I 

114TH CONGRESS 

1ST SESSION H. R. 4199 

To provide the Government of Puerto Rico the choice to restructure its 

municipal debt in conjunction with enhanced financial oversight, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 9, 2015 

Mr. DUFFY introduced the following bill; which was referred to the Committee 

on Natural Resources, and in addition to the Committee on the Judiciary, 

for a period to be subsequently determined by the Speaker, in each case 

for consideration of such provisions as fall within the jurisdiction of the 

committee concerned 

A BILL 

To provide the Government of Puerto Rico the choice to 

restructure its municipal debt in conjunction with enhanced financial oversight, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Puerto Rico Financial Stability and Debt Restructuring 

6 Choice Act’’. 

7 (b) TABLE OF CONTENTS.—The table of contents for 

8 this Act is as follows: 


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Sec. 1. Short title; table of contents. 

Sec. 2. Findings. 

TITLE I—ESTABLISHMENT AND ORGANIZATION OF FINANCIAL 

STABILITY COUNCIL 

Sec. 101. Puerto Rico Financial Stability Council. 

Sec. 102. Executive director and staff of Council. 

Sec. 103. Powers of Council. 

Sec. 104. Exemption from liability for claims. 

Sec. 105. Treatment of actions arising from Act. 

Sec. 106. Funding for operation of Council. 

Sec. 107. Termination of activities. 

Sec. 108. Application of laws of Puerto Rico to Council. 

Sec. 109. Rules of construction. 

TITLE II—RESPONSIBILITIES OF FINANCIAL STABILITY COUNCIL 

Sec. 201. Development of financial plan and budget for Puerto Rico. 

Sec. 202. Process for submission and approval of financial plan and annual 

Puerto Rico budget. 

Sec. 203. Restrictions on borrowing by Puerto Rico. 

Sec. 204. Effect of finding of noncompliance with financial plan and budget. 

Sec. 205. Recommendations on financial stability and management responsibility. 

TITLE III—DEBT RESTRUCTURING 

Sec. 301. Amendment. 

Sec. 302. Effective date; application of amendment. 

Sec. 303. Severability. 

1 SEC. 2. FINDINGS. 

2 Congress finds the following: 

3 (1) A combination of structural problems, 

4 mounting debt, and weak public finances has left 

5 Puerto Rico in a financial debt crisis and resulted in 

6 continued outmigration of residents and business 

7 from Puerto Rico further stifling growth. 

8 (2) A comprehensive, long-term approach must 

9 be established to initiate significant reforms to re10 store to Puerto Rico access to short-term and longVerDate Sep 11 2014 06:23 Dec 10, 2015 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4199.IH H4199

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1 term lending, eliminate annual deficits, and reduce 

2 its debt. 

3 (3) The current crisis requires congressional ac4 tion that supports Puerto Rico by providing the ap5 propriate tools needed to restore financial stability 

6 while respecting and strengthening its authority to 

7 operate and grow independently. 

8 TITLE I—ESTABLISHMENT AND 

9 ORGANIZATION OF FINAN10 CIAL STABILITY COUNCIL 

11 SEC. 101. PUERTO RICO FINANCIAL STABILITY COUNCIL. 

12 (a) ESTABLISHMENT.—Upon the enactment of a law 

13 or resolution adopted by the Legislative Assembly of Puer14 to Rico and signed by the Governor of Puerto Rico, and 

15 pursuant to article IV, section 3, clause 2 of the Constitu16 tion of the United States, there shall be established the 

17 Puerto Rico Financial Stability Council (here and after 

18 referred to in this Act as the ‘‘Council’’), consisting of 

19 members appointed in accordance with subsection (b). 

20 (b) MEMBERSHIP.— 

21 (1) IN GENERAL.—The Council shall consist of 

22 5 members appointed by the President who meet the 

23 qualifications described in subsection (c). 

24 (2) CONSULTATION WITH CONGRESS.—The 

25 President shall consult with the Speaker of the 


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1 House of Representatives, the Minority Leader of 

2 the House of Representatives, the Majority Leader 

3 of the Senate, the Minority Leader of the Senate, 

4 and the Resident Commissioner from Puerto Rico 

5 with respect to who should be appointed to the 

6 Council. 

7 (3) CHAIR.—The President shall designate one 

8 of the members of the Council as the chair of the 

9 Council. 

10 (4) SENSE OF CONGRESS REGARDING DEAD11 LINE FOR APPOINTMENT.—It is the sense of Con12 gress that the President should appoint the members 

13 of the Council as soon as practicable after the estab14 lishment of the Council, but in no event later than 

15 25 days after the date of the establishment of the 

16 Council. 

17 (5) TERM OF SERVICE.— 

18 (A) IN GENERAL.—Except as provided in 

19 subparagraph (B), each member of the Council 

20 shall be appointed for a term of 3 years. 

21 (B) APPOINTMENT FOR TERM FOLLOWING

22 INITIAL TERM.—For the term immediately fol23 lowing the initial term, members shall be ap24 pointed by the President as follows: 

25 (i) 1 member for a term of 1 year. 


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1 (ii) 2 members each for a term of 2 

2 years. 

3 (iii) 2 members each for a term of 3 

4 years. 

5 (C) REMOVAL.—The President may re6 move any member of the Council only for cause. 

7 (c) QUALIFICATIONS FOR MEMBERSHIP.—An indi8 vidual meets the qualifications for membership on the 

9 Council if the individual— 

10 (1) has knowledge and expertise in finance, 

11 management, and the organization or operation of 

12 business or government; 

13 (2) does not provide goods or services to the 

14 Government of Puerto Rico (and is not the spouse, 

15 parent, child, or sibling of an individual who pro16 vides goods and services to the Government of Puer17 to Rico); 

18 (3) is not an officer or employee of the Govern19 ment of Puerto Rico; 

20 (4) maintains a primary residence in Puerto 

21 Rico or has a primary place of business in Puerto 

22 Rico; and 

23 (5) complies with Federal conflict of interest re24 quirements as mandated by section 208 of title 18, 

25 United States Code. 


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1 (d) NO COMPENSATION FOR SERVICE.—Members of 

2 the Council shall serve without pay, but may receive reim3 bursement for any reasonable and necessary expenses in4 curred by reason of service on the Council. 

