THE BILL ITSELF
HM 4031
Financial Oversight and Management Board for Puerto Rico
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House Memorial
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A memorial to the Congress of the United States,
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urging Congress to establish an end date for the
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Financial Oversight and Management Board for Puerto
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Rico.
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WHEREAS, in 2016, the United States Congress enacted the
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Puerto Rico Oversight, Management, and Economic Stability Act
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(PROMESA), establishing the Financial Oversight and Management
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Board for Puerto Rico to oversee the restructuring of Puerto
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Rico's public debt and manage the island's fiscal plans, and
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WHEREAS, nearly a decade later, the board continues to
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exert sweeping authority over the island's fiscal policies,
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raising serious concerns about the erosion of local democratic
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governance and self-determination for Puerto Ricans, and
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WHEREAS, while Puerto Rico has made progress in
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restructuring its debt, restoring access to capital markets, and
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implementing fiscal reforms, the continued operation of the
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board without a defined end date poses a threat to long-term
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recovery, fiscal autonomy, and democratic accountability, and
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WHEREAS, residents of Puerto Rico are United States
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citizens and Puerto Ricans deserve the same rights to self-
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governance as the citizens of any other nation, and
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WHEREAS, austerity measures imposed under the board's
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oversight have severely undermined public services, particularly
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in education, health care, and municipal infrastructure, with
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devastating consequences for the most vulnerable populations,
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and
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WHEREAS, the University of Puerto Rico, a cornerstone of
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the island's public education system and a pathway to economic
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mobility, has suffered funding cuts of over 50 percent,
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jeopardizing its mission and accessibility, and
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WHEREAS, deep reductions to the municipal equalization fund
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have destabilized local governments across the island, impairing
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their ability to deliver essential services and maintain public
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infrastructure, and
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WHEREAS, over 600,000 Puerto Ricans have migrated to the
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continental United States since the board's creation, a mass
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exodus fueled by rising costs of living, deteriorating public
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services, and limited economic opportunities, and
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WHEREAS, recovery from natural disasters, including
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Hurricanes María and Fiona, a series of earthquakes, and the
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COVID-19 pandemic, has been delayed by federal disbursement
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bottlenecks and onerous approval processes controlled by the
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board, and
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WHEREAS, the indefinite existence of the board undermines
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Puerto Rico's fiscal sovereignty, perpetuates dependency, and
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erodes public trust in government institutions, and
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WHEREAS, Florida is home to one of the largest Puerto Rican
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communities in the United States, with over 1.3 million Puerto
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Rican residents who maintain deep familial, cultural, and
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economic ties to the island and are directly impacted by
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policies enacted by the board, NOW, THEREFORE,
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Be It Resolved by the Legislature of the State of Florida:
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That the House of Representatives urges the Congress of the
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United States to:
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(1) Establish a definitive end date for the operation of
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the Financial Oversight and Management Board for Puerto Rico.
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(2) Place the Puerto Rico Electric Power Authority under
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Chapter 9 bankruptcy.
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(3) Ensure a transition toward full fiscal autonomy and
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local democratic governance in Puerto Rico.
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(4) Promote economic self-actualization and just recovery
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efforts that are community-driven and accountable to Puerto
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Ricans on the island.
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BE IT FURTHER RESOLVED that copies of this memorial be
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dispatched to the President of the United States, to the
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President of the United States Senate, to the Speaker of the
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United States House of Representatives, and to each member of
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the Florida delegation to the United States Congress.