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(2) As a result of its fiscal emergency, the Gov-
ernment of Puerto Rico has been unable to provide 
its citizens with effective services. 
(3) The current fiscal emergency has also af-
fected the long-term economic stability of Puerto 
Rico by contributing to the accelerated outmigration 
of residents and businesses. 
(4) A comprehensive approach to fiscal, man-
agement, and structural problems and adjustments 
that exempts no part of the Government of Puerto 
Rico is necessary, involving independent oversight 
and a Federal statutory authority for the Govern-
ment of Puerto Rico to restructure debts in a fair 
and orderly process. 
(5) Additionally, an immediate—but tem-
porary—stay is essential to stabilize the region for 
the purposes of resolving this territorial crisis. 
(A) The stay advances the best interests 
common to all stakeholders, including but not 
limited to a functioning independent Oversight 
Board created pursuant to this Act to deter-
mine whether to appear or intervene on behalf 
of the Government of Puerto Rico in any litiga-
tion that may have been commenced prior to 
the effectiveness or upon expiration of the stay. 
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(B) The stay is limited in nature and nar-
rowly tailored to achieve the purposes of this 
Act, including to ensure all creditors have a fair 
opportunity to consensually renegotiate terms of 
repayment based on accurate financial informa-
tion that is reviewed by an independent author-
ity or, at a minimum, receive a recovery from 
the Government of Puerto Rico equal to their 
best possible outcome absent the provisions of 
this Act. 
(6) Finally, the ability of the Government of 
Puerto Rico to obtain funds from capital markets in 
the future will be severely diminished without con-
gressional action to restore its financial account-
ability and stability. 
(n) PURPOSES.—The purposes of this section are 
to— 
(1) provide the Government of Puerto Rico with 
the resources and the tools it needs to address an 
immediate existing and imminent crisis; 
(2) allow the Government of Puerto Rico a lim-
ited period of time during which it can focus its re-
sources on negotiating a voluntary resolution with 
its creditors instead of defending numerous, costly 
creditor lawsuits; 
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(3) provide an oversight mechanism to assist 
the Government of Puerto Rico in reforming its fis-
cal governance and support the implementation of 
potential debt restructuring; 
(4) make available a Federal restructuring au-
thority, if necessary, to allow for an orderly adjust-
ment of all of the Government of Puerto Rico’s li-
abilities; and 
(5) benefit the lives of 3.5 million American 
citizens living in Puerto Rico by encouraging the 
Government of Puerto Rico to resolve its long-
standing fiscal governance issues and return to eco-
nomic growth. 
(o) VOTING
ON VOLUNTARY AGREEMENTS NOT 
STAYED.—Notwithstanding any provision in this section 
to the contrary, nothing in this section shall prevent the 
holder of a Liability Claim from voting on or consenting 
to a proposed modification of such Liability Claim under 
title VI of this Act. 
SEC. 406. PURCHASES BY TERRITORY GOVERNMENTS. 
The text of section 302 of the Omnibus Insular Areas 
Act of 1992 (48 U.S.C. 1469e), is amended to read as 
follows: ‘‘The Governments of the Commonwealth of Puer-
to Rico, Guam, American Samoa, the Commonwealth of 
the Northern Mariana Islands, and the United States Vir-
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gin Islands are authorized to make purchases through the 
General Services Administration.’’. 
SEC. 407. PROTECTION FROM INTER-DEBTOR TRANSFERS. 
(a) PROTECTION OF CREDITORS.—While an Over-
sight Board for Puerto Rico is in existence, if any property 
of any territorial instrumentality of Puerto Rico is trans-
ferred in violation of applicable law under which any cred-
itor has a valid pledge of, security interest in, or lien on 
such property, or which deprives any such territorial in-
strumentality of property in violation of applicable law as-
suring the transfer of such property to such territorial in-
strumentality for the benefit of its creditors, then the 
transferee shall be liable for the value of such property. 
(b) ENFORCEABILITY.—A creditor may enforce 
rights under this section by bringing an action in the 
United States District Court for the District of Puerto 
Rico after the expiration or lifting of the stay of section 
405, unless a stay under title III is in effect. 
SEC. 408. GAO REPORT ON SMALL BUSINESS ADMINISTRA-
TION PROGRAMS IN PUERTO RICO. 
