By Bernadette H. Carreon
Horizon news staff

Nine governors requested House of Delegates Speaker Augustine Mesebeluu and Senate President Johnny Reklai to consider the proposed piece of legislation of President Remengesau which will give more teeth to the Financial Institution Act.
The letter signed by Governors Demei Obak, Akiko Sugiyama, Masasinge Arurang, Laurentino Ulechong, Edwin Chiokai, Victoria Kanai, John Skebong, Browny Salvador and Yositaka Adachi.
"We, the undersigned governors hereby request that you favorably consider the bill sponsored by the president of the Republic of Palau to amend the FIA to include the authority of the receiver of insolvent banks including the Pacific Saving Bank to manage such insolvent banks so that the receiver may consider and exercise their options toward the full recovery of our state deposits," the letter said.
Earlier the Senate Committee on Ways and Means and Financial Matters proposed major changes and policy decision to the Financial Act of 2001.
The bill is pending at the Olbiil Era Kelulau.
Senate Bill No. 7-25, SD1 is to clarify the scope of powers of the Financial Institution Commission relative to other offices and agencies of the national government.
The proposed measure is also aimed at modifying the required qualifications of and procedure for appointing members of the FIC, facilitate efforts to detect, prevent and redress illicit financial transactions.
The president introduced the bill which will create a right for the liquidating leadership to be converted to a managing or operating receivership.