President Manny Mori has vetoed Congressional act 18-73, which would amend the provisions of the FSM (Federated States of Micronesia) Trust Fund Law. The details of the amendment seeks to establish a board and its responsibilities such as removal provisions of board members, appoint representatives from the 4 states, conflict of interest provisions, and reappointment eligibility.
The original purpose of the FSM trust fund which was stated in public law number 10-150 was specifically to assist the FSM in meeting its budgetary requirement or shortfall. The primary reason the president vetoed the bill is he proposed changes. He proposed that it should include a provision where the president has power to have immediate access in case of natural disasters such tsunami and earthquake.
President Mori also stated that the FSM national government should at least have a majority on the board so as to protect the interest of the primary contributor, the national government. The FSM national government is the only contributor to the fund, providing 100% of the funds. Yet the proposed amendment seeks to have a representative from each of the 4 states which would make the states the majority group.
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