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HM 4031

Financial Oversight and Management Board for Puerto Rico

2026 Regular Session Introduced by Daryl Campbell and 1 co-sponsor

HM 4031 - Financial Oversight and Management Board for Puerto Rico OverviewBill Number: HM 4031 Title: Financial Oversight and Management Board for Puerto Rico Status: Now in Int

Now in Intergovernmental Affairs Subcommittee
#memorials
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Bill Summary · HM 4031

HM 4031 - Financial Oversight and Management Board for Puerto Rico

Overview

Bill Number: HM 4031
Title: Financial Oversight and Management Board for Puerto Rico
Status: Now in Intergovernmental Affairs Subcommittee
Introduced: December 02, 2025

Purpose and Intent

This memorial bill seeks to establish a Financial Oversight and Management Board for the Commonwealth of Puerto Rico. The primary goal is to provide federal oversight and assistance to help Puerto Rico address its ongoing fiscal crisis and restructure its public debt. The bill aims to restore fiscal responsibility, access to capital markets, and economic growth for the island territory.

Key Provisions

  • Creates a 7-member Financial Oversight and Management Board appointed by the President and Congress
  • Grants the Board broad powers to supervise Puerto Rico's budgets, financial plans, and debt restructuring
  • Requires the Board to develop and approve fiscal plans and budgets for the Puerto Rican government
  • Allows the Board to enforce its decisions by filing lawsuits and accessing Puerto Rico's funds
  • Mandates the Board to implement reforms to improve fiscal governance and transparency
  • Provides the Board with the authority to renegotiate, restructure, or reduce Puerto Rico's public debt

Affected Parties and Impacts

The bill would directly impact the Commonwealth of Puerto Rico and its government, as the Financial Oversight Board would have significant control over the territory's finances and policy decisions. Puerto Rican residents, businesses, and creditors would also be affected by the debt restructuring and fiscal reforms implemented by the Board.

Procedural and Timeline Considerations

HM 4031 was introduced in the House on December 2, 2025 and has been referred to the Intergovernmental Affairs Subcommittee for consideration. If passed by the House and Senate, the bill would require the President to appoint the members of the Financial Oversight and Management Board within 120 days. The Board would then have 180 days to develop and approve the initial fiscal plan for Puerto Rico.

Compiled from official sources — confirm details with the bill’s official record.

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