Flashback November 29, 1999-2001

Lack of quorum delays approval of CIP money[/B]

Due to lack of quorum, the House of Representatives failed to pass several key appropriation measures during its session Friday, including legislation that will set aside funding for capital improvement projects under the forthcoming $60 million bond float.

Only 13 representatives were present during the session—the first conducted by the 18-member House since the Nov. 6 midterm elections—short of the required 14 votes for appropriation bills.

Reps. Frank G. Cepeda, Jose A. Hocog, Dino M. Jones, Max Timmo Olopai, and Herman T. Palacios were absent during the whole-day session that was called specifically For the legislation setting aside funds generated from the recent bank loan under a CIP financing scheme approved earlier by lawmakers.
[B] November 29, 2000

FSM bank opens lending branch[/B]

Fresh capital is expected to flow into the economy following the entry to the local financial sector of the Bank of the Federated States of Micronesia, which gears at providing both commercial and personal loans to CNMI businesses and consumers.

While the bank is initially opening its doors strictly to engage in lending activities, BFSM president Thomas Riefe disclosed future plans include providing full service banking on Saipan depending on the turnout of the Loan Production Office’s operation in the next one to two years.

Gov. Pedro P. Tenorio yesterday expressed relief over what appears to be strong indications that business confidence in the Northern Marianas is beginning to build up following years of economic upheavals.

Mr. Tenorio aired his optimism over the turnaround of the NMI economy before bankers and finance managers during the opening of the Bank of Federated States of Micronesia’s branch in Susupe, Saipan yesterday morning.

“It is our hope that your decision to expand here is a sign of your confidence in the CNMI economy. Here in the Commonwealth, we are working on a number of initiatives that are significant to our financial standing,” the governor told officials of the BFSM.

Tinian shuts door for Taliban[/B]

The federal government will have to allocate millions of dollars in additional funds for its military activities in the CNMI if plans to use Tinian as holding area for arrested terror suspects push through.

Aside from the grave damage it will cause the Commonwealth’s tourism industry, Tinian also lacks the necessary facilities to hole up and prosecute members of the Taliban and the Al-Qaida Network.

Marianas Visitors Authority Board Member JM Guerrero said it is logistically difficult for the federal government to detain the suspected terrorists on Tinian, in case Guam balks at suggestions to hold them on the island-territory.

Worried over the increasingly militant voices at the Senate regarding military activities in the Farallon de Mendinilla, the Saipan Chamber of Commerce yesterday sent an emissary to the upper chamber to secure its assurance over the continuation of the bombing exercises on the island.

Mike Shaddeck, chairman of the chamber’s military affairs committee, briefly called on Senate President Paul A. Manglona yesterday morning and managed to secure a promise for the approval of a resolution that would signify the Senate’s support for military activities on Farallon de Mendinilla.