Guam - Legislation aimed at kicking the island's buy-local effort up a notch goes up for a public hearing Friday. Bill 194 introduced by Senator Michael San Nicolas sets to create an instrastate securities exchange.
He explained, "What we're looking at doing is maturing our capital markets that we can grow our private sector. Right now, if you want to get your business started or grow your business, it's really just your own money or a bank giving you a loan that's going to help you do that financially. This bill is going to create a local capital market where local businesses can sell their shares to local investors."
San Nicolas adds the exchange would function much in the same way a stock market does adding it helps local people invest in our community by allowing them to buy and trade securities such as stocks and bonds from local companies. The bill further authorizes GEDA to manage the exchange. The public hearing is set for Friday at 2pm.