FDA Proposed Legislation
PALIKIR, Pohnpei (FSM Information Service): April 16, 1997 - Acting President Jacob Nena transmitted to Congress Speaker Jack Fritz on April 4, 1997, a proposed legislation for a favorable consideration of Congress.
The purpose of the proposed bill is to continue the role of Federal Development Authority (FDA) for the purpose of fulfilling its secondary role in administration of Investment Development Fund (IDF) including approval of new loans, amend existing loans, amend lending guidelines and take other actions necessary in the proper functioning of the IDF.
The IDF's enabling legislation must be amended to be consistent with its present existence. The bill is proposed based on the theory that the National Government may unilaterally reconstitute the FDA for the purpose of supervision.
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