its agents thereof in writing, shall be subject to 
prosecution and penalties under any laws of the ter-
ritory prohibiting the provision of false information 
to government officials, which in the case of Puerto 
Rico, shall include 33 L.P.R.A. 4889. 
(2) ADMINISTRATIVE DISCIPLINE.—In addition 
to any other applicable penalty, any officer or em-
ployee of the territorial government who knowingly 
and willfully violates paragraph (1) or takes any 
such action in violation of any valid order of the 
Oversight Board or fails or refuses to take any ac-
tion required by any such order, shall be subject to 
appropriate 
administrative 
discipline, 
including 
(when appropriate) suspension from duty without 
pay or removal from office, by order of the Gov-
ernor. 
(3) REPORT BY GOVERNOR ON DISCIPLINARY 
ACTIONS TAKEN.—In the case of a violation of para-
graph (2) by an officer or employee of the territorial 
government, the Governor shall immediately report 
to the Oversight Board all pertinent facts together 
with a statement of the action taken thereon. 
SEC. 105. EXEMPTION FROM LIABILITY FOR CLAIMS. 
The Oversight Board, its members, and its employees 
may not be liable for any obligation of or claim against 
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the Oversight Board or its members or employees or the 
territorial government resulting from actions taken to 
carry out this Act. 
SEC. 106. TREATMENT OF ACTIONS ARISING FROM ACT. 
(a) JURISDICTION.—Except as provided in section 
104(e)(2) (relating to the issuance of an order enforcing 
a subpoena), and title III (relating to adjustments of 
debts), any action against the Oversight Board, and or 
any action otherwise arising out of this Act, in whole or 
in part, shall be brought in the United States district 
court for the covered territory or, for any covered territory 
that does not have a district court, in the United States 
District Court for the District of Hawaii. 
(b) APPEAL.—Notwithstanding any other provision 
of law, any order of the United States District Court that 
is issued pursuant to an action brought under subsection 
(a) shall be subject to review only pursuant to a notice 
of appeal to the applicable United States Court of Ap-
peals. 
(c) TIMING OF RELIEF.—Except with respect to any 
orders entered to remedy constitutional violations, no 
order of any court granting declaratory or injunctive relief 
against the Oversight Board, including relief permitting 
or requiring the obligation, borrowing, or expenditure of 
funds, shall take effect during the pendency of the action 
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before such court, during the time appeal may be taken, 
or (if appeal is taken) during the period before the court 
has entered its final order disposing of such action. 
(d) EXPEDITED CONSIDERATION.—It shall be the 
duty of the applicable United States District Court, the 
applicable United States Court of Appeals, and, as appli-
cable, the Supreme Court of the United States to advance 
on the docket and to expedite to the greatest possible ex-
tent the disposition of any matter brought under this Act. 
(e) REVIEW
OF
OVERSIGHT
BOARD
CERTIFI-
CATIONS.—There shall be no jurisdiction in any United 
States district court to review challenges to the Oversight 
Board’s certification determinations under this Act. 
SEC. 107. BUDGET AND FUNDING FOR OPERATION OF 
OVERSIGHT BOARD. 
(a) SUBMISSION OF BUDGET.—The Oversight Board 
shall submit a budget for each fiscal year during which 
the Oversight Board is in operation, to the President, the 
House of Representatives Committee on Natural Re-
sources and the Senate Committee on Energy and Natural 
Resources, the Governor, and the Legislature. 
(b) FUNDING.—The Oversight Board may use its 
powers with respect to the Territory Budget of the covered 
territory to ensure that sufficient funds are available to 
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cover all expenses of the Oversight Board. If the Oversight 
Board elects to do so— 
(1) the Oversight Board shall submit to the 
Governor and the Legislature the budget described 
in subsection (a); and 
(2) the territorial government shall designate a 
dedicated funding source, not subject to subsequent 
legislative appropriations, sufficient to support the 
annual expenses of the Oversight Board as deter-
mined in the Oversight Board’s sole and exclusive 
discretion. 
