,,ii #aaeth ,,congress #b;d ,session ,s4 #cbfb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #be1 #bjah ,ms4 ,warren 7for herself1 ,mr4 ,sanders1 ,mrs4 ,gillibrand1 ,mr4 ,markey1 and ,ms4 ,harris7 introduced the following bill2 which was read twice and referred to the ,committee on ,energy and ,natural ,resources ,a ,,bill ,to provide the option of discharging certain unsecured financial obligations of self-governing territories of the ,united ,states4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,united ,states ,territorial ,relief ,act of #bjah4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,definitions4 ,sec4 #c4 ,findings4 ,,title ,i--,territorial ,relief ,sec4 #aja4 ,relief through exercise of the power to regulate commerce1 the bankruptcy power1 and the territorial power4 ,sec4 #ajb4 ,effect of discharge4 ,sec4 #ajc4 ,actions relating to the status of financial obligations4 ,sec4 #ajd4 ,notice of discharge4 ,sec4 #aje4 ,effective date4 ,,title ,,ii--,puerto ,rico ,debt ,restructuring ,compensation ,fund ,sec4 #bja4 ,purpose4 ,sec4 #bjb4 ,definitions4 ,sec4 #bjc4 ,administration4 ,sec4 #bjd4 ,determination of eligibility for compensation4 ,sec4 #bje4 ,puerto ,rico ,debt ,restructuring ,compensation ,fund4 ,sec4 #bjf4 ,regulations4 ,sec4 #bjg4 ,sunset4 ,,title ,,iii--,puerto ,rico ,public ,credit ,comprehensive ,audit ,commission ,sec4 #cja4 ,definitions4 ,sec4 #cjb4 ,establishment2 dissolution4 ,sec4 #cjc4 ,reports4 ,sec4 #cjd4 ,duties4 ,sec4 #cje4 ,authority of the ,commission4 ,sec4 #cjf4 ,membership4 ,sec4 #cjg4 ,powers and responsibilities4 ,sec4 #cjh4 ,provision of requested information4 ,sec4 #cji4 ,access to information4 ,sec4 #caj4 ,funding4 ,,title ,,iv--,severability ,sec4 #dja4 ,severability4 #b4 ,definitions ,in this ,act3 7#a7 ,attachment ,the term attachment means the time at which a security interest becomes enforceable against a debtor with respect to collateral4 7#b7 ,collateral ,the term collateral means property subject to a security interest4 7#c7 ,financial guaranty insurance ,the term financial guaranty insurance means a surety bond1 an insurance policy1 an indemnity contract1 or any similar guaranty1 under which loss is payable on proof of a financial loss to an insured claimant1 an obligee1 or an indemnitee as a result of the failure of any obligor on or issuer of any debt instrument or other monetary obligation to pay1 when due1 principal1 interest1 or any other amount due or payable with respect to that instrument or obligation1 if that failure to pay is the result of a financial default1 a financial insolvency1 or a discharge in bankruptcy4 7#d7 ,financial guaranty insurer ,the term financial guaranty insurer means a party that is obligated as a surety1 insurer1 or indemnitor under a financial guaranty insurance contract4 7#e7 ,financial obligation ,the term financial obligation-- 7,a7 means an obligation validly owed as of the effective date of this ,act by a qualifying territory or an instrumentality of a qualifying territory thereof that arises from any-- 7i7 security issued by a qualifying territory or instrumentality of a qualifying territory2 7ii7 loan taken out by a qualifying territory or instrumentality of a qualifying territory2 7iii7 repurchase or swap or other derivative contract entered into by a qualifying territory or instrumentality of a qualifying territory2 or 7iv7 guaranty of any security or loan or repurchase or swap or other derivative contract by a qualifying territory or instrumentality of a qualifying territory2 and 7,b7 does not include any-- 7i7 claim made by a vendor or service provider that is owed payment by a qualifying territory or an instrumentality of a qualifying territory for a good or service rendered in the ordinary course of business2 7ii7 claim made by or on behalf of a current or former employee of a qualifying territory or an instrumentality of a qualifying territory that is owed payment for a pension or other retirement benefit1 or for a health care benefit of any kind2 or 7iii7 claim against a qualifying territory or an instrumentality of a qualifying territory for a pending tax refund or tax credit4 7#f7 ,instrumentality ,the term instrumentality includes-- 7,a7 a political subdivision of a qualifying territory2 7,b7 a public agency of a qualifying territory2 7,c7 a public corporation of a qualifying territory2 and 7,d7 a banking corporation of a qualifying territory4 7#g7 ,per capita debt of a territory ,the term per capita debt of a territory means the quotient obtained by dividing-- 7,a7 the aggregate amount of the financial obligations of a territory and the instrumentalities of the territory1 which shall not include-- 7i7 the ,federal debt2 or 7ii7 the unfunded liabilities of a pension system of the government of the qualifying territory or its instrumentalities for the payment of pension and other retirement benefits1 or health care benefits of any kind1 to current or former employees of a qualifying territory or its instrumentalities of a qualifying territory that is owed payment for a pension or other retirement benefit1 or for a health care benefit of any kind2 by 7,b7 the population of the territory 7based on the most recent data available from the ,bureau of the ,census74 7#h7 ,proceeds ,the term proceeds means-- 7,a7 whatever is acquired upon the sale1 lease1 license1 exchange1 or other disposition of collateral2 or 7,b7 whatever is collected on1 or distributed on account of1 collateral4 7#i7 ,qualifying territory ,the term qualifying territory means a territory that meets not less than two of the following qualifications3 7,a7 ,the population of the territory1 based on the most recent data available from the ,bureau of the ,census1 has decreased by more than #e percent during the #aj-year period ending on the date of a discharge under section #aja4 7,b7 ,the territory has received major disaster assistance under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaba et seq47 during the #e-year period ending on the date of a discharge under section #aja4 7,c7 ,the per capita debt of the territory is greater than #ae1jjj 7as adjusted annually to reflect the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor74 7#aj7 ,security agreement ,the term security agreement means an agreement or resolution that creates or provides for a security interest4 7#aa7 ,secured financial obligation ,the term secured financial obligation means any financial obligation to the extent of the value of any collateral pledged by a qualifying territory or an instrumentality of a qualifying territory to secure the repayment of the financial obligation pursuant to a valid and perfected security interest under applicable territorial law1 not including-- 7,a7 any property acquired or anticipated to be acquired by a qualifying territory or an instrumentality of a qualifying territory after the date of a discharge under section #aja1 even if that property1 when acquired1 