Puerto Rico Debt Crisis Relif Act

=AN ACT to resolve the Puerto Rico Debt Crisis.=

January 10, 2019

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

SECTION 1. SHORT TITLE. This Act may be cited as the “Puerto Rico Debt Crisis Resolution Act of 2019.”

SECTION 2. PROMESA. The Puerto Rico Oversight, Management, and Economic Stability Act of 2016 is repealed.

SECTION 3. FEDERAL DEBT PAYMENTS. The Department of Finance and Labor shall transfer 9,450,000,000 United States dollars per fiscal period for the Seventh, Ninth, Tenth, Eleventh, Twelvth, and Thirteenth Fiscal Periods to the Government of Puerto Rico for the express and strictly limited purposes of paying down its public debt.

SECTION 4. AUTHORIZATION OF APPROPRIATIONS. The following funds shall be considered appropriated to the Department of Finance and Labor for the purpose contained in section 3 until expended. $9,450,000,000 for the Seventh Fiscal Period; $9,450,000,000 for the Eight Fiscal Period; $9,450,000,000 for the Ninth Fiscal Period; $9,450,000,000 for the Tenth Fiscal Period; $9,450,000,000 for the Eleventh Fiscal Period; $9,450,000,000 for the Twelfth Fiscal Period; $9,450,000,000 for the Thirteenth Fiscal Period;

SECTION 5. CONSIDERATIONS IN THE EVENT THAT THE PUBLIC DEBT OF THE PUERTO RICO IS PAID DOWN IN ITS ENTIRETY. In the event that the public debt of Puerto Rico is paid down in its entirety, this eternity of this Act shall become null and void.