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S. 2328 (114th): PROMESA


About the bill

Source: Wikipedia

The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a 2016 US federal law that established an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt crisis. Through PROMESA, the US Congress established an unelected Fiscal Control Board (FCB) to oversee the debt restructuring. With this protection the then-governor of Puerto Rico, Alejandro García Padilla, suspended payments due on July 1, 2016. The FCB's approved fiscal austerity plan for 2017-2026, cut deeply into the Puerto Rican public service budget—included cuts to health care, pensions, and education—in order to repay creditors. By May 2017, with a debt of $123 billion debt owed by the Puerto Rican government and its corporations, the FCR ...

Sponsor and status

Roger Wicker

Sponsor. Senator for Mississippi. Republican.

Read Text »
Last Updated: Jun 30, 2016
Length: 62 pages
Introduced
Nov 19, 2015
114th Congress (2015–2017)
Status

Enacted — Signed by the President on Jun 30, 2016

This bill was enacted after being signed by the President on June 30, 2016.

Law
Pub.L. 114-187
Source

Incorporated legislation

This bill incorporates provisions from:

H.R. 5278: PROMESA

Passed House (Senate next) on Jun 9, 2016. 99% incorporated. (compare text)

H.R. 4900: PROMESA

Introduced on Apr 12, 2016. 83% incorporated. (compare text)

History

Nov 19, 2015
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Nov 19, 2015
 
Passed Senate (House next)

The bill was passed in a vote in the Senate. It goes to the House next. The vote was by Unanimous Consent so no record of individual votes was made.

Jun 9, 2016
 
Passed House with Changes (back to Senate)

The House passed the bill with changes not in the Senate version and sent it back to the Senate to approve the changes. The vote was by special rule so no record of individual votes was made.

Jun 29, 2016
 
Senate Agreed to Changes

The bill was passed by both chambers in identical form. It goes to the President next who may sign or veto the bill.

Jun 30, 2016
 
Enacted — Signed by the President

The President signed the bill and it became law.

S. 2328 (114th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 2328. This is the one from the 114th Congress.

This bill was introduced in the 114th Congress, which met from Jan 6, 2015 to Jan 3, 2017. Legislation not enacted by the end of a Congress is cleared from the books.

How to cite this information.

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“S. 2328 — 114th Congress: PROMESA.” www.GovTrack.us. 2015. November 27, 2020 <https://www.govtrack.us/congress/bills/114/s2328>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.