SEC. 108. AUTONOMY OF THE OVERSIGHT BOARD. 
(a) IN GENERAL.—Neither the Governor nor the 
Legislature may— 
(1) exercise any control, supervision, oversight, 
or review over the Oversight Board or its activities; 
or 
(2) enact, implement, or enforce any statute, 
resolution, policy, or rule with respect to the Over-
sight Board or its activities. 
(b) OVERSIGHT BOARD LEGAL REPRESENTATION.— 
In any action brought by or on behalf of the Oversight 
Board, and in any action brought by the Oversight Board, 
the Oversight Board shall be represented by such counsel 
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as it may hire or retain so long as no conflict of interest 
exists. 
SEC. 109. ETHICS. 
All members and staff of the Oversight Board shall 
be subject to— 
(1) the Federal conflict of interest requirements 
described in section 2018 of title 18, United States 
Code; and 
(2) the financial disclosure requirements under 
title I of the Ethics in Government Act of 1978 (5 
U.S.C. app.). 
TITLE II—RESPONSIBILITIES OF 
OVERSIGHT BOARD 
SEC. 201. APPROVAL OF FISCAL PLANS. 
(a) IN GENERAL.—As soon as practicable after at 
least 4 members have been appointed to the Oversight 
Board in accordance with section 101(e) in the fiscal year 
in which the Oversight Board is established, and in each 
fiscal year thereafter during which the Oversight Board 
is in operation, the Oversight Board shall deliver a notice 
to the Governor providing a schedule for the process of 
development, submission, approval, and certification of 
Fiscal Plans. The notice may also set forth a schedule for 
revisions to any Fiscal Plan that has already been cer-
tified, which revisions must be subject to subsequent ap-
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proval and certification by the Oversight Board. The Over-
sight Board shall consult with the Governor in establishing 
a schedule, but the Oversight Board shall retain sole dis-
cretion to set or, by delivery of a subsequent notice to the 
Governor, change the dates of such schedule as it deems 
appropriate and reasonably feasible. 
(b) REQUIREMENTS.— 
(1) IN
GENERAL.—A Fiscal Plan developed 
under this section shall, with respect to the terri-
torial government or covered territorial instrumen-
tality, endeavor to provide a method to achieve fiscal 
responsibility and access to the capital markets, 
and— 
(A) provide for estimates of revenues and 
expenditures in conformance with agreed ac-
counting standards and be based on— 
(i) applicable laws; or 
(ii) specific bills that require enact-
ment in order to reasonably achieve the 
projections of the Fiscal Plan; 
(B) ensure the funding of essential public 
services; 
(C) provide adequate funding for public 
pension systems; 
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(D) provide for the elimination of struc-
tural deficits; 
(E) for fiscal years covered by a Fiscal 
Plan in which a stay under titles III or IV is 
not effective, provide for a debt burden that is 
sustainable; 
(F) improve fiscal governance, account-
ability, and internal controls; 
(G) enable the achievement of fiscal tar-
gets; 
(H) create independent forecasts of rev-
enue for the period covered by the Fiscal Plan; 
(I) include a debt sustainability analysis; 
(J) provide for capital expenditures and in-
vestments necessary to promote economic 
growth; 
(K) to greatest extent feasible, adopt rec-
ommendations submitted to the territorial gov-
ernment by the Oversight Board under section 
205(a); and 
(L) include such additional information as 
the Oversight Board deems necessary. 
(2) TERM.—A Fiscal Plan developed under this 
section shall cover a period of fiscal years as deter-
mined by the Oversight Board in its sole discretion 
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but in any case a period of not less than 5 fiscal 
years from the fiscal year in which it is certified by 
the Oversight Board. 
(c) DEVELOPMENT, REVIEW, APPROVAL, AND CER-
TIFICATION OF FISCAL PLAN.— 
(1) TIMING
REQUIREMENT.—The Governor 
may not submit to the Legislature a Territory Budg-
et under section 202 for a fiscal year unless the 
Oversight Board has certified the Fiscal Plan for 
that fiscal year in accordance with this subsection, 
unless the Oversight Board in its sole discretion 
waives this requirement. 
