Sec. 3. Preventing conflicts of interest by oversight board
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Section 101(f)(2) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2121(f)(2) ) is amended to read as follows: is not an officer, elected official, or employee of the territorial government, a candidate for elected office of the territorial government, a former elected official of the territorial government, has never served in any official capacity in the territorial government or in any of the municipal governments or public corporations of the territorial government, or financial institutions owned by the territorial government, and has never been an employee or director of any corporation, company, or institution that sold, purchased, or insured financial assets to or from the territorial government. .
Section 103 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2123 ) is amended— in subsection (a), by inserting after the period at the end the following: An individual may not serve as Executive Director if that individual has served in an official capacity in the territorial government, in a municipal government or public corporation of the territorial government, or in a financial institution owned by the territorial government, or has been an employee or director of a corporation, company, or institution that has sold financial assets to, purchased financial assets from, or insured financial assets of the territorial government. ; and by amending subsection
(c)to read as follows: Not later than 30 days after the date of the enactment of the Amendments to PROMESA Act of 2020 , in the case of the Oversight Board for Puerto Rico, or 30 days after the formation of an Oversight Board, for an Oversight Board formed after the date of the enactment of this Act, the Oversight Board shall designate an ethics board comprised of 3 nonexecutive board members. The ethics board shall meet as needed, but not less than once every 6 months, to consider the compliance of members, the Executive Director, employees, contractors, and subcontractors of the Oversight Board with all applicable Federal laws regulating the conduct of the Oversight Board, including conflict of interest, financial disclosure, and open government laws. . Section 104(g) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2124(g) ) is amended by inserting The total cost of contracts entered into under this subparagraph for any fiscal year may not exceed 5 percent of the total operating budget of an Oversight Board for that fiscal year. after the period at the end. Section 109 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2129 ) is amended— in subsection (a)— by striking and staff after all members and inserting , employees, contractors, and sub-contractors ; by inserting , without exception after United States Code ; and after the period at the end, by inserting An individual may not serve on an Oversight Board if that individual is in violation of section 208 of title 18, United States Code. ; and by adding at the end the following: An individual, including an individual under consideration for appointment or serving as a member of an Oversight Board on the date of the enactment of this subsection, may not serve as a member of an Oversight Board or as an Executive Director unless the individual— has issued a formal statement regarding that individual’s past and present compliance, and intent of future compliance with all applicable Federal laws regulating the individual’s conduct, including conflict of interest, financial disclosure, and open government laws; and has committed in writing to strictly abide by section 208 of title 18, United States Code, and other applicable Federal laws regulating their conduct, including conflict of interest, financial disclosure, and open government laws. Section 1913 of title 18, United States Code, shall apply to all funds made available to members and staff of an Oversight Board without regard to the source of such funds. Not later than May 15 each year, the Executive Director and each member of an Oversight Board shall file a report with the ethics board. Such annual reports shall— be posted by the ethics board on the public electronic website of an Oversight Board not later than June 1st of each year; be filed in accordance with— the Ethics in Government Act of 1978; and the Stop Trading on Congressional Knowledge Act of 2012; and include information detailing the following with regard to the individual during the year for which the report is filed: Income of the individual. Honoraria given to the individual. Assets held by the individual. Financial transactions by the individual. Financial liabilities of the individual. Positions held by the individual. Agreements to which the individual is a part. Travel taken by the individual. Gifts received by the individual. Other details required pursuant to paragraph (2). . Section 208 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2148 ) is amended by adding at the end the following: Not later than June 30th of each year, the ethics board shall submit a report detailing compliance by members, employees, contractors, and subcontractors of an Oversight Board with section 109 directly to— the President; the House of Representatives Committee on Natural Resources; and the Senate Committee on Energy and Natural Resources. Members, employees, contractors, or subcontractors of an Oversight Board may not— view any part of a report compiled or being compiled to comply with this subsection before that report is submitted under paragraph (1); delay submission of the report compiled or being compiled to comply with this subsection; and attempt to influence the ethics board to make any change to the content of a report compiled or being compiled to comply with this subsection. .
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Sec. 3
Preventing conflicts of interest by oversight board
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