Maoputasi Senator Tuaolo Fruean says he’s sick of hearing “all the rubbish” and has strongly spoken out against those who are doubting the establishment of the government bank, Territorial Bank of American Samoa.
Senator Tuaolo told reporters he doesn’t understand what the FDI’s got to do with opening of the bank.
He said it’s common sense that FDIC is not needed until the bank is opened for business.
He pointed out that the Amerika Samoa Bank did not have insurance in place until after four years.
Referring to Larry Sanitoa’s opposition to TBAS , lack of FDIC insurance for the bank, and how he’s been the only one to vote against the bill to set up the TBAS, Tuaolo said it’s as if Sanitoa is saying that Representatives and Senators who voted to pass legislation for the bank are stupid.
KHJ News notes that during deliberation on the bill to establish the government bank, some House members and Senators indicated that they didn’t support it but have been pressured to support this and other administration bills.
Tuaolo asked rhetorically, “Who would want to pass legislation that will have a negative impact on the people?
In a new development, officials of TBAS will appear at a Senate hearing tomorrow to discuss the bank and especially the FDIC issue.
It’s not known who will appear at the hearing but from our observation, there hasn’t been any further discussion in the senate concerning the bank.
The only discussion concerning the bank has been on the paid radio talk show for Faoa and Sanitoa, and an exhcnage of letters between Senator Laolagi Vaeao and businessman Avamua Dave Haleck which has been aired on KHJ News and published in the Samoa News.
Senator Tuaolo said that “the bank is our bank” and the $10 million the administration has contributed for its establishment is the people’s share.
The Pago Pago senator stated that the private sector group which was given the opportunity to establish a bank was not able to set up one up.
He asked, “So what do people expect the governor to do? Just sit?”
Tuaolo said some of the senators do not fully understand the depth of this issue.
He went on to say that Governor Lolo is trying to find money to pay a debt of $76 million, and that is a good debt.
(Editor’s Note: ASEDA is raising $78 million from the bond sale and total repayment of the bond debt with interest is $149 million)
Tuaolo said that people should not have to worry that their children will pay these debts as they themselves had to pay the debts from Lutali’s administration. The last time AsG floated bonds was during the Lutali adminsitration and the proceeds was used to build the Executive Office Building in Utulei.
With regards to his support for the government bank, the Pago Pago senator pointed out that he is not related to Governor Lolo nor does he work for him.
A company owned by Senator Tuaolo’s wife Fiapa’ipa’i, Nana’s Construction, has been awarded several government jobs, some of which went through change orders of significant amounts.
