House Passes Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)

The U.S. House of Representatives has passed legislation to provide restructuring authority for Puerto Rico’s massive debt and establish an oversight board to address the territory’s fiscal crisis.

The vote was 297-127, with 11 members not voting. Of the votes against the bill, 103 came from Republicans and 24 from Democrats.

The House vote substituted the text of the bill, H.R. 5278, which carries the acronym PROMESA, for the contents of a Senate passed bill, S. 2328, to facilitate quick passage by the Senate without referral to committee.

Puerto Rico faces a debt payment on July 1 of roughly $1.8 billion.

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