Governor Lemanu Peleti Mauga has established a new agency of the American Samoa Government called the American Samoa Innovation Authority.
It will oversee the State Small Business Credit Initiative (SSBCI), for which American Samoa may potentially receive more than $50 million from a funding pool of $10 billion to states, Territories, District of Columbia and tribal governments.
According to the Governor’s April 3 executive order, the Department of Commerce (DOC) plans to oversee the implementation of the SSBCI program through funds that will be established as a series of wholly-owned subsidiaries of a semi-autonomous agency of the American Samoan Government (ASG).
“There is a need for a semi-autonomous agency that can oversee the implementation and administration of the SSBCI programs on behalf of DOC, with the ability to act at the speed of business to ensure timely transactions and meet industry expectations,” states the order.
The American Samoa Innovation Authority (ASIA) is established within the Executive Branch and shall exist as a semiautonomous agency of ASG, governed by a five-member board known as the ASIA Board.
The Director of Commerce will serve as a member and chairperson of the ASIA Board. Additional members of the board will be:
a. ASG Treasurer;
b. ASG Director of Planning and Budget;
c. Two members from the private sector with specialized knowledge and skill in the areas of finance, investing, or economic development appointed by the Governor or Governor’s designee for two-year terms.
Among functions of the Board is to appoint an Assistant Director, or Deputy Director, of the Department of Commerce as Executive Director to manage the authority.
The executive order shall take effect immediately, and will remain in effect until rescinded.