5 (e) ADOPTION OF BY-LAWS FOR CONDUCTING BUSI6 NESS OF AUTHORITY.— 

7 (1) IN GENERAL.—As soon as practicable after 

8 the appointment of its members, but not later than 

9 30 days, the Council shall adopt by-laws, rules, and 

10 procedures governing its activities under this Act, in11 cluding procedures for hiring experts and consult12 ants. Such by-laws, rules, and procedures shall be 

13 public documents, and shall be submitted by the 

14 Council upon adoption to the Governor, the Legisla15 tive Assembly, the President, and Congress. 

16 (2) CERTAIN ACTIVITIES REQUIRING APPROVAL

17 OF MAJORITY OF MEMBERS.—Under the by-laws 

18 adopted pursuant to paragraph (1), the Council may 

19 conduct its operations under such procedures as it 

20 considers appropriate, except that an affirmative 

21 vote of a majority of the members of the Council 

22 shall be required in order for the Council to— 

23 (A) approve or disapprove a financial plan 

24 and budget under title II; and 


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1 (B) implement recommendations on finan2 cial stability and management responsibility 

3 under section 107. 

4 (3) ADOPTION OF RULES AND REGULATIONS OF

5 PUERTO RICO.—The Council may incorporate in its 

6 by-laws, rules, and procedures under this subsection 

7 such rules and regulations of the Government of 

8 Puerto Rico as it considers appropriate to enable it 

9 to carry out its activities under this Act with the 

10 greatest degree of independence practicable. 

11 SEC. 102. EXECUTIVE DIRECTOR AND STAFF OF COUNCIL. 

12 (a) EXECUTIVE DIRECTOR.—The Council shall have 

13 an executive director who shall be appointed by the chair 

14 with the consent of the Council. The executive director 

15 shall be paid at a rate determined by the Council, except 

16 that such rate may not exceed the rate of basic pay pay17 able for level IV of the Executive Schedule. 

18 (b) STAFF.—With the approval of the chair, the exec19 utive director may appoint and fix the pay of additional 

20 personnel as the executive director considers appropriate, 

21 except that no individual appointed by the executive direc22 tor may be paid at a rate greater than the rate of pay 

23 for the executive director. 

24 (c) INAPPLICABILITY OF CERTAIN EMPLOYMENT

25 AND PROCUREMENT LAWS.— 


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1 (1) CIVIL SERVICE LAWS.—The executive direc2 tor and staff of the Council may be appointed with3 out regard to the provisions of title 5, United States 

4 Code, governing appointments in the competitive 

5 service, and paid without regard to the provisions of 

6 chapter 51 and subchapter III of chapter 53 of that 

7 title relating to classification and General Schedule 

8 pay rates. 

9 (2) PUERTO RICO EMPLOYMENT AND PROCURE10 MENT LAWS.—The executive director and staff of 

11 the Council may be appointed and paid without re12 gard to the provisions of the laws of Puerto Rico 

13 governing appointments and salaries. The provisions 

14 of the laws of Puerto Rico governing procurement 

15 shall not apply to the Council. 

16 (d) STAFF OF FEDERAL AGENCIES.—Upon request 

17 of the chair, the head of any Federal department or agen18 cy may detail, on a reimbursable or nonreimbursable basis, 

19 any of the personnel of that department or agency to the 

20 Council to assist it in carrying out its duties under this 

21 Act. 

22 (e) PRESERVATION OF RETIREMENT AND CERTAIN

23 OTHER RIGHTS OF FEDERAL EMPLOYEES WHO BECOME

24 EMPLOYED BY THE COUNCIL.— 


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1 (1) IN GENERAL.—A Federal employee who, 

2 within 2 months after separating from the Federal 

3 Government, becomes employed by the Council— 

4 (A) may elect, for purposes of the retire5 ment system in which that individual last par6 ticipated before so separating, to have such in7 dividual’s period of service with the Council 

8 treated in the same way as if performed in the 

9 position within the Federal Government from 

10 which separated, subject to the requisite em11 ployee deductions and agency contributions 

12 being currently deposited in the appropriate 

13 fund; and 

14 (B) if, after serving with the Council, such 

15 employee becomes reemployed by the Federal 

16 Government, shall be entitled to credit for the 

17 full period of such individual’s service with the 

18 Council for purposes of determining the appli19 cable leave accrual rate. 

20 (2) RETIREMENT.— 

21 (A) CONTRIBUTIONS.—For purposes of 

22 subparagraph (A) of paragraph (1)— 

23 (i) the employee deductions referred 

24 to in such paragraph shall be made from 

25 basic pay for service with the Council, and 


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1 shall be computed using the same percent2 age as would then apply if the individual 

3 were instead serving in the position within 

4 the Federal Government from which sepa5 rated; and 

6 (ii) the agency contributions referred 

7 to in such paragraph shall be made by the 

8 Council. 

9 (B) DOUBLE COVERAGE NOT PER10 MITTED.—An individual who makes an election 

11 under paragraph (1)(A) shall be ineligible, while 

12 such election remains in effect, to participate in 

13 any retirement system for employees of the 

14 Government of Puerto Rico. 

15 (3) REGULATIONS.—The Office of Personnel 

16 Management shall prescribe such regulations as may 

17 be necessary to carry out this subsection. Regula18 tions to carry out paragraph (1)(A) shall be pre19 scribed in consultation with the office or agency of 

20 the Government of Puerto Rico having jurisdiction 

21 over any retirement system referred to in paragraph 

22 (2)(B). 

23 SEC. 103. POWERS OF COUNCIL. 

24 (a) HEARINGS AND SESSIONS.—The Council may, for 

25 the purpose of carrying out this Act, hold hearings, sit 


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1 and act at times and places, take testimony, and receive 

2 evidence as the Council considers appropriate. The Council 

3 may administer oaths or affirmations to witnesses appear4 ing before it. 

5 (b) POWERS OF MEMBERS AND AGENTS.—Any mem6 ber or agent of the Council may, if authorized by the 

7 Council, take any action which the Council is authorized 

8 to take by this section. 

9 (c) OBTAINING OFFICIAL DATA.— 

10 (1) FROM FEDERAL GOVERNMENT.—Notwith11 standing sections 552 (commonly known as the 

12 Freedom of Information Act) and 552b (the Privacy 

13 Act) of title 5, United States Code, the Council may 

14 secure directly from any department or agency of 

15 the United States information necessary to enable it 

16 to carry out this Act, with the approval of the head 

17 of that department or agency. 

