106 
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. 
(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. 
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107 
(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; 
(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 
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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 1469e of title 48, United States 
Code, is deleted in its entirety and replaced with ‘‘The 
Governments of the Commonwealth of Puerto Rico, Guam, 
American Samoa, the Commonwealth of the Northern 
Mariana Islands, and the United States Virgin Islands are 
authorized to make purchases through the General Serv-
ices 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-
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109 
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. 
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 
180 days 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 
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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) Two members 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. 
(2) Two members 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. 
(3) Two members of the Senate, who shall be 
appointed by the Majority Leader of the Senate, in 
coordination with the Chairman of the Committee on 
Energy and Natural Resources of the Senate. 
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