Territories Relief Act

Bill: 114-s-2682
Sponsor: full_name: Sen. Gillibrand, Kirsten E. [D-NY]
Introduced: 2016-03-15
Policy area: Economics and Public Finance
Subjects: American Samoa

Bankruptcy

Caribbean area

Civil actions and liability

Financial crises and stabilization

Guam

Northern Mariana Islands

Puerto Rico

Specialized courts

State and local finance

U.S. territories and protectorates

Virgin Islands
Latest action: action_date: 2016-03-15
text: Read twice and referred to the Committee on Energy and Natural Resources.

Summaries:
action_date: 2016-03-15
action_desc: Introduced in Senate
text: <p><b>Territories Relief Act</b></p> <p>This bill allows a territory (the Commonwealth of Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the U.S. Virgin Islands), or a municipality of a territory, to petition the bankruptcy court for the judicial district in which it is located to effect a plan to adjust its debts. </p>  <p>The chief judge of the court of appeals for the circuit of the district in which the case is commenced shall designate the bankruptcy judge to conduct the case. </p>

tv_txt: II 114th CONGRESS 2d Session S. 2682 IN THE SENATE OF THE UNITED STATES March 15, 2016 Mrs. Gillibrand (for herself, Ms. Warren , and Mr. Blumenthal ) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To provide territories of the United States with bankruptcy protection.

1. Short title This Act may be cited as the Territories Relief Act . 2. Adjustments of debts of a territory or a municipality of a territory (a) Definitions In this Act— (1) the term municipality includes any political subdivision, public agency, or instrumentality of a territory; and (2) the term territory means the Commonwealth of Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands. (b) Adjustments of debts A territory or a municipality of a territory may file a petition with bankruptcy court for the judicial district in which the territory or municipality is located to effect a plan to adjust the debts of the territory or the municipality. (c) Designation of bankruptcy judge The chief judge of the court of appeals for the circuit embracing the district in which the case is commenced shall designate the bankruptcy judge to conduct the case. (d) Regulations Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall, in consultation with the Governors of the territories, promulgate regulations carrying out this Act.