18 (2) FROM GOVERNMENT OF PUERTO RICO.— 

19 Notwithstanding any other provision of law, the 

20 Council shall have the right to secure copies of such 

21 records, documents, information, or data from any 

22 entity of the Government of Puerto Rico necessary 

23 to enable the Council to carry out its responsibilities 

24 under this Act. At the request of the Council, the 

25 Council shall be granted direct access to such inforVerDate Sep 11 2014 06:23 Dec 10, 2015 Jkt 059200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H4199.IH H4199

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1 mation systems, records, documents, information, or 

2 data as will enable the Council to carry out its re3 sponsibilities under this Act. The head of the entity 

4 of the Government of Puerto Rico responsible shall 

5 timely provide the Council with such information 

6 and assistance (including granting the Council direct 

7 access to automated or other information systems) 

8 as the Council requires under this paragraph. 

9 (d) GIFTS, BEQUESTS, AND DEVISES.—The Council 

10 may accept, use, and dispose of gifts, bequests, or devises 

11 of services or property, both real and personal, for the pur12 pose of aiding or facilitating the work of the Council. 

13 Gifts, bequests, or devises of money and proceeds from 

14 sales of other property received as gifts, bequests, or de15 vises shall be deposited in such account as the Council may 

16 establish and shall be available for disbursement upon 

17 order of the chair. 

18 (e) SUBPOENA POWER.— 

19 (1) IN GENERAL.—The Council may issue sub20 poenas requiring the attendance and testimony of 

21 witnesses and the production of any evidence relat22 ing to any matter under investigation by the Coun23 cil. The attendance of witnesses and the production 

24 of evidence may be required from any place within 


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1 the United States at any designated place of hearing 

2 within the United States. 

3 (2) FAILURE TO OBEY A SUBPOENA.—If a per4 son refuses to obey a subpoena issued under para5 graph (1), the Council may apply to a United States 

6 district court for an order requiring that person to 

7 appear before the Council to give testimony, produce 

8 evidence, or both, relating to the matter under inves9 tigation. The application may be made within the ju10 dicial district where the hearing is conducted or 

11 where that person is found, resides, or transacts 

12 business. Any failure to obey the order of the court 

13 may be punished by the court as civil contempt. 

14 (3) SERVICE OF SUBPOENAS.—The subpoenas 

15 of the Council shall be served in the manner pro16 vided for subpoenas issued by a United States dis17 trict court under the Federal Rules of Civil Proce18 dure for the United States district courts. 

19 (4) SERVICE OF PROCESS.—All process of any 

20 court to which application is made under paragraph 

21 (2) may be served in the judicial district in which 

22 the person required to be served resides or may be 

23 found. 

24 (f) ADMINISTRATIVE SUPPORT SERVICES.—Upon the 

25 request of the Council, the Administrator of General ServVerDate Sep 11 2014 06:23 Dec 10, 2015 Jkt 059200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H4199.IH H4199

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1 ices may provide to the Council, on a reimbursable basis, 

2 the administrative support services necessary for the 

3 Council to carry out its responsibilities under this Act. 

4 (g) AUTHORITY TO ENTER INTO CONTRACTS.—The 

5 executive director may enter into such contracts as the ex6 ecutive director considers appropriate (subject to the ap7 proval of the chair) to carry out the Council’s responsibil8 ities under this Act. 

9 (h) CIVIL ACTIONS TO ENFORCE POWERS.—The 

10 Council may seek judicial enforcement of its authority to 

11 carry out its responsibilities under this Act. 

12 (i) PENALTIES.— 

13 (1) ACTS PROHIBITED.—Any officer or em14 ployee of the Government of Puerto Rico who— 

15 (A) takes any action in violation of any 

16 valid order of the Council or fails or refuses to 

17 take any action required by any such order; or 

18 (B) prepares, presents, or certifies any in19 formation (including any projections or esti20 mates) or report for the Council or any of its 

21 agents that is false or misleading, or, upon 

22 learning that any such information is false or 

23 misleading, fails to immediately advise the 

24 Council or its agents thereof in writing, shall be 

25 guilty of a misdemeanor. 


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1 (2) ADMINISTRATIVE DISCIPLINE.—In addition 

2 to any other applicable penalty, any officer or em3 ployee of the Government of Puerto Rico who know4 ingly and willfully violates paragraph (1) shall be 

5 subject to appropriate administrative discipline, in6 cluding (when appropriate) suspension from duty 

7 without pay or removal from office by order of either 

8 the Governor or Council. 

9 (3) REPORT BY GOVERNOR ON DISCIPLINARY

10 ACTIONS TAKEN.—In the case of a violation of para11 graph (1) by an officer or employee of the Govern12 ment of Puerto Rico, the Governor shall immediately 

13 report to the Council all pertinent facts together 

14 with a statement of the action taken thereon. 

15 SEC. 104. EXEMPTION FROM LIABILITY FOR CLAIMS. 

16 The Council and its members may not be liable for 

17 any obligation of or claim against Puerto Rico resulting 

18 from actions taken to carry out this Act. 

19 SEC. 105. TREATMENT OF ACTIONS ARISING FROM ACT. 

20 (a) JURISDICTION ESTABLISHED IN DISTRICT

21 COURT FOR PUERTO RICO.—Except as provided in section 

22 103(e)(2) (relating to the issuance of an order enforcing 

23 a subpoena), any action against the Council or any action 

24 otherwise arising out of this Act, in whole or in part, shall 


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1 be brought in the United States District Court for the Dis2 trict of Puerto Rico. 

3 (b) PROMPT APPEAL.— 

4 (1) COURT OF APPEALS.—Notwithstanding any 

5 other provision of law, any order of the United 

6 States District Court for the District of Puerto Rico 

7 which is issued pursuant to an action brought under 

8 subsection (a) shall be reviewable only pursuant to 

9 a notice of appeal to the United States Court of Ap10 peals for the First Circuit. 

11 (2) SUPREME COURT.—Notwithstanding any 

12 other provision of law, review by the Supreme Court 

13 of the United States of a decision of the Court of 

14 Appeals which is issued pursuant to paragraph (1) 

15 may be had only if the petition for such review is 

16 filed within 10 days after the entry of such decision. 

