Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 683, the Puerto Rico Recovery Accuracy in Disclosures Act, or PRRADA, is bipartisan legislation that would promote greater transparency and integrity with respect to the ongoing financial reorganization of Puerto Rico. In response to dire fiscal issues facing Puerto Rico at the time, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA, in 2016. That legislation established the Financial Oversight and Management Board with control over Puerto Rico's budget, laws, financial plans, and regulations and the authority to retain professionals to assist the board in executing its responsibilities. Although largely patterned on Chapter 11 of the Bankruptcy Code, PROMESA did not incorporate all facets of Chapter 11 and other relevant provisions of the code. Importantly, this includes the code's mandatory disclosure requirements regarding actual or potential conflicts of interest that professional persons seeking to be retained in a bankruptcy case must make to the court prior to their retention. This bill would close that loophole by conditioning the compensation of professional persons retained under PROMESA upon certain disclosures similar to those required under the Bankruptcy Code.…”