(2) FISCAL PLAN DEVELOPED BY GOVERNOR.— 
The Governor shall submit to the Oversight Board 
any proposed Fiscal Plan required by the Oversight 
Board by the time specified in the notice delivered 
under subsection (a). 
(3) REVIEW BY THE OVERSIGHT BOARD.—The 
Oversight Board shall review the proposed Fiscal 
Plan to determine whether it satisfies the require-
ments set forth in subsection (b) and, if the Over-
sight Board determines in its sole discretion that the 
proposed Fiscal Plan— 
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(A) satisfies such requirements, the Over-
sight Board shall approve the proposed Fiscal 
Plan; or 
(B) does not satisfy such requirements, the 
Oversight Board shall provide to the Gov-
ernor— 
(i) a notice of violation that includes 
recommendations for revisions to the appli-
cable Fiscal Plan; and 
(ii) an opportunity to correct the vio-
lation in accordance with subsection (d)(1). 
(d) REVISED FISCAL PLAN.— 
(1) IN GENERAL.—If the Governor receives a 
notice of violation under subsection (c)(3), the Gov-
ernor shall submit to the Oversight Board a revised 
proposed Fiscal Plan in accordance with subsection 
(b) by the time specified in the notice delivered 
under subsection (a). The Governor may submit as 
many revised Fiscal Plans to the Oversight Board as 
the schedule established in the notice delivered under 
subsection (a) permits. 
(2) DEVELOPMENT BY OVERSIGHT BOARD.—If 
the Governor fails to submit to the Oversight Board 
a Fiscal Plan that the Oversight Board determines 
in its sole discretion satisfies the requirements set 
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forth in subsection (b) by the time specified in the 
notice delivered under subsection (a), the Oversight 
Board shall develop and submit to the Governor and 
the Legislature a Fiscal Plan that satisfies the re-
quirements set forth in subsection (b). 
(e) APPROVAL AND CERTIFICATION.— 
(1) APPROVAL OF FISCAL PLAN DEVELOPED BY 
GOVERNOR.—If the Oversight Board approves a Fis-
cal Plan under subsection (c)(3), it shall deliver a 
compliance certification for such Fiscal Plan to the 
Governor and the Legislature. 
(2) DEEMED APPROVAL OF FISCAL PLAN DE-
VELOPED BY OVERSIGHT BOARD.—If the Oversight 
Board approves a Fiscal Plan under subsection 
(d)(2), such Fiscal Plan shall be deemed approved 
by the Governor, and the Oversight Board shall 
issue a compliance certification for such Fiscal Plan 
to the Governor and the Legislature. 
(f) JOINT DEVELOPMENT OF FISCAL PLAN.—Not-
withstanding any other provision of this section, if the 
Governor and the Oversight Board jointly develop a Fiscal 
Plan for the fiscal year that meets the requirements under 
this section, and that the Governor and the Oversight 
Board certify that the fiscal plan reflects a consensus be-
tween the Governor and the Oversight Board, then such 
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Fiscal Plan shall serve as the Fiscal Plan for the territory 
or territorial instrumentality for that fiscal year. 
SEC. 202. APPROVAL OF BUDGETS. 
(a) REASONABLE SCHEDULE FOR DEVELOPMENT OF 
BUDGETS.—As soon as practicable after at least 4 mem-
bers have been appointed to the Oversight Board in the 
fiscal year in which the Oversight Board is established, 
and in each fiscal year thereafter during which the Over-
sight Board is in operation, the Oversight Board shall de-
liver a notice to the Governor and the Legislature pro-
viding a schedule for developing, submitting, approving, 
and certifying Budgets for a period of fiscal years as de-
termined by the Oversight Board in its sole discretion but 
in any case a period of not less than one fiscal year fol-
lowing the fiscal year in which the notice is delivered. The 
notice may also set forth a schedule for revisions to Budg-
ets that have already been certified, which revisions must 
be subject to subsequent approval and certification by the 
Oversight Board. The Oversight Board shall consult with 
the Governor and the Legislature in establishing a sched-
ule, but the Oversight Board shall retain sole discretion 
to set or, by delivery of a subsequent notice to the Gov-
ernor and the Legislature, change the dates of such sched-
ule as it deems appropriate and reasonably feasible. 
