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Puerto Rican People’s Power Restoration Act of 2026
To amend the Puerto Rico Oversight, Management, and Economic Stability Act to provide for the termination of the Oversight Board under certain circumstances, and for other purposes.
Summary
This bill amends the Puerto Rico Oversight, Management, and Economic Stability Act to allow the federal Oversight Board to terminate if Puerto Rico enacts legislation establishing a successor entity to replace it. Upon enactment of such legislation, the Puerto Rico Electric Power Authority or another designated successor entity would assume the Oversight Board's role in representing Puerto Rico in bankruptcy and debt-related matters. The bill requires that staff and advisors engaged by the Oversight Board be retained by the successor entity unless explicitly stated otherwise. The changes do not alter existing requirements for fiscal plans, budget confirmation, or the jurisdiction of the federal court overseeing Puerto Rico's finances.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
- Rep. Soto, Darren [D-FL-9] (D-FL)
Money behind the sponsor
Top reported contributors to Raja Krishnamoorthi’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- KIRKLAND & ELLIS LLP $165,419
- KIRKLAND & ELLIS $108,249
- GOOGLE $24,750
- MCKINSEY & COMPANY $24,300
- ACCENTURE $21,500
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Raja Krishnamoorthi → · Outside spending →
Actions (2)
- Mar 5, 2026 Referred to the Committee on Natural Resources, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. · house
- Mar 5, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
March 5, 2026
Mr. Krishnamoorthi (for himself and Mr. Soto) introduced the following bill; which was referred to the Committee on Natural Resources, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To amend the Puerto Rico Oversight, Management, and Economic Stability Act to provide for the termination of the Oversight Board under certain circumstances, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Puerto Rican People’s Power Restoration Act of 2026”.
SEC. 2. TERMINATION OF OVERSIGHT BOARD.
Section 209 of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2149) is amended as follows:
(1) By striking “An Oversight Board” and inserting the following: “(a) In General.—Except as provided in subsection
(b), an Oversight Board”.
(2) By adding at the end the following new subsection:
“(b) Enactment of Legislation.—Notwithstanding subsection (a), an Oversight Board shall terminate the day after the date of the enactment of legislation by the Commonwealth of Puerto Rico, on or after the date of the enactment of this subsection, that designates or establishes a successor entity for such Board.”.
SEC. 3. SUBSTITUTION OF DEBTOR REPRESENTATION.
Section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2175(b)) is amended as follows:
(1) By striking “The Oversight Board” and inserting the following: “(1) In general.—Except as provided in paragraph
(2), the Oversight Board”.
(2) By adding at the end the following new paragraph:
“(2) Puerto rico electric power authority.—
“(A) Substitute representative.—On and after the date of the enactment of applicable legislation by the Commonwealth of Puerto Rico designating or establishing an entity as described in section 209(b), the Puerto Rico Electric Power Authority, its governing board, or other successor entity, as specified in such legislation, shall be the representative of the debtor for all cases initiated under this title on or after such date of enactment.
“(B) Staff.—Unless otherwise explicitly provided by the applicable legislation described in subparagraph
(A), all of the professionals, advisors, and counsel engaged by the Oversight Board prior to the date of the enactment of such legislation shall be retained by the substituted representative.”.
SEC. 4. RULES OF CONSTRUCTION.
None of the amendments made by this Act may be construed—
(1) to alter or affect any of the requirements with respect to confirmation under section 314 of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2174);
(2) to invalidate any fiscal plan or budget certified prior to the date of the enactment of this Act, until modified by a representative substituted in accordance with the amendment made by section 3, or by confirmation of a plan of adjustment; or
(3) to alter or affect the jurisdiction of the United States District Court for the District of Puerto Rico as the court of competent jurisdiction under section 306 of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2166). <all>
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