The US House of Representatives passed H.R. 683 — the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA) — the first amendment approved by either chamber of Congress to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The legislation, introduced by Rep. Nydia M. Velázquez (D-N.Y.), mandates financial disclosures by professionals […]
By 2016, Puerto Rico’s government was in dire financial straits. To avoid bankruptcy, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), creating a board responsible for restructuring the island territory’s substantial public debts. But there are serious questions regarding the constitutionality of this Financial Oversight and Management Board for Puerto Rico […]
A number of civic and professional organizations that met during the 10th Annual Puerto Rican Summit held in Orlando, Florida May 17th, 2019 agreed to endorse U.S. House of Representatives Resolution 683, the Puerto Rico Recovery Accuracy Disclosures Act of 2019 that establishes conflict of interest disclosure provisions. Representatives of the Puerto Rican Chamber of […]
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