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(b) REVENUE FORECAST.—The Oversight Board 
shall submit to the Governor and Legislature a forecast 
of revenues for the period covered by the Budgets by the 
time specified in the notice delivered under subsection (a), 
for use by the Governor in developing the Budget under 
subsection (c). 
(c) BUDGETS DEVELOPED BY GOVERNOR.— 
(1) GOVERNOR’S
PROPOSED
BUDGETS.—The 
Governor shall submit to the Oversight Board pro-
posed Budgets by the time specified in the notice de-
livered under subsection (a). In consultation with the 
Governor in accordance with the process specified in 
the notice delivered under subsection (a), the Over-
sight Board shall determine in its sole discretion 
whether each proposed Budget is compliant with the 
applicable Fiscal Plan and— 
(A) if a proposed Budget is a compliant 
budget, the Oversight Board shall— 
(i) approve the Budget; and 
(ii) if the Budget is a Territory Budg-
et, submit the Territory Budget to the 
Legislature; or 
(B) if the Oversight Board determines that 
the Budget is not a compliant budget, the Over-
sight Board shall provide to the Governor— 
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section (a). The Oversight Board shall determine 
whether the adopted Territory Budget is a compliant 
budget and— 
(A) if the adopted Territory Budget is a 
compliant budget, the Oversight Board shall 
issue a compliance certification for such compli-
ant budget pursuant to subsection (e); and 
(B) if the adopted Territory Budget is not 
a compliant budget, the Oversight Board shall 
provide to the Legislature— 
(i) a notice of violation that includes 
a description of any necessary corrective 
action; and 
(ii) an opportunity to correct the vio-
lation in accordance with paragraph (2). 
(2) LEGISLATURE’S REVISIONS.—The Legisla-
ture may correct any violations identified by the 
Oversight Board and submit a revised Territory 
Budget to the Oversight Board in accordance with 
the process established under paragraph (1) and by 
the time specified in the notice delivered under sub-
section (a). The Legislature may submit as many re-
vised adopted Territory Budgets to the Oversight 
Board as the schedule established in the notice deliv-
ered under subsection (a) permits. If the Legislature 
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fails to adopt a Territory Budget that the Oversight 
Board determines is a compliant budget by the time 
specified in the notice delivered under subsection (a), 
the Oversight Board shall develop a revised Terri-
tory Budget that is a compliant budget and submit 
it to the Governor and the Legislature. 
(e) CERTIFICATION OF BUDGETS.— 
(1) CERTIFICATION
OF
DEVELOPED
AND
AP-
PROVED TERRITORY BUDGETS.—If the Governor and 
the Legislature develop and approve a Territory 
Budget that is a compliant budget by the day before 
the first day of the fiscal year for which the Terri-
tory Budget is being developed and in accordance 
with the process established under subsections (c) 
and (d), the Oversight Board shall issue a compli-
ance certification to the Governor and the Legisla-
ture for such Territory Budget. 
(2) CERTIFICATION
OF
DEVELOPED
INSTRU-
MENTALITY BUDGETS.—If the Governor develops an 
Instrumentality Budget that is a compliant budget 
by the day before the first day of the fiscal year for 
which the Instrumentality Budget is being developed 
and in accordance with the process established under 
subsection (c), the Oversight Board shall issue a 
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compliance certification to the Governor for such In-
strumentality Budget. 
