US SB1312 | 2019-2020 | 116th Congress
Status
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on May 2 2019 - 25% progression, died in committee
Action: 2019-05-02 - Read twice and referred to the Committee on Energy and Natural Resources.
Pending: Senate Energy And Natural Resources Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 2 2019 - 25% progression, died in committee
Action: 2019-05-02 - Read twice and referred to the Committee on Energy and Natural Resources.
Pending: Senate Energy And Natural Resources Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Establishes a process under which Puerto Rico and other U.S. territories may terminate certain debts if they meet eligibility criteria. The bill allows territories to terminate their public, unsecured debt if they meet two of three criteria: the population of the territory has decreased by more than 5% over 10 years, the territory received major federal disaster assistance, or the territory's per capita debt exceeds $15,000. If Puerto Rico discharges its debt under this process, the bill provides funding that a special master must allocate to certain creditors whose debts were discharged. The bill also establishes a Puerto Rico Public Credit Comprehensive Audit Commission.
Title
United States Territorial Relief Act of 2019
Sponsors
Sen. Elizabeth Warren [D-MA] | Sen. Bernard Sanders [I-VT] | Sen. Kamala Harris [D-CA] | Sen. Edward Markey [D-MA] |
Sen. Kirsten Gillibrand [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2019-05-02 | Senate | Read twice and referred to the Committee on Energy and Natural Resources. |
Same As/Similar To
HB2526 (Same As) 2019-05-03 - Referred to the Committee on Natural Resources, and in addition to the Committees on the Judiciary, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Accounting and auditing
Appropriations
Bank accounts, deposits, capital
Bankruptcy
Budget deficits and national debt
Caribbean area
Civil actions and liability
Disaster relief and insurance
Employee benefits and pensions
Executive agency funding and structure
Federal district courts
Government liability
Government operations and politics
Government studies and investigations
Government trust funds
Judicial review and appeals
Jurisdiction and venue
Puerto Rico
Securities
State and local finance
U.S. territories and protectorates
Appropriations
Bank accounts, deposits, capital
Bankruptcy
Budget deficits and national debt
Caribbean area
Civil actions and liability
Disaster relief and insurance
Employee benefits and pensions
Executive agency funding and structure
Federal district courts
Government liability
Government operations and politics
Government studies and investigations
Government trust funds
Judicial review and appeals
Jurisdiction and venue
Puerto Rico
Securities
State and local finance
U.S. territories and protectorates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1312/all-info |
Text | https://www.congress.gov/116/bills/s1312/BILLS-116s1312is.pdf |