscal plan; approving annual budgets; enforcing budgets and ordering any necessary spending reductions; and reviewing laws, contracts, rules, and regulations for compliance with the fiscal plan. The bill establishes procedures and requirements for Puerto Rico to restructure its debt and designates the board as the representative of the debtor. The board may initiate a procedure for debt restructuring and submit or modify a plan of adjustment. The establishment of the board operates as an automatic stay of creditor actions to enforce claims against the government of Puerto Rico. The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that address an infrastructure emergency, have access to private capital, and meet other requirements. Critical projects approved by the oversight board are eligible for an expedited permitting process. The board shall divide creditors into pools based on the characteristics of the debt, and each pool may vote on a plan to restructure the debt. If at least two-thirds of the outstanding principal amount of a pool agrees with the plan, the pool may file a petition in court to bind the dissenting bondholders to the modification.

Bill Text

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

Read HR 4900 on the official United States source →

Action History

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

  2. Committee Consideration and Mark-up Session Held.

  3. Referred to House Education and the Workforce

  4. Referred to House Judiciary

  5. Referred to House Natural Resources

  6. Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and Education and the Workforce, 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

public-safety finance labor
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Frequently asked questions

What does HR 4900 do?
PROMESA Puerto Rico Oversight, Management, and Economic Stability Act This bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects. The bill establishes the Financial Oversight and Management Board to oversee the development of budgets and fiscal plans for Puerto Rico's instrumentalities and government. The board may issue subpoenas, certify voluntary agreements between creditors and debtors, seek judicial enforcement of its authority, impose penalties, and enforce territorial laws prohibiting public sector employees from participating in strikes or lockouts. The board's responsibilities include: approving the governor's fiscal plan; approving annual budgets; enforcing budgets and ordering any necessary spending reductions; and reviewing laws, contracts, rules, and regulations for compliance with the fiscal plan. The bill establishes procedures and requirements for Puerto Rico to restructure its debt and designates the board as the representative of the debtor. The board may initiate a procedure for debt restructuring and submit or modify a plan of adjustment. The establishment of the board operates as an automatic stay of creditor actions to enforce claims against the government of Puerto Rico. The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that address an infrastructure emergency, have access to private capital, and meet other requirements. Critical projects approved by the oversight board are eligible for an expedited permitting process. The board shall divide creditors into pools based on the characteristics of the debt, and each pool may vote on a plan to restructure the debt. If at least two-thirds of the outstanding principal amount of a pool agrees with the plan, the pool may file a petition in court to bind the dissenting bondholders to the modification.
Who sponsors HR 4900?
HR 4900 is sponsored by Sean Duffy (R).
What is the current status of HR 4900?
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 4900?
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