S. 2676: Puerto Rico Stability Act of 2016

114th Congress · introduced 2016-03-14 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Energy and Natural Resources.

federal

Follow this bill, step by step

Where it came from: introduced 2016-03-14 · official record
Who proposed it: Sen. Menendez, Robert [D-NJ] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Energy and Natural Resources. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Puerto Rico Stability Act of 2016

Plain summary

Puerto Rico Stability Act of 2016 This bill permits the government of Puerto Rico to restructure its debt by using a process that requires it to establish a Fiscal Stability and Reform Board, a Chief Financial Officer, and a fiscal plan. The Department of the Treasury may provide technical assistance to territories (Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, or the U.S. Virgin Islands) it determines are eligible for assistance relating to fiscal and financial practices. The bill amends the Omnibus Insular Areas Act of 1992 to permit Puerto Rico to make purchases through the General Services Administration. Puerto Rico may restructure all of its debts using specified procedures if it passes a resolution to opt-in to the process by establishing a Fiscal Stability and Reform Board to monitor, review, and approve certain fiscal policy decisions. Once Puerto Rico passes the resolution, the bill provides a 12-month initial stay on debt-related litigation to permit Puerto Rico to organize its finances. The governor: (1) must appoint a Chief Financial Officer, (2) must develop and submit to the board for approval a five-year fiscal plan to restore solvency and fully fund pensions, and (3) may then submit a debt restructuring proposal to be considered using specified procedures. Puerto Rico Chapter 9 Uniformity Act of 2015 The bill amends the federal bankruptcy code to treat Puerto Rico as a state under chapter 9 (Adjustment of Debts of a Municipality) to permit Puerto Rico to authorize its public corporations to be debtors.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Puerto Rico Stability Act of 2016

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Menendez, Robert [D-NJ] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Charles E. Schumer (D-NY), Maria Cantwell (D-WA), Richard Blumenthal (D-CT), Elizabeth Warren (D-MA), Cory A. Booker (D-NJ), Edward J. Markey (D-MA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2676.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2676 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114