H.R. 51 : Bill to create the Puerto Rico Business Development Bank

Abstract

My thesis project is a translation of Bill PC0051, which was introduced by House representative Varela Fernández to the House of Representatives of Puerto Rico. Varela’s project proposes the derogation of Law No.22 of 1985, which created the Puerto Rico Economic Development Bank. This bill aims to replace the Economic Development Bank with a new entity under the name of the Business Development Bank. In so doing, the proposal seeks to expand the purposes of the Bank, maintaining the focus on small and medium-sized enterprises (SMEs), expand its powers and create mechanisms for self-sustainability, augment fundraising capacity, and strengthen its finances, among other objectives. The main reason for translating this document is to give more exposure to legislation that intends to standardize, as well as facilitate, the processes to grant financing, guarantees, and venture capital investment for public entities. The translation of this bill could facilitate its future passing or, at least, further consideration. The translation may also be of considerable use to those doing research in related legislation. Bill PC0051 also includes various terminological definitions that could be of great importance for the understanding of specialized texts in economics and finance.