NOMINATIONS OF SUPREME COURT JUSTICES CABRET, SWAN AND HODGE APPROVED FOR SECOND TERM

ST. THOMAS—The Committee on Rules and Judiciary, chaired by Sen. Kenneth L. Gittens, convened, Monday at the Earle B. Ottley Legislative Hall, where they approved Justices Maria Swan, Ive Swan and Rhys Hodge to serve at the Supreme Court of the Virgin Islands. The Committee Chair explained that the process of vetting was necessary to ensure that nominees are “qualified and suitable” to serve the people of the Virgin Islands in a “fair and respectable” manner.

Legislators spoke highly of Justice Maria Cabret, whose nomination to serve an additional ten-year term on the bench of the Supreme Court of the V.I., was approved with a vote of 5 yes, 2 absent (Sens. Forde, James). “Your testimony shows your true character as you recognize all those persons who have helped you along the way and/or inspire you,” said Sen. Gittens. “You have not forgotten from whence or from who you came.”

 

COMMITTEE APPROVES BILL FOR INTERNATIONAL BANKING CENTER REGULATORY ACT

ACT

ST.THOMAS—The Committee on Finance, chaired by Sen. Clifford F. Graham met, Wednesday, at the Earle B. Ottley Legislative Hall, where they approved a measure relating to the International Banking Center Regulatory Act.

Bill No. 31-0489, sponsored by the Committee Chair,  was approved with a vote of 5 yes, 1 absent (Sanes), 1 not voting (Nelson).

“Recognizing that there was a moratorium on the [International Banking Entities], [we] couldn’t move forward,” he said. “I have authorship to any IBE bill, but the language before us was done by the Lieutenant Governor’s office in a way of trying to get IBE’s back up and running here in the Virgin Islands,” explained Sen. Graham. The measure changes the regulating entity from the Director of the Banking and Insurance Office of the Lieutenant Governor to the Virgin Islands Banking Board, increases the cost of application fees, requires a background check conducted by the Federal Bureau of Investigation, provides that any international financial services entity licensed after the effective date of the section must seek tax benefits through the Virgin Islands Economic Development Commission and other stipulations.

COMMITTEE APPROVES BILL FOR INTERNATIONAL BANKING CENTER REGULATORY ACT

ST.THOMAS—The Committee on Finance, chaired by Sen. Clifford F. Graham met, Wednesday, at the Earle B. Ottley Legislative Hall, where they approved a measure relating to the International Banking Center Regulatory Act.

Bill No. 31-0489, sponsored by the Committee Chair,  was approved with a vote of 5 yes, 1 absent (Sanes), 1 not voting (Nelson).

“Recognizing that there was a moratorium on the [International Banking Entities], [we] couldn’t move forward,” he said. “I have authorship to any IBE bill, but the language before us was done by the Lieutenant Governor’s office in a way of trying to get IBE’s back up and running here in the Virgin Islands,” explained Sen. Graham. The measure changes the regulating entity from the Director of the Banking and Insurance Office of the Lieutenant Governor to the Virgin Islands Banking Board, increases the cost of application fees, requires a background check conducted by the Federal Bureau of Investigation, provides that any international financial services entity licensed after the effective date of the section must seek tax benefits through the Virgin Islands Economic Development Commission and other stipulations.