Puerto Rico Oversight, Management, and Economic Stability Act

Upon the admission of the State of Puerto Rico into the Union, on the date that the Government of the nation of Puerto Rico initially takes office, or 2 years after the certification that the Commonwealth option received the majority of votes cast— (1) the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2101 et seq.) shall no longer apply to the State of Puerto Rico, the Commonwealth of Puerto Rico, or the nation of Puerto Rico, as the case may be; (2) the Financial Oversight and Management Board for Puerto Rico established under section 101(b)(1) of the Puerto Rico Oversight, Management, and Economic Stability Act (48 U.S.C. 2121(b)(1)) is terminated and all duties and responsibilities assigned to the Oversight Board shall return to the State of Puerto Rico, the Commonwealth of Puerto Rico, or the nation of Puerto Rico, as the case may be; and (3) all funds, property, and assets of the board described in paragraph (2) shall be transferred to the State of Puerto Rico, the Commonwealth of Puerto Rico, or the nation of Puerto Rico, as the case may be.