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H. Rept. 114-602 1 (2016-06-03)

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U.S. GOVERNMENT
INFORMATION
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                      114TH CONGRESS                                         [REPT. 114-602
                         2d Session      HOUSE OF REPRESENTATIVES                 Part 1







                            PUERTO RICO OVERSIGHT, MANAGEMENT, AND
                                         ECONOMIC STABILITY ACT



                        JUNE 3, 2016.-Committed to the Committee of the Whole House on the State of
                                           the Union and ordered to be printed



                        Mr. BISHOP of Utah, from the Committee on Natural Resources,
                                             submitted the following


                                                 REPORT

                                                   together with

                                              ADDITIONAL VIEWS

                                              [To accompany H.R. 5278]

                                [Including cost estimate of the Congressional Budget Office]

                        The Committee on Natural Resources, to whom was referred the
                      bill (H.R. 5278) to establish an Oversight Board to assist the Gov-
                      ernment of Puerto Rico, including instrumentalities, in managing
                      its public finances, and for other purposes, having considered the
                      same, report favorably thereon with an amendment and rec-
                      ommend that the bill as amended do pass.
                        The amendment is as follows:
                        Strike all after the enacting clause and insert the following:
                      SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
                        (a) SHORT TITLE.-This Act may be cited as the Puerto Rico Oversight, Manage-
                      ment, and Economic Stability Act or PROMESA.
                        (b) TABLE OF CONTENTS.-The table of contents of this Act is as follows:
                      Sec. 1. Short title; table of contents.
                      Sec. 2. Effective date.
                      Sec. 3. Severability.
                      Sec. 4. Supremacy.
                      Sec. 5. Definitions.
                      Sec. 6. Placement.
                      Sec. 7. Compliance with Federal laws.
                                TITLE I-ESTABLISHMENT AND ORGANIZATION OF OVERSIGHT BOARD
                      Sec. 101. Financial Oversight and Management Board.
                      Sec. 102. Location of Oversight Board.
                      Sec. 103. Executive Director and staff of Oversight Board.
                      Sec. 104. Powers of Oversight Board.
                      Sec. 105. Exemption from liability for claims.
                      Sec. 106. Treatment of actions arising from Act.
                      Sec. 107. Budget and funding for operation of Oversight Board.
                         59-006

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