would have become collateral subject to a security interest2 or 7,b7 any proceeds1 products1 offspring1 or profits of the collateral not in existence on the date of a discharge under section #aja1 unless the property constitutes the proceeds of collateral to which the security interest has attached as of the date of the discharge4 7#ab7 ,security interest ,the term security interest-- 7,a7 means an interest in property1 including a lien or other pledge of property1 that secures a payment or the performance of an obligation2 and 7,b7 does not include a pledge of the full faith and credit of a qualifying territory or its instrumentality1 even in the case that such pledge includes a promise of all available resources of the qualifying territory or its instrumentality4 7#ac7 ,territory ,the term territory-- 7,a7 means any self-governing ,federal territory2 and 7,b7 includes-- 7i7 the ,commonwealth of ,puerto ,rico2 7ii7 ,guam2 7iii7 the ,commonwealth of the ,northern ,mariana ,islands2 7iv7 the ,united ,states ,virgin ,islands2 and 7v7 ,american ,samoa4 7#ad7 ,unsecured financial obligation ,the term unsecured financial obligation means any financial obligation to the extent the financial obligation is not a secured financial obligation4 #c4 ,findings ,congress finds that-- 7#a7 millions of citizens of the ,united ,states reside in territories of the ,united ,states2 7#b7 the ,federal ,government owes a special duty of care and stewardship to the citizens of territories of the ,united ,states because-- 7,a7 historically1 ,federal administration of these territories was often wanting and many residents of the territories faced discriminatory treatment by the ,federal ,government2 7,b7 the economies of these territories face special constraints1 including diminishment of property tax bases because of large1 untaxed1 ,federal land holdings2 and 7,c7 these territories lack the benefits of many ,federal programs1 such as ,supplemental ,security ,income1 the ,earned ,income ,tax ,credit1 and full access to ,medicaid2 7#c7 prolonged economic downturns1 declines in population1 and natural disasters have resulted in some territories of the ,united ,states and the instrumentalities of those territories having unsupportable debt burdens on financial obligations1 which cannot realistically be repaid without imposing undue hardship on the citizens and residents of those territories2 7#d7 disaster recovery funds that are provided by the ,federal ,government should be used for disaster recovery and not for direct or indirect debt payments2 7#e7 unsecured creditors of financially distressed territories and instrumentalities of those territories have little prospect of recovery upon default because of-- 7,a7 the severe indebtedness of those territories2 and 7,b7 the lack of effective remedies for unsecured creditors against those territories and the instrumentalities of those territories2 and 7#f7 the people of the ,commonwealth of ,puerto ,rico deserve to know about the social1 political1 and legal factors associated with the amount of the public debt of the ,commonwealth of ,puerto ,rico accrued over the past #e decades1 and the ,federal ,government has a responsibility to support efforts to obtain those answers1 including public or private efforts to conduct a comprehensive audit of the public debt of the ,commonwealth of ,puerto ,rico4 ,i ,territorial relief #aja4 ,relief through exercise of the power to regulate commerce1 the bankruptcy power1 and the territorial power 7a7 ,in general ,pursuant to clauses #c and #d of section #h of article ,i and clause #b1 section #c of article ,,iv of the ,constitution of the ,united ,states1 any unsecured financial obligation of a qualifying territory or an instrumentality of a qualifying territory that is outstanding is discharged on the date on which a resolution stating that the qualifying territory wishes to discharge the unsecured financial obligations of the qualifying territory and the instrumentalities of the qualifying territory-- 7#a7 is adopted by an affirmative vote of more than #a_/b of the members of each house of the legislature of that qualifying territory and is signed by the chief executive of the qualifying territory2 or 7#b7 is adopted by an affirmative vote of not less than #b_/c of the members of each house of the legislature of that qualifying territory4 7b7 ,limitation ,a qualifying territory may discharge unsecured financial obligations of the qualifying territory and the instrumentalities of the qualifying territory under this title not more frequently than once during any #g-year period1 and such discharge shall prohibit the qualifying territory from discharging1 adjusting1 or impairing1 in any manner or degree including in a proceeding under title ,,iii of ,,promesa 7#dh ,u4,s4,c4 #bafa et seq471 a debt described in section #b7e77;,b77ii74 7c7 ,no stay of actions by qualifying territory ,to obtain a discharge ,notwithstanding any other provision of ,federal1 ,state1 or territorial law1 the ability of a qualifying territory to obtain a discharge under this ,act shall not be stayed1 avoided1 or otherwise limited by operation of any provision of law or by order of a court1 oversight board1 or administrative agency in any proceeding4 7d7 ,secured financial obligations unaffected 7#a7 ,in general ,except as provided in paragraphs 7#c7 and 7#d7 of section #ajb1 nothing in subsection 7a7 shall affect the validity and enforceability of any financial obligation of a qualifying territory or an instrumentality of a qualifying territory to the extent that the obligation is a secured financial obligation4 7#b7 ,voidability ,notwithstanding paragraph 7#a71 a secured financial obligation of a qualifying territory or an instrumentality of a qualifying territory may be voidable or otherwise impaired under any other applicable law4 7e7 ,rule of construction ,nothing in this ,act shall be construed to operate as a stay of a pending case brought under title ,,iii of ,,promesa 7#dh ,u4,s4,c4 #bafa et seq471 or of any act of an oversight board appointed under that ,act1 or to reinstate financial obligations discharged under this ,act through any procedure under ,,promesa 7#dh ,u4,s4,c4 #baja et seq474 #ajb4 ,effect of discharge ,a discharge under section #aja shall-- 7#a7 except in regard to actions brought under section #ajc1 operate as an permanent stay1 applicable to all entities and enforceable by the qualifying territory or an instrumentality thereof in any court with jurisdiction over an action described in section #ajc7;a71 against the commencement or continuation of an action1 the employment of process1 or an act to collect1 recover or offset any outstanding financial obligation to the extent that the financial obligation is not a secured financial obligation as of the date of the discharge1 regardless of whether discharge of that unsecured financial obligation is waived by the qualifying territory2 7#b7 void any