Section 15 of the Small Business Act (15 U.S.C. 644) 
is amended by adding at the end the following new sub-
section: 
‘‘(t) GAO REPORT ON SMALL BUSINESS ADMINIS-
TRATION PROGRAMS IN PUERTO RICO.—Not later than 
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one year after the date of enactment of this subsection, 
the Comptroller General of the United States shall submit 
to the Committee on Small Business of the House of Rep-
resentatives and the Committee on Small Business and 
Entrepreneurship of the Senate a report on the application 
and utilization of contracting activities of the Administra-
tion (including contracting activities relating to HUBZone 
small business concerns) in Puerto Rico. The report shall 
also identify any provisions of Federal law that may create 
an obstacle to the efficient implementation of such con-
tracting activities.’’. 
SEC. 409. CONGRESSIONAL TASK FORCE ON ECONOMIC 
GROWTH IN PUERTO RICO. 
(a) ESTABLISHMENT.—There is established within 
the legislative branch a Congressional Task Force on Eco-
nomic Growth in Puerto Rico (hereinafter referred to as 
the ‘‘Task Force’’). 
(b) MEMBERSHIP.—The Task Force shall be com-
posed of eight members as follows: 
(1) One member of the House of Representa-
tives, who shall be appointed by the Speaker of the 
House of Representatives, in coordination with the 
Chairman of the Committee on Natural Resources of 
the House of Representatives. 
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(2) One member of the House of Representa-
tives, who shall be appointed by the Speaker of the 
House of Representatives, in coordination with the 
Chairman of the Committee on Ways and Means of 
the House of Representatives. 
(3) One member of the House of Representa-
tives, who shall be appointed by the Minority Leader 
of the House of Representatives, in coordination 
with the ranking minority member of the Committee 
on Natural Resources of the House of Representa-
tives. 
(4) One member of the House of Representa-
tives, who shall be appointed by the Minority Leader 
of the House of Representatives, in coordination 
with the ranking minority member of the Committee 
on Ways and Means of the House of Representa-
tives. 
(5) One member of the Senate, who shall be ap-
pointed by the Majority Leader of the Senate, in co-
ordination with the Chairman of the Committee on 
Energy and Natural Resources of the Senate. 
(6) One member of the Senate, who shall be ap-
pointed by the Majority Leader of the Senate, in co-
ordination with the Chairman of the Committee on 
Finance of the Senate. 
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(7) One member of the Senate, who shall be ap-
pointed by the Minority Leader of the Senate, in co-
ordination with the ranking minority member of the 
Committee on Energy and Natural Resources of the 
Senate. 
(8) One member of the Senate, who shall be ap-
pointed by the Minority Leader of the Senate, in co-
ordination with the ranking minority member of the 
Committee on Finance of the Senate. 
(c) DEADLINE
FOR APPOINTMENT.—All appoint-
ments to the Task Force shall be made not later than 15 
days after the date of enactment of this Act. 
(d) CHAIR.—The Speaker shall designate one Mem-
ber to serve as chair of the Task Force. 
(e) VACANCIES.—Any vacancy in the Task Force 
shall be filled in the same manner as the original appoint-
ment. 
(f) STATUS UPDATE.—Between September 1, 2016, 
and September 15, 2016, the Task Force shall provide a 
status update to the House and Senate that includes— 
(1) information the Task Force has collected; 
and 
(2) a discussion on matters the chairman of the 
Task Force deems urgent for consideration by Con-
gress. 
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(g) REPORT.—Not later than December 31, 2016, 
the Task Force shall issue a report of its findings to the 
House and Senate regarding— 
(1) impediments in current Federal law and 
programs to economic growth in Puerto Rico includ-
ing equitable access to Federal health care pro-
grams; 
(2) recommended changes to Federal law and 
programs that, if adopted, would serve to spur sus-
tainable long-term economic growth, job creation, re-
duce child poverty, and attract investment in Puerto 
Rico; 
(3) the economic effect of Administrative Order 
No. 346 of the Department of Health of the Com-
monwealth of Puerto Rico (relating to natural prod-
ucts, natural supplements, and dietary supplements) 
or any successor or substantially similar order, rule, 
or guidance of the Commonwealth of Puerto Rico; 
and 
(4) additional information the Task Force 
deems appropriate. 
(h) CONSENSUS VIEWS.—To the greatest extent 
practicable, the report issued under subsection (f) shall 
reflect the shared views of all eight Members, except that 
the report may contain dissenting views. 
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(i) HEARINGS AND SESSIONS.—The Task Force may, 
for the purpose of carrying out this section, hold hearings, 
sit and act at times and places, take testimony, and re-
ceive evidence as the Task Force considers appropriate. 
If the Task Force holds hearings, at least one such hear-
ing must be held in Puerto Rico. 
