It’s now up to the House of Representatives whether or not to approve a Senate bill that would raise the cap on local investments by the Retirement Fund from 17% to 60%.
Senators unanimously approved the bill in final reading yesterday. The bill has now been sent to the House for review.
In the House, 18 representatives have sponsored a bill which would require members of the Board of the Development Bank of American Samoa and the Board of the Hospital Authority to be confirmed by the House, as well as the Senate.
Currently, only Senate confirmation is required for members of these two government boards.
The main sponsor of the bill is Rep. Manumaua Wayne Wilson, a member of the DBAS Board.
This is the second time the bill has been introduced in the House. In the last session, it was passed by the House but rejected by the Senate.
According to the bill, since their inceptions, both the House and Senate created committees to provide oversight of the Development Bank and the only hospital in the territory.
However, confirmation of the decision makers of entities was only granted to the Senate.
The House therefore finds it prudent that board appointments be consented to by both houses of the Fono.
