The man picked by Governor Lolo Moliga to be the first Commissioner of the Office of Financial Institutions says if confirmed, one of his immediate goals is to submit legislation which would require the territory to adopt federal banking laws.
Testifying before the House Government Operations Committee this morning, Robert Ho Chee said this legislation was necessary before requiring local financial institutions to comply with banking regulations.
And it would allow the Fono to play a role in regulating financial institutions.
Ho Chee told House members there are many banking laws which need to be enforced, laws that need to be transparent and laws that need to be understood.
Tuala-uta Rep Larry Sanitoa raised concerns that he said were brought up by attorneys for the private banks during review of legislation setting up the Territorial Bank of American Samoa.
Sanitoa said ANZ has pointed to a possible conflict of interest in having Ho Chee serve as a Commissioner of OFI.
Play Audio
Regarding the OFI setup, Ho Chee says they’re looking at a maximum of 10 staff members which includes analysts and examiners.
Rep. Vailoata Amituanai asked Ho Chee if he’s involved with the Board of Directors of the government bank.
The nominee didn’t give a direct answer but said only that in his opinion the bank has a good board.
Members of the bank board are Utu Abe Malae, Alo Dr. Paul Stevenson, Papalii Laulii Alofa, Keniseli Lafaele, Ruth Matagi Faatili, Salaia Gabbard and Steve Watson.
Ho Chee praised the management of the government bank whom he said are from Utah and assured that they will make the banking experience better than it was before.
Play Audio
Rep. Toeaina Faufano Autele asked Ho Chee about his involvement with Zion Bank, which played a pivotal role in setting up the government bank.
Ho Chee said he worked for Zion Bank for a number of years but he is not involved with them anymore .
Toeaina said while researching the governor’s nominee, he came across a youtube video where Mr. Ho Chee, as the Assistant Treasurer for the American Samoa Government, was promoting the Zion Bank as the best prospect to alleviating banking problems in the territory.
Ho Chee was confimed in the House by a unanimous 15-0 vote and he goes before the Senate Wednesday morning.
