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New Ethics Rules for PROMESA Oversight Board Advisors

This bill introduces new rules to prevent conflicts of interest among advisory firms working with the Financial Oversight and Management Board. This aims to ensure that decisions regarding U.S. territories' finances are made without bias, which can indirectly impact economic stability and the quality of public services for residents.
Key points
Advisory firms cannot advise the Oversight Board if they also work for companies competing for territorial government contracts.
Mandatory certifications of no conflict of interest are introduced, with legal penalties for false information.
The Oversight Board must report violations of these rules to the Attorney General, increasing transparency and accountability.
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Expired
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Additional Information
Print number: 118_HR_1702
Sponsor: Rescom. González-Colón, Jenniffer [R-PR-At Large]
Process start date: 2023-03-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend PROMESA to include certain ethics provisions to provide for the disqualification of certain advisors to the Financial Oversight and Management Board, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1702.

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 2023-03-22.

What are the main provisions?

Key points include:

  • Advisory firms cannot advise the Oversight Board if they also work for companies competing for territorial government contracts.
  • Mandatory certifications of no conflict of interest are introduced, with legal penalties for false information.
  • The Oversight Board must report violations of these rules to the Attorney General, increasing transparency and accountability.
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 Rescom. González-Colón, Jenniffer [R-PR-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Indian and Insular Affairs .

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Courts and Law Economy Local Government