H.R. 7833

119 HR 7833 IH: Puerto Rican People’s Power Restoration Act of 2026
 U.S. House of Representatives
 2026-03-05
 text/xml
 EN
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 I  119th CONGRESS  2d Session  H. R. 7833  IN THE HOUSE OF REPRESENTATIVES   March 5, 2026   Mr. Krishnamoorthi  (for himself and  Mr. Soto ) introduced the following bill; which was referred to the  Committee on Natural Resources , and in addition to the Committee on  the Judiciary , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned   A BILL
To amend the Puerto Rico Oversight, Management, and Economic Stability Act to provide for the termination of the Oversight Board under certain circumstances, and for other purposes.
1.
Short title
This Act may be cited as the   Puerto Rican People’s Power Restoration Act of 2026  .
2.
Termination of oversight board
Section 209 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2149 ) is amended as follows:
(1)
By striking  An Oversight Board  and inserting the following:  (a)
In general.— Except as provided in subsection (b), an Oversight Board .
(2)
By adding at the end the following new subsection:
(b)
Enactment of legislation
Notwithstanding subsection (a), an Oversight Board shall terminate the day after the date of the enactment of legislation by the Commonwealth of Puerto Rico, on or after the date of the enactment of this subsection, that designates or establishes a successor entity for such Board.
 .
3.
Substitution of debtor representation
Section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2175(b) ) is amended as follows:
(1)
By striking  The Oversight Board  and inserting the following:  (1)
In general.— Except as provided in paragraph (2), the Oversight Board .
(2)
By adding at the end the following new paragraph:
(2)
Puerto Rico electric power authority
(A)
Substitute representative
On and after the date of the enactment of applicable legislation by the Commonwealth of Puerto Rico designating or establishing an entity as described in section 209(b), the Puerto Rico Electric Power Authority, its governing board, or other successor entity, as specified in such legislation, shall be the representative of the debtor for all cases initiated under this title on or after such date of enactment.
(B)
Staff
Unless otherwise explicitly provided by the applicable legislation described in subparagraph (A), all of the professionals, advisors, and counsel engaged by the Oversight Board prior to the date of the enactment of such legislation shall be retained by the substituted representative.
 .
4.
Rules of construction
None of the amendments made by this Act may be construed—
(1)
to alter or affect any of the requirements with respect to confirmation under section 314 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2174 );
(2)
to invalidate any fiscal plan or budget certified prior to the date of the enactment of this Act, until modified by a representative substituted in accordance with the amendment made by section 3, or by confirmation of a plan of adjustment; or
(3)
to alter or affect the jurisdiction of the United States District Court for the District of Puerto Rico as the court of competent jurisdiction under section 306 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2166 ).