The US senate has passed a measure that gives the American Samoa government the authority to issue bonds exempted from states and federal taxation.
The measure, already passed in the US House, is sponsored by Amreican Samoa's Congressman Faleomavaega Eni, in what he calls an effort to help boost the territory's economy.
Faleomavaega says bonds encourage economic investment in the territory and the measure will make American Samoa bonds more attractive to investors.
He says the measure will immediately save the government between 20 and 50 thousand US dollars a year in interest costs on municipal bonds.
