Advancing Discussions on Tax Benefits for Territories During AG Utu's Visit to DC

Statement

Congresswoman Uifa'atali Amata's congressional office welcomed Attorney General Fainu'ulelei Falefatu Alailima-Utu; former DOI/OIA Assistant Secretary Papali'i David Cohen; and Director Robert Ho Chee, State Small Business Credit Initiative, American Samoa Government, to her Washington, D.C., office June 15 and 16 for working sessions.

They conducted several meetings with key Congressional offices to deliver Governor Lemanu P.S. Mauga's message of concern for our community, both individuals and small businesses, that will result from the loss of its only FDIC-insured bank when ANZ departs, scheduled for September 30 this year.

"Having a stable, federally insured institution is essential for every community," said Congresswoman Aumua Amata. "The FDIC gives confidence to depositors, so we are educating key oversight Members of Congress on the resources and tax committees to make sure they have the information. I appreciate Attorney General Utu bringing direct experience and knowledge to explain the facts on the ground to these decision-makers. These meetings were very valuable to the process, and I appreciate the Attorney General and the Governor for sending an emissary to work together to solve and improve our community's banking needs, so all the households and businesses in our community can have confidence in their banking options."

On Wednesday, Congresswoman Amata's senior staff and Attorney General Utu met with Senate Chairman Joe Manchin's staff director for the territories and had a productive discussion. They recognize that upcoming legislation this Fall could provide the possibility of tax incentives to attract an FDIC bank to consider our market.

Congresswoman Amata's senior staff and the Attorney General also met with Congresswoman Plaskett's Director of Legislation about banking and tax issues. They further met with Congressman Blaine Leutkemeyer on the House Banking Committee, and Department of Interior Office of Insular Affairs Director Nikolao Pula.

"I want to thank Congresswoman Stacey Plaskett, representing USVI, as I support her great efforts in advancing tax benefits legislation for the territories in her key role for all of us on the House Ways and Means Committee," concluded Amata.

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