summary
Introduced
05/16/2017
05/16/2017
In Committee
05/22/2017
05/22/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Puerto Rico Task Force Economic Empowerment Act of 2017 Puerto Rico Opportunity, Small Business Prosperity, and Economic Revitalization Act of 2017 This bill amends the Small Business Act to modify requirements for the microloan program for Puerto Rico small businesses and increase access to capital for such program. The Small Business Administration shall establish: (1) a Veteran Business Outreach Center in Puerto Rico, and (2) a temporary Federal and State Technology (FAST) grant program to provide assistance to Puerto Rico businesses. The bill amends the Investment Company Act of 1940 to apply the oversight requirements of that Act to investment companies in U.S. territories. The bill includes Puerto Rico in the Department of Labor reemployment demonstration projects grant program. For FY2018, Labor may transfer funding to the Bureau of Labor Statistics for feasibility studies of the Puerto Rico economy. The bill amends Social Security Act provisions affecting hospitals in Puerto Rico and health care and prescription drug coverage in U.S. territories. The Office of National Drug Control Policy shall develop a publicly available Caribbean Border Counternarcotics Strategy, with emphasis on the borders of Puerto Rico and the U.S. Virgin Islands.
AI Summary
This bill, the Puerto Rico Task Force Economic Empowerment Act of 2017, aims to support businesses and improve economic conditions in Puerto Rico. Key provisions include:
- Modifying the SBA's microloan program for Puerto Rico small businesses to increase access to capital, waiving certain requirements for intermediaries that make a significant number of loans to Puerto Rico businesses.
- Establishing a Veteran Business Outreach Center in Puerto Rico and a temporary FAST grant program to provide assistance to Puerto Rico businesses.
- Applying oversight requirements of the Investment Company Act of 1940 to investment companies in U.S. territories.
- Including Puerto Rico in the Department of Labor's reemployment demonstration projects and authorizing funding for feasibility studies on the Puerto Rico economy.
- Amending Social Security Act provisions to affect hospitals in Puerto Rico and health care/prescription drug coverage in U.S. territories.
- Requiring the Office of National Drug Control Policy to develop a Caribbean Border Counternarcotics Strategy focused on Puerto Rico and the U.S. Virgin Islands.
Committee Categories
Business and Industry, Health and Social Services
Sponsors (8)
Thomas MacArthur (R)*,
Sean Duffy (R),
Adriano Espaillat (D),
Dwight Evans (D),
Jenniffer González (R),
Lloyd Smucker (R),
Darren Soto (D),
Nydia Velázquez (D),
Last Action
Referred to the Subcommittee on Health. (on 05/22/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2429/all-info |
| BillText | https://www.congress.gov/115/bills/hr2429/BILLS-115hr2429ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2429/BILLS-115hr2429ih.pdf.pdf |
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