Dan Bishop: “I yield myself as much time as I may consume. I rise today in support of the Puerto Rico Recovery Accuracy in…”

“I yield myself as much time as I may consume. I rise today in support of the Puerto Rico Recovery Accuracy in Disclosures Act. In 2016, Puerto Rico was experiencing significant financial pressures brought on by sizable debt and related obligations. In response to Puerto Rico's financial crisis, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act of 2016. The 2016 law established a bankruptcy mechanism for Puerto Rico to address its obligations. Like the general bankruptcy law, the 2016 law enables bankruptcy professionals, like accountants, consultants, and lawyers, to apply for payment for their services upon court approval. But the 2016 law omitted disclosure requirements that apply to compensated professionals in proceedings under the general Bankruptcy Code, title 11 of the United States Code, pursuant to rule 2014(a) of the Federal Rules of Bankruptcy Procedure. Most significantly, the gap in the 2016 law created a potential for undisclosed compensation terms and undiscovered conflicts of interest vis-a-vis parties of interest for professionals serving in Puerto Rico's bankruptcy. To address this concern, this bill applies the disclosure requirements of rule 2014(a) to professionals serving in connection with Puerto Rico's bankruptcy and seeking compensation for those services. The bill also requires oversight of the disclosures that bankruptcy professionals make.…”