Senator Michael F.Q. San Nicolas Chairman - Committee on Finance & Taxation, General Governn1ent Operations, and Youth Development I fv1ina'trentai Tres Na Liheslaturan Gu11J1an I 33rd Guam Legislature OCT 1 G 2015 The Honorable Judith T. Won Pat, Ed.D. Speaker -:> _, I Mina 'Trentai Tres na Liheslaturan Guahan ' 155 Hesler Place Hagatna, Guam 9691 0 VIA: 1be Honorable Rory J. Respicio Chairman Committee on Rules, Federal, Foreign & Micronesian Affairs, Human & Natural Resources, Election Reform, and Capitol District RE: Committee Report on the Nomination of Edelfrida A. Ada Dear Speaker Won Pat, Hafa adai1 Transmitted herewith is the Committee Report for the nomination of Edelfrida A. Ada to serve as a Member of the Guam Banking and Insurance Board, for a term of six (6) years. Committee votes are as follows: TO CONFIRM TO NOT CONHRM TO REPORT OUT ONLY TO ABSTAIN TO PLACE IN INACTIVE FILE M COLAS DNA Building, 238 Archbishop Flores St. Suite 407 Haga ma, Guam 96910 (671) 472 - 6453 I [email protected] I www.senatorsannicolas.com Senator Michael F.Q. San Nicolas Chairn1an -Conunittee on Finance & Taxation, General Government Operations, and Youth Develop1nent I Jv1ina'frtntai Tres Na Lihi:>slaturan Cu1ihan I 33rd Guan1 Legislature COMMITTEE REPORT Nomination of EDELFRIDA A. ADA As a Member of the Guam Banking and Insurance Board for a Term of Six (6) Years DNA Building, 238 Archbishop Flores St Suite 407 Haga ma, Guam 96910 (671) 472- 6453 I [email protected] I www.senatorsannicolas.com Senator Michael F.Q. San Nicolas Chairman - Co1nn1ittee on Finance & Taxation, General Govemn1ent Operations, and Youth Developn1ent I A-1ina'trentai Trcs Na Lihcslahlran Gu1lhan ! 33rd Guam Legislature OCT 1 9 2015 MEMORANDUM TO: All Members Committee on Finance & Taxation, General Government Operations, and Youth Development RE: Committee Report on the Nomination of Edelfrida A. Ada Hiifa adai! Transmitted herewith is the Committee Report on the nomination of Edelfrida A Ada to serve as a Member of the Guam Banking and Insurance Board. This report includes the following: • Vote Sheet • Committee Report Digest • Copy of Appointment Letter to the Speaker • Copy of Appointment Packet and Supporting Documents • Public Hearing Sign-in Sheet • Written Testimonies • Copy of COR Referral of Appointment • Notices of Public Hearing • Copy of the Public Hearing Agenda Please take the appropriate action on the attached vote sheet. Your attention to this matter is greatly appreciated. Should you have any questions or concerns, please do not hesitate to contact my office. Respectfully, OLAS DNA Building, 238 Archbishop Flores St. Suite 407 Haga ma, Guam 96910 (671) 472 - 6453 I [email protected] I www.senatorsannicolas.com Senator Michael F.Q. San Nicolas Chairman - Con1mittee on Finance & Taxation, C;eneraI Govem1nent Operations, and Youth f)evelopnient 1 !v1ina'trentai Tres Na Lilwslaturan Gu1lhan I 33ro Gua1n Legislature COMMITTEE VOTE SHEET Nomination of EDELFRIDA A. ADA POSITION: Member, Guam Banking and Insurance Board LENGTH OF TERM: Six (6) Years SIGNATURE TO TO PLACE ABSTAIN IN INACTIVE FILE Senator Michael F.Q. San Nicolas Chairman ................... ···iI Senator Mary C. Torres Vice Chainnan I Speaker Judith T. Won Pat, Ed.D. Member Vice Speaker Benjamin J.F. Cruz Member ·-------------·----·--·-----~---=------rt-l\flfh.L.---J>'--cf-----1----+---+-­ Senator Tina R. Mufta Barnes Member Senator Rory J. Respicio Member Senator Thomas C. Ada Member Senator Dennis G. Rodriguez, Jr. Member Senator James V. Espaldon Member ON A Building, 238 Archbishop Flores St Suite 407 HagatJ1a, Guam 96910 (671) 472 - 6453 I senatorsannicolas@grnaiLcorn I www.senatorsannicolas.com Senator Michael F.Q. San Nicolas Chairman - Committee on Finance & Taxation, General Governn1ent Operations, and Youth [)evelopment I /\11in.a'trenta1· Tres Na Lihesl1-1turan c;u,JJ1.an I 33rd Guan1 Legislature COMMITTEE REPORT DIGEST I.OVERVIEW The nomination of Edelfrida A. Ada to serve as a Member of the Guam Banking and Insurance Board, for a tenn of six (6) years. was made by Governor Edward J.B. Calvo on July 9, 2015. The nomination package was received by the Otlice of Speaker Judith T. Won Pat, Ed.D., on July I 0, 2015, and was subsequently refened by the Committee on Rules to the Committee on Finance & Taxation, General Government Operations, and Youth Development on July 10, 2015. The Committee on Finance & Taxation, General Government Operations, and Youth Development held a public hearing on September 15, 2015, in I Liheslatura's Public Hearing Room. Among the items on the hearing agenda was the nomination ofEdelfrida A. Ada to serve as a Member of the Guam Banking and Insurance Board. The hearing convened at 2:05 p.m. and was adjourned at 2:45 p.m. Public Notice Requirements Public Hearing notices were disseminated via electronic mail to all senators and all main media broadcasting outlets on September 8, 2015, and again on September 11, 2015. Notice was also posted on I Lihes!atura's website beginning on September 8, 2015. Senators Present