(3) DEEMED
CERTIFICATION
OF
TERRITORY 
BUDGETS.—If the Governor and the Legislature fail 
to develop and approve a Territory Budget that is 
a compliant budget by the day before the first day 
of the fiscal year for which the Territory Budget is 
being developed, the Oversight Board shall submit a 
Budget to the Governor and the Legislature (includ-
ing any revision to the Territory Budget made by 
the Oversight Board pursuant to that subsection) 
and such Budget shall be— 
(A) deemed to be approved by the Gov-
ernor and the Legislature; 
(B) the subject of a compliance certifi-
cation issued by the Oversight Board to the 
Governor and the Legislature; and 
(C) in full force and effect beginning on 
the first day of the applicable fiscal year. 
(4) DEEMED CERTIFICATION OF INSTRUMEN-
TALITY BUDGETS.—If the Governor fails to develop 
an Instrumentality Budget that is a compliant budg-
et by the day before the first day of the fiscal year 
for which the Instrumentality Budget is being devel-
oped, the Oversight Board shall submit an Instru-
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mentality Budget to the Governor (including any re-
vision to the Territory Budget made by the Over-
sight Board pursuant to that subsection) and such 
Budget shall be— 
(A) deemed to be approved by the Gov-
ernor; 
(B) the subject of a compliance certifi-
cation issued by the Oversight Board to the 
Governor; and 
(C) in full force and effect beginning on 
the first day of the applicable fiscal year. 
(f) JOINT DEVELOPMENT OF BUDGETS.—Notwith-
standing any other provision of this section, if, in the case 
of a Territory Budget, the Governor, the Legislature, and 
the Oversight Board, or in the case of an Instrumentality 
Budget, the Governor and the Oversight Board, jointly de-
velop such Budget for the fiscal year that meets the re-
quirements under this section, and that the relevant par-
ties certify reflects a consensus among them, then such 
Budget shall serve as the Budget for the territory or terri-
torial instrumentality for that fiscal year. 
SEC. 203. EFFECT OF FINDING OF NONCOMPLIANCE WITH 
BUDGET. 
(a) SUBMISSION OF REPORTS.—Not later than 15 
days after the last day of each quarter of a fiscal year 
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(beginning with the fiscal year determined by the Over-
sight Board), the Governor shall submit to the Oversight 
Board a report, in such form as the Oversight Board may 
require, describing— 
(1) the actual cash revenues, cash expenditures, 
and cash flows of the territorial government for the 
preceding quarter, as compared to the projected rev-
enues, expenditures, and cash flows contained in the 
certified Budget for such preceding quarter; and 
(2) any other information requested by the 
Oversight Board, which may include a balance sheet 
or a requirement that the Governor provide informa-
tion for each covered territorial instrumentality sep-
arately. 
(b) INITIAL ACTION BY OVERSIGHT BOARD.— 
(1) IN GENERAL.—If the Oversight Board de-
termines, based on reports submitted by the Gov-
ernor under subsection (a), independent audits, or 
such other information as the Oversight Board may 
obtain, that the actual quarterly revenues, expendi-
tures, or cash flows of the territorial government are 
not consistent with the projected revenues, expendi-
tures, or cash flows set forth in the certified Budget 
for such quarter, the Oversight Board shall— 
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(A) require the territorial government to 
provide such additional information as the 
Oversight Board determines to be necessary to 
explain the inconsistency; and 
(B) if the additional information provided 
under subparagraph (A) does not provide an ex-
planation for the inconsistency that the Over-
sight Board finds reasonable and appropriate, 
advise the territorial government to correct the 
inconsistency by implementing remedial action. 
(2) DEADLINES.—The Oversight Board shall 
establish the deadlines by which the territorial gov-
ernment shall meet the requirements of subpara-
graphs (A) and (B) of paragraph (1). 
(c) CERTIFICATION OF VARIANCE.— 
(1) VARIANCE.—If the territorial government 
fails to provide additional information under sub-
section (b)(1)(A), or fails to correct a variance under 
subsection (b)(1)(B), prior to the applicable deadline 
under subsection (b)(2), the Oversight Board shall 
certify to the President, the House of Representa-
tives Committee on Natural Resources, the Senate 
Committee on Energy and Natural Resources, the 
Governor, and the Legislature that the territorial 
government is at variance with the applicable cer-
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tified Budget, and shall describe the nature and 
amount of the variance. 
