The main purpose of this legislation is to amend the Puerto Rico Oversight, Management, and Economic Stability Act, specifically to allow for the termination of the Oversight Board that currently oversees Puerto Rico's financial management. This change aims to restore more local control to Puerto Rico's government and its citizens. Key provisions of the legislation include the stipulation that the Oversight Board will automatically end the day after Puerto Rico enacts legislation that establishes a successor entity to take over its responsibilities.