SAIPAN — CNMI House leaders are pressing the Marianas Public Land Trust to approve a $29 million loan for retiree pensions now, arguing Public Law 24-13 already gives trustees the authority and indemnification to proceed. They warn that delays could shrink the working budget and create pressure on pension payments.
Speaker Edmund S. Villagomez said the law was crafted for both flexibility and constitutional safeguards: “Public Law 24-13 gives MPLT every legal tool it needs to complete this transaction responsibly. The Trustees do not need another law—they need to exercise prudence and uphold the fiduciary duty imposed by Article XI of our Constitution.”
Ways and Means Chair John Paul Palacios Sablan said the holdup is a decision, not authority. “PL 24-13 is the authority. The Trustees can complete the $29 million loan today. What we will not do is legislate a shortcut that shifts risk from fiduciaries to taxpayers.”
House Floor Leader Marissa R. Flores framed the choice as execution versus new bills. “Everyone wants retirees paid and the Commonwealth fiscally stable. But stability comes from discipline, not shortcuts. MPLT has the authority—what’s needed now is careful execution.”
Committee chairs cautioned that adding “margin” language by statute is unnecessary and could dilute accountability. Rep. BJ Attao said, “The Legislature already acted decisively through Public Law 24-13. What’s being asked for now is not authority but insulation—and that’s not our role to provide.” Rep. Vincent R. Aldan added, “The prudent-investor rule allows MPLT to use short-term liquidity tools within reason. Writing margin authority into statute doesn’t add protection—it only dilutes accountability if markets turn.”
Rep. Joel C. Camacho called claims that new legislation is required “unfounded.” He said, “Public Law 24-13 already authorizes the loan, specifies repayment, and indemnifies the Trustees. Any claim that MPLT cannot proceed without new legislation is unfounded.”
Leaders said proposals like HB 24-68 may signal uncertainty but do not change the bottom line: trustees already have what they need. They argue more legislation now would slow execution, shift risk to taxpayers, and increase the likelihood of a leaner CNMI budget with consequences retirees could feel first.