outstanding judgment entered on an unsecured financial obligation of the qualifying territory or instrumentality thereof to the extent that such judgment is a determination of liability of the qualifying territory or instrumentality2 7#c7 if prior to the date of the discharge under section #aja1 the qualifying territory or an instrumentality of the qualifying territory entered into a security agreement securing a financial obligation1 prevent the security interest created by the security agreement from attaching to any property acquired by the qualifying territory or an instrumentality thereof after the date of the discharge under section #aja1 except to the extent that such property constitutes the proceeds of collateral to which the security interest had attached as of the date of the discharge4 #ajc4 ,actions relating to the status of financial obligations 7a7 ,in general ,any financial obligation is conclusively deemed to be an unsecured financial obligation except to the extent that the holder of that obligation proves that the financial obligation is a secured financial obligation in an action for a declaratory judgment that is filed-- 7#a7 in-- 7,a7 an appropriate territorial court of the qualifying territory2 or 7,b7 a district court of the ,united ,states in the qualifying territory2 and 7#b7 not later than #ahj days after the date of a discharge under section #aja4 7b7 ,burden of proof ,in an action described in subsection 7a71 the holder of an obligation shall be required to prove by clear and convincing evidence that-- 7#a7 the obligation is a secured financial obligation2 and 7#b7 any revenues generated after a discharge under section #aja are the proceeds of the collateral securing the secured financial obligation4 7c7 ,exclusive jurisdiction ,notwithstanding title #bh1 ,united ,states ,code1 a court described in subsection 7a77#a7 shall have exclusive jurisdiction over an action involving1 arising from1 or related to the status of a financial obligation as a secured or an unsecured financial obligation under subsection 7a71 including-- 7#a7 any action asserting a taking under the ,fifth ,amendment of the ,constitution of the ,united ,states2 and 7#b7 any action for declaratory judgment4 7d7 ,appeals ,any appeal from an action under this section shall be heard solely in-- 7#a7 for a case filed under subsection 7a77#a77;,a71 the appropriate territorial court of the qualifying territory2 or 7#b7 for a case filed under subsection 7a77#a77;,b71 the appropriate court of appeals of the ,united ,states for the qualifying territory4 7e7 ,costs ,all parties shall bear their own costs in an action under this section4 7f7 ,estoppel ,any party to an action under this section shall be estopped in other actions from claiming that the party has been deprived of the property of that party by virtue of-- 7#a7 a discharge under section #aja2 or 7#b7 a final ruling in an action described in subsection 7a7 that a financial obligation of a party is an unsecured financial obligation4 7g7 ,bar on avoidance actions by creditors ,notwithstanding any other provision of law1 a creditor of a qualifying territory or an instrumentality of a qualifying territory that has received a discharge under this title may not avoid or bring an action to avoid1 directly or derivatively1 any transfer of property made by the qualifying territory or instrumentality4 7h7 ,avoidance of security interests by qualifying territories and instrumentalities of qualifying territories 7#a7 ,in general ,in addition to the relief provided elsewhere in this ,act1 a qualifying territory or an instrumentality of a qualifying territory1 in a civil action described in paragraph 7#b71 may avoid any security interest-- 7,a7 securing a financial obligation that would be avoidable by a trustee in a case under chapter #g of title #aa1 ,united ,states ,code1 filed on the date of the discharge under section #aja if1 notwithstanding sections #aja7da7 and #aji7;a7 of title #aa1 ,united ,states ,code1 or any statute of limitations under that title1 the qualifying territory or the instrumentality of the qualifying territory were deemed an eligible debtor under chapter #g of title #aa1 ,united ,states ,code2 or 7,b7 securing a financial obligation to the extent that the amount owed on the financial obligation exceeds the value of any collateral1 subject to restrictions under paragraph 7#c71 securing the financial obligation4 7#b7 ,civil actions ,a civil action described in this paragraph shall be-- 7,a7 brought by a qualifying territory1 an instrumentality of a qualifying territory1 or a relator on behalf of a qualifying territory or instrumentality of a qualifying territory not later than #b years after the date of a discharge under section #aja2 and 7,b7 filed in-- 7i7 an appropriate territorial court of the qualifying territory2 or 7ii7 a district court of the ,united ,states in the qualifying territory4 7#c7 ,value of collateral ,for the purpose of determining the value of collateral under paragraph 7#a77;,b71 the following shall not be included3 7,a7 ,any proceeds1 products1 offspring1 or profits of the collateral not in existence on the date of a discharge under section #aja1 regardless of whether those proceeds1 products1 offspring1 or profits of the collateral would become collateral subject to a security interest after the date of a discharge under section #aja4 7,b7 ,any property acquired or anticipated to be acquired by a qualifying territory or an instrumentality of a qualifying territory after the date of a discharge under section #aja1 regardless of whether that property1 when acquired1 would have become collateral subject to a security interest4 7,c7 ,any contract right to tax revenues that arise after the date of a discharge under section #aja4 #ajd4 ,notice of discharge 7a7 ,in general 7#a7 ,responsibilities of a qualifying territory or instrumentality of a qualifying territory ,after a discharge under section #aja1 the qualifying territory shall promptly-- 7,a7 notify the ,secretary of the ,treasury of the discharge2 7,b7 provide actual notice of the discharge and of the right to bring an action under section #ajc to-- 7i7 any known holder of a financial obligation as of the date of the discharge2 7ii7 any known indenture trustee for a financial obligation as of the date of the discharge2 7iii7 any known agent bank for the loan1 swap1 repurchase agreement1 or other derivative of the holder of a financial obligation as of the date of the discharge2 and 7iv7 any known financial guaranty insurer of a financial obligation as of the date of the discharge2 7,c7 publish a general notice1 in each of the governmental languages of the qualifying territory1 of the discharge and of the right to bring an action under section #ajc in-- 7i7 not less than #a newspaper of general circulation of each governmental language published in the qualifying territory2 and 7ii7 not less than #b daily newspapers that each