0
TRUST for Puerto Rico Act of 2022
12/29/2022, 11:03 PM
Summary of Bill HR 7409
The bill outlines the creation of the Puerto Rico Economic Development Trust Fund, which will be funded through various sources, including federal appropriations, private donations, and revenue generated from economic development projects on the island. The trust fund will be managed by a board of trustees appointed by the President of the United States.
The TRUST for Puerto Rico Act of 2022 aims to provide financial stability and support for Puerto Rico as it continues to recover from the devastation caused by natural disasters and economic hardships. The bill also includes provisions for oversight and accountability to ensure that the funds are used effectively and efficiently to benefit the people of Puerto Rico. Overall, the TRUST for Puerto Rico Act of 2022 seeks to provide long-term economic assistance and support for Puerto Rico, helping to improve the island's financial situation and promote sustainable growth.
Congressional Summary of HR 7409
Territorial Relief Under Sustainable Transitions for Puerto Rico Act of 2022 or the TRUST for Puerto Rico Act of 2022
This bill modifies the conditions for the termination of the oversight board for Puerto Rico.
Specifically, the oversight board must terminate not later than 90 days after certification by the board for at least two consecutive fiscal years that (1) the territorial government has developed its budgets in accordance with modified accrual accounting standards; and (2) the expenditures made by the territorial government during each fiscal year did not exceed its revenues, as determined in accordance with such standards and without regard to whether the applicable budget provides for the payment of debt service.
The bill also sets forth provisions regarding the transition of oversight from an oversight board to a territorial government.
