To amend PROMESA to include certain ethics provisions to provide for the disqualification of certain advisors to the Financial Oversight and Management Board, and for other purposes.

This bill disqualifies certain third-party advisory or consulting firms with a potential conflict of interest from advising a Financial Oversight and Management Board. Such a board has been established for Puerto Rico.

Specifically, a board must establish rules to disqualify any third-party advisory or consulting firm from advising the board for any period during which the firm has a client, or provides consulting services to, an individual, corporation, or other business entity that is competing for or performing a contract with the territorial government, the performance of which is within the board's jurisdiction.

Bill 118 hr 1702, also known as the "PROMESA Ethics Amendment Act," aims to amend the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to include ethics provisions that would disqualify certain advisors to the Financial Oversight and Management Board. The purpose of this bill is to ensure that individuals with potential conflicts of interest or ethical concerns are not able to serve as advisors to the Board, which oversees Puerto Rico's financial stability and economic management.

The bill seeks to strengthen the integrity and transparency of the oversight process by establishing clear guidelines for the qualifications and disqualifications of advisors. This includes prohibiting individuals who have financial interests in Puerto Rico or who have previously worked for entities involved in Puerto Rico's financial affairs from serving as advisors to the Board.

Additionally, the bill aims to enhance accountability and prevent potential conflicts of interest by requiring advisors to disclose any financial interests or relationships that could impact their ability to provide impartial advice to the Board. This transparency measure is intended to ensure that the Board operates in the best interests of Puerto Rico and its residents. Overall, the PROMESA Ethics Amendment Act seeks to uphold ethical standards and promote good governance within the Financial Oversight and Management Board, ultimately aiming to protect the financial stability and well-being of Puerto Rico.