House Committee to Hold Hearing on PROMESA Next Wednesday
The U.S. House Committee on Natural Resources will hold on Wednesday, April 13 its latest legislative hearing on a discussion draft of the “Puerto Rico Oversight, Management, and Economic Stability Act,” also known as PROMESA.
The hearing, to take place at 10 a.m. in the Longworth House Office Building, will be open to the public and broadcast through live video stream.
PROMESA would seek to establish a five-member control board — the Puerto Rico Financial Oversight & Management Board — that would not be subject to the control of the governor nor the Legislature. The U.S. president would appoint all members, and at least two of them must reside or do business on the island.
The legislation also hinders the Puerto Rico judicial branch of its independence, as it will not be able to tackle issues dealing with board.
The five-member board will be in charge of ensuring Puerto Rico enacts balanced budgets, with the wherewithal to lay off people and levy additional taxes if necessary to achieve such a goal.