S.Amdt. 4911

SA 4911. Mr. MENENDEZ submitted an amendment intended to be proposed
by him to the bill S. 2328, to reauthorize and amend the National Sea
Grant College Program Act, and for other purposes; which was ordered to
lie on the table; as follows:

In section 101(b), strike paragraph (1) and insert the
following:
(1) Puerto rico.--Subject to the legislature of Puerto Rico
adopting a resolution approving the establishment of a
Financial Oversight and Management Board for Puerto Rico, a
Financial Oversight and Management Board is established for
Puerto Rico.
In section 101, strike subsection (e) and insert the
following:
(e) Membership.--
(1) Number; categories.--
(A) Number of members.--The Oversight Board shall consist
of 9 members appointed by the President who meet the
qualifications described in subsection (f) and section
109(a).
(B) Categories.--The Board shall be comprised of--
(i) 1 Category A member;
(ii) 1 Category B member;
(iii) 2 Category C members;
(iv) 1 Category D member;
(v) 1 Category E member;
(vi) 2 Category F members; and
(vii) 1 Category G member.
(2) Appointed members.--
(A) Appointment.--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 list of individuals submitted by the Speaker of the
House of Representatives;

[[Page S4669]]

(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;
(vi) the Category F members should be selected from a list
submitted by the Governor and approved by the Legislature;
and
(vii) the Category G member may be selected in the sole
discretion of the President.
(B) Submission of list.--After the selection of the
Category G Board member by the President under subparagraph
(A)(vii), for purposes of subparagraph (A) and within a
timely manner--
(i) the Speaker of the House of Representatives shall
submit to the President 2 nonoverlapping lists of at least 3
individuals, of which 1 list shall include 3 individuals
who--

(I) maintain a primary residence in the territory; or
(II) have a primary place of business in the territory;

(ii) the majority leader of the Senate shall submit to the
President a list of at least 4 individuals;
(iii) the minority leader of the House of Representatives
shall submit to the President a list of at least 3
individuals;
(iv) the minority leader of the Senate shall submit to the
President a list of at least 3 individuals; and
(v) the Governor shall submit to the President a list of at
least 4 individuals.
(C) Additional names.--If the President does not select any
of the individuals from a list submitted under subparagraph
(B), the official that submitted the list may supplement the
lists submitted under that subparagraph with the names of
additional individuals.
(D) Requirement for category a member.--The Category A
member shall--
(i) maintain a primary residence in the territory; or
(ii) have a primary place of business in the territory.
(E) Senate confirmation.--With respect to the appointment
of an Oversight Board member in Category A, B, C, D, E, or
F--
(i) the appointment shall be by and with the advice and
consent of the Senate; or
(ii) if the President appoints an individual from a list of
individuals in accordance with this subsection, no Senate
confirmation shall be required.
(F) Vacancy.--In the event of a vacancy of a Category A, B,
C, D, E, or F Oversight Board member, the official
responsible for submitting a list of individuals for that
category under subparagraph (B) shall submit a list in
accordance with this subsection within a timely manner of the
date on which resignation or removal of the Oversight Board
member becomes effective.
(G) Deadline for puerto rico.--With respect to an Oversight
Board for Puerto Rico, if any of the 9 members have not been
appointed by September 30, 2016, the President shall appoint
an individual from the list for the vacant category by
December 1, 2016, if the list includes at least 2 individuals
per vacancy who--
(i) meet the requirements under subsection (f) and section
109; and
(ii) are willing to serve.
In section 201(b)(1)(C), strike ``adequate'' and insert
``full''.
In section 206, strike subsection (b) and insert the
following:
(b) Issuance of Restructuring Certification.--The Oversight
Board shall issue a restructuring certification for an entity
only after the Oversight Board determines that the
requirements of subsection (a) have been met with respect to
the entity, which shall satisfy the requirement established
under section 302(2).
Strike sections 403 and 404.
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