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Puerto Rico Financial Oversight: Faster Transition to Local Control

This act aims to accelerate the termination of financial oversight in Puerto Rico, allowing the local government to regain full control over its finances and debt sooner. This means that decisions regarding Puerto Rico's budget and public services will be made locally, rather than by an external board. These changes could impact debt management and spending plans, potentially affecting citizens' daily lives.
Key points
Shortened Oversight Period: The oversight board must terminate its operations within 90 days of meeting specific conditions, rather than an indefinite period.
Easier Termination Conditions: The number of required years of balanced budgets for the oversight board to terminate its mission has been reduced from four to two.
Transfer of Responsibilities: Upon termination, all duties, assets, and records of the oversight board will be transferred to the government of Puerto Rico, leading to greater autonomy in managing the territory's affairs.
Local Debt Control: The government of Puerto Rico will assume responsibility for debt restructuring and financial management, which may impact economic stability and the availability of public services.
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Additional Information
Print number: 117_HR_7409
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2022-04-05
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

TRUST for Puerto Rico Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7409.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-05.

What are the main provisions?

Key points include:

  • Shortened Oversight Period: The oversight board must terminate its operations within 90 days of meeting specific conditions, rather than an indefinite period.
  • Easier Termination Conditions: The number of required years of balanced budgets for the oversight board to terminate its mission has been reduced from four to two.
  • Transfer of Responsibilities: Upon termination, all duties, assets, and records of the oversight board will be transferred to the government of Puerto Rico, leading to greater autonomy in managing the territory's affairs.
  • Local Debt Control: The government of Puerto Rico will assume responsibility for debt restructuring and financial management, which may impact economic stability and the availability of public services.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Torres, Ritchie [D-NY-15].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Local Government