PROMESA

E586787

PROMESA is a U.S. federal law enacted in 2016 to address Puerto Rico’s fiscal crisis by establishing an oversight board and a process for restructuring its public debt.

All labels observed (1)

Label Occurrences
PROMESA canonical 1

How this entity was disambiguated

Statements (49)

Predicate Object
instanceOf United States federal law
statute
acronym PROMESA NERFINISHED
affects Government of Puerto Rico NERFINISHED
Puerto Rico bondholders
Puerto Rico public corporations
appliesTo Puerto Rico NERFINISHED
authorizes certification of fiscal plans and budgets by the Oversight Board
stay of creditor litigation during restructuring negotiations
codifiedIn 48 U.S.C. §§ 2101–2241
Public Law 114-187 NERFINISHED
containsMechanism appointment of Oversight Board members by the U.S. President
certification of restructuring plans by the Oversight Board
creates Financial Oversight and Management Board for Puerto Rico NERFINISHED
criticizedFor austerity measures associated with fiscal plans
perceived erosion of Puerto Rico’s self-governance
enactedBy 114th United States Congress NERFINISHED
enactmentDate 2016-06-30
establishes Financial Oversight and Management Board for Puerto Rico NERFINISHED
fullName Puerto Rico Oversight, Management, and Economic Stability Act NERFINISHED
geographicScope territory of Puerto Rico
hasProvision Title I
Title II NERFINISHED
Title III NERFINISHED
Title IV NERFINISHED
Title V NERFINISHED
Title VI
jurisdiction United States of America
surface form: United States
language English
legalBasisFor Puerto Rico debt restructuring proceedings under Title III
oversightBody Financial Oversight and Management Board for Puerto Rico NERFINISHED
policyArea bankruptcy and insolvency
public finance
territorial governance
purpose achieve fiscal responsibility and access to capital markets for Puerto Rico
address Puerto Rico’s fiscal crisis
provide a legal framework for restructuring Puerto Rico’s public debt
relatedTo Chapter 9, Title 11, United States Code NERFINISHED
United States territorial law NERFINISHED
requires balanced budgets over time for Puerto Rico’s government
development of fiscal plans for Puerto Rico
signedBy Barack Obama NERFINISHED
signedIntoLawDate 2016-06-30
sponsorChamber United States House of Representatives NERFINISHED
United States Senate NERFINISHED
status in force
subjectOf Puerto Rico debt crisis
titleIIIProvides court-supervised debt restructuring process similar to U.S. municipal bankruptcy
titleVIProvides collective action process for consensual debt restructuring

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Referenced by (1)

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