TRUST for Puerto Rico Act of 2023

HR 4947, the TRUST for Puerto Rico Act of 2023, amends Section 209 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to modify conditions for ending federal financial oversight. It shortens the required fiscal period from 4 years to 2 years for Puerto Rico to meet budget standards before oversight termination, adjusts the timeline for termination to occur within 90 days after meeting standards, and requires the transfer of the Oversight Board’s assets and records to Puerto Rico’s government upon certification. This directly affects Puerto Rico’s government and the federal Oversight Board, changing how financial oversight ends and transitions to local control. The bill focuses on procedural changes to PROMESA’s termination process without altering Puerto Rico’s debt or fiscal obligations.