# 114-hr-5278: PROMESA

114-hr-5278, PROMESA, is a 114th Congress bill sponsored by Rep. Duffy, Sean P. [R-WI-7] (R-WI); status Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-5278
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-5278
- Congress: 114
- Title: PROMESA
- Status: Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources.
- Introduced: 2016-05-18
- Sponsor: Rep. Duffy, Sean P. [R-WI-7] (R-WI)
- Cosponsors: 2
- Policy area: Economics and Public Finance
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Puerto Rico Oversight, Management, and Economic Stability Act or PROMESA This bill addresses Puerto Rico's debt by establishing an oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects. The bill establishes the Financial Oversight and Management Board to oversee the development of budgets and fiscal plans for Puerto Rico's instrumentalities and government. The board may issue subpoenas, certify voluntary agreements between creditors and debtors, seek judicial enforcement of its authority, and impose penalties. The board's responsibilities include: approving the governor's fiscal plan; approving annual budgets; enforcing budgets and ordering any necessary spending reductions; and reviewing laws, contracts, rules, regulations, or executive orders for compliance with the fiscal plan. The bill establishes procedures and requirements for Puerto Rico to restructure its debt and designates the board as the representative of the debtor. The board may initiate a procedure for debt restructuring and submit or modify a plan of adjustment. The establishment of the board operates as an automatic stay of creditor actions to enforce claims against the government of Puerto Rico. The bill amends the Fair Labor Standards Act of 1938 to permit the governor, subject to the approval of the board, to designate a time period of no more than four years during which employers in Puerto Rico may pay certain employees less than the national minimum wage. The bill establishes a Revitalization Coordinator to designate critical infrastructure projects that meet specified requirements. Critical projects approved by the oversight board are eligible for an expedited permitting process. The board shall divide creditors into pools based on the characteristics of the debt, and each pool may vote on a plan to restructure the debt. If at least two-thirds of the outstanding principal amount of a pool agrees with the plan, the pool may file a petition in court to bind the dissenting bondholders to the modification.

## Cosponsors (2)

- Rep. Bishop, Rob [R-UT-1] (R-UT), 2016-05-18T00:00:00.000Z
- Rep. Sensenbrenner, F. James, Jr. [R-WI-5] (R-WI), 2016-05-18T00:00:00.000Z

## Related bills

- 114-hr-6176: Export Control Reform Act
- 114-hr-5621: To posthumously award a Congressional Gold Medal to Lawrence Eugene "Larry" Doby in recognition of his achievements and contributions to American major league…
- 114-hr-4956: End Executive Overreach Act
- 114-hr-4828: Conscience Protection Act of 2016
- 114-hr-4514: Combating BDS Act of 2016
- 114-hr-2992: Merchant Marine of World War II Congressional Gold Medal Act

## Sources
- [114-hr-5278 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/5278)

## Related
- [114-hr-6176: Export Control Reform Act](https://policyrisk.com/legislation/114-hr-6176)
- [114-hr-5621: To posthumously award a Congressional Gold Medal to Lawrence Eugene "Larry" Dob…](https://policyrisk.com/legislation/114-hr-5621)
- [114-hr-4956: End Executive Overreach Act](https://policyrisk.com/legislation/114-hr-4956)
- [114-hr-4828: Conscience Protection Act of 2016](https://policyrisk.com/legislation/114-hr-4828)
- [114-hr-4514: Combating BDS Act of 2016](https://policyrisk.com/legislation/114-hr-4514)
- [114-hr-2992: Merchant Marine of World War II Congressional Gold Medal Act](https://policyrisk.com/legislation/114-hr-2992)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-5278 (as of 2025-11-18).