United States Territorial Relief Act of 2019
- Last Action
- 5/3/2019
Actions
- 2019-05-03Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2019-05-03Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2019-05-03Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2019-05-03Introduced in House
- 2019-05-03Introduced in House
CRS Summary
As of 2019-05-03 (00)
United States Territorial Relief Act of 2019
This bill establishes a process under which Puerto Rico and other U.S. territories may terminate certain debts if they meet eligibility criteria.
The bill allows territories to terminate their public, unsecured debt if they meet two of three criteria:
- the population of the territory has decreased by more than 5% over 10 years,
- the territory received major federal disaster assistance, or
- the territory's per capita debt exceeds $15,000.
If Puerto Rico discharges its debt under this process, the bill provides funding that a special master must allocate to certain creditors whose debts were discharged.
The bill also establishes a Puerto Rico Public Credit Comprehensive Audit Commission.
Cosponsors (15)
- Yvette Clarke (D-NY)
- Adriano Espaillat (D-NY)
- Ruben Gallego (D-AZ)
- Pramila Jayapal (D-WA)
- Ro Khanna (D-CA)
- JANICE SCHAKOWSKY (D-IL)
- Albio Sires (D-NJ)
- Darren Soto (D-FL)
- ELEANOR NORTON (D-DC)
- Jesus Garcia (D-IL)
- JAMES MCGOVERN (D-MA)
- BOBBY RUSH (D-IL)
- SHEILA JACKSON LEE (D-TX)
- Alexandria Ocasio-Cortez (D-NY)
- Joseph Kennedy (D-MA)
Subjects
- Accounting and auditing
- Appropriations
- Bank accounts, deposits, capital
- Bankruptcy
- Budget deficits and national debt
- Caribbean area
- Civil actions and liability
- Disaster relief and insurance
- Employee benefits and pensions
- Executive agency funding and structure
- Federal district courts
- Government liability
- Government studies and investigations
- Government trust funds
- Judicial review and appeals
- Jurisdiction and venue
- Puerto Rico
- Securities
- State and local finance
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.