Guam - The first officers for the Governor's Council of Economic Advisors (CEA) were elected. Businessman Peter Sgro is the new chairman of the council, while President of the Chamber of Commerce David Leddy if the new vice chairman. The pair is tasked with guiding the team toward process improvement in the government and the development of several industries. The CEA is pursing an exemption from the Jones Act in an effort to lower the price of gas, electricity and the shipment of goods to the territory, as well as captive insurance industry development, and regulatory streamlining and process improvement.

Sgro states, "We're not going to hang our hats on the military buildup. The Governor was very clear about his economic policies. We are not to look at the buildup as the ‘be all end all' of our prosperity. So we're going to move forward with what we've got. And around the table, there are some very successful businessmen and women who believe there's a lot of untapped potential."

Leddy adds, "If we can produce wealth on Guam now by developing industries while the Governor is making our education system more robust and finding homes for more Guamanians, then we'll have seamless prosperity into the long term." 

The Governor created the council on March 21, 2011 through an Executive Order.