have a national circulation and a general audience2 and 7,d7 publish the general notice described in subparagraph 7,c7 in the newspapers described in subparagraph 7,c7 not less than once each week during the #c-week period beginning on the date on which that general notice is first published4 7#b7 ,notice in the ,federal ,register ,on the date on which the ,secretary of the ,treasury receives the notice described in paragraph 7#a77;,a71 the ,secretary of the ,treasury shall promptly cause to be published in the ,federal ,register a notice of that discharge and of the right to bring an action under section #ajc4 7b7 ,adequate notice 7#a7 ,holders of financial obligations 7,a7 ,in general ,a holder of a financial obligation shall be presumed to have received adequate notice of a discharge under section #aja if1 during the #ahj-;day period beginning on the date of a discharge under section #aja1 a qualifying territory provides actual notice of the discharge and of the right to bring an action under section #ajc to-- 7i7 the holder of the financial obligation as of the date of the discharge2 7ii7 an indenture trustee for the security of the holder as of the date of the discharge2 or 7iii7 an agent bank for the loan1 swap1 repurchase agreement1 or other derivative of the holder of a financial obligation as of the date of the discharge4 7,b7 ,rebuttable presumption ,the presumption described in subparagraph 7,a7 may be rebutted by clear and convincing evidence that the holder of the financial obligation did not receive adequate evidence4 7#b7 ,notice to a financial guaranty insurer ,a financial guaranty insurer shall be conclusively deemed to have received adequate notice of a discharge under section #aja if1 during the #ahj-;day period beginning on the date of a discharge under section #aja1 the financial guaranty insurer receives actual notice of the discharge and of the right to bring an action under section #ajc4 #aje4 ,effective date ,this title shall take effect on the date that is #fj days after the date of enactment of this ,act4 ,,ii ,puerto ,rico ,debt ,restructuring ,compensation ,fund #bja4 ,purpose ,pursuant to clause #a1 section #h of article ,i and clause #b1 section #c of article ,,iv of the ,constitution of the ,united ,states1 the purpose of this title is to provide compensation to certain entities and natural persons that suffer economic losses due to a discharge under section #aja of financial obligations owed to those entities and natural persons by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico4 #bjb4 ,definitions ,in this title-- 7#a7 the term collateral source compensation-- 7,a7 means1 on the date of a determination under section #bjd7;b77#b77;,a71 compensation that a claimant has received or is entitled to receive1 from a source other than the ,fund1 as a result of the discharge of the debt of the ,commonwealth of ,puerto ,rico and the instrumentalities of the ,commonwealth of ,puerto ,rico under section #aja2 and 7,b7 includes financial guaranty insurance2 7#b7 the term ,fund means the ,puerto ,rico ,debt ,restructuring ,compensation ,fund established under section #bje7;a72 7#c7 the term ineligible investment company means an investment company1 as defined in section #c of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 that was not registered under section #h of that ,act 7#ae ,u4,s4,c4 #hj;a-#h7 on the date on which the investment company made an investment in a financial obligation of the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico2 7#d7 the term ,puerto ,rico public pension plan means a pension system of the government of the ,commonwealth of ,puerto ,rico2 and 7#e7 the term ,special ,master means the ,special ,master appointed under section #bjc7;a74 #bjc4 ,administration 7a7 ,special ,master 7#a7 ,appointment 7,a7 ,in general ,not later than #fj days after the date of a discharge of the debt of the ,commonwealth of ,puerto ,rico and the instrumentalities of the ,commonwealth of ,puerto ,rico under section #aja1 the ,chief ,justice of the ,supreme ,court of the ,commonwealth of ,puerto ,rico shall appoint a ,special ,master to administer the compensation program established under this title4 7,b7 ,disqualification ,a ,special ,master may not have a relationship to a party1 attorney1 action1 or court that would require the disqualification of a judge under section #dee of title #bh1 ,united ,states ,code1 unless1 after the date on which the ,special ,master discloses any potential ground for disqualification1 the party1 attorney1 action1 or court with which the ,special ,master has a relationship1 with the approval of the ,chief ,justice of the ,supreme ,court of the ,commonwealth of ,puerto ,rico1 consents to the appointment of the ,special ,master4 7#b7 ,status ,the ,special ,master shall be considered to be an official of the ,commonwealth of ,puerto ,rico4 7#c7 ,vacancy 7,a7 ,in general ,in the event of the death1 resignation1 incapacity1 or other vacancy in the position of the ,special ,master1 the position shall be filled in the manner described in paragraph 7#a74 7,b7 ,federal ,vacancies ,reform ,act ,sections #ccde through #ccdi;d of title #e1 ,united ,states ,code1 7commonly known as the ,federal ,vacancies ,reform ,act of #aiih7 shall not apply to vacancies in the position of ,special ,master4 7b7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to pay the administrative and support costs for the ,special ,master in carrying out this title4 #bjd4 ,determination of eligibility for compensation 7a7 ,filing of claim 7#a7 ,in general ,a claimant may file a claim for compensation under this title with the ,special ,master4 ,the claim shall-- 7,a7 be on the form developed under paragraph 7#b72 7,b7 state the factual basis1 as certified by the claimant1 for eligibility for compensation and the amount of compensation sought2 and 7,c7 provide evidence that corroborates the eligibility of the claimant for compensation and the amount of compensation sought4 7#b7 ,claim form 7,a7 ,in general ,the ,special ,master shall develop a claim form that claimants shall use when submitting claims under paragraph 7#a74 ,the ,special ,master shall ensure that such form can be filed electronically4 7,b7 ,contents ,the form developed under subparagraph 7,a7 shall request information including information regarding-- 7i7 economic loss that the claimant suffered as a result of the discharge of the debt of the ,commonwealth of ,puerto ,rico and the instrumentalities of the ,commonwealth of ,puerto ,rico under section #aja2 7ii7 collateral source compensation the claimant has received or is entitled to receive as a result of the discharge described in clause 7i72 and 7iii7 availability of financial guaranty insurance coverage to indemnify the claimant4 7,c7 ,penalty ,a claim submitted on the form developed under subparagraph 7,a7 shall-- 7i7 be submitted under penalty of perjury2 and 7ii7 include an attestation