(j) STAKEHOLDER PARTICIPATION.—In carrying out 
its duties, the Task Force shall consult with the Puerto 
Rico Legislative Assembly, the Puerto Rico Department 
of Economic Development and Commerce, and the private 
sector of Puerto Rico. 
(k) RESOURCES.—The Task Force shall carry out its 
duties by utilizing existing facilities, services, and staff of 
the House of Representatives and Senate, except that no 
additional funds are authorized to be appropriated to 
carry out this section. 
(l) TERMINATION.—The Task Force shall terminate 
upon issuing the report required under subsection (f). 
SEC. 410. REPORT. 
Not later than 18 months after the date of the enact-
ment of this Act, the Comptroller General shall submit 
a report to the Committee on Natural Resources of the 
House of Representatives and the Committee on Energy 
and Natural Resources of the Senate describing— 
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(1) the conditions which led to the level of debt, 
which should be analyzed, per capita and based upon 
overall economic activity; 
(2) how actions of the territorial government 
improved or impaired the territory’s financial condi-
tions; and 
(3) recommendations on non-fiscal actions, or 
policies that would not imperil America’s homeland 
and national security, that could be taken by Con-
gress or the Administration to avert future indebted-
ness of territories, while respecting sovereignty and 
constitutional parameters. 
SEC. 411. REPORT ON TERRITORIAL DEBT. 
(a) REPORT REQUIRED.—Not later than one year 
after the date of the enactment of this Act, and thereafter 
not less than once every two years, the Comptroller Gen-
eral of the United States shall submit to Congress a report 
on the public debt of each territory, including— 
(1) the historical levels of each territory’s public 
debt, current amount and composition of each terri-
tory’s public debt, and future projections of each ter-
ritory’s public debt; 
(2) the historical levels of each territory’s rev-
enue, current amount and composition of each terri-
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tory’s revenue, and future projections of each terri-
tory’s revenue; 
(3) the drivers and composition of each terri-
tory’s public debt; 
(4) the effect of Federal laws, mandates, rules, 
and regulations on each territory’s public debt; and 
(5) the ability of each territory to repay it’s 
public debt. 
(b) MATERIALS.—The government of each territory 
shall make available to the Comptroller General of the 
United States all materials necessary to carry out this sec-
tion. 
SEC. 412. EXPANSION OF HUBZONES IN PUERTO RICO. 
(a) IN GENERAL.— 
(1) Section 3(p)(4)(A) of the Small Business 
Act (15 U.S.C. 632(p)(4)(A)) is amended to read as 
follows: 
‘‘(A) QUALIFIED CENSUS TRACT.— 
‘‘(i) IN GENERAL.—The term ‘quali-
fied census tract’ has the meaning given 
that term in section 42(d)(5)(B)(ii) of the 
Internal Revenue Code of 1986. 
‘‘(ii) EXCEPTION.—For any metro-
politan statistical area in the Common-
wealth of Puerto Rico, the term ‘qualified 
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census tract’ has the meaning given that 
term in section 42(d)(5)(B)(ii) of the In-
ternal Revenue Code of 1986 as applied 
without regard to subclause (II) of such 
section, except that this clause shall only 
apply— 
‘‘(I) 10 years after the date that 
the Administrator implements this 
clause, or 
‘‘(II) the date on which the Fi-
nancial Oversight and Management 
Board for the Commonwealth of Puer-
to Rico created by the Puerto Rico 
Oversight, Management, and Eco-
nomic Stability Act ceases to exist, 
whichever event occurs first.’’. 
(2) REGULATIONS.—The Administrator of the 
Small Business Administration shall issue regula-
tions to implement the amendment made by para-
graph (1) not later than 90 days after the date of 
the enactment of this Act. 
(b) IMPROVING OVERSIGHT.— 
(1) GUIDANCE.—Not later than 270 days after 
the date of the enactment of this Act, the Adminis-
trator of the Small Business Administration shall 
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develop and implement criteria and guidance on 
using a risk-based approach to requesting and 
verifying information from entities applying to be 
designated or recertified as qualified HUBZone 
small business concerns (as defined in section 
3(p)(5) of the Small Business Act (15 U.S.C. 
632(p)(5))). 
