Us Congress 2023-2024 Regular Session

Us Congress House Bill HB1702

Introduced
3/22/23  
Refer
3/22/23  

Caption

To amend PROMESA to include certain ethics provisions to provide for the disqualification of certain advisors to the Financial Oversight and Management Board, and for other purposes.

Impact

If enacted, HB 1702 would impose stricter ethical standards on firms providing consulting services to the Financial Oversight and Management Board. This change could potentially reshape how these firms operate, as they would need to ensure that they do not have any consultative overlap with entities that may have competing interests. The implications of this bill may lead to a more transparent and accountable oversight operation, benefiting public confidence in the management of public contracts and advisory roles assigned by the Board.

Summary

House Bill 1702 is a legislative proposal aimed at amending the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The bill specifically addresses the ethical conduct of advisors to the Financial Oversight and Management Board. A significant provision includes the disqualification of advisory or consulting firms from advising the Board if they are concurrently providing services to entities competing for or performing contracts under the Board's jurisdiction. This measure seeks to prevent conflicts of interest and enhance the integrity of the advisory processes related to the Oversight Board's operations.

Contention

While supporters of HB 1702 argue that ethical guidelines are essential for preventing conflicts of interest, critics might raise concerns about the practicality of enforcing these provisions. Some might argue that the bill could lead to a reduced pool of qualified advisors for the Oversight Board since many firms may work across multiple sectors or clients that could fall under the disqualification clause. This contention points to a broader debate about balancing ethics with the need for expertise in governance.

Companion Bills

US SB922

Related Financial Oversight and Management Board Integrity Act of 2023

Previously Filed As

US SB922

Financial Oversight and Management Board Integrity Act of 2023

US HB4589

To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.

US HB4648

To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.

US HB2773

To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.

US HB5069

To amend title 5, United States Code, to require Federal political appointees to sign a binding ethics pledge, and for other purposes.

US HB2694

To amend the Infrastructure Investment and Jobs Act to authorize the use of funds for certain additional Carey Act projects, and for other purposes.

US HB5538

To amend title 5 of the United States Code to provide special overtime pay for certain border patrol agents, and for other purposes.

US HB5241

To amend the Internal Revenue Code of 1986 to provide that governmental pension plans may include certain firefighters, emergency medical technicians, and paramedics, and for other purposes.

US HB2608

To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.

US HB3466

To enhance Financial Stability Oversight Council transparency.

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