Governor Lemanu Peleti Mauga enlisted federal support for a federally insured financial institution in American Samoa when he met with high ranking officials of the US Treasury Department, Federal Deposit Insurance Corporation (FDIC) and the White House, in D.C. this week.
“The meetings were very productive,” said the Governor. “We explained to the federal officials why regulatory flexibility is warranted to ensure that our people can have the same access to banking services that people in the rest of the country have. I think they understand us and are willing to work with us.”
FDIC Senior Counsel Mark Flanigan and several other senior FDIC officials, discussed with the Governor various scenarios under which the Territorial Bank of American Samoa (TBAS) may obtain FDIC insurance.
At a separate meeting, Assistant Secretary of the Treasury for Financial Institutions, Graham Steele, and other senior Treasury officials suggested various ways in which American Samoa might obtain federal technical assistance in its efforts to improve financial services in the territory.
Accompanying the Governor to the meetings were Attorney General Fainu’ulelei Falefatu Ala’ilima-Utu, Chief of Staff Loa Tuimavave Tauapai Laupola, Director of Commerce Director Petti Matila, and Papali’i David Cohen, a former banking law partner at Sidley Austin who helped arrange the meetings.
Also present at both meetings were Gretchen Sierra-Zorita, associate director for Puerto Rico and Territories for the White House Office of Intergovernmental Affairs; and Richard Stanton, legislative director for Congresswoman Uifa’atali Amata Radewagen.
