Section 1 Short title
This Act may be cited as the“Legislative Reports on Estimates of Expenses and Impacts on Revenues of Bills and Laws Under PROMESA Act”.
Legislative Reports on Estimates of Expenses and Impacts on Revenues of Bills and Laws Under PROMESA Act
A BILL
To amend PROMESA to authorize the legislature and require the Oversight Board to take into consideration reports prepared by the relevant Budget Office, and for other purposes.
Sec. 2 Purpose
The purpose of this Act is to allow the use of the reports of the Legislature prepared by its Budget Office, so that the information in those reports may be taken into consideration by the Oversight Board in the evaluation of the estimates of expenses and impact on revenues of the bills approved and converted into law carried out by the Oversight Board under the Puerto Rico Oversight, Management, and Economic Stability Act.
Sec. 3 Review of activities to ensure compliance with Fiscal Plan
Section 204(a) of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2144(a)) is amended—
in paragraph (1), by inserting “and the Legislature” before the final period;
in paragraph (4)(A), by inserting “and the Legislature” after “direct the Governor”; and
in paragraph (6)—
in the heading, by inserting “and legislature reports” after “proposed acts”; and
by adding at the end, the following: “In addition, the Legislature, through its Budget Office, and in a proactive manner, may send to the Oversight Board reports with formal estimates of expenses and impacts on revenues, if any, of the bills they approve, so that the information in the reports may be taken into consideration by the Oversight Board in its analysis and determinations.”.
Sec. 4 Effective date
This Act shall take effect 90 days after the date of the enactment of this Act.