Puerto Rico Oversight, Management, and Economic Stability Act

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The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a 2016 U.S. federal law that created a financial oversight board and restructuring framework to address Puerto Rico’s fiscal crisis and public debt.

All labels observed (1)

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf United States federal law
aimsTo protect essential public services in Puerto Rico
restore market confidence in Puerto Rico
restructure unsustainable debt of Puerto Rico
appliesTo Puerto Rico
Puerto Rico central government
Puerto Rico instrumentalities
Puerto Rico public corporations
authorizes Title III adjustment of debts proceedings
court-supervised debt restructuring for Puerto Rico
category United States bankruptcy and restructuring law
United States federal legislation related to territories
containsTitle Title I
Title II
Title III
Title IV
Title V
Title VI
country United States of America
surface form: United States
createsBody Financial Oversight and Management Board for Puerto Rico
dateSigned 2016-06-30
effectiveDate 2016-06-30
enactedDuring 114th United States Congress
establishes budget approval process for Puerto Rico
fiscal plan approval process for Puerto Rico
stay on creditor litigation
hasAcronymMeaning Puerto Rico Oversight, Management, and Economic Stability Act self-link
jurisdiction United States District Court for the District of Puerto Rico
legalBasis Territorial Clause of the United States Constitution
legislativeBody United States Congress
oversightBodyPowers approve or disapprove Puerto Rico budgets
approve or disapprove Puerto Rico fiscal plans
require fiscal reforms in Puerto Rico
review Puerto Rico laws for fiscal impact
preempts Puerto Rico local restructuring laws
publicLawNumber Public Law 114-187
purpose achieve access to capital markets for Puerto Rico
achieve fiscal responsibility for Puerto Rico
address Puerto Rico fiscal crisis
provide framework for restructuring Puerto Rico public debt
requires balanced budgets over time for Puerto Rico
development of certified fiscal plans
restricts Puerto Rico access to Chapter 9 of U.S. Bankruptcy Code
shortName PROMESA
signedBy Barack Obama
similarTo Chapter 9 municipal bankruptcy framework
title Puerto Rico Oversight, Management, and Economic Stability Act self-link
yearEnacted 2016

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Referenced by (4)

Full triples — surface form annotated when it differs from this entity's canonical label.

Puerto Rico Federal Relations Act relatedLegislation Puerto Rico Oversight, Management, and Economic Stability Act
United States–Puerto Rico relations legalBasis Puerto Rico Oversight, Management, and Economic Stability Act
Puerto Rico Oversight, Management, and Economic Stability Act title Puerto Rico Oversight, Management, and Economic Stability Act self-link
Puerto Rico Oversight, Management, and Economic Stability Act hasAcronymMeaning Puerto Rico Oversight, Management, and Economic Stability Act self-link