Senator Michael F.Q. San Nicolas, Committee Chairman Senator Mary C. Tones, Committee Vice Chairwoman Senator Nerissa B. Underwood, Ph.D., Committee Member Oral Testimonv Edeliiida A. Ada, Nominee Marie Benito, Deputy Director, Department of Revenue and Taxation John Carlos, Department of Revenue and Taxation Written Testimony Marie Benito, Deputy Director, Department of Revenue and Taxation John Carlos, Department of Revenue and Taxation II. TESTIMONY & DISCUSSION Chairman Michael San Nicolas convened the hearing on the nomination of Edelfrida Ada. He called the first panel forward, including Ms. Ada, to provide testimony. Ms. Marie Benito read from a prepared statement (see attached). She spoke in favor of the nomination and mentioned the personal and professional relationship they have. Ms. Benito stated that the nominee's experience in the areas of insurance and banking, and her past service on the Board, will be beneficial for another tenn. DNA Building, 238 Archbishop Flores St Suite 407 Hagali\a, Guam 96910 (671) 472 - 64531 [email protected] I www.senatorsannicolas.com Mr. John Carlos submitted written testimony and spoke in support oftbe nomination. He pointed to the nominee's experience in the banking and insurance division at the Depanment of Revenue and Taxation. He stated that she was very helpful when he first began at the Department. Mr. Carlos stated that Ms. Ada, altbough retired. is still very knowledgeable with consumer issues which help the Depanment. Ms. Edelfrida Ada stated that she was humbled to be nominated for another term. She mentioned that she was passionate about the work she does and thanked the Committee for conducting the hearing. Senator Nerissa Underwood thanked the nominee for accepting the nomination. She stated that being part of a government board is community work that requires lots of time and dedication. She asked what issues would be addressed in the new Board. Ms. Ada stated that she is open to addressing any issues that may come before the Board but is still interested in working on many of the current issues pending. Senator Underwood asked what challenges, if any, were experienced in the previous tenn. Ms. Ada stated that several issues were addressed during the term including the hiring ofcertitied financial examiners to conduct examinations of insurance companies in Guam, questions about the licensing of federal credit union ATMs, and the approval of large insurance companies to be licensed in Guam. Chairman San Nicolas spoke about the nominee's work experience in the division that the Board oversees. He asked if there were things that she would change within the division based on her experience. Ms. Ada suggested that laws regulated by the Board and carried out by the division be updated. She said that there have been many improvements but many issues still need to be addressed. She mentioned the inadequate number of employees and advocated that more be hired. Chairman San Nicolas spoke about his past experiences working with the banking and insmance division. He stated that the hanking and insurance industries play an important role in the economic development of the island. Chainnan San Nicolas mentioned that much of the infrastructure to improve operations already exists but other things need to fixed, especially existing laws. to allow for maximum benefit. However, he cautioned that any changes to existing law mnst be carefully examined as the banking and insurance industries are heavily regulated. He stated that the nominee's institutional knowledge will he invaluable for another teim and expressed his suppon for the nomination before concluding the hearing. III. FINDINGS AND RECOMMENDATIONS The Committee on Finance & Taxation, General Government Operations, and Youth Development hereby reports out the nomination of Edelfrida A. Ada to serve as a member of the Guam Banking and Insurance Board, for a term of six ( 6) years, with the recommendation t4'.l EOl>IF HAZA CALVO (;1irerru1r RA\' TENORIO L1eu1.:non1 (,1't11-erl!1ir Honorable Judith T. Won Pat, Ed.D. Speaker I !vli1111'tre11tai Tres Na Liheslt1111rm1 G11ifhan 155 Hesler Street Hagatfta, Guam 96910 RE: Board Appointment Dear Madame Speaker: \ By virtue of the authority vested in me pursuant to the Organic Act of Guam and the local laws applicable to the following position, lam pleased to transmit the following appointment and supporting documents for: APPOINTEE: Edelfrida A. Ada POSITION: Member, Guam Banking and Insurance Board TERM LENGTH: Six (6) years TERM SERVED: May h, 2013 to May 5, 2019 The appoinhnent is subject to the consent ol I Li/1es/11t11rm1 C11i/ha11. Please schedule a hearing at your earliest convenience . .Sen sern rue 1rt t!, IE BAZA.// CAL VO~ 0 /.)-1/)-{J(iJD ,5 Oflirc of thl' '-P";1J.cr .J1uli1h r. \\ 1111 Pat. [,I.I> 0608 P_t >. H~·x _'.'J~O • fL1g~1tnJ, t 1t1.Hn (/f191~ I.._·!· 1_ (l) I J .rr:> ~:·J 31 • } -,t\ 1_6 7 ! ) -f? 7- -P(;6 • ~:11\ i:n11 ir ~u:nn ~·u\· • -.-.1k·nd;u ~'.tt:l!1l .f!O\ EDDIE BAZACAtVO Governor RAY TENORIO Lie11re1u1nt Governor JUL O9 2015 Ms.