Government of the Federated States of Micronesia

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.