Sec. 103. Financial improvement guidelines and determination
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/bill/114/hr/3725/ih/section-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 120 days after the date of the enactment of this Act, the Secretary shall— examine the financial management practices of the government of Puerto Rico and instrumentalities thereof and identify specific areas in such practices that may need improvement; and establish guidelines and recommendations for the government of Puerto Rico and instrumentalities thereof to use as a basis for making improvements in its financial management practices and in determining whether to make a guarantee requested under section 102(b). The guidelines and recommendations required under paragraph
(1)shall address, at a minimum, the following criteria, where applicable: Fiscal stability and operational efficiency. Reduction in deficits and debt. Accuracy in estimating revenues and expenditures. Collection of taxes due. Management of Federal grant monies. Quality of financial controls, statements, and reporting. Use of information technology. Regulations and licensing requirements affecting business establishment, expansion, and operation. The Secretary may revise such guidelines and recommendations as the Secretary determines appropriate. The Secretary shall, within 10 days of establishing or revising guidelines or recommendations under this subsection— transmit such guidelines and recommendations to the Governor of Puerto Rico and the Congress; publish such guidelines and recommendations in the Federal Register; and make such guidelines and recommendations available to the public on the website of the Department of the Treasury. The Secretary shall, for purposes of section 102(b)(2), determine whether the government of Puerto Rico and, if applicable, any instrumentality thereof, has demonstrated meaningful improvement in the management of its finances. In making a determination under paragraph (1), the Secretary shall take into account the guidelines and recommendations established under subsection
(a)and such other criteria as the Secretary determines appropriate. If, under paragraph (1), the Secretary determines that the government of Puerto Rico and, if applicable, any instrumentality thereof, has not demonstrated meaningful improvement in the management of its finances, the Secretary shall— notify the Governor of Puerto Rico and the Congress, in writing, of the Secretary’s decision and the basis for such decision; publish a notice of such determination in the Federal Register; make such notice available to the public on the website of the Department of the Treasury; make recommendations to the Governor of Puerto Rico on specific ways the government of Puerto Rico and, if applicable, any instrumentality thereof, can demonstrate meaningful improvement; and if the Secretary determines it appropriate, make recommendations to— the Congress about specific legislation that can be enacted to improve the finances, financial stability, and financial management practices of the government of Puerto Rico and that would help the government of Puerto Rico or any instrumentality thereof demonstrate meaningful improvement and implement the recommendations in the areas identified by the Secretary under subsection (a)(1)(B); and the heads of Federal departments and agencies other than the Department of the Treasury about specific administrative actions that could be taken to improve the finances, financial stability, and financial management practices of the government of Puerto Rico and that would help the government of Puerto Rico or any instrumentality thereof demonstrate meaningful improvement and implement the recommendations in the areas identified by the Secretary under subsection (a)(1)(B).