Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698744518055.pdf (Micronesia, Federated States of)
FIFTEENTH CONGRESS OF THE FEDERATED STATES OF MICRONESIA SECOND REGULAR SESSION, 2007 C.B.

NO.

15-62 A BILL FOR AN ACT Providing for the appointment of the FSM representatives to the Joint Economic Management Committee and the Joint Trust Fund Committee in accordance with the Compact of Free Association, as amended, between Federated States of Micronesia and the United States, and for other purposes.
BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA: Section 1.

Definitions.

When used in this Act: (1) 'Compact' means the Compact of Free Association, as amended, and its related agreements, entered into by and between the Government of the Federated States of Micronesia and the Government of the United States, as ratified on May 26, 004.

(2) 'JEMCO' means the Joint Economic Management Committee established pursuant to the Compact.
(3) 'JEMCO Member' means a voting member representing the Federated States of Micronesia on JEMCO.

(4) 'National Government' means the National Government of the Federated States of Micronesia.

(5) 'State' means a state of the Federated States of Micronesia.

(6) 'Trust Fund Committee' means the Joint Trust fund Committee established pursuant to the Compact.” Section 2.

Appointment and Terms for JEMCO Representatives.


(1) The President shall appoint, with the advice and consent of Congress, two JEMCO Members; CBL 15-63 C.B.

NO.

15-62 (a) One member shall be appointed by virtue of his or her position within the National Government; and (b) The other member will be appointed by the President from a list of four nominees, one nominee per a state governor.
(2) Members shall be appointed with consideration given to their knowledge of finance, accounting and economic principles and written and verbal communication skills.

(3) The JEMCO Representatives must be citizens of the FSM.

(4) JEMCO Members shall serve a two-year term, or such other term as may be provided in the Compact.

Term shall commence from the date of confirmation by Congress and ends when respective replacements are qualified and confirmed.
(5) A JEMCO member may be re-appointed for another consecutive term, but not more than two consecutive terms.

(6) The National Government will be responsible for the cost of the representatives' participation in all JEMCO meetings.

(7) The President may designate temporary substitute for any of the two representatives in the event of temporary incapacity.

The President can also designate 2 of 4 C.B.

NO.

15-62 1 2 temporary JEMCO representatives.

Section 3.
Section 3.

Appointment and Term of Office for Joint Trust 3 Fund Committee Representatives.
The two representatives for the 4 FSM Government to the Joint Trust Fund Committee Pursuant to Part 5 III Article 7 of the Trust Fund Agreement of the Compact of Free 6 Association, as amended, shall be selected as follows: (1) One will appointed by the President from a position within the FSM National Government related to law or finance, and the other one will be from the private sector with at least five years of working experiences in financial management and investment.
Both appointments require advice and consent of the Congress.

Both representatives will serve for a term of three years each and can be reappointed to offices for not more than two consecutive terms.

Both must be citizens of the FSM during their terms of office.

(2) The FSM National Government will be responsible for the costs of the representatives' participation in all Trust Fund activities.
The President can designate a temporary substitute for either of the representatives in the event of temporary incapacity.

Section 3.

Effective Date.

This Act shall become law upon 3 of 4 C.B.

NO.

15-62 1 approval by the President of the Federated States of Micronesia, 2 or upon its becoming law without such approval.

3 4 Date: 9/17/07 Introduced by: /s/ Joe N. Suka Joe N. Suka (by request) 4 of 4