Amendments to PROMESA Act of 2020

Amendments to PROMESA Act of 2020

This bill makes changes to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), including with respect to conflicts of interest by the Puerto Rico Oversight Board, funding, and public access to information regarding public debt of Puerto Rico.

Specifically, the bill, among other things

• establishes provisions to prevent conflicts of interest by the oversight board, including the designation by the board of an ethics board comprised of three non-executive board members;
• requires the submission of an annual ethics report;
• includes public education, public safety, health care, and pensions as essential public services for funding purposes;
• provides funding to promote economic growth and funding for the operation of the University of Puerto Rico;
• provides for certain disclosures by professional persons employed by court order and by professional persons employed by the debtor; and
• establishes a Puerto Rico Public Credit Comprehensive Audit Commission.

The Government Accountability Office shall report on expenditures and operation of the oversight board.