17 (c) TIMING OF RELIEF.—No order of any court 

18 granting declaratory or injunctive relief against the Coun19 cil, including relief permitting or requiring the obligation, 

20 borrowing, or expenditure of funds, shall take effect dur21 ing the pendency of the action before such court, during 

22 the time appeal may be taken, or (if appeal is taken) dur23 ing the period before the court has entered its final order 

24 disposing of such action. 


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1 (d) EXPEDITED CONSIDERATION.—It shall be the 

2 duty of the United States District Court for the District 

3 of Puerto Rico, the United States Court of Appeals for 

4 the First Circuit, and the Supreme Court of the United 

5 States to advance on the docket and to expedite to the 

6 greatest possible extent the disposition of any matter 

7 brought under subsection (a). 

8 SEC. 106. FUNDING FOR OPERATION OF COUNCIL. 

9 (a) SUBMISSION OF BUDGET.—The Council shall 

10 submit a proposed budget for each fiscal year to the Presi11 dent for the inclusion in the annual budget of the United 

12 States. 

13 (b) CONTENTS OF BUDGET.—The budget shall de14 scribe— 

15 (1) expenditures of the Council by each object 

16 class, including expenditures for staff of the Council; 

17 (2) services of personnel and other services pro18 vided by or on behalf of the Council for which the 

19 Council made no reimbursement; and 

20 (3) any gifts or bequests made to the Council 

21 during the previous fiscal year. 

22 (c) APPROPRIATIONS.—No amount may be obligated 

23 or expended by the Council for a fiscal year unless such 

24 amount has been approved by an Act of Congress, and 

25 then only according to such Act. 


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1 SEC. 107. TERMINATION OF ACTIVITIES. 

2 The Council may not terminate its activities earlier 

3 than 3 fiscal years after its establishment and until— 

4 (1) it has certified to the President that the 

5 Government of Puerto Rico has made meaningful 

6 progress in its budgeting practices, tax collection, 

7 and its fiscal condition, including access to the cap8 ital markets at a reasonable interest rate; and 

9 (2) the President has approved the Council’s 

10 certification in paragraph (1). 

11 SEC. 108. APPLICATION OF LAWS OF PUERTO RICO TO 

12 COUNCIL. 

13 (a) IN GENERAL.—The following laws of Puerto Rico 

14 (as in effect on the date of the enactment of this Act) 

15 shall apply to the members and activities of the Council: 

16 (1) Open Meeting Law. 

17 (2) FOIA Requirement. 

18 (3) Conflicts of Interest. 

19 (b) NO CONTROL, SUPERVISION, OVERSIGHT, OR RE20 VIEW BY GOVERNOR OR LEGISLATIVE ASSEMBLY.— 

21 (1) IN GENERAL.—Neither the Governor nor 

22 the Legislative Assembly may exercise any control, 

23 supervision, oversight, or review over the Council or 

24 its activities. 

25 (2) PROHIBITION AGAINST LEGISLATION AF26 FECTING AUTHORITY.—The Legislative Assembly 


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1 shall have no authority to enact any act, resolution, 

2 or rule with respect to the Council established under 

3 section 101(a) of this Act. 

4 (c) AUTHORITY NOT SUBJECT TO REPRESENTATION

5 BY PUERTO RICO ATTORNEY GENERAL.—In any action 

6 brought by or on behalf of the Council, and in any action 

7 brought against the Council, the Council shall be rep8 resented by such counsel as it may select, but in no in9 stance may the Council be represented by the Attorney 

10 General of Puerto Rico. 

11 SEC. 109. RULES OF CONSTRUCTION. 

12 Nothing in this Act may be construed— 

13 (1) to limit the authority of Congress to exer14 cise ultimate legislative authority over Puerto Rico 

15 pursuant to article IV, section 3, clause 2 of the 

16 Constitution of the United States; or 

17 (2) to interfere with the right of the United 

18 States citizens of Puerto Rico to determine whether 

19 to remain a territory, become a State of the United 

20 States of America, or become a sovereign nation. 


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1 TITLE II—RESPONSIBILITIES OF 

2 FINANCIAL STABILITY COUNCIL 

3 SEC. 201. DEVELOPMENT OF FINANCIAL PLAN AND BUDG4 ET FOR PUERTO RICO. 

5 (a) DEVELOPMENT OF FINANCIAL PLAN AND BUDG6 ET.—For each fiscal year, the Governor shall develop and 

7 submit to the Council a financial plan and budget for 

8 Puerto Rico in accordance with this section. 

9 (b) CONTENTS OF FINANCIAL PLAN AND BUDGET.— 

10 A financial plan and budget for the Government of Puerto 

11 Rico for a fiscal year and the next 3 fiscal years (including 

12 the projected revenues and expenditures of each fund of 

13 the Government of Puerto Rico for such years), shall sat14 isfy the following requirements: 

15 (1) The financial plan and budget shall meet 

16 the standards described in subsection (c) to promote 

17 the financial stability of the Government of Puerto 

18 Rico. 

19 (2) The financial plan and budget shall provide 

20 for estimates of revenues and expenditures on a 

21 modified accrual basis. 

22 (3) The financial plan and budget shall— 

23 (A) describe lump-sum expenditures by de24 partment by object class; 


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1 (B) describe capital expenditures (together 

2 with a schedule of projected capital commit3 ments of the Government of Puerto Rico and 

4 proposed sources of funding); 

5 (C) contain estimates of short-term and 

6 long-term debt (both outstanding and antici7 pated to be issued); and 

8 (D) contain cash flow forecasts for each 

9 fund of the Government of Puerto Rico at such 

10 intervals as the Council may require. 

11 (4) The financial plan and budget shall include 

12 a statement describing methods of estimations and 

13 significant assumptions. 

14 (5) The financial plan and budget shall include 

15 any proposal to specifically authorize an entity to be 

16 a debtor under 11 U.S.C. 109. 

17 (6) The financial plan and budget shall include 

18 any other provisions and shall meet such other cri19 teria as the Council considers appropriate to meet 

20 the purposes of this Act, including management ini21 tiatives to promote productivity, improvement in the 

22 delivery of services, or cost savings. 

