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H.R. 2429: Puerto Rico Task Force Economic Empowerment Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 16, 2017.


Puerto Rico Task Force Economic Empowerment Act of 2017

Puerto Rico Opportunity, Small Business Prosperity, and Economic Revitalization Act of 2017

This bill amends the Small Business Act to modify requirements for the microloan program for Puerto Rico small businesses and increase access to capital for such program.

The Small Business Administration shall establish: (1) a Veteran Business Outreach Center in Puerto Rico, and (2) a temporary Federal and State Technology (FAST) grant program to provide assistance to Puerto Rico businesses.

The bill amends the Investment Company Act of 1940 to apply the oversight requirements of that Act to investment companies in U.S. territories.

The bill includes Puerto Rico in the Department of Labor reemployment demonstration projects grant program.

For FY2018, Labor may transfer funding to the Bureau of Labor Statistics for feasibility studies of the Puerto Rico economy.

The bill amends Social Security Act provisions affecting hospitals in Puerto Rico and health care and prescription drug coverage in U.S. territories.

The Office of National Drug Control Policy shall develop a publicly available Caribbean Border Counternarcotics Strategy, with emphasis on the borders of Puerto Rico and the U.S. Virgin Islands.