Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698749766917.pdf (Micronesia, Federated States of)
TWENTIETH CONGRESS OF THE FEDERATED STATES OF MICRONESIA SIXTH REGULAR SESSION, 2019 C.B.

NO.

20-279 A BILL FOR AN ACT To further amend section 210 of title 55 of the Code of the Federated States of Micronesia (Annotated), as amended by Public Law No.

19-149, to provide for a $100,000 threshold for foreign assistance before Congress approval to such foreign assistance is necessary, and for other purposes.

BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA: 1 Section 1.
Section 210 of title 55 of the Code of the 2 Federated States of Micronesia (Annotated) as amended by Public 3 Law No.

19-149, is hereby further amended to read as follows: “Section 210.

Foreign Financial Assistance.

(1) Definitions.


(a) “Agreement” shall refer to any agreement, understanding, covenant, compact, transacting or other agreement, in any form, entered into by and between an official of the National Government, or the National Government’s designee, and a foreign governmental entity, for the receipt or acceptance of financial assistance or aid, on behalf of any National or State governmental entity.
(b) “Foreign financial assistance” shall refer to currency, money, accounts or notes receivable offered as aid or assistance to the National Government of the Federated States of Micronesia, other than foreign aid or assistance received from the CBL 20-295 _______________________________________________________________________ C.B.

NO.

20-279 United States of America.
(c) “Foreign in-kind assistance” shall refer to any and all foreign assistance in the form of goods, services or other modes of assistance not covered under subsection (1)(b) hereof.

(2) Approval by Congress.

All foreign financial assistance including U.S. federally funded program grant awards under $100,000 do not require approval by Congress by resolution.

All [other] foreign financial assistance in [any] the amount of $100,000 or more requires approval by Congress by resolution.
The President shall submit any agreement for the acceptance or receipt of foreign financial assistance to the Congress no late than the first regular or special session congress convened immediately subsequent to the execution of such agreement, for approval by resolution.

(a) No such agreement shall be valid, and no funds may be received pursuant to such agreement, unless and until the requirements of this section have been met.
[Foreign financial assistance of up to $10,000 may be disbursed by the President in accordance with the terms and conditions of the assistance.]

(b) Should the Congress not approve such 2 of 5 _______________________________________________________________________ C.B.

NO.
NO.

20-279 agreement by resolution before the adjournment of the first regular session following the President’s submission of the agreement to Congress, that agreement shall be deemed disapproved.

(c) Any first time application for foreign financial assistance shall require the approval by Congress through a resolution.

(3) Foreign Assistance Fund.


There is hereby established within the National Treasury of the Federated States of Micronesia a Foreign Assistance Fund which shall initially consist of all unobligated balances of foreign assistance funds from the receding fiscal year, and all foreign assistance funds designated for the National government and made available beginning October 1, 1996.
Thereafter, the Department of Finance shall receive, maintain a complete record o, and where applicable, deposit all foreign financial assistance as defined in subsection (1) of this section into the Fund, pursuant to the Financial Management Act of 1979.
(a) The President or the President’s designee shall notify the Congress of the receipt of foreign financial assistance, the amount thereof in U.S. dollars, and, where applicable, the deposit or such assistance into the Fund, no later than the first 3 of 5 _______________________________________________________________________ C.B.

NO.

20-279 session of Congress, be it regular or special, convened subsequent to such receipt.
(b) Where the foreign financial assistance received is denominated in the form of goods or services, the President or the President’s designee shall notify the congress of the value thereof in U.S. dollars, and the designation where such goods have been delivered, or location of where such services have been rendered, no later that the first session of the Congress convened subsequent to such receipt.

(4) Development of Fund – Duties of the Department of Finance.
The Division of Investment Management of the Department of Finance shall, upon approval of the President and in cooperation with the Department of Foreign Affairs, actively seek foreign assistance funding, foster productive use of foreign assistance, and produce reports on the acquisition, use, expenditure of, and fiscal obligations attendant upon, foreign assistance available to or received by the National Government of the Federated States of Micronesia.

(5) Reports.
(5) Reports.

No later than April 1 of each year, the President shall submit to the Congress a report on the status of the Foreign Assistance Fund, which report shall include: 4 of 5 C.B.

NO.
NO.

20-279 _______________________________________________________________________ (a) a complete and accurate accounting of all foreign financial assistance received; (b) a complete and accurate record of the manner in which the foreign financial assistance was distributed as among and between the States and the National Government; and (c) whether such distribution comports with the provisions of article XII, section 1(b) of the Constitution.” 10 Section 2.
This act shall become law upon approval by the 11 President of the Federated States of Micronesia (Annotated), as 12 amended, or upon its becoming law without such approval.

13 14 Date: 1/17/19 Introduced by: /s/ Esmond B. Moses Esmond B. Moses of 5