It establishes a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt crisis.

[1][2][3][4] Through PROMESA, the US Congress established a Financial Oversight and Management Board, known colloquially in Puerto Rico as "la junta," to oversee the debt restructuring.

[5] By May 2017, with $123 billion in debt owed by the Puerto Rican government and its corporations, the FCB requested the "immediate" appointment of a federal judge to resolve the "largest bankruptcy case in the history of the American public bond market.

[4] The President appointed all seven members of the board, six of whom were chosen from a list of individuals recommended by Congressional leaders and had previous ties to profitable industries in Puerto Rico.

In late January 2017, the board created under PROMESA gave the government of Puerto Rico until February 28 to present a fiscal plan (including negotiations with creditors) to solve the problems.

[20] In January 2017 governor Ricardo Rosselló replaced Millstein and co with investment expert Rothschild & Co to assist in leading the restructuring process of Puerto Rico's debts.

The board also has the power to ensure “the prompt enforcement of any applicable laws of Puerto Rico prohibiting public sector employees from participating in a strike or lockout” (PROMESA, 559).

[36] Critics also claim that the United States Congress is granting unnecessarily broad powers to the new Fiscal Control Board, hindering Puerto Rico's development of democracy by allowing a federal body to effectively overrule all local authorities, and justifying such decisions through the Necessary and Proper Clause.

Filmmaker Francis Negrón-Muntaner stated that the Board is "composed of individuals with deep ties to the banking and investment world—including some involved in producing the debt crisis—and granted them broad powers over Puerto Rico’s elected government to assure that creditors will be paid.”[44] In September 2019, thirteen members of the United States Congress included Alexandria Ocasio-Cortez and Bernie Sanders signed a letter that demanded that La junta disclose its conflicts of interest.

The bill “requires professionals employed in debt adjustment cases involving Puerto Rico to file verified statements disclosing their connections with the debtor, creditors, and other interested parties before seeking compensation for their services.” On February 24, 2021, the amendment passed unanimously.

The Supreme Court accepted the petitions, consolidating the case under Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC.

[49][50] In May 2023, the United States Supreme Court ruled against a Puerto Rican media organization in its quest to obtain documents from the Federal Council to oversee the island's financial restructuring.