(2) ASSESSMENT.—Not later 1 year after the 
date on which the criteria and guidance described in 
paragraph (1) is implemented, the Comptroller Gen-
eral of the United States shall begin an assessment 
of such criteria and guidance. Not later than 6 
months after beginning such an assessment, the 
Comptroller General shall submit a report to the 
Committee on Small Business and Entrepreneurship 
of the Senate and the Committee on Small Business 
of the House of Representatives that includes— 
(A) an assessment of the criteria and guid-
ance issued by the Administrator of the Small 
Business Administration in accordance with 
paragraph (1); 
(B) an assessment of the implementation 
of the criteria and guidance issued by issued by 
the Administrator of the Small Business Ad-
ministration in accordance with paragraph (1); 
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(C) an assessment as to whether these 
measures have successfully ensured that only 
qualified HUBZone small business concerns are 
participating in the HUBZone program under 
section 31 of the Small Business Act (15 
U.S.C. 657a); 
(D) an assessment as to whether the re-
forms made by the criteria and guidance imple-
mented under paragraph (1) have resulted in 
job creation in the Commonwealth of Puerto 
Rico; and 
(E) recommendations on how to improve 
controls in the HUBZone program. 
SEC. 413. DETERMINATION ON DEBT. 
Nothing in this Act shall be interpreted to restrict— 
(1) the ability of the Puerto Rico Commission 
for the Comprehensive Audit of the Public Credit to 
file its reports; or 
(2) the review and consideration of the Puerto 
Rico Commission’s findings by Puerto Rico’s govern-
ment or an Oversight Board for Puerto Rico estab-
lished under section 101. 
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TITLE V—PUERTO RICO INFRA-
STRUCTURE REVITALIZATION 
SEC. 501. DEFINITIONS. 
In this title: 
(1) ACT 76.—The term ‘‘Act 76’’ means Puerto 
Rico Act 76–2000 (3 L.P.R.A. 1931 et seq.), ap-
proved on May 5, 2000, as amended. 
(2) CRITICAL
PROJECT.—The term ‘‘Critical 
Project’’ means a project identified under the provi-
sions of this title and intimately related to address-
ing an emergency whose approval, consideration, 
permitting, and implementation shall be expedited 
and streamlined according to the statutory process 
provided by Act 76, or otherwise adopted pursuant 
to this title. 
(3) ENERGY COMMISSION OF PUERTO RICO.— 
The term ‘‘Energy Commission of Puerto Rico’’ 
means the Puerto Rico Energy Commission as es-
tablished by Subtitle B of Puerto Rico Act 57–2014. 
(4) ENERGY
PROJECTS.—The term ‘‘Energy 
Projects’’ means those projects addressing the gen-
eration, distribution, or transmission of energy. 
(5) 
EMERGENCY.—The 
term 
‘‘emergency’’ 
means any event or grave problem of deterioration 
in the physical infrastructure for the rendering of 
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essential services to the people, or that endangers 
the life, public health, or safety of the population or 
of a sensitive ecosystem, or as otherwise defined by 
section 1 of Act 76 (3 L.P.R.A. 1931). This shall in-
clude problems in the physical infrastructure for en-
ergy, water, sewer, solid waste, highways or roads, 
ports, telecommunications, and other similar infra-
structure. 
(6) ENVIRONMENTAL
QUALITY
BOARD.—The 
term ‘‘Environmental Quality Board’’ means the 
Puerto Rico Environmental Quality Board, a board 
within the executive branch of the Government of 
Puerto Rico as established by section 7 of Puerto 
Rico Act 416–2004 (12 L.P.R.A. 8002a). 
(7) EXPEDITED
PERMITTING
PROCESS.—The 
term ‘‘Expedited Permitting Process’’ means a Puer-
to Rico Agency’s alternate procedures, conditions, 
and terms mirroring those established under Act 76 
(3 L.P.R.A. 1932) and pursuant to this title shall 
not apply to any Federal law, statute, or require-
ment. 
(8) GOVERNOR.—The term ‘‘Governor’’ means 
the Governor of Puerto Rico. 
(9) 
INTERAGENCY
ENVIRONMENTAL
SUB-
COMMITTEE.—The 
term 
‘‘Interagency 
Environ-
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mental Subcommittee’’ means the Interagency Sub-
committee on Expedited Environmental Regulations 
as further described by section 504. 
(10) LEGISLATURE.—The term ‘‘Legislature’’ 
means the Legislature of Puerto Rico. 
(11) PLANNING BOARD.—The term ‘‘Planning 
Board’’ means the Puerto Rico Planning Board, a 
board within the executive branch of the Govern-
ment of Puerto Rico established by Puerto Rico Act 
75–1975 (23 L.P.R.A. 62 et seq.). 
(12) PROJECT
SPONSOR.—The term ‘‘Project 
Sponsor’’ means a Puerto Rico Agency or private 
party proposing the development of an existing, on-
going, or new infrastructure project or Energy 
Project. 
