H.R. 3725 · 114th Congress
Puerto Rico Financial Improvement and Bond Guarantee Act of 2015
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PierluisiSponsorNo cosponsors.
Puerto Rico Financial Improvement and Bond Guarantee Act of 2015
What it does: CRS summary · Introduced in House · Oct 8, 2015
Puerto Rico Financial Improvement and Bond Guarantee Act of 2015
This bill expresses the sense of Congress with respect to the current financial distress of the government of Puerto Rico.
The Department of the Treasury may guarantee up to 100% of 30-year bonds issued by the government of Puerto Rico or any of its instrumentalities that are issued solely to finance capital projects or refinance existing debt, but not bonds to finance operational expenses.
A guarantee is only permitted if Treasury determines that there is a reasonable prospect of repayment of the principal and interest on the bond to be guaranteed.
Treasury shall:
- examine the financial management practices of the government of Puerto Rico and its instrumentalities, and
- establish guidelines and recommendations for making improvements in those practices and whether to make a requested guarantee.
Appropriations are made to fund the loan guarantees.
Treasury may also provide advice and technical assistance to the government of Puerto Rico.
The Federal Reserve Act is amended to empower Federal Reserve banks to buy and sell bonds and notes issued by Puerto Rico in anticipation of the collection of taxes or receipt of assured revenues.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Puerto Rico Financial Improvement and Bond Guarantee Act of 2015
Latest action (Oct 8, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 8, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.