Episode Details

Puerto Rico is in trouble and only the U.S. Congress can help the island of U.S. citizens. Does the bill quickly moving through Congress actually help Puerto Rico? Executive Producer: Kevin Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! H.R. 5278: "Puerto Rico Oversight, Management, and Economic Stability Act" (PROMESA) Bill Highlights Definitions "Territorial instrumentality": "Any political subdivision, public agency, instrumentality - including any instrumentality that is also a bank - or public corporation of a territory, and this term should be broadly construed to effectuate the purposes of this Act." Title 1: Establishment and Organization of Oversight Board Purpose: "To provide a method for a covered territory to achieve fiscal responsibility and access tot he capital markets." Constitutional Justification for the Board Article IV, section 3 of the Constitution "Provides Congress the power to dispose of and make all needful rules and regulations for territories." Records Access The Oversight Board will have the power to demand budgets from any public agency. The Oversight Board has the power to exclude any public agency from the requirements of this law. Oversight Board Membership Seven unpaid members appointed by the President. Six of the selections will be from lists created by Congress. Two people must be selected from two different lists submitted by the Speaker of the House of Representatives Two people must be picked from a list created by the Majority Leader of the Senate One person must be selected from a list created by the House Minority Leader One person must be selected from a list created by the Senate Minority Leader One person will be picked by the President Only one person on the board has to be a territory resident or "have a primary place of business in the territory" The appointments must be done by September 15, 2016 The Governor, or his designee, will be an "ex officio member" with no voting rights. Term of service: 3 years Removal: Can be done by the President "only for cause" Expired terms: The member can serve until someone else is appointed. Consecutive terms are allowed Member Qualifications Must have "knowledge and expertise in finance, municipal bond markets, management, law, or the organization or operation of business or government" No one who has worked for the territory's government is allowed on the Oversight Board Rules for the Oversight Board The Oversight Board will write the laws governing it's own activities The work of the Oversight Board can be privatized Majority Rule Needed To: Approve of fiscal plans Approve a budget To waive a law To approve or disapprove an infrastructure project Territorial Laws The Oversight Board can change the territory's laws "with the greatest degree of independence practicable" The Oversight Board may conduct their business behind closed doors. Paid Staff Executive Director The Board will determine his/her salary The Executive Director can hire as many staff members as he wants and decide how much they get paid, as long as none of them get more than he does. Gifts Are allowed but need to be publicly disclosed Exemption from Laws "The Executive Director and staff of the Oversight Board may be appointed and paid without regard to any provision of the laws of the covered territory or the Federal Government governing appointments and salaries. Any provision of the laws of the covered territory governing procurement shall not apply to the Oversight Board." Powers of the Oversight Board Data Collection The Oversight Board "shall have the right to secure copies, whether written or electronic, of such records, documents, information, data, or metadata from the ter