Congressmen Krishnamoorthi and Soto Introduce Puerto Rican People’s Power Restoration Act to Restore Fiscal Authority to Puerto Rico’s Democratically Elected Government

WASHINGTON - Congressmen Raja Krishnamoorthi (D-IL) and Darren Soto (D-FL) today introduced the Puerto Rican People's Power Restoration Act of 2026, legislation to amend the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to provide for the termination of the Financial Oversight and Management Board under defined circumstances and restore fiscal authority to Puerto Rico's democratically elected government.

Nearly a decade ago, Congress enacted PROMESA in response to Puerto Rico's fiscal crisis. The law created the Financial Oversight and Management Board and granted it sweeping authority over the island's budgets, fiscal plans, and debt restructuring. While the Board was intended to stabilize Puerto Rico's finances, its continued control has raised serious concerns about self-governance and democratic representation. This legislation preserves fiscal stability while restoring institutional authority to elected officials through a clear, lawful transition.

"After nearly a decade under an unelected fiscal control board, it is time to give the people of Puerto Rico the chance to write their own financial future," Congressman Krishnamoorthi said. "President Trump has shown his willingness to abuse the board's authority to enrich his Wall Street cronies, and he cannot be trusted to put the interests of Puerto Ricans above those of vulture funds. Our legislation creates a clear and orderly transition that preserves fiscal stability while restoring true authority to Puerto Rico's elected government. Puerto Ricans deserve to choose for themselves how to manage the Commonwealth-not have it dictated by Washington. This bill ensures continuity during the transition while returning power where it belongs: with the people."

"The people of Puerto Rico deserve a clear path toward full economic self-governance and long-term fiscal stability. This legislation builds on the progress made under PROMESA while establishing responsible conditions for ending the Financial Oversight and Management Board once its mission is complete," Congressman Darren Soto said. "This way, we can ensure accountability, restore local control, and support sustainable economic growth for the island and its residents."

"On behalf of our national coalition, our members on the island and our partners in the US, thank you Congressmembers Soto and Krishnamoorthi for your brave leadership in introducing this bill to once and for all restore the limited power Puerto Rico's elected officials had before the United States Congress imposed the PROMESA law on the Puerto Rican people. While this bill does not decolonize Puerto Rico, it takes an important first step in overturning the most direct form of colonial rule that is an unelected, Wall Street-driven board controlling our island-nation's finances, often overruling its democratically enacted laws. Thank you to our partners for taking us to this place with a years-long advocacy campaign that today marks the beginning of the end of this colonial board's rule over our people," Power 4 Puerto Rico Director Erica González said.

Former Congressman Luis Gutiérrez told a room full of reporters and advocates from across the country in Capitol Hill that, "today we tell the vultures, the bondholders, the overpriced consultants and those who think they know how to govern our island better than its elected officials, basta ya. Enough is enough. I was proud to vote against PROMESA and ten years after that sad day I am proud to stand with my former colleagues in taking this enormous step to end this tragic chapter in Puerto Rico's colonial relationship with the United States. Gracias Raja, Darren, for your always saying presente for our Puerto Rican people."

"After ten years of this fiscal colonially imposed board, we have less democracy, less economic development and less workers rights thanks to this Wall Street junta that has worsened outmigration, including to here in Chicago. Thank you Congressman Raja for having Chicago Puerto Ricans' back," said Juan Calderón, Deputy Executive Director of the Chicago-based Juan Antonio Corretjer Puerto Rican Cultural Center (PRCC).

City of St. Louis Alderperson Daniela Velázquez said: "As a Diasporican serving in St. Louis, I'm proud to support this effort to end Puerto Rico's fiscal control board. Communities deserve the power to govern themselves, not have unelected bodies override the will of the people. Puerto Ricans have lived under this system for nearly a decade, and it's time for Congress to return power to the people."

"The junta has denied labor rights to both private and public sector employees. The board has even annulled laws passed by our elected legislature and signed by the governor to restore workplace protections and benefits hard won by years of labor organizing in Puerto Rico. We came here with Congressman Gutiérrez to demand the end of the fiscal board. Thanks to all of you for taking this important step to ensure we get there," said Emilio Nieves, President, Central Puertorriqueña de Trabajadores ("Puerto Rican Workers Central," in English), and Fidel Cordovés, President of the Federación de Trabajadores de la Empresa Privada (FETEMP - or "Federated Union of Private Sector Employees" in English).

Florida activist and Executive Director of Alianza for Progress, Marcos Vilar, said that, "Florida is home to the largest Puerto Rican diaspora community in the United States and we all are united in demanding that Congress gets rid of this undemocratic fiscal control board in Puerto Rico. No matter where boricuas stand in our quest for self-determination and decolonization we speak with one voice in calling for the end of the oversight board governing our country of Puerto Rico."

Under the legislation, the Oversight Board would terminate the day after the Commonwealth of Puerto Rico enacts legislation designating or establishing a successor entity. The bill preserves prior Board actions, maintains existing bankruptcy confirmation requirements, and retains the jurisdiction of the United States District Court for the District of Puerto Rico, ensuring continuity, stability, and legal certainty throughout the transition.

Summary of the Puerto Rican People's Power Restoration Act of 2026

• Terminates the Financial Oversight and Management Board upon enactment of Commonwealth legislation designating or establishing a successor entity.

• Provides for substitution of debtor representation authority in the Puerto Rico Electric Power Authority (PREPA) restructuring process upon enactment of Commonwealth legislation establishing a successor entity.

• Preserves the validity of prior certified fiscal plans and budgets unless modified in accordance with PROMESA or through confirmation of a plan of adjustment.

• Maintains existing federal court jurisdiction and bankruptcy confirmation requirements under PROMESA.

The text of the Puerto Rican People's Power Restoration Act of 2026 is available here.