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substantiveFeb 24, 2021 · House roll call · passage · Result: Passed

On Motion to Suspend the Rules and Pass — H R 1192 — Puerto Rico Recovery Accuracy in Disclosures Act

PRRADA

In plain language

  • This House bill from the 117th Congress is titled the Puerto Rico Recovery Accuracy in Disclosures Act of 2021, or PRRADA.
  • Official subject tags include accounting, bankruptcy, the Caribbean, debt collection, finance, government ethics, lawyers, legal fees, Puerto Rico, U.S. territories, and law.
  • The official summary says professionals working on Puerto Rico debt-adjustment cases would have to file verified statements of their connections to interested parties before seeking pay for their services.
  • The Financial Oversight and Management Board for Puerto Rico would list those interested parties, including the debtor, creditors, attorneys or accountants for the debtor or creditors, people employed by the U.S. Trustee Program or the board, and any other interested party.
  • Pay could be denied if the disclosures are missing or inadequate or if the professional has certain conflicts of interest.
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 breakdown

Yea429

Democrat: 219 · Republican: 210

Nay0

Present0

Not Voting2

Democrat: 1 · Republican: 1

How each member voted (431)

Yea (429)

Not Voting (2)

Party labels reflect each member’s most recent affiliation on record.