Puerto Rico Financial Improvement and Bond Guarantee Act of 2015
Latest action · Oct 8, 2015 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 8, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Oct 8, 2015Introduced in House
- Oct 8, 2015Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Oct 8, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.