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PS 279

“Para añadir inciso (s) al Artículo 3 de la Ley Núm. 22 de 24 de julio de 1985, según enmendada, conocida como “Ley del Banco de Desarrollo Económico para Puerto Rico”, a los fines de ampliar y fortalecer los servicios brindados por la antes mencionada institución financiera a los individuos y corporaciones en general mediante el establecimiento de cuentas de depósito en el referido banco, servicios y apoyo bancario para industrias emergentes, y para otros fines relacionados.”

2025-2028 Session

PS 279 would expand the Economic Development Bank of Puerto Rico to accept deposits and provide banking services to individuals, firms, and emerging industries.

Comisión no recomienda aprobación de la medida
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Bill Summary · PS 279

Summary of PS 279

Overview

PS 279 is a Senate bill introduced on January 27, 2025, to amend Article 3 of Law Núm. 22 (dated July 24, 1985) known as the “Ley del Banco de Desarrollo Económico para Puerto Rico.” The proposed amendment seeks to expand and strengthen the services provided by the Economic Development Bank for Puerto Rico (Banco de Desarrollo Económico para Puerto Rico) by broadening its financial activities.

  • Introduced: January 27, 2025
  • Status (as of latest actions): Comisión no recomienda aprobación de la medida (Committee does not recommend approval)
  • Appeared in First Reading: January 27, 2025
  • Referred to: Comisión(es) (committees)

Purpose and Intent

The bill aims to broaden the mandate of the Economic Development Bank by:

  • Allowing the bank to establish and maintain deposit accounts.
  • Enabling the bank to provide banking services and “apoyo bancario” for emergent or emerging industries.
  • Covering other related purposes consistent with expanding the bank’s financial role.

In short, it seeks to extend the bank’s current functions to include deposit-taking and more proactive banking support for new and growing sectors, potentially expanding access to financial services within Puerto Rico.

Key Provisions (as described)

  • Amends Article 3 of Law 22/1985 to authorize new banking activities.
  • Establishment of deposit accounts at the Economic Development Bank for individuals and corporations.
  • Provision of banking services and financial support aimed at emerging industries.
  • Authorization for other related activities necessary to carry out these expanded services.

Note: The exact operational details, eligibility criteria, program design, funding sources, governance, and oversight mechanisms are not specified in the information provided.

Affected Parties

  • Banco de Desarrollo Económico para Puerto Rico (BDEPR): Expanded authority and activities.
  • Individuals and corporations in Puerto Rico that could use deposit accounts and banking services.
  • Emerging industries or sectors targeted for banking support and financial services.

Procedural and Timeline Aspects

  • January 27, 2025: Bill filed (Radicado) and listed in Primera Lectura del Senado; referred to committees.
  • September 29, 2025: Committee action reporting unfavorably (Comisión no recomienda aprobación de la medida), signaling opposition or concerns that would need addressing for advancement.

Potential Impact and Considerations

  • Access to banking services: If enacted, the bank could offer deposit accounts and broader financial services to individuals and businesses, potentially increasing financial inclusion and support for startups.
  • Risk and supervision: Expansion of the bank’s powers may raise questions about risk management, fiscal impact, and regulatory oversight, which may be factors in the committee’s unfavorable recommendation.
  • Fiscal/budgetary implications: Details on funding, capitalization, and repayment obligations are not provided; these would be critical in evaluating viability.

Next Steps

  • If proponents wish to move the bill forward, it would require revising to address the committee concerns and restoring legislative confidence in fiscal and governance implications.
  • Monitor for any amendments, alternate versions, or renewed committee hearings in subsequent sessions.

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

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