Public Law 114-187
E586788
Public Law 114-187 is a 2016 U.S. federal statute, known as the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), that established a financial oversight board and restructuring process to address Puerto Rico’s debt crisis.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
economic stabilization law ⓘ public law ⓘ |
| alsoKnownAs |
PROMESA
NERFINISHED
ⓘ
Puerto Rico Oversight, Management, and Economic Stability Act NERFINISHED ⓘ |
| appliesTo |
Government of Puerto Rico
NERFINISHED
ⓘ
Puerto Rico NERFINISHED ⓘ instrumentalities of the Government of Puerto Rico ⓘ |
| component |
Title I – Establishment and Organization of the Oversight Board
ⓘ
Title II – Responsibilities of the Oversight Board ⓘ Title III – Adjustment of Debts ⓘ Title IV – Miscellaneous Provisions NERFINISHED ⓘ Title V – Puerto Rico Infrastructure Revitalization NERFINISHED ⓘ Title VI – Creditor Collective Action NERFINISHED ⓘ |
| congressNumber | 114th United States Congress NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdEntity | Financial Oversight and Management Board for Puerto Rico NERFINISHED ⓘ |
| dateSigned | 2016-06-30 ⓘ |
| effect |
created a federally appointed oversight board with authority over Puerto Rico’s fiscal policy
ⓘ
provided a legal mechanism to restructure Puerto Rico’s unsustainable debt load ⓘ |
| enables | territorial debt adjustment proceedings in federal court ⓘ |
| enactedBy | United States Congress ⓘ |
| establishes | Financial Oversight and Management Board for Puerto Rico NERFINISHED ⓘ |
| geographicScope | territory of Puerto Rico ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| language | English ⓘ |
| legalCitation | Public Law 114-187 NERFINISHED ⓘ |
| officialName | Puerto Rico Oversight, Management, and Economic Stability Act NERFINISHED ⓘ |
| policyArea |
U.S. territories
ⓘ
economy and finance ⓘ |
| presidentAtSigning | Barack Obama NERFINISHED ⓘ |
| provides |
a court-supervised debt restructuring process for Puerto Rico
ⓘ
a stay on creditor litigation under certain conditions ⓘ |
| purpose |
to address Puerto Rico’s public debt crisis
ⓘ
to establish federal oversight of Puerto Rico’s fiscal policy ⓘ to provide a framework for restructuring Puerto Rico’s debts ⓘ |
| regulates |
debt restructuring procedures for Puerto Rico
ⓘ
fiscal oversight of Puerto Rico ⓘ |
| requires |
balanced budgets for Puerto Rico over the long term
ⓘ
fiscal plans for Puerto Rico approved by the oversight board ⓘ |
| shortName | PROMESA NERFINISHED ⓘ |
| signedBy | Barack Obama NERFINISHED ⓘ |
| sponsorChamber |
United States House of Representatives
NERFINISHED
ⓘ
United States Senate NERFINISHED ⓘ |
| subjectMatter |
public finance
ⓘ
sovereign debt restructuring ⓘ territorial governance ⓘ |
| typeOf | territorial debt restructuring law ⓘ |
| yearEnacted | 2016 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Puerto Rico Oversight, Management, and Economic Stability Act
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publicLawNumber
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Public Law 114-187
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