II 

118TH CONGRESS 

1ST SESSION S. 922 

To amend PROMESA to include certain ethics provisions to provide for 

the disqualification of certain advisors to the Financial Oversight and 

Management Board, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 22, 2023 

Mr. RUBIO (for himself and Mr. SCOTT of Florida) introduced the following 

bill; which was read twice and referred to the Committee on Energy and 

Natural Resources 

A BILL 

To amend PROMESA to include certain ethics provisions 

to provide for the disqualification of certain advisors 

to the Financial Oversight and Management Board, 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. 

4 This Act may be cited as the ‘‘Financial Oversight 

5 and Management Board Integrity Act of 2023’’. 


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•S 922 IS

1 SEC. 2. DISQUALIFICATION OF CERTAIN ADVISORS TO THE 

2 FINANCIAL OVERSIGHT AND MANAGEMENT 

3 BOARD. 

4 Section 109 of PROMESA (48 U.S.C. 2129) is 

5 amended by adding at the end the following: 

6 ‘‘(c) DISQUALIFICATION OF CERTAIN ADVISORS.— 

7 ‘‘(1) DEFINITION OF COVERED CONTRACT.—In 

8 this subsection, the term ‘covered contract’ means a 

9 contract with the territorial government or an in10 strumentality of the territorial government, the per11 formance of which is within the jurisdiction of the 

12 Oversight Board under section 204(b). 

13 ‘‘(2) DISQUALIFICATION.—In accordance with 

14 the rules adopted by the Oversight Board under 

15 paragraph (3), any third-party advisory or con16 sulting firm shall be disqualified from advising the 

17 Oversight Board for the duration of any period dur18 ing which the firm has as a client, or provides advi19 sory or other consulting services in any capacity to, 

20 an individual, corporation, association, organization, 

21 or other business entity, including a subsidiary, that 

22 is competing for, or is performing, a covered con23 tract. 

24 ‘‘(3) RULES.—For purposes of carrying out 

25 paragraph (2), the Oversight Board shall adopt rules 

26 to carry out the following: 


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1 ‘‘(A) To be eligible to advise or consult the 

2 Oversight Board with respect to the review, 

3 procurement, or performance of a covered con4 tract, a third-party advisory or consulting firm 

5 shall certify to the Oversight Board that the 

6 third-party advisory or consulting firm is not 

7 disqualified from advising the Oversight Board 

8 under paragraph (2). 

9 ‘‘(B) Any officer or employee of a third10 party advisory or consulting firm who prepares, 

11 presents, or certifies any information or report 

12 with respect to the certification of the third13 party advisory or consulting firm under sub14 paragraph (A) for the Oversight Board, or any 

15 agent of the Oversight Board, that is inten16 tionally false or misleading, or, on learning that 

17 any such information is false or misleading, 

18 fails to immediately advise the Oversight Board 

19 or an agent of the Oversight Board in writing, 

20 shall be subject to prosecution and penalties 

21 under law. 

22 ‘‘(C) If, after an investigation conducted 

23 by the Oversight Board, the Oversight Board 

24 determines that a third-party advisory or con25 sulting firm has provided services to the OverVerDate Sep 11 2014 22:50 Mar 31, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S922.IS S922

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1 sight Board in violation of paragraph (2), has 

2 failed to submit a certification required under 

3 subparagraph (A), or is in violation of subpara4 graph (B) (including any rules adopted under 

5 subparagraph (A) or (B)), the Oversight Board 

6 shall immediately refer such information to the 

7 Attorney General for the covered territory and 

8 the Office of the United States Attorney for the 

9 covered territory.’’. 

Æ 


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