Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA; H.R. 5278, S. 2328) [open pdf - 964KB]
"The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA; H.R. [House Bill] 5278) would create a structure for exercising federal oversight over the fiscal affairs of territories. PROMESA would establish an Oversight Board with broad powers of budgetary and financial control over Puerto Rico. PROMESA also would create procedures for adjusting debts accumulated by the Puerto Rico government and its instrumentalities and potentially for debts of other territories. Finally, PROMESA would expedite approvals of key energy projects and other 'critical projects' in Puerto Rico. [...] The report presents a brief description of Puerto Rico, its relationship with the federal government, and its fiscal challenges. A short overview of the bill, along with a comparison with previous legislation involving control boards, follows. The body of the report provides a section-by-section description of H.R. 5278."
CRS Report for Congress, R44532
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html