(13) PUERTO
RICO
AGENCY
OR
AGENCIES.— 
The terms ‘‘Puerto Rico Agency’’ or ‘‘Puerto Rico 
Agencies’’ means any board, body, board of exam-
iners, public corporation, commission, independent 
office, division, administration, bureau, department, 
authority, official, person, entity, municipality, or 
any instrumentality of Puerto Rico, or an adminis-
trative body authorized by law to perform duties of 
regulating, investigating, or that may issue a deci-
sion, or with the power to issue licenses, certificates, 
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permits, concessions, accreditations, privileges, fran-
chises, except the Senate and the House of Rep-
resentatives of the Legislature and the judicial 
branch. 
(14) PUERTO RICO ELECTRIC POWER AUTHOR-
ITY.—The term ‘‘Puerto Rico Electric Power Au-
thority’’ means the Puerto Rico Electric Power Au-
thority established by Puerto Rico Act 83–1941. 
SEC. 502. POSITION OF REVITALIZATION COORDINATOR. 
(a) ESTABLISHMENT.—There is established, under 
the Oversight Board, the position of the Revitalization Co-
ordinator. 
(b) APPOINTMENT.— 
(1) IN GENERAL.—The Revitalization Coordi-
nator shall be appointed by the Governor as follows: 
(A) Prior to the appointment of the Revi-
talization Coordinator and within 60 days of 
the appointment of the full membership of the 
Oversight Board, the Oversight Board shall 
submit to the Governor no less than three 
nominees for appointment. 
(B) In consultation with the Oversight 
Board, not later than 10 days after receiving 
the nominations under subparagraph (A), the 
Governor shall appoint one of the nominees as 
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the Revitalization Coordinator. Such appoint-
ment shall be effective immediately. 
(C) If the Governor fails to select a Revi-
talization Coordinator, the Oversight Board 
shall, by majority vote, appoint a Revitalization 
Coordinator from the list of nominees provided 
under paragraph (A). 
(2) QUALIFICATIONS.—In selecting nominees 
under paragraph (1)(A), the Oversight Board shall 
only nominate persons who— 
(A) have substantial knowledge and exper-
tise in the planning, predevelopment, financing, 
development, operations, engineering, or market 
participation of infrastructure projects, pro-
vided that stronger consideration may be given 
to candidates who have experience with Energy 
Projects and the laws and regulations of Puerto 
Rico that may be subject to an Expedited Per-
mitting Process; 
(B) does not currently provide goods or 
services to the government of Puerto Rico (and, 
as applicable, is not the spouse, parent, child, 
or sibling of a person who provides or has pro-
vided goods and services to the government of 
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Puerto Rico in the preceding 3 calendar years); 
and 
(C) shall not be an officer, employee of, or 
former officer or employee of the government of 
Puerto Rico in the preceding 3 calendar years. 
(3) COMPENSATION.—The Revitalization Coor-
dinator shall be compensated at an annual rate de-
termined by the Oversight Board sufficient in the 
judgment of the Oversight Board to obtain the serv-
ices of a person with the skills and experience re-
quired to discharge the duties of the position, but 
such compensation shall not exceed the annual sal-
ary of the Executive Director. 
(c) ASSIGNMENT
OF PERSONNEL.—The Executive 
Director of the Oversight Board may assign Oversight 
Board personnel to assist the Revitalization Coordinator. 
(d) REMOVAL.— 
(1) IN GENERAL.—The Revitalization Coordi-
nator may be removed for any reason, in the Over-
sight Board’s discretion. 
(2) TERMINATION OF POSITION.—Upon the ter-
mination of the Oversight Board pursuant to section 
209 of this Act, the position of the Revitalization 
Coordinator shall terminate. 
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SEC. 503. CRITICAL PROJECTS. 
