About S2328

PROMESA

Policy Area: Economics and Public Finance

Sponsor: Sen. Wicker, Roger F. [R-MS] (R-MS)

Latest Action (2016-06-30): Became Public Law No: 114-187.

Summary

(This measure has not been amended since it was passed by the House on June 9, 2016. The summary of that version is repeated here.) Puerto Rico Oversight, Management, and Economic Stability Act or PROMESA 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. (Sec. 2) The effective date of this bill is the date of enactment. Title III (Adjustments of Debts) only applies to cases commenced under it on or after the date of enactment. Titles III and VI (Creditor Collective Action) apply to all debts, claims, and liens, regardless of the creation date. (Sec. 3) If any provision of the bill is held invalid, the remainder of the bill is not affected. Title III is not severable from Title I (Establishment and Organization of Oversight Board) and Title II (Responsibilities of Oversight Board), and Titles I and II are not severable from Title III. (Sec. 4) This bill prevails over any provision of territory law, state law, or regulation that is inconsistent with this bill. (The territories referred to in this bill include Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands.) (Sec. 5) This section defines terms used in this bill. (Sec. 6) This section specifies where the bill should be placed in the U.S. Code. (Sec. 7) Nothing in the bill should be construed as impairing or relieving a territori

Subjects: Accounting and auditing, Administrative law and regulatory procedures, Advisory bodies, Agricultural research, Alternative and renewable resources, Aquaculture, Aquatic ecology, Bankruptcy

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