To complement the six economic recovery measures introduced this morning, Republican senators James Moylan, Tony Ada, and Chris Duenas, are also filing the “Economic Recovery and Accountability Act of 2021” this afternoon. The legislation mandates that all funds from the American Rescue Plan be deposited into a special fund titled the Economic Recovery and Accountability Fund.
The legislation further requires monthly expenditure reports from the special fund to the legislative branch, which would be inclusive of the objectives of the expense, the names of vendors, names of hires, and if procurement were included, how the contract was awarded.
“With over $660 million being provided to Guam, it is critical that a more transparent structure be established in monitoring how these funds are being spent. As many of my colleagues can attest, there were and continues to be challenges in understanding how the monies from the CARES Act were spent. The American Rescue Plan provides more flexibility for state and territorial governments when it comes to expenditures, thus we can’t afford to allow these monies to be commingled with the General Fund,” stated Senator Moylan. “This legislation is about accountability,” he added.
This morning, Senators Moylan, Ada, and Duenas introduced a series of measures aimed at Economic Recovery. They included the following:
Bill 75-36 The measure increases the pay out from the RISE Act, from $800 to $1,000 for individuals and $1,600 to $2,000 for joint filers.
Bill 76-36 Establishes The Displaced Employee Workforce Incentive Act of 2021, to create private sector jobs through a grant program.
Bill 77-36 Establishes The Business Startup Incubation Act of 2021, to provide grants for the creation of new small businesses.
Bill 78-36 Establishes The Para I Publiku Act of 2021, which creates a $500 debit card program for island residents to spend at local business establishments.
Bill 79-36 Establishes The Guam Home Energy Assistance Program, which creates a local grant program to assist families with utility payments.
Bill 80-36 Establishes The Atkilón Guma’ Assistance Act of 2021, which creates a local grant program to assist families with rental payments.