(a) IDENTIFICATION OF PROJECTS.— 
(1) PROJECT SUBMISSION.—Any Project Spon-
sor may submit, so long as the Oversight Board is 
in operation, any existing, ongoing, or proposed 
project to the Revitalization Coordinator. The Revi-
talization Coordinator shall require such submission 
to include— 
(A) the impact the project will have on an 
emergency; 
(B) the availability of immediate private 
capital or other funds, including loan guaran-
tees, loans, or grants to implement, operate, or 
maintain the project; 
(C) the cost of the project and amount of 
Puerto Rico government funds, if any, nec-
essary to complete and maintain the project; 
(D) the environmental and economic bene-
fits provided by the project, including the num-
ber of jobs to be created that will be held by 
residents of Puerto Rico and the expected eco-
nomic impact, including the impact on rate-
payers, if applicable; 
(E) the status of the project if it is exist-
ing or ongoing; and 
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(F) in addition to the requirements found 
in subparagraphs (A) through (E), the Revital-
ization Coordinator may require such submis-
sion to include any or all of the following cri-
teria that assess how the project will— 
(i) reduce reliance on oil for electric 
generation in Puerto Rico; 
(ii) improve performance of energy in-
frastructure and overall energy efficiency; 
(iii) expedite the diversification and 
conversion of fuel sources for electric gen-
eration from oil to natural gas and renew-
ables in Puerto Rico as defined under ap-
plicable Puerto Rico laws; 
(iv) promote the development and uti-
lization of energy sources found on Puerto 
Rico; 
(v) contribute to transitioning to 
privatized generation capacities in Puerto 
Rico; 
(vi) support the Energy Commission 
of Puerto Rico in achievement of its goal 
of reducing energy costs and ensuring af-
fordable energy rates for consumers and 
business; or 
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(vii) achieve in whole or in part the 
recommendations, if feasible, of the study 
in section 505(d) of this title to the extent 
such study is completed and not incon-
sistent with studies or plans otherwise re-
quired under Puerto Rico laws. 
(2) IDENTIFICATION
OF
RELEVANT
PUERTO 
RICO
AGENCIES.—Within 20 days of receiving a 
project submission under paragraph (1), the Revital-
ization Coordinator shall, in consultation with the 
Governor, identify all Puerto Rico Agencies that will 
have a role in the permitting, approval, authorizing, 
or other activity related to the development of such 
project submission. 
(3) EXPEDITED PERMITTING PROCESS.— 
(A) SUBMISSION OF EXPEDITED PERMIT-
TING PROCESS.—Not later than 20 days after 
receiving a project submission, each Puerto 
Rico Agency identified in paragraph (1) shall 
submit to the Revitalization Coordinator the 
Agency’s Expedited Permitting Process. 
(B) FAILURE
TO
PROVIDE
EXPEDITED 
PERMITTING PROCESS.—If a Puerto Rico Agen-
cy fails to provide an Expedited Permitting 
Process within 20 days of receiving a project 
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submission, the Revitalization Coordinator shall 
consult with the Governor to develop within 20 
days an Expedited Permitting Process for the 
Agency. 
(C) 
IMPLEMENTATION
AND 
PRIORITIZATION.—The Revitalization Coordi-
nator shall require Puerto Rico Agencies to im-
plement the Expedited Permitting Process for 
Critical Projects. Critical Projects shall be 
prioritized to the maximum extent possible in 
each Puerto Rico Agency regardless of any 
agreements transferring or delegating permit-
ting authority to any other Territorial Instru-
mentality or municipality. 
(b) CRITICAL PROJECT REPORT.— 
(1) IN GENERAL.—For each submitted project, 
the Revitalization Coordinator in consultation with 
the Governor and relevant Puerto Rico Agencies 
identified in subsection (a)(2) shall develop a Crit-
ical Project Report within 60 days of the project 
submission, which shall include: 
(A) An assessment of how well the project 
meets the criteria in subsection (a)(1). 
(B) A recommendation by the Governor 
whether the project should be considered a Crit-
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ical Project. If the Governor fails to provide a 
recommendation during the development of the 
Critical Project Report, the failure shall con-
stitute a concurrence with the Revitalization 
Coordinator’s recommendation in subparagraph 
(E). 
(C) In the case of a project that may affect 
the implementation of Land-Use Plans, as de-
fined by Puerto Rico Act 550–2004, a deter-
mination by the Planning Board will be re-
quired within the 60-day timeframe. If the 
Planning Board determines such project will be 
inconsistent with relevant Land-Use Plans, then 
the project will be deemed ineligible for Critical 
Project designation. 
(D) In the case of an Energy Project that 
will connect with the Puerto Rico Electric 
Power Authority’s transmission or distribution 
facilities, a recommendation by the Energy 
Commission of Puerto Rico, if the Energy Com-
mission determines such Energy Project will af-
fect an approved Integrated Resource Plan, as 
defined under Puerto Rico Act 54–2014. If the 
Energy Commission determines the Energy 
Project will adversely affect an approved Inte-
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grated Resource Plan, then the Energy Com-
mission shall provide the reasons for such de-
termination and the Energy Project shall be in-
eligible for Critical Project designation, pro-
vided that such determination must be made 
during the 60-day timeframe for the develop-
ment of the Critical Project Report. 
(E) A recommendation by the Revitaliza-
tion Coordinator whether the project should be 
considered a Critical Project. 