23 (c) STANDARDS TO PROMOTE FINANCIAL STABILITY

24 DESCRIBED.— 


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1 (1) IN GENERAL.—The standards to promote 

2 the financial stability of the Government of Puerto 

3 Rico applicable to the financial plan and budget for 

4 a fiscal year are as follows: 

5 (A) The Council shall contract with an 

6 independent auditor to conduct a full scale 

7 audit of the financial practices and accounting 

8 methodologies employed by the Government of 

9 Puerto Rico, and based on this report make 

10 recommendations for changes and improve11 ments to be considered to be employed by the 

12 Council. 

13 (B) During the first three years of the 

14 plan, the Government of Puerto Rico shall 

15 make continuous, substantial progress toward 

16 equalizing the expenditures and revenues of the 

17 Government of Puerto Rico for such fiscal years 

18 (in equal annual installments to the greatest ex19 tent possible). 

20 (C) The financial plan and budget shall as21 sure the continuing long-term financial stability 

22 of the Government of Puerto Rico, as indicated 

23 by factors including access to short-term and 

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1 force, and the effective provision of services by 

2 the Government of Puerto Rico. 

3 (2) APPLICATION OF SOUND BUDGETARY PRAC4 TICES.—In meeting the standards described in para5 graph (1) with respect to a financial plan and budg6 et for a fiscal year, the Government of Puerto Rico 

7 shall apply sound budgetary practices, including re8 ducing costs and other expenditures, improving pro9 ductivity, improving tax collection, or combinations 

10 of such practices. 

11 SEC. 202. PROCESS FOR SUBMISSION AND APPROVAL OF FI12 NANCIAL PLAN AND ANNUAL PUERTO RICO 

13 BUDGET. 

14 (a) SUBMISSION OF PRELIMINARY FINANCIAL PLAN

15 AND BUDGET BY GOVERNOR.—After consultation with the 

16 Governor and Legislative Assembly of Puerto Rico, the 

17 Council shall set a date for the Governor to submit to the 

18 Council and the Legislative Assembly a financial plan and 

19 budget for the fiscal year which meets the requirement of 

20 section 201. 

21 (b) REVIEW BY COUNCIL.—Upon receipt of the fi22 nancial plan and budget for a fiscal year from the Gov23 ernor under subsection (a), the Council shall promptly re24 view the financial plan and budget. In conducting the re25 view, the Council may request any additional information 


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1 it considers necessary and appropriate to carry out its du2 ties under this title. 

3 (c) ACTION UPON APPROVAL OF GOVERNOR’S PRE4 LIMINARY FINANCIAL PLAN AND BUDGET.— 

5 (1) CERTIFICATION TO GOVERNOR.— 

6 (A) IN GENERAL.—If the Council deter7 mines that the financial plan and budget for the 

8 fiscal year submitted by the Governor under 

9 subsection (a) meets the requirements applica10 ble under section 201— 

11 (i) the Council shall approve the fi12 nancial plan and budget and shall provide 

13 the Governor, the Legislative Assembly, 

14 the President, and Congress with a notice 

15 certifying its approval; and 

16 (ii) the Governor shall promptly sub17 mit the financial plan and budget to the 

18 Legislative Assembly. 

19 (B) DEEMED APPROVAL AFTER 30 DAYS.— 

20 (i) IN GENERAL.—If the Council has 

21 not provided the Governor, the Legislative 

22 Assembly, the President, and Congress 

23 with a notice certifying approval under 

24 subparagraph (A)(i) or a statement of dis25 approval under subsection (d)(1) upon the 


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1 expiration of the 30-day period which be2 gins on the date the Council receives the 

3 financial plan and budget from the Gov4 ernor under subsection (a), the Council 

5 shall be deemed to have approved the fi6 nancial plan and budget and to have pro7 vided the Governor, the Legislative Assem8 bly, the President, and Congress with the 

9 notice certifying approval described in sub10 paragraph (A)(i). 

11 (ii) EXPLANATION OF FAILURE TO

12 RESPOND.—If clause (i) applies with re13 spect to a financial plan and budget, the 

14 Council shall provide the Governor, the 

15 Legislative Assembly, the President, and 

16 Congress with an explanation for its failure 

17 to provide the notice certifying approval or 

18 the statement of disapproval during the 

19 30-day period described in such clause. 

20 (2) ADOPTION OF BUDGET BY ASSEMBLY

21 AFTER RECEIPT OF APPROVED BUDGET.—Not later 

22 than the date set by the Council in subsection (a) 

23 after receiving the budget for the fiscal year from 

24 the Governor under paragraph (1)(A)(ii), the Legis25 lative Assembly shall by Act adopt a budget for the 


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1 fiscal year which shall serve as the adoption of the 

2 budget of the Government of Puerto Rico for the fis3 cal year under such section, and shall submit such 

4 budget to the Governor and the Council. 

5 (3) REVIEW OF LEGISLATIVE ASSEMBLY BUDG6 ET BY AUTHORITY.—Upon receipt of the budget for 

7 a fiscal year from the Legislative Assembly under 

8 paragraph (2) (taking into account any items or pro9 visions disapproved by the Governor or disapproved 

10 by the Governor and reenacted by the Legislative 

11 Assembly) the Council shall promptly review the 

12 budget. In conducting the review, the Council may 

13 request any additional information it considers nec14 essary and appropriate to carry out its duties under 

15 this subtitle. 

16 (4) RESULTS OF AUTHORITY REVIEW OF LEGIS17 LATIVE ASSEMBLY’S INITIAL BUDGET.— 

18 (A) APPROVAL OF LEGISLATIVE ASSEM19 BLY’S INITIAL BUDGET.—If the Council deter20 mines that the budget for the fiscal year sub21 mitted by the Legislative Assembly under para22 graph (2) meets the requirements applicable 

23 under section 201— 

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1 islative Assembly, the President, and Con2 gress with a notice certifying its approval; 

3 and 

4 (ii) the Legislative Assembly shall 

5 promptly submit the budget to the Gov6 ernor for transmission to the President 

7 and Congress. 

8 (B) DISAPPROVAL OF LEGISLATIVE ASSEM9 BLY’S INITIAL BUDGET.—If the Council deter10 mines that the budget for the fiscal year sub11 mitted by the Legislative Assembly under para12 graph (2) does not meet the requirements appli13 cable under section 201, the Council shall dis14 approve the budget, and shall provide the Gov15 ernor, the Legislative Assembly, the President, 

16 and Congress with a statement containing— 

17 (i) the reasons for such disapproval; 

18 and 

19 (ii) any recommendations for revisions 

20 to the budget the Council considers appro21 priate to ensure that the budget is con22 sistent with section 201(b) and (c). 

