Sec. 311. Commonwealth Financial Responsibility and Management Assistance Authority
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Pursuant to article IV, section 3, clause 2 of the Constitution of the United States, the Puerto Rico Financial Responsibility and Management Assistance Authority is established in accordance with this section. The Authority shall consist of— the Secretary; and 5 additional members who— meet the qualifications described in subsection (c); and are appointed by the President, in consultation with the committees and individuals described in paragraph (3). Beginning on the date on which the President has appointed at least 3 members to the Authority, the Authority may take any action authorized by this title.
The President shall appoint the members of the Authority after consultation with— the Committee on Energy and Natural Resources of the Senate; the Committee on Natural Resources of the House of Representatives; the Resident Commissioner of the Commonwealth; and the Governor. The Secretary shall serve as chairperson of the Authority. Each member appointed to the Authority shall be— appointed for an initial term of 2 years; and designated into 3 tiers, consisting of not more than— 1 member to serve in tier I; 2 members to serve in tier II; and 2 members to serve in tier III.
For the term immediately following the initial term under subparagraph (A)(i), a member of the Authority may be reappointed, or a new member named, for a term of— for the member serving in tier I— 1 additional term of not more than 1 year; and such subsequent terms of not more than 3 years as the President determines to be appropriate; for a member serving in tier II— 1 additional term of not more than 2 years; and such subsequent terms of not more than 3 years as the President determines to be appropriate; and for a member serving in tier III— 1 additional term of 3 years; and such subsequent terms of not more than 3 years as the President determines to be appropriate.
The President may remove a member of the Authority only for cause. In voting on any matter in carrying out this title— the chairperson of the Authority shall have 2 votes; and each other member of the Authority shall have 1 vote. Each member of the Authority shall be a United States citizen. Of the members of the Authority described in paragraph (1)(B)— 3 shall maintain a primary residence in the Commonwealth; and 2 shall not be residents of the Commonwealth. An individual meets the qualifications for membership on the Authority if the individual— has knowledge and expertise in finance, management, and the organization or operation of business or government; complies with Federal conflict of interest requirements of section 208 of title 18, United States Code; is not, and has not been for a period of not less than 5 years before the date of appointment, an officer or employee of— the Commonwealth; or any public corporation; and does not provide goods or services to the Commonwealth; and is not the spouse, parent, child, or sibling of an individual who provides goods or services to the Commonwealth.
A member of the Authority— shall serve without pay; but may receive reimbursement for any reasonable and necessary expenses incurred by reason of service on the Authority. As soon as practicable after the date of appointment of the members to the Authority, the Authority shall adopt bylaws, rules, and procedures governing the activities of the Authority under this title, including procedures for hiring experts and consultants. The bylaws, rules, and procedures adopted under paragraph
(1)shall— be public documents; and be submitted by the Authority, on adoption, to each of— the Governor; the Legislative Assembly; the President; and Congress. Except as provided in subparagraph (B), under the bylaws adopted under paragraph (1), the Authority may conduct operations in accordance with any procedures that the Authority considers appropriate. Notwithstanding subparagraph (A), an affirmative vote of a majority of the members of the Authority shall be required for the Authority— to approve or disapprove a financial plan and budget under section 323 or 324; to implement recommendations on financial stability and management responsibility under section 328; to issue new bonds, notes, or other obligations under section 331; and to allocate resources under title V. The Authority may incorporate in the bylaws, rules, and procedures adopted under paragraph
(1)any rules and regulations of the Commonwealth government that the Authority considers to be appropriate to enable the Authority to carry out activities under this title with the maximum degree of independence practicable.