U.S Code last checked for updates: Apr 30, 2024
All TitlesTitle 48Chapter 20Subchapter I
§ 2121.
Financial Oversight and Management Board
(a)
Purpose
(b)
Establishment
(1)
Puerto Rico
(2)
Constitutional basis
(c)
Treatment
An Oversight Board established under this section—
(1)
shall be created as an entity within the territorial government for which it is established in accordance with this subchapter; and
(2)
shall not be considered to be a department, agency, establishment, or instrumentality of the Federal Government.
(d)
Oversight of territorial instrumentalities
(1)
Designation
(A)
In general
(B)
Budgets and reports
(C)
Separate Instrumentality Budgets and reports
(D)
Inclusion in Territory Fiscal Plan
(E)
Separate Instrumentality Fiscal Plans
(2)
Exclusion
(A)
In general
(B)
Treatment
(e)
Membership
(1)
In general
(A)
The Oversight Board shall consist of seven members appointed by the President who meet the qualifications described in subsection (f) and section 2129(a) of this title.
(B)
The Board shall be comprised of one Category A member, one Category B member, two Category C members, one Category D member, one Category E member, and one Category F member.
(2)
Appointed members
(A)
The President shall appoint the individual members of the Oversight Board, of which—
(i)
the Category A member should be selected from a list of individuals submitted by the Speaker of the House of Representatives;
(ii)
the Category B member should be selected from a separate, non-overlapping list of individuals submitted by the Speaker of the House of Representatives;
(iii)
the Category C members should be selected from a list submitted by the Majority Leader of the Senate;
(iv)
the Category D member should be selected from a list submitted by the Minority Leader of the House of Representatives;
(v)
the Category E member should be selected from a list submitted by the Minority Leader of the Senate; and
(vi)
the Category F member may be selected in the President’s sole discretion.
(B)
After the President’s selection of the Category F Board member, for purposes of subparagraph (A) and within a timely manner—
(i)
the Speaker of the House of Representatives shall submit two non-overlapping lists of at least three individuals to the President; one list shall include three individuals who maintain a primary residence in the territory or have a primary place of business in the territory;
(ii)
the Senate Majority Leader shall submit a list of at least four individuals to the President;
(iii)
the Minority Leader of the House of Representatives shall submit a list of at least three individuals to the President; and
(iv)
the Minority Leader of the Senate shall submit a list of at least three individuals to the President.
(C)
If the President does not select any of the names submitted under subparagraphs (A) and (B), then whoever submitted such list may supplement the lists provided in this subsection with additional names.
(D)
The Category A member shall maintain a primary residence in the territory or have a primary place of business in the territory.
(E)
With respect to the appointment of a Board member in Category A, B, C, D, or E, such an appointment shall be by and with the advice and consent of the Senate, unless the President appoints an individual from a list, as provided in this subsection, in which case no Senate confirmation is required.
(F)
In the event of a vacancy of a Category A, B, C, D, or E Board seat, the corresponding congressional leader referenced in subparagraph (A) shall submit a list pursuant to this subsection within a timely manner of the Board member’s resignation or removal becoming effective.
(G)
With respect to an Oversight Board for Puerto Rico, in the event any of the 7 members have not been appointed by September 1, 2016, then the President shall appoint an individual from the list for the current vacant category by September 15, 2016, provided that such list includes at least 2 individuals per vacancy who meet the requirements set forth in subsection (f) and section 2129 of this title, and are willing to serve.
(3)
Ex officio member
(4)
Chair
(5)
Term of service
(A)
In general
(B)
Removal
(C)
Continuation of service until successor appointed
(D)
Reappointment
(6)
Vacancies
(f)
Eligibility for appointments
An individual is eligible for appointment as a member of the Oversight Board only if the individual—
(1)
has knowledge and expertise in finance, municipal bond markets, management, law, or the organization or operation of business or government; and
(2)
prior to appointment, an individual is not an officer, elected official, or employee of the territorial government, a candidate for elected office of the territorial government, or a former elected official of the territorial government.
(g)
No compensation for service
(h)
Adoption of bylaws for conducting business of Oversight Board
(1)
In general
(2)
Activities requiring approval of majority of members
(3)
Adoption of rules and regulations of territorial government
(4)
Executive session
(Pub. L. 114–187, title I, § 101, June 30, 2016, 130 Stat. 553.)
cite as: 48 USC 2121
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