23 (C) DEEMED APPROVAL AFTER 15 DAYS.— 

24 (i) IN GENERAL.—If the Council has 

25 not provided the Governor, the Legislative 


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1 Assembly, the President, and Congress 

2 with a notice certifying approval under 

3 subparagraph (A)(i) or a statement of dis4 approval under subparagraph (B) upon the 

5 expiration of the 15-day period which be6 gins on the date the Council receives the 

7 budget from the Legislative Assembly 

8 under paragraph (2), the Council shall be 

9 deemed to have approved the budget and 

10 to have provided the Governor, the Legisla11 tive Assembly, the President, and Congress 

12 with the notice certifying approval de13 scribed in subparagraph (A)(i). 

14 (ii) EXPLANATION OF FAILURE TO

15 RESPOND.—If clause (i) applies with re16 spect to a budget, the Council shall provide 

17 the Governor, the Legislative Assembly, 

18 the President, and Congress with an expla19 nation for its failure to provide the notice 

20 certifying approval or the statement of dis21 approval during the 15-day period de22 scribed in such clause. 

23 (5) AUTHORITY REVIEW OF LEGISLATIVE AS24 SEMBLY’S REVISED BUDGET.— 


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1 (A) SUBMISSION OF LEGISLATIVE ASSEM2 BLY’S REVISED BUDGET.—Not later than 15 

3 days after receiving the statement from the 

4 Council under paragraph (4)(B), the Legislative 

5 Assembly shall promptly by Act adopt a revised 

6 budget for the fiscal year which addresses the 

7 reasons for the Council’s disapproval cited in 

8 the statement, and shall submit such budget to 

9 the Governor and the Council. 

10 (B) APPROVAL OF LEGISLATIVE ASSEM11 BLY’S REVISED BUDGET.—If, after reviewing 

12 the revised budget for a fiscal year submitted 

13 by the Legislative Assembly under subpara14 graph (A) in accordance with the procedures 

15 described in this subsection, the Council deter16 mines that the revised budget meets the re17 quirements applicable under section 201, the 

18 Council shall approve the budget and shall pro19 vide the Governor, the Legislative Assembly, the 

20 President, and Congress with a notice certifying 

21 its approval. 

22 (C) DISAPPROVAL OF LEGISLATIVE ASSEM23 BLY’S REVISED BUDGET.— 

24 (i) IN GENERAL.—If, after reviewing 

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1 mitted by the Legislative Assembly under 

2 subparagraph (A) in accordance with the 

3 procedures described in this subsection, the 

4 Council determines that the revised budget 

5 does not meet the applicable requirements 

6 under section 201, the Council shall— 

7 (I) disapprove the budget; 

8 (II) provide the Governor, the 

9 Legislative Assembly, the President, 

10 and Congress with a statement con11 taining the reasons for such dis12 approval; and 

13 (III) approve and recommend a 

14 budget for the Government of Puerto 

15 Rico which meets the applicable re16 quirements under section 201, and 

17 submit such budget to the Governor, 

18 the Legislative Assembly, the Presi19 dent, and Congress. 

20 (ii) TRANSMISSION OF REJECTED

21 BUDGET.—The Legislative Assembly shall 

22 promptly submit the revised budget dis23 approved by the Council under this sub24 paragraph to the Governor for trans25 mission to the President and Congress. 


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1 (D) DEEMED APPROVAL AFTER 15 DAYS.— 

2 (i) IN GENERAL.—If the Council has 

3 not provided the Governor, the Legislative 

4 Assembly, the President, and Congress 

5 with a notice certifying approval under 

6 subparagraph (B)(i) or a statement of dis7 approval under subparagraph (C) upon the 

8 expiration of the 15-day period which be9 gins on the date the Council receives the 

10 revised budget submitted by the Legislative 

11 Assembly under subparagraph (A), the 

12 Council shall be deemed to have approved 

13 the revised budget and to have provided 

14 the Governor, the Legislative Assembly, 

15 the President, and Congress with the no16 tice certifying approval described in sub17 paragraph (B)(i). 

18 (ii) EXPLANATION OF FAILURE TO

19 RESPOND.—If clause (i) applies with re20 spect to a budget, the Council shall provide 

21 the Governor, the Legislative Assembly, 

22 the President, and Congress with an expla23 nation for its failure to provide the notice 

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1 approval during the 15-day period de2 scribed in such clause. 

3 (6) DEADLINE FOR TRANSMISSION OF A BUDG4 ET BY AUTHORITY.—Notwithstanding any other pro5 vision of this section each fiscal year the Council 

6 shall— 

7 (A) provide Congress with a notice certi8 fying its approval of the Legislative Assembly’s 

9 initial budget for the fiscal year under para10 graph (4)(A); 

11 (B) provide Congress with a notice certi12 fying its approval of the Legislative Assembly’s 

13 revised budget for the fiscal year under para14 graph (5)(B); or 

15 (C) submit to Congress an approved and 

16 recommended budget of the Council for the 

17 Government of Puerto Rico for the fiscal year 

18 under paragraph (5)(C). 

19 (d) ACTION UPON DISAPPROVAL OF GOVERNOR’S

20 PRELIMINARY BUDGET.— 

21 (1) STATEMENT OF DISAPPROVAL.—If the 

22 Council determines that the budget for the fiscal 

23 year submitted by the Governor under subsection (a) 

24 does not meet the requirements applicable under sec25 tion 201, the Council shall disapprove the budget, 


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1 and shall provide the Governor and the Legislative 

2 Assembly with a statement containing— 

3 (A) the reasons for such disapproval; and 

4 (B) any recommendations for revisions to 

5 the budget the Council considers appropriate to 

6 ensure that the budget meets the requirements 

7 applicable under section 201. 

8 (2) AUTHORITY REVIEW OF GOVERNOR’S RE9 VISED FINANCIAL PLAN AND BUDGET.— 

10 (A) SUBMISSION OF GOVERNOR’S REVISED

11 FINANCIAL PLAN AND BUDGET.—Not later than 

12 15 days after receiving the statement from the 

13 Council under paragraph (1), the Governor 

14 shall promptly submit to the Council and the 

15 Legislative Assembly a revised financial plan 

16 and budget for the fiscal year which addresses 

17 the reasons for the Council’s disapproval cited 

18 in the statement. 

