[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7833 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7833

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.


_______________________________________________________________________


                    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

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Puerto Rican People's Power 
Restoration Act of 2026''.

SEC. 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.''.

SEC. 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.''.

SEC. 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).
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