Legislative Reports on Estimates of Expenses and Impacts on Revenues of Bills and Laws Under PROMESA Act

Bill: 118-hr-4853
Sponsor: full_name: Rep. Chavez-DeRemer, Lori [R-OR-5]
Introduced: 2023-07-25
Policy area: Economics and Public Finance
Latest action: action_date: 2023-07-25
text: Referred to the House Committee on Natural Resources.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 4853 IN THE HOUSE OF REPRESENTATIVES July 25, 2023 Mrs. Chavez-DeRemer introduced the following bill; which was referred to the Committee on Natural Resources A BILL To amend PROMESA to authorize the legislature and require the Oversight Board to take into consideration reports prepared by the relevant Budget Office, and for other purposes.

1. Short title This Act may be cited as the Legislative Reports on Estimates of Expenses and Impacts on Revenues of Bills and Laws Under PROMESA Act . 2. Purpose The purpose of this Act is to allow the use of the reports of the Legislature prepared by its Budget Office, so that the information in those reports may be taken into consideration by the Oversight Board in the evaluation of the estimates of expenses and impact on revenues of the bills approved and converted into law carried out by the Oversight Board under the Puerto Rico Oversight, Management, and Economic Stability Act. 3. Review of activities to ensure compliance with Fiscal Plan Section 204(a) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2144(a) ) is amended— (1) in paragraph (1), by inserting and the Legislature before the final period; (2) in paragraph (4)(A), by inserting and the Legislature after direct the Governor ; and (3) in paragraph (6)— (A) in the heading, by inserting and legislature reports after proposed acts ; and (B) by adding at the end, the following: In addition, the Legislature, through its Budget Office, and in a proactive manner, may send to the Oversight Board reports with formal estimates of expenses and impacts on revenues, if any, of the bills they approve, so that the information in the reports may be taken into consideration by the Oversight Board in its analysis and determinations. . 4. Effective date This Act shall take effect 90 days after the date of the enactment of this Act.