House Committee on Finance and Budget #
Website #
Membership and schedule available on website.
Purpose/Jurisdiction #
“The Finance Committee shall have jurisdiction over all matters related to the fiscal situation of the Government of Puerto Rico, the collections of the General Fund and those of the special funds, the estimate of probable collections and revenues and financing through the contracting of loans; with the estimates of revenues and of the investments and disbursements of public corporations of legislation that liberalizes or imposes taxes of any kind; with the public debt of the Government of Puerto Rico and of public corporations, as well as the payment conditions for the loans whose contracting is recommended; with the collection, rents, custody, deposit and accounting of public funds; with the pre-intervention and use of public funds in accordance with the purposes for which they were authorized; with all matters related to the granting of economic incentives that represent or entail a fiscal impact; with the study and evaluation of the General Budget; with the budget requests recommended by the Governor for the departments, public corporations, agencies and other public instrumentalities, taking into consideration all the revenues and resources of the State, as well as those of the entity being evaluated, including federal funds, special funds and donations, as well as any other revenue; with all the agencies, instrumentalities and public corporations that are under the jurisdiction of the Department of the Treasury.
Furthermore, it will be responsible for all fund allocation measures and for the allocations included in any legislative measure. It will also have jurisdiction over all matters related to the fiscal situation of the Government of Puerto Rico; it will approve allocations to semi-public, public, and private entities and institutions whose activities or services promote the development of social welfare programs, health, education, culture, and improve the quality of life of Puerto Ricans; it will evaluate contracts, rules, and regulations that are inconsistent with the fiscal reality of the Government of Puerto Rico; it will verify the compliance of all agencies and instrumentalities with the management of the assigned budget and related programs and services; it will review and audit all restructuring processes of any type of public debt of departments, public corporations, agencies, and other public instrumentalities; it will establish the basis for defending the fair allocation of budgets to essential services, labor rights, dignified retirement, municipalities, and job creation against any entity that acts against the well-being of the Puerto Rican people; and on any matter delegated to him by the House of Representatives of Puerto Rico or the Speaker thereof” (committee website, translated by AI).
Senate Committee on Finance, Budget, and Promise #
Website #
Membership, regulations, jurisdiction, and legislative measures available on website.
Purpose/Jurisdiction #
“The Senate Finance, Budget, and Promise Committee of Puerto Rico shall have jurisdiction to address and analyze all matters related to the Puerto Rico Internal Revenue Code, as well as the Puerto Rico Government Budget, which includes appropriations from the General Fund and special appropriations, the creation of special funds, contributions of federal funds, and the estimated revenue for each fiscal year, as well as financing through the contracting of loans and the issuance of bonds. It shall also evaluate the estimated revenues, investments, and expenditures of public corporations.
Furthermore, it will promote the creation of legislation that advances Puerto Rico’s tax system, seeking to create a more advanced and equitable system for the working, productive, and business classes. It will address all fiscal matters of the Government of Puerto Rico and all legislation related to pension systems. It will promote studies aimed at determining the effectiveness of these systems to ensure their performance.
Finally, she will be responsible for addressing all matters concerning the Fiscal Oversight Board, created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016, including its proposals and determinations of an economic, fiscal, budgetary and any other nature” (committee website, translated by AI).
