The House Retirement Committee is calling in Retirement Fund officials, the Attorney General and Acting CEO of ASTCA tomorrow to answer questions about the bill to increase the cap on local investment by the Retirement Fund.
The Vice Speaker had asked about the status of the bill, and said this was an important legislation for the future of the territory, it should be reported to the floor for action.
House Speaker Savali Talavou Ale asked the Chairman of the House Retirement Committee Rep Vailoata Amituanai for an update on the bill.
Vailoata then said the committee would discuss the bill on Friday.
The Speaker pointed out that the House needed to act on the bill before the Fono wraps up review of the FY2019 budget. He said the budget hearings would resume tomorrow.
Representatives Faimealelei Anthony Allen, Gafatasi Afalava and Fialupe Fiaui Lutu spoke in support of reporting the bill to the House floor for a vote, citing that the bill was needed to finance the Hawaiki Cable.
But Representative Sala Dr. Samuelu Mataese said lawmakers needed time to do research on the bill.
His view was shared by representative Manumaua Wayne Wilson.
Rep Vailiuama Steve Leasiolagi also suggested that the Retirement Fund officials be questioned separately from ASTCA.
But Speaker Savali said there was nothing wrong in all of the officials being questioned at the same time.
Because budget hearings were to resume tomorrow, the hearing on the bill to raise the cap on Retirement Fund monies that can be invested in the territory from 17 to 35 percent is scheduled for 1 pm tomorrow.
The witnesses are Attorney General Talauega Eleasalo Ale, Director of the Retirement Fund Iaulualo Talia Faafetai, Chairman of the Retirement Fund Board Vaanatiu Iafeta Tofala and the Acting CEO of ASTCA Falavaoto Sualevai.
Tomorrow is when review of the FY2019 budget for ASG was to resume.
However Senator Magalei Logovii announced at the end of today’s session that the budget hearings will resume next Tuesday morning. The reason he gave for the postponement is because the House is not ready.
