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Public commenters urge oversight, oppose SB 24-50 authorizing margin trading for Marianas Public Land Trust
Summary
Public commenters and an adviser urged the Senate Fiscal Affairs Committee to halt or subject Senate Bill 24-50 to oversight hearings, warning that authorizing margin accounts for the Marianas Public Land Trust could threaten beneficiaries’ corpus and citing concerns about the fund manager’s regulatory history.
Public commenters at the Senate Fiscal Affairs Committee hearing on Feb. 10 urged the committee to hold extensive oversight and public hearings before approving Senate Bill 24-50, which would authorize the Marianas Public Land Trust (MPLT) to engage in margin account transactions.
One public commenter told the committee that “margin account transactions are very complicated, and they stand to have a very big risk when the margin calls,” and urged trustees and legislators to avoid exposing the trust corpus to margin calls without fuller public review.…
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