Senate Bill 3262
115th Congress(2017-2018)
United States Territorial Relief Act of 2018
Introduced
Introduced in Senate on Jul 25, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3262
Congress
115
Policy Area
Government Operations and Politics
Government Operations and Politics
Primary focus of measure is government administration, including agency organization, contracting, facilities and property, information management and services; rulemaking and administrative law; elections and political activities; government employees and officials; Presidents; ethics and public participation; postal service. Measures concerning agency appropriations and the budget process may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
United States Territorial Relief Act of 2018
This bill establishes a process under which Puerto Rico and other U.S. territories may terminate certain debts if they meet eligibility criteria.
The bill allows territories to terminate their public, unsecured debt if they meet two of three criteria:
- the population of the territory has decreased by more than 5% over 10 years,
- the territory received major federal disaster assistance, and
- the territory's per capita debt exceeds $15,000.
The bill also provides funding that a special master must allocate to certain creditors whose debts were discharged under this bill.
July 25, 2018
07/25/2018
Read twice and referred to the Committee on Energy and Natural Resources.
07/25/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:41:47 PM