I 
118TH CONGRESS 
1ST SESSION H. R. 1702 
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 HOUSE OF REPRESENTATIVES 
MARCH 22, 2023 
Mrs. GONZA´LEZ-COLO´N (for herself, Mr. TORRES of New York, and Mr. 
SOTO) introduced the following bill; which was referred to the Committee 
on 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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. DISQUALIFICATION OF CERTAIN ADVISORS TO 
THE FINANCIAL OVERSIGHT AND MANAGE-
MENT BOARD. 
Section 109 of PROMESA (48 U.S.C. 2129) is 
amended by adding at the end the following: 
‘‘(c) DISQUALIFICATION OF CERTAIN ADVISORS.— 
VerDate Sep 11 2014 
04:52 Apr 01, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H1702.IH
H1702
kjohnson on DSK79L0C42PROD with BILLS
‘‘(1) DEFINITION OF COVERED CONTRACT.—In 
this subsection, the term ‘covered contract’ means a 
contract with the territorial government or an in-
strumentality of the territorial government, the per-
formance 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 con-
sulting firm shall be disqualified from advising the 
Oversight Board for the duration of any period dur-
ing which the firm has as a client, or provides advi-
sory 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 con-
tract. 
‘‘(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 con-
tract, a third-party advisory or consulting firm 
shall certify to the Oversight Board that the 
VerDate Sep 11 2014 
04:52 Apr 01, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H1702.IH
H1702
kjohnson on DSK79L0C42PROD with BILLS
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 sub-
paragraph (A) for the Oversight Board, or any 
agent of the Oversight Board, that is inten-
tionally 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 con-
sulting firm has provided services to the Over-
sight Board in violation of paragraph (2), has 
failed to submit a certification required under 
subparagraph (A), or is in violation of subpara-
graph (B) (including any rules adopted under 
subparagraph (A) or (B)), the Oversight Board 
VerDate Sep 11 2014 
04:52 Apr 01, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H1702.IH
H1702
kjohnson on DSK79L0C42PROD with BILLS
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.’’. 
Æ 
VerDate Sep 11 2014 
04:52 Apr 01, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H1702.IH
H1702
kjohnson on DSK79L0C42PROD with BILLS