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Title: Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)
Vote Smart's Synopsis:
Vote to pass a bill that establishes an autonomous oversight board to restructure the debt in Puerto Rico.
- 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).