by the claimant that the claimant has not willfully attempted to evade or defeat the eligibility restrictions described in subsection 7c74 7b7 ,review and determination 7#a7 ,review ,the ,special ,master shall review a claim submitted under subsection 7a7 and determine-- 7,a7 whether the claimant is an eligible person under subsection 7c72 and 7,b7 with respect to a claimant determined to be an eligible person under subsections 7c77#b77;,a7 and 7c77#c7-- 7i7 the extent of the economic loss to the claimant2 and 7ii7 the amount of compensation to which the claimant is entitled based on the economic losses to the claimant1 the facts of the claim1 and the individual circumstances of the claimant1 including-- 7,i7 the strength of the ties to the ,commonwealth of ,puerto ,rico1 as defined in regulations promulgated under section #bjf1 of the claimant2 7,,ii7 the financial need1 as defined in regulations promulgated under section #bjf1 of the claimant2 7,,iii7 the price at which the claimant obtained that claim against the ,commonwealth of ,puerto ,rico or the instrumentality of the ,commonwealth of ,puerto ,rico2 and 7,,iv7 the date on which the claimant obtained the claim against the ,commonwealth of ,puerto ,rico or the instrumentality of the ,commonwealth of ,puerto ,rico2 and 7,c7 with respect to a claimant determined to be an eligible person under subsection 7c77#b77;,b7 and 7c77#c7-- 7i7 the extent of the economic loss to the claimant2 and 7ii7 the amount of compensation to which the claimant is entitled based on the economic loss to the claimant1 the facts of the claim1 and the individual circumstances of the claimant1 including-- 7,i7 the financial need1 as defined in regulations promulgated under section #bjf1 of the claimant2 7,,ii7 the price at which the claimant obtained that claim against the ,commonwealth of ,puerto ,rico or the instrumentality of the ,commonwealth of ,puerto ,rico2 and 7,,iii7 the date on which the claimant obtained the claim against the ,commonwealth of ,puerto ,rico or the instrumentality of the ,commonwealth of ,puerto ,rico4 7#b7 ,determination 7,a7 ,in general ,not later than #abj days after that date on which a claim is determined to be substantially complete by the ,special ,master1 the ,special ,master shall complete a review1 make a determination1 and provide written notice to the claimant1 with respect to the matters that were the subject of the claim under review4 ,such a determination shall be final and not subject to judicial review4 7,b7 ,rights of claimants 7i7 ,hearings ,before the date on which a determination described in subparagraph 7,a7 is made1 a claimant in a review under paragraph 7#a7 shall have the right to an in-person hearing conducted by the ,special ,master4 7ii7 ,waiver ,a claimant in a review under paragraph 7#a7 may waive the right to a hearing described in clause 7i74 7#c7 ,collateral source compensation ,the ,special ,master shall reduce the amount of compensation determined under paragraph 7#b7 by the amount of collateral source compensation4 7c7 ,eligibility 7#a7 ,in general ,a claimant shall be determined to be an eligible person for purposes of this subsection if the ,special ,master determines that such claimant-- 7,a7 is a person described in paragraph 7#b72 and 7,b7 meets the requirements of paragraph 7#c74 7#b7 ,eligible persons 7,a7 ,eligible persons in the ,commonwealth of ,puerto ,rico 7i7 ,in general ,a claimant is a person described in this subparagraph if the claimant is-- 7,i7 a natural person who-- 7aa7 was domiciled in the ,commonwealth of ,puerto ,rico and was a citizen or lawful permanent resident of the ,united ,states on ,september #bj1 #bjag1 regardless of whether that natural person was physically present in the ,commonwealth of ,puerto ,rico at that time2 7bb7 is a beneficial owner of a security issued by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico2 and 7cc7 became a beneficial owner of the security described in item 7bb7 not later than ,september #bj1 #bjag2 7,,ii7 a bank or credit union that did business solely in the ,commonwealth of ,puerto ,rico on ,september #bj1 #bjag2 7,,iii7 a worker association or workplace association in the ,commonwealth of ,puerto ,rico2 7,,iv7 a ,puerto ,rico public pension plan2 7,v7 a business1 of which the principal place of business was in the ,commonwealth of ,puerto ,rico on ,september #bj1 #bjag2 or 7,,vi7 subject to clause 7ii71 any other person that the ,special ,master determines is an eligible person4 7ii7 ,exclusions ,a claimant is not a person described in this subparagraph if the claimant is-- 7,i7 an ineligible investment company2 7,,ii7 a financial guaranty insurer2 7,,iii7 as defined in section #aja of title #aa1 ,united ,states ,code-- 7aa7 a party to a master netting agreement2 7bb7 a party to a repurchase agreement2 or 7cc7 a party to a swap agreement2 7,,iv7 any other financial firm with consolidated assets greater than #b1jjj1jjj1jjj2 7,v7 a person that owns a share in an unregistered investment fund that owns a security issued by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico2 7,,vi7 a person that acquired a claim against the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico during the period beginning on the date that is #ahj days before the date of a discharge under section #aja1 unless that claim was acquired through devise1 descent1 or a divorce settlement2 7,,vii7 the ,special ,master2 or 7,,viii7 any other person that the ,special ,master determines is not an eligible person4 7,b7 ,eligible persons not in ,puerto ,rico 7i7 ,in general ,a claimant is a person described in this subparagraph if the claimant was not domiciled in the ,commonwealth of ,puerto ,rico on ,september #bj1 #bjag1 and the claimant is-- 7,i7 a worker association or workplace association2 7,,ii7 a pension plan2 7,,iii7 a natural person who-- 7aa7 is a beneficial owner of a security issued by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico2 and 7bb7 became a beneficial owner of that security not later than ,september #bj1 #bjag2 7,,iv7 subject to clause 7iii71 an open-end mutual fund2 or 7,v7 subject to clause 7ii71 any other person that the ,special ,master determines is an eligible person4 7ii7 ,exclusions ,a claimant is not a person described in this subparagraph if the claimant was not domiciled in the ,commonwealth of ,puerto ,rico on ,september #bj1 #bjag1 and the claimant is-- 7,i7 an ineligible investment company2 7,,ii7 a closed-end company1 as defined in section #e of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#e72 7,,iii7 a financial guaranty insurer2 7,,iv7 as defined in section #aja of title #aa1 ,united ,states ,code-- 7aa7 a party to a master netting agreement2 7bb7 a party to a repurchase agreement2 or 7cc7 a party to a swap agreement2 7,v7 any other financial firm with consolidated assets greater than #b1jjj1jjj1jjj2 7,,vi7 a person that owns a share in an unregistered investment