arrow_back Back to App

Puerto Rico Financial Oversight: Faster Transition to Local Control

This bill aims to accelerate the termination of financial oversight in Puerto Rico. It shortens the required period of budget stability and modifies the conditions for transferring authority back to local government, potentially leading to Puerto Rico regaining full control over its finances and governance sooner.
Key points
Reduces the required period of budget stability from four to two years, potentially speeding up oversight termination.
Allows oversight termination regardless of whether the budget provides for debt service, offering more flexibility.
Transfers assets and records of the oversight board to the Puerto Rico government upon termination, returning control to local authorities.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_4947
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2023-07-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

TRUST for Puerto Rico Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4947.

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 2023-07-26.

What are the main provisions?

Key points include:

  • Reduces the required period of budget stability from four to two years, potentially speeding up oversight termination.
  • Allows oversight termination regardless of whether the budget provides for debt service, offering more flexibility.
  • Transfers assets and records of the oversight board to the Puerto Rico government upon termination, returning control to local authorities.
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 House Committee on Natural Resources.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Local Government