19 (B) APPROVAL OF GOVERNOR’S REVISED

20 FINANCIAL PLAN AND BUDGET.—If the Council 

21 determines that the revised financial plan and 

22 budget for the fiscal year submitted by the Gov23 ernor under subparagraph (A) meets the re24 quirements applicable under section 201— 


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1 (i) the Council shall approve the fi2 nancial plan and budget and shall provide 

3 the Governor, the Legislative Assembly, 

4 the President, and Congress with a notice 

5 certifying its approval; and 

6 (ii) the Governor shall promptly sub7 mit the financial plan and budget to the 

8 Legislative Assembly. 

9 (C) DISAPPROVAL OF GOVERNOR’S RE10 VISED FINANCIAL PLAN AND BUDGET.— 

11 (i) IN GENERAL.—If the Council de12 termines that the revised financial plan 

13 and budget for the fiscal year submitted by 

14 the Governor under subparagraph (A) does 

15 not meet the requirements applicable under 

16 section 201, the Council shall— 

17 (I) disapprove the financial plan 

18 and budget; 

19 (II) shall provide the Governor, 

20 the Legislative Assembly, the Presi21 dent, and Congress with a statement 

22 containing the reasons for such dis23 approval; and 

24 (III) recommend a financial plan 

25 and budget for the Government of 


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1 Puerto Rico which meets the require2 ments applicable under section 201 

3 and submit such financial plan and 

4 budget to the Governor and the Legis5 lative Assembly. 

6 (ii) SUBMISSION OF REJECTED FINAN7 CIAL PLAN AND BUDGET.—The Governor 

8 shall promptly submit the revised financial 

9 plan and budget disapproved by the Coun10 cil under this subparagraph to the Legisla11 tive Assembly. 

12 (D) DEEMED APPROVAL AFTER 15 DAYS.— 

13 (i) IN GENERAL.—If the Council has 

14 not provided the Governor, the Legislative 

15 Assembly, the President, and Congress 

16 with a notice certifying approval under 

17 subparagraph (B)(i) or a statement of dis18 approval under subparagraph (C) upon the 

19 expiration of the 15-day period which be20 gins on the date the Council receives the 

21 revised financial plan and budget sub22 mitted by the Governor under subpara23 graph (A), the Council shall be deemed to 

24 have approved the revised financial plan 

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1 ernor, the Legislative Assembly, the Presi2 dent, and Congress with the notice certi3 fying approval described in subparagraph 

4 (B)(i). 

5 (ii) EXPLANATION OF FAILURE TO

6 RESPOND.—If clause (i) applies with re7 spect to a financial plan and budget, the 

8 Council shall provide the Governor, the 

9 Legislative Assembly, the President, and 

10 Congress with an explanation for its failure 

11 to provide the notice certifying approval or 

12 the statement of disapproval during the 

13 15-day period described in such clause. 

14 (3) ACTION BY LEGISLATIVE ASSEMBLY.— 

15 (A) ADOPTION OF FINANCIAL PLAN AND

16 BUDGET.—Not later than 30 days after receiv17 ing the Governor’s approved revised financial 

18 plan and budget for the fiscal year under para19 graph (2)(B) or (in the case of a financial plan 

20 and budget disapproved by the Council) the fi21 nancial plan and budget recommended by the 

22 Council under paragraph (2)(C)(i)(III), the 

23 Legislative Assembly shall by Act adopt a fi24 nancial plan and budget for the fiscal year 

25 which shall serve as the adoption of the budgets 


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1 of the Government of Puerto Rico for the fiscal 

2 year under such section, and shall submit the 

3 financial plan and budget to the Governor and 

4 the Council. 

5 (B) REVIEW BY AUTHORITY.—The finan6 cial plan and budget submitted by the Legisla7 tive Assembly under subparagraph (A) shall be 

8 subject to review by the Council and revision by 

9 the Legislative Assembly in the same manner as 

10 the financial plan and budget submitted by the 

11 Legislative Assembly after an approved prelimi12 nary financial plan and budget of the Governor 

13 under paragraphs (3), (4), (5), and (6) of sub14 section (c). 

15 (e) REVISIONS TO FINANCIAL PLAN AND BUDGET.— 

16 (1) PERMITTING GOVERNOR TO SUBMIT REVI17 SIONS.—The Governor may submit proposed revi18 sions to the financial plan and budget to the Council 

19 at any time during the year. 

20 (2) PROCESS FOR REVIEW, APPROVAL, DIS21 APPROVAL, AND LEGISLATIVE ASSEMBLY ACTION.— 

22 Except as provided in paragraph (3), the procedures 

23 described in subsections (b), (c), and (d) shall apply 

24 with respect to a proposed revision to a financial 

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1 dures apply with respect to the original financial 

2 plan and budget, except that subparagraph (B) of 

3 subsection (c)(1) (relating to deemed approval by 

4 the Council of a preliminary financial plan and 

5 budget of the Governor) shall be applied as if the 

6 reference to the term ‘‘30-day period’’ were a ref7 erence to ‘‘20-day period’’. 

8 (3) EXCEPTION FOR REVISIONS NOT AFFECT9 ING APPROPRIATIONS.—To the extent that a pro10 posed revision to a financial plan and budget adopt11 ed by the Legislative Assembly pursuant to this sub12 section does not increase the amount of spending 

13 with respect to any account of the Government of 

14 Puerto Rico, the revision shall become effective upon 

15 the Council’s approval of such revision. 

16 SEC. 203. RESTRICTIONS ON BORROWING BY PUERTO RICO. 

17 (a) IN GENERAL.—The Government of Puerto Rico 

18 may not borrow money unless the Council provides prior 

19 certification that both the receipt of funds through such 

20 borrowing and the repayment of obligations incurred 

21 through such borrowing are consistent with the financial 

22 plan and budget for the year. 

23 (b) REVISIONS TO FINANCIAL PLAN AND BUDGET

24 PERMITTED.—If the Council determines that the bor25 rowing proposed to be undertaken by the Government of 


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1 Puerto Rico is not consistent with the financial plan and 

2 budget, the Governor may submit to the Council a pro3 posed revision to the financial plan and budget in accord4 ance with section 202(e) so that the borrowing will be con5 sistent with the financial plan and budget as so revised. 

