Open Eye

A plain-language record of the U.S. government

117th Congress · House

PRRADA

Subjects: Accounting and auditing · Bankruptcy · Caribbean area · Debt collection · Finance and Financial Sector · Government ethics and transparency, public corruption · Lawyers and legal services · Legal fees and court costs

In plain language

  • House bill in the 117th Congress.
  • Requires professionals employed in debt adjustment cases involving Puerto Rico to file verified statements disclosing their connections.
  • House passed it on Feb 24, 2021 (substantive).
Official summary (Congressional Research Service)

Puerto Rico Recovery Accuracy in Disclosures Act of 2021 or PRRADA This bill requires professionals employed in debt adjustment cases involving Puerto Rico to file verified statements disclosing their connections with interested parties before seeking compensation for their services. The Financial Oversight and Management Board for Puerto Rico must establish a list of such interested parties, which shall include the debtor, creditors, any attorney or accountant of the debtor or creditors, persons employed by the U.S. Trustee Program, persons employed by the board, and any other interested party. Compensation may be denied to such a professional if these disclosures are not filed, are inadequate, or if the professional is found to have certain conflicts of interest.

View this measure on congress.gov

Roll-call votes on this measure