The House Natural Resources Committee has updated its draft bill to fix Puerto Rico's debt crisis.
Though the new draft is closer to final, more changes will be made before the committee's April 14 legislative markup. The latest draft eliminates a chief management officer position that last version would have created and reduces penalties against Puerto Rican officials providing inaccurate information from up to a year's imprisonment to a $1,000 fine. A fiscal oversight board to be created by this bill will also review all voluntary debt restructuring made between creditors and the commonwealth to ensure they match an economic growth and fiscal health plan laid out by the island's governor.
The island government, congressional Democrats, and the Treasury Department have pushed for the ability to broadly restructure the debt, while conservatives have cautioned against a bailout or changes to municipal bankruptcy code. The draft of the bill allows the control board to supersede Puerto Rican elected officials on revenue and spending matters should they ignore the advice of the board.