6 (c) BORROWING DESCRIBED.—This section shall 

7 apply with respect to any borrowing undertaken by the 

8 Government of Puerto Rico. 

9 SEC. 204. EFFECT OF FINDING OF NONCOMPLIANCE WITH 

10 FINANCIAL PLAN AND BUDGET. 

11 (a) SUBMISSION OF REPORTS.—Not later than 30 

12 days after the expiration of each quarter of each fiscal 

13 year, the Governor shall submit reports to the Council de14 scribing the actual revenues obtained and expenditures 

15 made by the Government of Puerto Rico during the quar16 ter with its cash flows during the quarter, and comparing 

17 such actual revenues, expenditures, and cash flows with 

18 the most recent projections for these items. 

19 (b) DEMAND FOR ADDITIONAL INFORMATION.—If 

20 the Council determines, based on reports submitted by the 

21 Governor under subsection (a), independent audits, or 

22 such other information as the Council may obtain, that 

23 the revenues or expenditures of the Government of Puerto 

24 Rico are not consistent with the financial plan and budget 

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1 vide such additional information as the Council determines 

2 to be necessary to explain the inconsistency. 

3 (c) CERTIFICATION OF VARIANCE.—After requiring 

4 the Governor to provide additional information under sub5 section (b), the Council shall certify to the Legislative As6 sembly, the President, and Congress that the Government 

7 of Puerto Rico is at variance with the financial plan and 

8 budget unless— 

9 (1)(A) the additional information provides an 

10 explanation for the inconsistency which the Council 

11 finds reasonable and appropriate; or 

12 (B) the Government of Puerto Rico adopts or 

13 implements remedial action (including revising the 

14 financial plan and budget pursuant to section 

15 202(e)) to correct the inconsistency which the Coun16 cil finds reasonable and appropriate, taking into ac17 count the terms of the financial plan and budget; 

18 and 

19 (2) the Governor agrees to submit the reports 

20 described in subsection (a) on a monthly basis for 

21 such period as the Council may require. 

22 (d) EFFECT OF CERTIFICATION.—If the Council cer23 tifies to the Secretary of the Treasury that a variance ex24 ists, the Secretary shall withhold funds otherwise payable 

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1 cil may specify (other than funds dedicated to making en2 titlement or benefit payments to individuals), in such 

3 amounts and under such other conditions as the Council 

4 may specify. 

5 SEC. 205. RECOMMENDATIONS ON FINANCIAL STABILITY 

6 AND MANAGEMENT RESPONSIBILITY. 

7 (a) IN GENERAL.—The Council may at any time sub8 mit recommendations to the Governor, the Legislative As9 sembly, the President, and Congress on actions the Gov10 ernment of Puerto Rico or the Federal Government may 

11 take to ensure compliance by the Government of Puerto 

12 Rico with a financial plan and budget or to otherwise pro13 mote the financial stability, management responsibility, 

14 and service delivery efficiency of the Government of Puer15 to Rico. 

16 (b) RESPONSE TO RECOMMENDATIONS FOR ACTIONS

17 WITHIN AUTHORITY OF GOVERNMENT OF PUERTO

18 RICO.— 

19 (1) IN GENERAL.—In the case of any rec20 ommendations submitted under subsection (a) which 

21 are within the authority of the Government of Puer22 to Rico to adopt, not later than 90 days after receiv23 ing the recommendations, the Governor or the Legis24 lative Assembly (whichever has the authority to 

25 adopt the recommendation) shall submit a statement 


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1 to the Council, the President, and Congress which 

2 provides notice as to whether the Government of 

3 Puerto Rico will adopt the recommendations. 

4 (2) IMPLEMENTATION PLAN REQUIRED FOR

5 ADOPTED RECOMMENDATIONS.—If the Governor or 

6 the Legislative Assembly (whichever is applicable) 

7 notifies the Council and Congress under paragraph 

8 (1) that the Government of Puerto Rico will adopt 

9 any of the recommendations submitted under sub10 section (a), the Governor or the Legislative Assem11 bly (whichever is applicable) shall include in the 

12 statement a written plan to implement the rec13 ommendation which includes— 

14 (A) specific performance measures to de15 termine the extent to which the Government of 

16 Puerto Rico has adopted the recommendation; 

17 and 

18 (B) a schedule for auditing the Govern19 ment of Puerto Rico’s compliance with the plan. 

20 (3) EXPLANATIONS REQUIRED FOR REC21 OMMENDATIONS NOT ADOPTED.—If the Governor or 

22 the Legislative Assembly (whichever is applicable) 

23 notifies the Council, the President, and Congress 

24 under paragraph (1) that the Government of Puerto 

25 Rico will not adopt any recommendation submitted 


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1 under subsection (a) which the Government of Puer2 to Rico has authority to adopt, the Governor or the 

3 Legislative Assembly shall include in the statement 

4 explanations for the rejection of the recommenda5 tions. 

6 TITLE III—DEBT 

7 RESTRUCTURING 

8 SEC. 301. AMENDMENT. 

9 Section 101(52) of title 11, United States Code, is 

10 amended to read as follows: 

11 ‘‘(52) The term ‘State’ includes Puerto Rico 

12 and, except for the purpose of defining who may be 

13 a debtor under chapter 9 of this title, includes the 

14 District of Columbia.’’. 

15 SEC. 302. EFFECTIVE DATE; APPLICATION OF AMENDMENT. 

16 (a) EFFECTIVE DATE.—Except as provided in sub17 section (b), this title and the amendment made by this 

18 title shall take effect on the date of the establishment of 

19 the Puerto Rico Financial Stability Council under section 

20 101(a) of this Act. 

21 (b) APPLICATION OF AMENDMENT.—The amendment 

22 made by this title shall apply with respect to— 

23 (1) cases commenced under title 11 of the 

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1 tablishment of the Puerto Rico Financial Stability 

2 Council under section 101(a) of this Act, and 

3 (2) debts, claims, and liens created before, on, 

4 or after such date. 

5 SEC. 303. SEVERABILITY. 

6 If any provision of this title or the application of such 

7 provision to any person or circumstance, is found to be 

8 unconstitutional, the remainder of this title, or the appli9 cation of that provision to other persons or circumstances, 

10 shall not be affected. 

Æ 


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