In a medium pan, heat olive oil and saute onion for 3 minutes. Add the garlic and cook for another minute or until fragrant. Add in the diced green pepper, taco seasoning and cumin and cook for another 5 minutes. Add tomato paste and hot sauce.

Add, rice and stir to coat. Add water and bay leaf. Bring to a boil. Cover and reduce heat. Simmer for 18 minutes or until rice is cooked and no liquid remains.

Once rice is cooked, remove bayleaf and stir in cheese and black beans.