(2) PUBLIC
INVOLVEMENT.—Immediately fol-
lowing the completion of the Critical Project Report, 
the Revitalization Coordinator shall make such Crit-
ical Project Report public and allow a period of 30 
days for the submission of comments by residents of 
Puerto Rico specifically on matters relating to the 
designation of a project as a Critical Project. The 
Revitalization Coordinator shall respond to the com-
ments within 30 days of closing the coming period 
and make the responses publicly available. 
(3) SUBMISSION TO OVERSIGHT BOARD.—Not 
later than 5 days after the Revitalization Coordi-
nator has responded to the comments under para-
graph (2), the Revitalization Coordinator shall sub-
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mit the Critical Project Report to the Oversight 
Board. 
(c) ACTION BY THE OVERSIGHT BOARD.—Not later 
than 30 days after receiving the Critical Project Report, 
the Oversight Board, by majority vote, shall approve or 
disapprove the project as a Critical Project, if the Over-
sight Board— 
(1) approves the project, the project shall be 
deemed a Critical Project; and 
(2) disapproves the project, the Oversight 
Board shall submit to the Revitalization Coordinator 
in writing the reasons for disapproval. 
SEC. 504. MISCELLANEOUS PROVISIONS. 
(a) CREATION OF INTERAGENCY ENVIRONMENTAL 
SUBCOMMITTEE.— 
(1) ESTABLISHMENT.—Not later than 60 days 
after the date on which the Revitalization Coordi-
nator is appointed, the Interagency Environmental 
Subcommittee shall be established and shall evaluate 
environmental documents required under Puerto 
Rico law for any Critical Project within the Expe-
dited Permitting Process established by the Revital-
ization Coordinator under section 503(a)(3). 
(2) COMPOSITION.—The Interagency Environ-
mental Subcommittee shall consist of the Revitaliza-
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tion Coordinator, and a representative selected by 
the Governor in consultation with the Revitalization 
Coordinator representing each of the following agen-
cies: The Environmental Quality Board, the Plan-
ning Board, the Puerto Rico Department of Natural 
and Environmental Resources, and any other Puerto 
Rico Agency determined to be relevant by the Revi-
talization Coordinator. 
(b) LENGTH
OF EXPEDITED PERMITTING PROC-
ESS.—With respect to a Puerto Rico Agency’s activities 
related only to a Critical Project, such Puerto Rico Agency 
shall operate as if the Governor has declared an emergency 
pursuant to section 2 of Act 76 (3 L.P.R.A. 1932). Sec-
tion 12 of Act 76 (3 L.P.R.A. 1942) shall not be applica-
ble to Critical Projects. Furthermore, any transactions, 
processes, projects, works, or programs essential to the 
completion of a Critical Project shall continue to be proc-
essed and completed under such Expedited Permitting 
Process regardless of the termination of the Oversight 
Board under section 209. 
(c) EXPEDITED
PERMITTING
PROCESS
COMPLI-
ANCE.— 
(1) WRITTEN
NOTICE.—A Critical Project 
Sponsor may in writing notify the Oversight Board 
of the failure of a Puerto Rico Agency or the Revi-
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talization Coordinator to adhere to the Expedited 
Permitting Process. 
(2) FINDING
OF
FAILURE.—If the Oversight 
Board finds either the Puerto Rico Agency or Revi-
talization Coordinator has failed to adhere to the 
Expedited Permitting Process, the Oversight Board 
shall direct the offending party to comply with the 
Expedited Permitting Process. The Oversight Board 
may take such enforcement action as necessary as 
provided by section 104(l). 
(d) REVIEW OF LEGISLATURE ACTS.— 
(1) SUBMISSION
OF
ACTS
TO
OVERSIGHT 
BOARD.—Pursuant to section 204(a), the Governor 
shall submit to the Oversight Board any law duly 
enacted during any fiscal year in which the Over-
sight Board is in operation that may affect the Ex-
pedited Permitting Process. 
(2) FINDING OF OVERSIGHT BOARD.—Upon re-
ceipt of a law under paragraph (1), the Oversight 
Board shall promptly review whether the law would 
adversely impact the Expedited Permitting Process 
and, upon such a finding, the Oversight Board may 
deem such law to be significantly inconsistent with 
the applicable Fiscal Plan. 
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(e) ESTABLISHMENT OF CERTAIN TERMS AND CON-
DITIONS.—No Puerto Rico Agency may include in any cer-
tificate, right-of-way, permit, lease, or other authorization 
issued for a Critical Project any term or condition that 
may be permitted, but is not required, by any applicable 
Puerto Rico law, if the Revitalization Coordinator deter-
mines the term or condition would prevent or impair the 
expeditious construction, operation, or expansion of the 
Critical Project. The Revitalization Coordinator may re-
quest a Puerto Rico Agency to include in any certificate, 
right-of-way, permit, lease, or other authorization, a term 
or condition that may be permitted in accordance with ap-
plicable laws if the Revitalization Coordinator determines 
such inclusion would support the expeditious construction, 
operation, or expansion of any Critical Project. 
