PALIKIR, POHNPEI. May 28, 2021- The new 22nd Congress of the Federated States of Micronesia virtually convened on May 11, 2021, has extended the 20-day session for another week to address several outstanding nominations and passed the following measures on 2nd reading.
Beginning with Congressional Act (CA) 22-01, an act to de-appropriate & repurpose funds in the amount of $794,754 from the General Fund of the Federated States of Micronesia to provide supplemental funding for the operations of various departments and agencies of the FSM National Government.
Next is CA 22-05, a congressional act to amend title 29 of the FSM Code regarding the establishment of a domestic bank requiring a minimum capital stock of $1,000,000. Congress passed CA 22-05, further amending Title 29 to specifically state that no person or legal entity may subsequently acquire direct or indirect ownership or control of more than 2.5% of the voting shares of a domestic bank.
Through CA 22-02, is a congressional act to amend section 117, title 52 of Public Law 20-152 to exempt the Assistant Budget Officer of Congress from the Public Service System Act.
Two technical errors requiring the attention of Congress to address is CA 22-05 to correct a technical error in the numbering of the new section from 224C to 224D created by Public 21-170 regarding the procurement of computer equipment to protect the confidentiality of data of the legislative & judicial branches, rather than turning over equipment to the Department of Finance & Administration.
CA22-18 is a congressional act to amend Public Law No. 20-155, as amended by Public Law No. 20-177, by amending section thereof, for the purpose of changing the use offunds previously appropriated therein,to fund public projects and social programs for the people of State of Chuuk, and for other purposes.
The First Regular Session was originally for 20-days as prescribed by law, but due to issues that remained outstanding with the Body, the session was extended through Congressional Resolution CR22-18. Through the resolution, the session is now expected to adjourn Sine-Die on June 4, 2021. Unless a special session is earlier called by the Speaker, the next Regular Session of the Congress is scheduled for September 12, 2021.
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