Financial Oversight and Management Board Integrity Act of 2023

Subjects: Government Operations and Politics


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 922 Introduced in Senate (IS)]

&lt;DOC&gt;






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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Oversight and Management 
Board Integrity Act of 2023''.

SEC. 2. DISQUALIFICATION OF CERTAIN ADVISORS TO THE FINANCIAL OVERSIGHT 
              AND MANAGEMENT BOARD.

    Section 109 of PROMESA (48 U.S.C. 2129) is amended by adding at the 
end the following:
    ``(c) Disqualification of Certain Advisors.--
            ``(1) Definition of covered contract.--In this subsection, 
        the term `covered contract' means a contract with the 
        territorial government or an instrumentality of the territorial 
        government, the performance of which is within the jurisdiction 
        of the Oversight Board under section 204(b).
            ``(2) Disqualification.--In accordance with the rules 
        adopted by the Oversight Board under paragraph (3), any third-
        party advisory or consulting firm shall be disqualified from 
        advising the Oversight Board for the duration of any period 
        during which the firm has as a client, or provides advisory or 
        other consulting services in any capacity to, an individual, 
        corporation, association, organization, or other business 
        entity, including a subsidiary, that is competing for, or is 
        performing, a covered contract.
            ``(3) Rules.--For purposes of carrying out paragraph (2), 
        the Oversight Board shall adopt rules to carry out the 
        following:
                    ``(A) To be eligible to advise or consult the 
                Oversight Board with respect to the review, 
                procurement, or performance of a covered contract, a 
                third-party advisory or consulting firm shall certify 
                to the Oversight Board that the third-party advisory or 
                consulting firm is not disqualified from advising the 
                Oversight Board under paragraph (2).
                    ``(B) Any officer or employee of a third-party 
                advisory or consulting firm who prepares, presents, or 
                certifies any information or report with respect to the 
                certification of the third-party advisory or consulting 
                firm under subparagraph (A) for the Oversight Board, or 
                any agent of the Oversight Board, that is intentionally 
                false or misleading, or, on learning that any such 
                information is false or misleading, fails to 
                immediately advise the Oversight Board or an agent of 
                the Oversight Board in writing, shall be subject to 
                prosecution and penalties under law.
                    ``(C) If, after an investigation conducted by the 
                Oversight Board, the Oversight Board determines that a 
                third-party advisory or consulting firm has provided 
                services to the Oversight Board in violation of 
                paragraph (2), has failed to submit a certification 
                required under subparagraph (A), or is in violation of 
                subparagraph (B) (including any rules adopted under 
                subparagraph (A) or (B)), the Oversight Board shall 
                immediately refer such information to the Attorney 
                General for the covered territory and the Office of the 
                United States Attorney for the covered territory.''.
                                 &lt;all&gt;
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