FSM’s first Bankruptcy Law passes with reservations Germany’s Ambassador Weishaupt joins FSM’s diplomatic family James named President of the College of Micronesia Pre-trial diversion program geared towards minor violations FSM receives Hiroshima peace stone FSM urged UN body for more concrete actions for small islands developing states
Income tax incentive vetoed along with four others Palikir, POHNPEI (FSM Information Services) – President Joseph J. Urusemal has vetoed several measures transmitted by the Fourth Regular Session of the 13th Congress of the Federated States of Micronesia held in October 2004. Foremost among the President’s vetoes were two measures, the first (CA No. 13-70), proposed to create an income tax incentive for “large foreign corporations to incorporate in the FSM,” while the second (CA No. 13-74), aimed at expanding the duties of the Registrar of Corporations to include “ promoting and facilitating the formation of major corporations in the FSM.”
National elections set for next Tuesday Five more laws enacted from January session of Congress President Urusemal vetoes proposed modifications to judiciary qualifications EPIC convenes for decisions and updates on economic development President Urusemal calls for Special Session  Chinese Vice Minister of Foreign Affairs visits Pohnpei National elections maintains incumbents and denies changes to Constitution Congress overrides President’s vetoes Congress’s fifth regular session yields numerous measures Government transfers Capital utilities to PUC Office certifies results of National Elections