48 U.S.C. § 2129 — Ethics

Page 360 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 2128 territory to ensure that sufficient funds are available to cover all expenses of the Oversight Board. (1) Permanent funding Within 30 days after June 30, 2016, the terri- torial government shall designate a dedicated funding source, not subject to subsequent leg- islative appropriations, sufficient to support the annual expenses of the Oversight Board as determined in the Oversight Board’s sole and exclusive discretion. (2)(A) Initial funding On the date of establishment of an Oversight Board in accordance with section 2121(b) of this title and on the 5th day of each month thereafter, the Governor of the covered terri- tory shall transfer or cause to be transferred the greater of $2,000,000 or such amount as shall be determined by the Oversight Board pursuant to subsection (a) to a new account established by the territorial government, which shall be available to and subject to the exclusive control of the Oversight Board, with- out any legislative appropriations of the terri- torial government. (B) Termination The initial funding requirements under sub- paragraph (A) shall terminate upon the terri- torial government designating a dedicated funding source not subject to subsequent legis- lative appropriations under paragraph (1). (3) Remission of excess funds If the Oversight Board determines in its sole discretion that any funds transferred under this subsection exceed the amounts required for the Oversight Board’s operations as estab- lished pursuant to subsection (a), any such ex- cess funds shall be periodically remitted to the territorial government. (Pub. L. 114–187, title I, § 107, June 30, 2016, 130 Stat. 562.) § 2128. Autonomy of Oversight Board (a) In general Neither the Governor nor the Legislature may— (1) exercise any control, supervision, over- sight, or review over the Oversight Board or its activities; or (2) enact, implement, or enforce any statute, resolution, policy, or rule that would impair or defeat the purposes of this chapter, as de- termined by the Oversight Board. (b) Oversight Board legal representation In any action brought by, on behalf of, or against the Oversight Board, the Oversight Board shall be represented by such counsel as it may hire or retain so long as the representation complies with the applicable professional rules of conduct governing conflicts of interests. (Pub. L. 114–187, title I, § 108, June 30, 2016, 130 Stat. 563.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a)(2), was in the original ‘‘this Act’’, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables. § 2129. Ethics (a) Conflict of interest Notwithstanding any ethics provision gov- erning employees of the covered territory, all members and staff of the Oversight Board shall be subject to the Federal conflict of interest re- quirements described in section 208 of title 18. (b) Financial disclosure Notwithstanding any ethics provision gov- erning employees of the covered territory, all members of the Oversight Board and staff des- ignated by the Oversight Board shall be subject to disclosure of their financial interests, the contents of which shall conform to the same re- quirements set forth in section 13104 of title 5. (Pub. L. 114–187, title I, § 109, June 30, 2016, 130 Stat. 563; Pub. L. 117–286, § 4(c)(45), Dec. 27, 2022, 136 Stat. 4359.) Editorial Notes AMENDMENTS 2022—Subsec. (b). Pub. L. 117–286 substituted ‘‘section 13104 of title 5.’’ for ‘‘section 102 of the Ethics in Gov- ernment Act of 1978 (5 U.S.C. App.).’’ SUBCHAPTER II—RESPONSIBILITIES OF OVERSIGHT BOARD § 2141. Approval of Fiscal Plans (a) In general As soon as practicable after all of the mem- bers and the Chair have been appointed to the Oversight Board in accordance with section 2121(e) of this title in the fiscal year in which the Oversight Board is established, and in each fiscal year thereafter during which the Over- sight Board is in operation, the Oversight Board shall deliver a notice to the Governor providing a schedule for the process of development, sub- mission, approval, and certification of Fiscal Plans. The notice may also set forth a schedule for revisions to any Fiscal Plan that has already been certified, which revisions must be subject to subsequent approval and certification by the Oversight Board. The Oversight Board shall con- sult with the Governor in establishing a sched- ule, but the Oversight Board shall retain sole discretion to set or, by delivery of a subsequent notice to the Governor, change the dates of such schedule as it deems appropriate and reasonably feasible. (b) Requirements (1) In general A Fiscal Plan developed under this section shall, with respect to the territorial govern- ment or covered territorial instrumentality, provide a method to achieve fiscal responsi- bility and access to the capital markets, and— (A) provide for estimates of revenues and expenditures in conformance with agreed ac- counting standards and be based on—