As discussed in detail here, the Senate has approved the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”). Among other provisions, PROMESA stays applicability of the new salary basis rule to Puerto Rico until the Comptroller General of the United States further analyzes the economic impact of such application, and the Secretary of Labor (taking the Comptroller’s analysis into account) makes a written determination that the application “would not have a negative impact on the economy of Puerto Rico.” The Comptroller has two years to submit a written report to Congress.