(f) DISCLOSURE.—All Critical Project reports, and 
justifications for approval or rejection of Critical Project 
status, shall be made publicly available online within 5 
days of receipt or completion. 
SEC. 505. FEDERAL AGENCY REQUIREMENTS. 
(a) FEDERAL POINTS OF CONTACT.—At the request 
of the Revitalization Coordinator and within 30 days of 
receiving such a request, each Federal agency with juris-
diction over the permitting, or administrative or environ-
mental review of private or public projects in Puerto Rico, 
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shall name a Point of Contact who will serve as that agen-
cy’s liaison with the Revitalization Coordinator. 
(b) FEDERAL GRANTS AND LOANS.—For each Crit-
ical Project with a pending or potential Federal grant, 
loan, or loan guarantee application, the Revitalization Co-
ordinator and the relevant Point of Contact shall cooper-
ate with each other to ensure expeditious review of such 
application. 
(c) EXPEDITED REVIEWS AND ACTIONS OF FEDERAL 
AGENCIES.—All reviews conducted and actions taken by 
any Federal agency relating to a Critical Project shall be 
expedited in a manner consistent with completion of the 
necessary reviews and approvals by the deadlines under 
the Expedited Permitting Process, but in no way shall the 
deadlines established through the Expedited Permitting 
Process be binding on any Federal agency. 
(d) TRANSFER OF STUDY OF ELECTRIC RATES.— 
Section 9 of the Consolidated and Further Continuing Ap-
propriations Act, 2015 (48 U.S.C. 1492a) is amended— 
(1) in subsection (a)(5), by inserting ‘‘, except 
that, with respect to Puerto Rico, the term means, 
the Secretary of Energy’’ after ‘‘Secretary of the In-
terior’’; and 
(2) in subsection (b)— 
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(A) by inserting ‘‘(except in the case of 
Puerto Rico, in which case not later than 270 
days after the date of enactment of the Puerto 
Rico Oversight, Management, and Economic 
Stability Act)’’ after ‘‘of this Act’’; and 
(B) by inserting ‘‘(except in the case of 
Puerto Rico)’’ after ‘‘Empowering Insular Com-
munities activity’’. 
SEC. 506. JUDICIAL REVIEW. 
(a) DEADLINE FOR FILING OF A CLAIM.—A claim 
arising under this title must be brought no later than 30 
days after the date of the decision or action giving rise 
to the claim. 
(b) EXPEDITED
CONSIDERATION.—The District 
Court for the District of Puerto Rico shall set any action 
brought under this title for expedited consideration, taking 
into account the interest of enhancing Puerto Rico’s infra-
structure for electricity, water and sewer services, roads 
and bridges, ports, and solid waste management to achieve 
compliance with local and Federal environmental laws, 
regulations, and policies while ensuring the continuity of 
adequate services to the people of Puerto Rico and Puerto 
Rico’s sustainable economic development. 
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SEC. 507. SAVINGS CLAUSE. 
Nothing in this title is intended to change or alter 
any Federal legal requirements or laws. 
TITLE VI—CREDITOR 
COLLECTIVE ACTION 
SEC. 601. CREDITOR COLLECTIVE ACTION. 
(a) DEFINITIONS.—In this title: 
(1) ADMINISTRATIVE SUPERVISOR.—The term 
‘‘Administrative Supervisor’’ means the Oversight 
Board established under section 101. 
(2) AUTHORIZED
TERRITORIAL
INSTRUMEN-
TALITY.—The term ‘‘Authorized Territorial Instru-
mentality’’ means a covered territorial instrumen-
tality authorized in accordance with subsection (e). 
(3) CALCULATION AGENT.—The term ‘‘Calcula-
tion Agent’’ means a calculation agent appointed in 
accordance with subsection (k). 
(4) CAPITAL APPRECIATION BOND.—The term 
‘‘Capital Appreciation Bond’’ means a Bond that 
does not pay interest on a current basis, but for 
which interest amounts are added to principal over 
time as specified in the relevant offering materials 
for such Bond, including that the accreted interest 
amount added to principal increases daily. 
(5) 
CONVERTIBLE
CAPITAL
APPRECIATION 
BOND.—The term ‘‘Convertible Capital Appreciation 
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