S.Amdt. 4933

SA 4933. Mr. PAUL 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:

Strike section 405 and insert the following:

SEC. 405. FINDINGS AND PURPOSES.

(a) Findings.--Congress finds the following:
(1) A combination of severe economic decline, and, at
times, accumulated operating deficits, lack of financial
transparency, management inefficiencies, and excessive
borrowing has created a fiscal emergency in Puerto Rico.
(2) As a result of its fiscal emergency, the Government of
Puerto Rico has been unable to provide its citizens with
effective services.
(3) The current fiscal emergency has also affected the
long-term economic stability of Puerto Rico by contributing
to the accelerated outmigration of residents and businesses.
(4) A comprehensive approach to fiscal, management, and
structural problems and adjustments that exempts no part of
the Government of Puerto Rico is necessary, involving
independent oversight and a Federal statutory authority for
the Government of Puerto Rico to restructure debts in a fair
and orderly process.
(5) Finally, the ability of the Government of Puerto Rico
to obtain funds from capital markets in the future will be
severely diminished without congressional action to restore
its financial accountability and stability.
(b) Purposes.--The purposes of this Act are to--
(1) provide the Government of Puerto Rico with the
resources and the tools it needs to address an immediate
existing and imminent crisis;
(2) incentivize the Government of Puerto Rico to focus its
resources on negotiating a voluntary resolution with its
creditors;
(3) provide an oversight mechanism to assist the Government
of Puerto Rico in reforming its fiscal governance and support
the implementation of potential debt restructuring;
(4) make available a Federal restructuring authority, if
necessary, to allow for an orderly adjustment of all of the
Government of Puerto Rico's liabilities; and
(5) benefit the lives of 3.5 million American citizens
living in Puerto Rico by encouraging the Government of Puerto
Rico to resolve its longstanding fiscal governance issues and
return to economic growth.
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