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Hofschneider introduces bill to create CEDA
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Posted on Mar 12 2021
Jude U. Hofschneider
Senate President Jude U. Hofschneider (R-Tinian) has introduced a bill that will transform the Commonwealth Development Authority into the Commonwealth Economic Development Authority—the primary agency tasked with the economic development of the CNMI.
The creation of CEDA is one of the recommendations of the Governor’s Council of Economic Advisers, which says the economic development of the Commonwealth can best be served by a targeted approach aimed at the needs of the economy and providing CDA with the mandate and resources to support this effort.
Under Senate Bill 22-36 that Hofschneider prefiled Tuesday, CEDA will be empowered with this mandate of economic development, with the flexibility to pursue industries and investments that will strengthen the CNMI economy.
Hofschneider stated in the bill that the Commonwealth economy requires a renewed focus on economic development and diversification to provide jobs and economic opportunities. He said a targeted focus of a single government entity to plan for and implement efforts to cultivate a stronger, more diversified economy for the Commonwealth is necessary.
