Puerto Rico Humanitarian Relief and Reconstruction Act

[AI summary unavailable — showing source text] Puerto Rico Humanitarian Relief and Reconstruction Act This bill establishes a Puerto Rico Reconstruction Finance Corporation to accept applications from the government of Puerto Rico or its municipalities to restructure their bond debts through a process under which: (1) the corporation will purchase the bonds from bond holders at the price the holder paid for the bond, and (2) the par value of each bond is reduced to the last price paid for the bond. Impairment of pension benefits is not permitted. The board of the corporation must consist of six members appointed by the President from lists submitted by Puerto Rico's legislature and governor and one member selected in the sole discretion of the President, each of whom must reside in, and have expertise in the economy, history, and government of, Puerto Rico. The corporation may: (1) make expenditures to address Puerto Rico's humanitarian crisis and restore economic growth; (2) authorize lending activities; and (3) negotiate with Puerto Rico or its municipalities that have defaulted on bonds over budgets, revenues, and appropriations. The bill expresses the sense of Congress that: (1) the Board of Governors of the Federal Reserve…