Bipartisan bill filed in Congress to hasten Puerto Rico fiscal board's dissolution
U.S. Rep. Ritchie Torres (D-N.Y.) was joined by Resident Commissioner Jenniffer González Colón (R-P.R.), Rep. Nydia Velázquez (D-N.Y.), Rep. Darren Soto (D-Fla.), and House Natural Resources Committee Chair Rep. Raúl Grijalva (D-Ariz.) in introducing new bipartisan legislation to provide a process for the dissolution of the Financial Oversight and Management Board for Puerto Rico.
“The ‘TRUST’ for Puerto Rico Act of 2002 (HR7409) would terminate the Oversight Board … no later than 90 days after the certification of two balanced budgets and transfers all duties and responsibilities to the Government of Puerto Rico after the Oversight Board is terminated,” the legislators said in a press release.
If the bill is passed by Congress and signed into law by President Biden, it could lead to the oversight board leaving Puerto Rico as soon as late 2023 or early 2024, if the balanced budgets are certified.
The bill was assigned to the House Natural Resources Committee and the House Judiciary Committee and is expected to receive a hearing later this spring.
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