fund that owns a security issued by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico2 7,,vii7 a person that acquired a claim against the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico during the period beginning on the date that is #ahj days before the date of a discharge under section #aja1 unless that claim was acquired through devise1 descent1 or a divorce settlement2 7,,viii7 the ,special ,master2 or 7,,ix7 any other person that the ,special ,master determines is not an eligible person4 7iii7 ,eligibility of open-end mutual funds ,a claimant that is an open-end mutual fund is not an eligible person described in this subparagraph unless the manager of that open-end mutual fund pledges to waive the fee of that manager for any compensation the open-end mutual fund receives under this title4 7#c7 ,requirements for beneficial owners of securities ,a person that is beneficial owner of a security issued by the ,commonwealth of ,puerto ,rico or an instrumentality of the ,commonwealth of ,puerto ,rico may file a claim under subsection 7a7 if the person1 as of the date on which the claim is filed-- 7,a7 has continuously held that security during the period beginning on ,september #ai1 #bjag1 and ending on the date on which the claim is filed2 and 7,b7 the claim is submitted not later than #ahj days after the date of a discharge of the debt of the ,commonwealth of ,puerto ,rico and the instrumentalities of the ,commonwealth of ,puerto ,rico under section #aja4 7d7 ,compensation 7#a7 ,in general ,a claimant may not receive compensation under this title if that claimant is not determined to be an eligible person under this subsection4 7#b7 ,limitations 7,a7 ,in general ,a claimant may not receive compensation under this title that exceeds the amount of the claim filed by the claimant under subsection 7a71 or seek or receive compensation for a debt described in section #b7e77;,b77ii71 which-- 7i7 shall not be discharged2 and 7ii7 shall be repaid in full as provided by section #aja7;b74 7,b7 ,assigned claims ,in the case of a claim that was assigned to a claimant1 the claimant may not receive compensation under this title for that claim that exceeds the amount paid by the claimant for the assignment of that claim4 #bje4 ,puerto ,rico ,debt ,restructuring ,compensation ,fund 7a7 ,in general ,on the date of a discharge of the debt of the ,commonwealth of ,puerto ,rico and the instrumentalities of the ,commonwealth of ,puerto ,rico under section #aja1 there is established in the ,treasury of the ,united ,states a fund to be known as the ,puerto ,rico ,debt ,restructuring ,compensation ,fund1 consisting of amounts appropriated into the ,fund under subsection 7b74 7b7 ,appropriation 7#a7 ,in general ,there is appropriated to the ,fund1 out of any funds in the ,treasury of the ,united ,states not otherwise appropriated1 #ae1jjj1jjj1jjj1 which shall be available without further appropriation to the ,special ,master to provide compensation for claims of eligible persons under this title4 7#b7 ,emergency designation 7,a7 ,in general ,the amount necessary to carry out this ,act is designated by ,congress as being for emergency requirements pursuant to section #bea7;b77#b77;,a77i7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ija7;b77#b77;,a77i774 7,b7 ,,paygo 7i7 ,in general ,this ,act is designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7ii7 ,designation in ,senate ,in the ,senate1 this ,act is designated as an emergency requirement pursuant to section #djc7;a7 of ,s4 ,con4 ,res4 #ac 7#aaath ,congress71 the concurrent resolution on the budget for fiscal year #bjaj4 7c7 ,distribution 7#a7 ,in general ,of the amounts appropriated into the ,fund under subsection 7b7-- 7,a7 #ej percent shall be made available to pay claims of eligible persons described in section #bjd7;c77#b77;,a72 and 7,b7 #ej percent shall be made available to pay claims of eligible persons described in section #bjd7;c77#b77;,b74 7#b7 ,claims exceeding appropriated amounts ,if the claims of eligible persons described in section #bjd7;c77#b77;,a7 or of eligible persons described in section #bjd7;c77#b77;,b7 exceed the amounts appropriated to pay those respective claims under paragraph 7#a71 any claim of an eligible person within that respective category shall be reduced on a pro rata basis4 7#c7 ,date of distribution ,for the purpose of reducing claims under paragraph 7#b71 the ,special ,master shall determine a date on which all claims of eligible persons shall be paid4 7d7 ,unobligated funds ,any amounts made available under subsection 7b7 that are not obligated by the ,special ,master as of the date that is #cf months after the date of enactment of this ,act shall be returned to the ,treasury of the ,united ,states4 #bjf4 ,regulations 7a7 ,in general ,the ,special ,master shall promulgate regulations1 through notice and comment rulemaking in compliance with section #eec of title #e1 ,united ,states ,code1 to carry out this title4 7b7 ,notice of proposed rulemaking ,not later than #fj days after the date on which the ,special ,master is appointed under section #bjc7;a71 the ,special ,master shall publish a notice of proposed rulemaking in the ,federal ,register4 7c7 ,final rule ,not later than #fj days after the date on which the notice of proposed rulemaking described in subsection 7b7 is published1 the ,special ,master shall promulgate final regulations to carry out this title4 7d7 ,vacancy in the position of ,special ,master ,if promulgation of regulations under this section is completed before the date on which a ,special ,master is appointed under section #bjc7;a77#c77;,a71 that ,special ,master is not required to promulgate new regulations under this section4 #bjg4 ,sunset ,the provisions of this title shall be effective for the period beginning on the date of enactment of this ,act and ending on the date that is #cf months after the date of enactment of this ,act4 ,,iii ,puerto ,rico ,public ,credit ,comprehensive ,audit ,commission #cja4 ,definitions ,in this title-- 7#a7 the term comprehensive audit means a supervisory action taken to examine and evaluate the public debt contracting1 refinancing1 or renegotiation process1 the source and intended use of resources1 and the implementation of programs and projects financed with domestic or foreign debt1 in order to determine the legitimacy1 lawfulness1 transparency1 quality1 efficacy1 and efficiency thereof1 considering legal and financial aspects1 and the economic1 social1 gender1 regional1 ecological1 national1 and municipal impact thereof2 7#b7 the term ,commission means the ,puerto ,rico ,public ,credit ,comprehensive ,audit ,commission established under section #cjb2 and 7#c7 the term credit request means request or application for credit by the ,commonwealth of ,puerto ,rico1 or any instrumentality of the ,commonwealth of ,puerto ,rico1 to obtain credit from a government or a banking or multilateral financial