§1911 Compensatory Adjustments

Summary

Make certain U.S. federal programs available to the Federated States of Micronesia (FSM) and the Marshall Islands. That includes services from the Federal Deposit Insurance Corporation, Small Business Administration, Economic Development Administration, Rural Electrification Administration, Job Partnership Training Act programs, Job Corps, and Department of Commerce programs for tourism and marine resources, in addition to programs already listed under the Compact. Create two Investment Development Funds, one for FSM and one for the Marshall Islands, run by those governments with U.S. consultation. For fiscal 1986, authorize $20,000,000 for FSM (backed by the full faith and credit of the United States) with $12,000,000 available in the first full fiscal year after the Compact takes effect and $8,000,000 in the third full fiscal year; and $10,000,000 for the Marshall Islands with $6,000,000 in the first full fiscal year and $4,000,000 in the third. These sums are additional to amounts in Articles I and III of Title Two and are counted with the sums in section 236. The President may create a Board of Advisors to guide the Funds under agreements with the two governments. FSM and the Marshall Islands may send reports to Congress about any financial or economic harms from Title IV’s effect on Title Two. For fiscal years after September 30, 1990, Congress may appropriate up to $40,000,000 for FSM and up to $20,000,000 for the Marshall Islands to offset such harms. If any of that money is not spent by the end of the Compact’s initial fifteen-year term, the remaining amount may still be appropriated and divided between the two governments based on their showing of harm.