(2) CORRECTION OF VARIANCE.—If the Over-
sight Board determines that the territorial govern-
ment has initiated such measures as the Oversight 
Board considers sufficient to correct a variance cer-
tified under paragraph (1), the Oversight Board 
shall certify the correction to the President, the 
House of Representatives Committee on Natural Re-
sources, the Senate Committee on Energy and Nat-
ural Resources, the Governor, and the Legislature. 
(d) BUDGET REDUCTIONS BY OVERSIGHT BOARD.— 
If the Oversight Board determines that the Governor, in 
the case of any then-applicable certified Instrumentality 
Budgets, and the Governor and the Legislature, in the 
case of the then-applicable certified Territory Budget, 
have failed to correct a variance identified by the Over-
sight Board under subsection (c), the Oversight Board 
shall— 
(1) with respect to the territorial government, 
other than covered territorial instrumentalities, 
make appropriate reductions in nondebt expendi-
tures to ensure that the actual quarterly revenues 
and expenditures for the territorial government are 
in compliance with the applicable certified Territory 
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Budget or, in the case of the fiscal year in which the 
Oversight Board is established, the budget adopted 
by the Governor and the Legislature; and 
(2) with respect to covered territorial instru-
mentalities at the sole discretion of the Oversight 
Board— 
(A) make reductions in nondebt expendi-
tures to ensure that the actual quarterly reve-
nues and expenses for the covered territorial in-
strumentality are in compliance with the appli-
cable certified Budget or, in the case of the fis-
cal year in which the Oversight Board is estab-
lished, the budget adopted by the Governor and 
the Legislature or the covered territorial instru-
mentality, as applicable; or 
(B)(i) institute automatic hiring freezes at 
the covered territorial instrumentality; and 
(ii) prohibit the covered territorial instru-
mentality from entering into any contract in ex-
cess of $100,000, or engaging in any financial 
or other transactions, unless the contract or 
transaction was previously approved by the 
Oversight Board. 
(e) TERMINATION OF BUDGET REDUCTIONS.—The 
Oversight Board shall cancel the reductions under sub-
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section (d) if the Oversight Board determines that the ter-
ritorial government or covered territorial instrumentality, 
as applicable, has initiated appropriate measures to reduce 
expenditures or increase revenues to ensure that the terri-
torial government or covered territorial instrumentality is 
in compliance with the applicable certified Budget or, in 
the case of the fiscal year in which the Oversight Board 
is established, the budget adopted by the Governor and 
the Legislature. 
SEC. 204. REVIEW OF ACTIVITIES TO ENSURE COMPLIANCE 
WITH FISCAL PLAN. 
(a) SUBMISSION OF LEGISLATIVE ACTS TO OVER-
SIGHT BOARD.— 
(1) SUBMISSION OF ACTS.—Except to the ex-
tent that the Oversight Board may provide otherwise 
in its bylaws, rules, and procedures, not later than 
7 business days after a territorial government duly 
enacts any law during any fiscal year in which the 
Oversight Board is in operation, the Governor shall 
submit the law to the Oversight Board. 
(2) COST ESTIMATE; CERTIFICATION OF COM-
PLIANCE OR NONCOMPLIANCE.—The Governor shall 
include with each law submitted to the Oversight 
Board under paragraph (1) the following: 
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(A) A formal estimate prepared by an ap-
propriate entity of the territorial government 
with expertise in budgets and financial manage-
ment of the impact, if any, that the law will 
have on expenditures and revenues. 
(B) If the appropriate entity described in 
subparagraph (A) finds that the law is not sig-
nificantly inconsistent with the Fiscal Plan for 
the fiscal year, it shall issue a certification of 
such finding. 
