House Passes Puerto Rico Restructuring Adviser Disclosure Bill

A bill to enhance disclosure requirements for advisers involved in Puerto Rico’s financial restructuring passed the House unanimously.

The 429-0 vote to advance the Puerto Rico Recovery Accuracy in Disclosures Act (H.R. 1192) Wednesday marks the chamber’s second time approving the bipartisan legislation. The bill now moves to the Senate, where a companion (S. 375) was introduced Feb. 23 by Sen. Robert Menendez (D-N.J.).

The measure would amend the Puerto Rico Oversight, Management, and Economic Stability Act by imposing new disclosure requirements on lawyers and consultants paid by the island’s taxpayers. Those professionals would be required to disclose ...