The Official Website of Congresswoman Madeleine Z. Bordallo

Bond Bank Bill Receives Positive Response at Annual IGIA Meeting

FOR IMMEDIATE RELEASE—February 28 , 2007– Washington, D.C. –

During the 2007 Plenary Session of the President’s Interagency Group on Insular Areas (IGIA) today, Congresswoman Madeleine Z. Bordallo’s recently introduced bond bank bill received positive feedback from the territorial governors and federal officials.

H.R. 1075, introduced on February 15, 2007, would establish a United States Territories Infrastructure Bond Bank to finance infrastructure improvements in Guam and the other U.S. territories.

“The Government of Guam’s ability to borrow money on the bond market to finance improvements in public infrastructure is limited. I recently introduced legislation with the support of Congresswoman Donna Christensen, the Chairwoman of the Subcommittee on Insular Affairs within the Committee on Natural Resources, to establish a United States Territories Infrastructure Bond Bank,” Congresswoman Bordallo said to IGIA members. “This legislation, H.R. 1075, is in line with the bond bank concept that has been previously evaluated by the IGIA. I encourage the IGIA to embrace this legislation and to work to secure support from the Office of Management and Budget for its enactment into law.”

Congresswoman Bordallo also requested that the IGIA concentrate on two other specific items this year: the extension of federal workforce investment assistance and job training programs to Guam and the implementation of a cost-sharing arrangement between the federal government and the Government of Guam in financing the payment of the Earned Income Tax Credit (EITC).

“The treasuries of Guam and the Virgin Islands are obligated to refund to taxpayers the EITC despite the fact that our local governments do not collect FICA taxes…the territorial treasures cannot financially sustain these federal tax obligations without an undue impact to their budgets and cash flow,” Congresswoman Bordallo said before members of the IGIA. “The IGIA should work with the Department of the Treasury and the governments of Guam and the Virgin Islands to implement a fair and consistent policy of shared federal and territorial responsibilities for administering the EITC in a manner similar to that which has been agreed upon for the payment of the Additional Child Tax Credit.”

The meeting today was also attended by Governor Felix P. Camacho, Governor Togiola Tulafono and Congressman Eni F.H. Faleomavaega of American Samoa, and Governor John deJongh Jr. and Congresswoman Donna M. Christian-Christensen of the U.S. Virgin Islands. Lynn Scarlett, Deputy Secretary of the Department of the Interior, and David Cohen, Deputy Assistant Secretary of Interior for Insular Affairs, both presided over today’s meeting.

Joint Guam Program Office Director Maj. Gen. David Bice (USMC Ret.) delivered a comprehensive presentation at today’s meeting on the realignment of U.S. military forces to Guam. Governor Camacho and Congresswoman Bordallo both emphasized the need for coordinated interagency collaboration within the federal government to support the development of Guam’s infrastructure and to support concurrent civilian planning.

The IGIA coordinates federal policy toward Guam, American Samoa, the U.S. Virgin Islands and the Commonwealth of the Northern Mariana Islands (CNMI). Membership is comprised of the heads of each department in the executive branch and the heads of other agencies that the Secretary of the Interior designates. The IGIA is responsible for identifying issues that affect the insular areas and recommending appropriate action to the President and other officials to take regarding those issues. Over 20 federal departments and agencies were represented at today’s meeting.

Congresswoman Madeleine Z. Bordallo addresses members of the President’s Interagency Group on Insular Areas (IGIA) today in Washington D.C. She is joined by Congressman Eni Faleomavaega of American Samoa (left) and Congresswoman Donna Christian-Christensen of the U.S. Virgin Islands (right). Governor Felix P. Camacho (foreground) takes notes during Congresswoman Bordallo’s remarks.

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Contact: Joseph E. Duenas in Washington, D.C. at 202-225-1188 or Cathy Gault at 671-477-4272/4

joseph.duenas@mail.house.gov or cathy.gault@mail.house.gov

www.house.gov/bordallo

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