(C) If the appropriate entity described in 
subparagraph (A) finds that the law is signifi-
cantly inconsistent with the Fiscal Plan for the 
fiscal year, it shall issue a certification of such 
finding, together with the entity’s reasons for 
such finding. 
(3) NOTIFICATION.—The Oversight Board shall 
send a notification to the Governor and the Legisla-
ture if— 
(A) the Governor submits a law to the 
Oversight Board under this subsection that is 
not accompanied by the estimate required under 
paragraph (2)(A); 
(B) the Governor submits a law to the 
Oversight Board under this subsection that is 
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not accompanied by either a certification de-
scribed in paragraph (2)(B) or (2)(C); or 
(C) the Governor submits a law to the 
Oversight Board under this subsection that is 
accompanied by a certification described in 
paragraph (2)(C) that the law is significantly 
inconsistent with the Fiscal Plan. 
(4) OPPORTUNITY TO RESPOND TO NOTIFICA-
TION.— 
(A) FAILURE TO PROVIDE ESTIMATE OR 
CERTIFICATION.—After sending a notification 
to the Governor and the Legislature under 
paragraph (3)(A) or (3)(B) with respect to a 
law, the Oversight Board may direct the Gov-
ernor to provide the missing estimate or certifi-
cation (as the case may be), in accordance with 
such procedures as the Oversight Board may 
establish. 
(B) SUBMISSION
OF
CERTIFICATION
OF 
SIGNIFICANT
INCONSISTENCY
WITH
FISCAL 
PLAN AND BUDGET.—In accordance with such 
procedures as the Oversight Board may estab-
lish, after sending a notification to the Gov-
ernor and Legislature under subparagraph (C) 
of paragraph (3) that a law is significantly in-
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consistent with the Fiscal Plan, the Oversight 
Board shall direct the territorial government 
to— 
(i) correct the law to eliminate the in-
consistency; or 
(ii) provide an explanation for the in-
consistency that the Oversight Board finds 
reasonable and appropriate. 
(5) FAILURE
TO
COMPLY.—If the territorial 
government fails to comply with a direction given by 
the Oversight Board under paragraph (4) with re-
spect to a law, the Oversight Board may take such 
actions as it considers necessary, consistent with this 
Act, to ensure that the enactment or enforcement of 
the law will not adversely affect the territorial gov-
ernment’s compliance with the Fiscal Plan, including 
preventing the enforcement or application of the law. 
(6) 
PRELIMINARY
REVIEW
OF
PROPOSED 
ACTS.—At the request of the Legislature, the Over-
sight Board may conduct a preliminary review of 
proposed legislation before the Legislature to deter-
mine whether the legislation as proposed would be 
consistent with the applicable Fiscal Plan under this 
subtitle, except that any such preliminary review 
shall not be binding on the Oversight Board in re-
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viewing any law subsequently submitted under this 
subsection. 
(b) EFFECT OF APPROVED FISCAL PLAN ON CON-
TRACTS, RULES, AND REGULATIONS.— 
(1) TRANSPARENCY
IN
CONTRACTING.—The 
Oversight Board shall work with a covered terri-
tory’s office of the comptroller or any functionally 
equivalent entity to promote compliance with the ap-
plicable law of any covered territory that requires 
agencies and instrumentalities of the territorial gov-
ernment to maintain a registry of all contracts exe-
cuted, including amendments thereto, and to remit 
a copy to the office of the comptroller for inclusion 
in a comprehensive database available to the public; 
with respect to Puerto Rico, the term ‘‘applicable 
law’’ refers to 2 L.P.R.A. 97. 
(2) AUTHORITY
TO
REVIEW
CERTAIN
CON-
TRACTS.—The Oversight Board may establish poli-
cies to require prior Oversight Board approval of 
certain contracts, including leases, proposed to be 
executed by the territorial government, to ensure 
such proposed contracts are not inconsistent with 
the approved Fiscal Plan. 
(3) SENSE OF CONGRESS.—It is the sense of 
Congress that any policies established by the Over-
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