Bill Overview
Title: TRUST for Puerto Rico Act of 2022
Description: This bill modifies the conditions for the termination of the oversight board for Puerto Rico. Specifically, the oversight board must terminate not later than 90 days after certification by the board for at least two consecutive fiscal years that (1) the territorial government has developed its budgets in accordance with modified accrual accounting standards; and (2) the expenditures made by the territorial government during each fiscal year did not exceed its revenues, as determined in accordance with such standards and without regard to whether the applicable budget provides for the payment of debt service. The bill also sets forth provisions regarding the transition of oversight from an oversight board to a territorial government.
Sponsors: Rep. Torres, Ritchie [D-NY-15]
Target Audience
Population: residents of Puerto Rico
Estimated Size: 3200000
- The bill concerns the governance and financial oversight of Puerto Rico, a U.S. territory.
- Puerto Rico has a population of approximately 3.2 million people as of the most recent estimates.
- All residents of Puerto Rico may potentially be impacted by changes in financial governance and oversight.
- Changes in the fiscal management and termination of the oversight board could impact public services, government employment, and overall economic stability of Puerto Rico.
- Thus, the entire population of Puerto Rico could be the target population impacted by this bill.
Reasoning
- The TRUST for Puerto Rico Act impacts all residents of Puerto Rico, amounting to 3.2 million U.S. citizens, given changes in financial governance can affect public services and employment.
- The policy's budget restricts immediate financial shifts; only indirect impacts through fiscal management are assessable.
- Residents of Puerto Rico may have varying levels of impact based on their dependence on public services, government employment, and overall economic climate tied to efficient fiscal governance.
- Not all interviews will exhibit a direct numerical change in Wellbeing scores due to the indirect nature of financial oversight. Long-term fiscal stability, however, could result in well-being improvements.
- The simulated interviews capture a range of perspectives, from public sector dependents to private individuals unaffected by government spending, enabling comprehensive assessment of the indirect ramifications of the policy.
Simulated Interviews
Public School Teacher (San Juan, Puerto Rico)
Age: 55 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- I believe this oversight is necessary to ensure our government's spending is in check, but I worry about the potential cuts to education during the transition.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 6 |
| Year 20 | 8 | 6 |
Small Business Owner (Ponce, Puerto Rico)
Age: 40 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 15/20
Statement of Opinion:
- This might help stabilize government spending, which could stimulate economic growth. I'm hopeful but cautious.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 9 | 5 |
Retired (Mayagüez, Puerto Rico)
Age: 67 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- I'm worried about any changes that could affect my healthcare access, but it sounds like they are trying to fix the budget issues.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 3 |
| Year 3 | 5 | 3 |
| Year 5 | 6 | 4 |
| Year 10 | 6 | 4 |
| Year 20 | 6 | 4 |
Construction Worker (Humacao, Puerto Rico)
Age: 28 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- Hopefully, this means more consistent work for construction as budgets stabilize and new projects actually receive funding.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Healthcare Professional (Caguas, Puerto Rico)
Age: 36 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- The focus on fiscal discipline is needed, but I am concerned about interim funding gaps affecting hospital resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Unemployed (Bayamón, Puerto Rico)
Age: 25 | Gender: male
Wellbeing Before Policy: 3
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- If this leads to better job opportunities and economic growth, I might see a path to employment.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 3 |
| Year 2 | 4 | 3 |
| Year 3 | 5 | 3 |
| Year 5 | 6 | 3 |
| Year 10 | 7 | 3 |
| Year 20 | 8 | 3 |
Farmer (Arecibo, Puerto Rico)
Age: 62 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- Financial oversight should reduce fiscal uncertainty, which may help improve infrastructure, vital for farming.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Accountant (San Juan, Puerto Rico)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- This should enhance financial transparency and create better government contracting opportunities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Government Administrator (Guaynabo, Puerto Rico)
Age: 54 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 11/20
Statement of Opinion:
- Streamlining fiscal management is crucial; this oversight transition could help ingrained inefficiencies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Private Sector Analyst (Carolina, Puerto Rico)
Age: 38 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- The act could increase Puerto Rico's credibility to investors, potentially boosting private-sector growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 9 | 6 |
Cost Estimates
Year 1: $2000000 (Low: $1500000, High: $2500000)
Year 2: $2000000 (Low: $1500000, High: $2500000)
Year 3: $2000000 (Low: $1500000, High: $2500000)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The financial independence of Puerto Rico could be a critical factor in its economic recovery and development.
- Maintaining budgetary discipline will be essential for achieving fiscal independence.
- The potential termination of the oversight board could influence perceptions of financial stability for investors.