An issue raised at the House Government Operations Committee hearing yesterday concerning the Territorial Bank of American Samoa was provisions of the law that established the bank, gives TBAS a huge advantage over competitors.
Specifically it calls for ASG funds to be deposited with TBAS and exempts the government owned bank from paying taxes.
Tuala-uta Representative Larry Sanitoa raised the issue.
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TBAS President and CEO Dave Buehler gave this response.
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