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FSM Trust Fund Proposed Legislation Submitted

PALIKIR, Pohnpei (FSM Information Service): October 14, 1997 - President Jacob Nena, on October 6, 1997, transmitted to Congress Speaker Jack Fritz proposed legislation to appropriate $3.5 million for the FSM Trust Fund.

If enacted, it will create a new chapter 12 of title 55, in the FSM Code.

The Trust Fund, if enacted into law by the FSM Congress, will assist in funding the National Government after the year 2001, Nena said.

"While the bulk of money for this Fund will have to come from outside the FSM," Nena said, "we should first demonstrate our own seriousness by providing the seed money."

"We must start planning for tomorrow, rather than continuing to spend as if there were no tomorrow. I urge the Congress to act favorably on this proposal," the President concluded.