; and (2) by amending subsection (c) to read as follows: (c) Ethics Board Not later than 30 days after the date of the enactment of the Amendments to PROMESA Act of 2020 , in the case of the Oversight Board for Puerto Rico, or 30 days after the formation of an Oversight Board, for an Oversight Board formed after the date of the enactment of this Act, the Oversight Board shall designate an ethics board comprised of 3 nonexecutive board members. The ethics board shall meet as needed, but not less than once every 6 months, to consider the compliance of members, the Executive Director, employees, contractors, and subcontractors of the Oversight Board with all applicable Federal laws regulating the conduct of the Oversight Board, including conflict of interest, financial disclosure, and open government laws. . (c) Authority To enter into contracts Section 104(g) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2124(g) ) is amended by inserting The total cost of contracts entered into under this subparagraph for any fiscal year may not exceed 5 percent of the total operating budget of an Oversight Board for that fiscal year. after the period at the end. (d) Ethics Section 109 of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2129 ) is amended— (1) in subsection (a)— (A) by striking and staff after all members and inserting , employees, contractors, and sub-contractors ; (B) by inserting , without exception after United States Code ; and (C) after the period at the end, by inserting An individual may not serve on an Oversight Board if that individual is in violation of section 208 of title 18, United States Code.