system in the domestic or foreign private sector1 including any agreement1 contract1 or other form or method relating to that request or application4 #cjb4 ,establishment2 dissolution 7a7 ,establishment ,there is established an independent commission to be known as the ,puerto ,rico ,public ,credit ,comprehensive ,audit ,commission4 7b7 ,dissolution ,the ,commission shall only be dissolved after the ,commission completes or fulfills each duty of the ,commission under section #cjd and issues the final report of the ,commission under section #cjc7;b74 #cjc4 ,reports 7a7 ,in general ,not later than #a year after the date of enactment of this ,act1 and not later than every #ahj days thereafter1 the ,commission shall make publicly available a report describing the progress of the ,commission in carrying out the duties of the ,commission under section #cjd as of the date on which the report is released4 7b7 ,final report ,upon completing the duties of the ,commission under section #cjd1 the ,commission shall make publicly available and submit to the ,legislative ,assembly of the ,commonwealth of ,puerto ,rico and the ,governor of the ,commonwealth of ,puerto ,rico the final report of the ,commission1 which shall state in detail the findings1 conclusions1 and recommendations of the ,commission relating to the duties of the ,commission carried out under section #cjd4 #cjd4 ,duties 7a7 ,in general ,the ,commission shall carry out the duties described in subsections 7b7 and 7c74 7b7 ,comprehensive audit 7#a7 ,in general ,the ,commission shall conduct a comprehensive audit of all public debt of the ,commonwealth of ,puerto ,rico issued during the period beginning on the first day of fiscal year #aigb and ending on the date of enactment of this ,act1 which shall include an audit of agreements1 contracts1 and other forms or methods employed by the ,commonwealth of ,puerto ,rico and any instrumentality thereof to obtain credit from governments1 banking or multilateral financial system institutions1 and the domestic or foreign private sector4 7#b7 ,criteria ,in order to conduct the comprehensive audit under paragraph 7#a71 the ,commission shall establish criteria to be used in evaluating each credit request that shall include1 with respect to each credit request-- 7,a7 any precedent1 study1 technical1 economic1 financial1 or social viability score1 or other supporting document that supported the credit request at the time the credit request was made2 7,b7 the amount of the credit requested in the credit request2 7,c7 the currency unit in which the credit was obtained through the credit request2 7,d7 the total amount of any subsequent increase or extension of credit from the original amount of credit obtained through the credit request2 7,e7 the economic1 financial1 and business conditions agreed upon under the credit request2 7,f7 the economic1 financial1 and business conditions effectively applied under the credit request2 7,g7 any condition contained in the credit request2 7,h7 the intended and actual use of any resources funded by the credit request2 7,i7 the total impact of any project funded by the credit request2 7,j7 the name of each individual who1 on behalf of any party to the credit request1 transacted or executed the credit request2 7,k7 each method or mechanism used to meet any obligation agreed to under the credit request2 and 7,l7 any other circumstance or information determined by the ,commission to be pertinent in determining the legitimacy1 lawfulness1 transparency1 quality1 efficacy1 and efficiency of each credit request1 considering-- 7i7 the legal and financial aspects of the credit request2 and 7ii7 the economic1 social1 gender1 regional1 ecological1 national1 and municipal impact of the credit request4 7c7 ,data transparency database ,the ,commission shall establish and maintain a publicly available data transparency database that shall contain any information relating to any public1 private1 domestic1 or foreign debt held by a public institution of the ,commonwealth of ,puerto ,rico collected through the comprehensive audit under subsection 7b74 #cje4 ,authority of the ,commission ,in order to carry out the duties described in section #cjd1 the ,commission-- 7#a7 may audit1 and ensure the transparency of1 the indebtedness process of the ,commonwealth of ,puerto ,rico and each instrumentality of the ,commonwealth of ,puerto ,rico2 and 7#b7 shall have primary jurisdiction to intervene1 have knowledge of1 and conduct1 on the initiative of the ,commission1 any investigation on any matter or dispute relating to any indebtedness process described in paragraph 7#a74 #cjf4 ,membership 7a7 ,in general ,the ,commission shall be composed of-- 7#a7 the ,executive ,director of the ,puerto ,rico ,institute of ,statistics1 or the designee of the ,executive ,director2 and 7#b7 the following individuals1 who shall be appointed not later than #ahj days after the date of enactment of this ,act by the ,governor of the ,commonwealth of ,puerto ,rico to serve on the ,commission3 7,a7 ,one representative of each parliamentary majority in the ,legislative ,assembly4 7,b7 ,one representative of each parliamentary minority in the ,legislative ,assembly4 7,c7 ,one professor of economics from any public higher education institution located in the ,commonwealth of ,puerto ,rico4 7,d7 ,one professor of finance from any public higher education institution located in the ,commonwealth of ,puerto ,rico4 7,e7 ,one professor of accounting from any public higher education institution located in the ,commonwealth of ,puerto ,rico4 7,f7 ,one professor of statistics from any public higher education institution located in the ,commonwealth of ,puerto ,rico4 7,g7 ,one professor of law from any public higher education institution located in the ,commonwealth of ,puerto ,rico4 7,h7 ,one representative of the labor union sector in the ,commonwealth of ,puerto ,rico4 7,i7 ,one representative of the business community in the ,commonwealth of ,puerto ,rico1 with preference given to a representative from a small- or medium-sized business located in the ,commonwealth of ,puerto ,rico4 7,j7 ,one representative of the cooperative sector in the ,commonwealth of ,puerto ,rico4 7,k7 ,one professor of sociology from any public higher education institution who has published work in one or more peer-reviewed journals that indicates expertise in data relating to ,puerto ,rico4 7,l7 ,one individual who is a translator or interpreter of ,english and ,spanish4 7b7 ,chairperson 7#a7 ,in general ,after each of the members of the ,commission are appointed under subsection 7a71 the members of the ,commission shall elect from among the members of the ,commission #a individual to serve as the ,chairperson of the ,commission4 7#b7 ,duties ,the ,chairperson of the ,commission shall-- 7,a7 call and preside over meetings of the ,commission2 and 7,b7 be the legal representative of the ,commission4 7#c7 ,tie vote ,in the case of a tie vote among the members of the ,commission1 the vote of the ,chairperson shall be determinative4 7c7 ,period of appointment ,members of the ,commission shall be appointed for the life of the ,commission4 7d7 ,vacancies ,any vacancy in the ,commission shall not affect the powers of the ,commission but shall be filled in the same manner as the original appointment or election4 7e7 ,executive ,director of the ,puerto ,rico ,institute of ,statistics ,if1 on the date of enactment of this ,act1 the ,puerto ,rico ,institute of ,statistics has been disbanded or reorganized to be a part of another government department of the ,commonwealth of ,puerto ,rico1 the individual who was the ,executive ,director of the ,puerto ,rico ,institute of ,statistics on the day before the date of such disbanding or reorganization shall be named to the ,commission4 7f7 ,failure ,to appoint ,commission members ,if the ,governor of the ,commonwealth of ,puerto ,rico fails to appoint any member of the ,commission described under subsection 7a77#b7 during the period described in that subsection1 not later than #ahj days after the expiration of that period1 the ,president of the ,senate of the ,commonwealth of ,puerto ,rico and the ,speaker of the ,house of ,representatives of the ,commonwealth of ,puerto ,rico shall jointly appoint any member that has not been appointed4 #cjg4 ,powers and responsibilities ,to carry out the duties of the ,commission under section #cjd1 the ,commission shall-- 7#a7 adopt internal bylaws as appropriate for the proper operations and fulfillment of the objectives of the ,commission2 7#b7 define and propose to the ,department of the ,treasury the hiring of staff to conduct audits in accordance with the rules and administrative procedures set forth by the laws of the ,commonwealth of ,puerto ,rico relating to technical audits2 7#c7 designate and hire a minimum number of regular personnel required to carry out the duties and fulfill the objectives of the ,commission2 7#d7 read reports relating to the audit processes and other studies that have been entrusted to commissions and technical units relating to audits of public debt2 7#e7 review and approve the annual budget and operational plan of the ,commission based on those devised by the ,director of the ,office of ,management and ,budget2 7#f7 as appropriate1 request technical support from any public institution1 including by1 as necessary1 through the request for the transfer1 on a temporary assignment1 of any technical personnel required to carry out a specific program of the ,commission after stating the length of the period for which the transfer will be required2 7#g7 hold-- 7,a7 a regular meeting not less than twice each month2 and 7,b7 a special meeting upon the request of not less than three of the members of the ,commission2 7#h7 access the information necessary to discharge the duties of the ,commission2 7#i7 file with the ,legislative ,assembly of the ,commonwealth of ,puerto ,rico and the ,governor of the ,commonwealth of ,puerto ,rico periodic reports stating achievements of the ,commission in carrying out the duties of the ,commission under section #cjd1 which shall include any recommendation or suggestion that the ,commission determines to be pertinent1 including any relevant recommendation of the ,commission relating to the commencement of any appropriate administrative1 civil1 or criminal action relating to the findings of the ,commission2 and 7#aj7 propose rules and policies relating to strengthening the procedures relating to audits of public debt as a permanent duty of the ,commonwealth of ,puerto ,rico4 #cjh4 ,provision of requested information 7a7 ,in general ,each entity1 official1 or former official of the ,commonwealth of ,puerto ,rico shall provide any information requested by the ,commission in carrying out the duties of the ,commission under section #cjd by summons or as required by law4 7b7 ,order ,to comply ,any entity1 official1 or former official described in subsection 7a7 that does not obey a summons or request of the ,commission for information required by the ,commission to carry out the duties of the ,commission under section #cjd1 the appropriate district court of the ,commonwealth of ,puerto ,rico shall1 on the request of the ,commission1 issue an order compelling that entity1 official1 or former official to produce the requested information1 as appropriate4 7c7 ,contempt ,any entity1 official1 or former official described in subsection 7a7 that does not comply with an order of the court under subsection 7b7 shall be held in contempt for failing to obey that order4 #cji4 ,access to information 7a7 ,public documents 7#a7 ,in general ,any document1 record1 or information relating to the public debt of the ,commonwealth of ,puerto ,rico1 including any document relating to any public offering1 contract1 agreement1 order1 or report detailing how funds obtained are spent1 or contract or agreements with a creditor of the ,commonwealth of ,puerto ,rico1 shall be-- 7,a7 classified as a public document2 and 7,b7 made accessible to any interested party4 7#b7 ,confidentiality ,any claim of confidentiality relating to information described in paragraph 7#a7 by any person1 including any entity1 official1 or former official of the ,commonwealth of ,puerto ,rico1 shall be construed narrowly and in favor of promoting transparency and the right of the public to that information4 7b7 ,confidential information 7#a7 ,in general ,the ,commission shall have the authority to obtain confidential information necessary to carry out the duties of the ,commission under section #cjd4 7#b7 ,confidentiality ,the ,commission shall keep any information described under subsection 7a7 confidential as required under the ,constitution of the ,commonwealth of ,puerto ,rico4 7c7 ,rule of construction ,nothing in this title shall be construed to grant any special power to the ,commission to conceal information from the public based on any rule relating to confidentiality4 ,this title shall be interpreted broadly to favor the right of the public to information relating to the activities of the ,commission4 #caj4 ,funding ,the ,legislative ,assembly of the ,commonwealth of ,puerto ,rico shall provide the ,commission with sufficient funds to carry out the duties of the ,commission under section #cjd1 including funds to pay fair compensation to members and staff of the ,commission1 based on the annual budget prepared for the ,commission by the ,office of ,management and ,budget1 which shall be included in the general budget of the ,commonwealth of ,puerto ,rico4 ,,iv ,severability #dja4 ,severability ,if any provision of this ,act or the application of such provision to any person or circumstance is held to be invalid or unconstitutional1 the remainder of this ,act and the application of the provisions of this ,act to any person or circumstance shall remain and shall not be affected thereby4