text: SECTION 1. CHIEF FINANCIAL OFFICER OF THE VIRGIN ISLANDS.
  
      (a) Appointment of Chief Financial Officer.--
              (1) In general.--The Governor of the Virgin Islands shall 
          appoint a Chief Financial Officer, with the advice and consent 
          of the Legislature of the Virgin Islands, from the names on the 
          list required under section 2(d). If the Governor has nominated 
          a person for Chief Financial Officer but the Legislature of the 
          Virgin Islands has not confirmed a nominee within 90 days after 
          receiving the list pursuant to section 2(d), the Governor shall 
          appoint from such list a Chief Financial Officer on an acting 
          basis until the Legislature consents to a Chief Financial 
          Officer.
              (2) Acting chief financial officer.--If a Chief Financial 
          Officer has not been appointed under paragraph (1) within 180 
          days after the date of the enactment of this Act, the Virgin 
          Islands Chief Financial Officer Search Commission, by majority 
          vote, shall appoint from the names on the list submitted under 
          section 2(d), an Acting Chief Financial Officer to serve in 
          that capacity until a Chief Financial Officer is appointed 
          under the first sentence of paragraph (1). In either case, if 
          the Acting Chief Financial Officer serves in an acting capacity 
          for 180 consecutive days, without further action the Acting 
          Chief Financial Officer shall become the Chief Financial 
          Officer.
      (b) Transfer of Functions.--
              (1) In general.--Upon the appointment of a Chief Financial 
          Officer under subsection (a), the functions of the Director of 
          the Office of Management and Budget established under the laws 
          of the Virgin Islands shall be transferred to the Chief 
          Financial Officer. All employees of the Office of Management 
          and Budget become employees of the Office of the Chief 
          Financial Officer.
              (2) Documents provided.--The heads of each department of 
          the Government of the Virgin Islands, in particular the head of 
          the Department of Finance of the Virgin Islands and the head of 
          the Internal Revenue Bureau of the Virgin Islands shall provide 
          all documents and information under the jurisdiction of that 
          head that the Chief Financial Officer considers required to 
          carry out his or her functions to the Chief Financial Officer.
      (c) Duties of Chief Financial Officer.--The duties of the Chief 
  Financial Officer shall include the following:
              (1) Assume the functions and authority of the office of the 
          Office of Management and Budget established under the laws of 
          the Virgin Islands as transferred under subsection (b).
              (2) Develop a report on the financial status of the 
          Government of the Virgin Islands not later than 6 months after 
          appointment and quarterly thereafter. Such reports shall be 
          available to the public and shall be submitted to the Committee 
          on Resources in the House of Representatives and the Committee 
          on Energy and Natural Resources in the Senate.
              (3) Each year certify spending limits of the annual budget 
          and whether or not the annual budget is balanced.
              (4) Monitor operations of budget for compliance with 
          spending limits, appropriations, and laws, and direct 
          adjustments where necessary.
              (5) Develop standards for financial management, including 
          inventory and contracting, for the government of the Virgin 
          Islands in general and for each agency in conjunction with the 
          agency head.
              (6) Oversee all aspects of the implementation of the 
          financial management system provided pursuant to section 3 to 
          ensure the coordination, transparency, and networking of all 
          agencies' financial, personnel, and budget functions.
              (7) Provide technical staff to the Governor and legislature 
          of the Virgin Islands for development of a deficit reduction 
          and financial recovery plan.
      (d) Deputy Chief Financial Officer.--Until the date that is 5 years 
  after the date of the enactment of this Act, the position of the 
  Director of the Office of Management and Budget of the Virgin Islands 
  shall--
              (1) have the duties, salary (as specified in subsection 
          (f)(3)), and other conditions of the Deputy Chief Financial 
          Officer in lieu of the duties, salary, and other conditions of 
          the Director of the Office of Management and Budget of the 
          Virgin Islands as such functions existed before the appointment 
          of the Chief Financial Officer; and
              (2) assist the Chief Financial Officer in carrying out the 
          duties of the Chief Financial Officer.
      (e) Conditions Related to Chief Financial Officer.--
              (1) Term.--The Chief Financial Officer shall be appointed 
          for a term of 5 years.
              (2) Removal.--The Chief Financial Officer shall not be 
          removed except for cause. An Acting Chief Financial Officer may 
          be removed for cause or by a Chief Financial Officer appointed 
          with the advice and consent of the Legislature of the Virgin 
          Islands.
              (3) Replacement.--If the Chief Financial Officer is unable 
          to continue acting in that capacity due to removal, illness, 
          death, or otherwise, another Chief Financial Officer shall be 
          selected in accordance with subsection (a).
              (4) Salary.--The Chief Financial Officer shall be paid at a 
          salary to be determined by the Governor of the Virgin Islands, 
          except such rate may not be less than the highest rate of pay 
          for a cabinet officer of the Government of the Virgin Islands 
          or a Chief Financial Officer serving in any government or 
          semiautonomous agency.
      (f) Conditions Related to Deputy Chief Financial Officer.--
              (1) Term; removal.--The Deputy Chief Financial Officer 
          shall serve at the pleasure of the Chief Financial Officer.
              (2) Replacement.--If the Deputy Chief Financial Officer is 
          unable to continue acting in that capacity due to removal, 
          illness, death, or otherwise, another person shall be selected 
          by the Governor of the Virgin Islands to serve as Deputy Chief 
          Financial Officer.
              (3) Salary.--The Deputy Chief Financial Officer shall be 
          paid at a salary to be determined by the Chief Financial 
          Officer, except such rate may not be less than the rate of pay 
          of the Director of the Office of Management and Budget.
      (g) Resumption of Functions.--On the date that is 5 years after the 
  date of the enactment of this Act, the functions of the Chief Financial 
  Officer shall be transferred to the Director of the Office of 
  Management and Budget of the Virgin Islands.
      (h) Sunset.--This section shall cease to have effect after the date 
  that is 5 years after the date of the enactment of this Act.
  
  SEC. 2. ESTABLISHMENT OF COMMISSION.
  
      (a) Establishment.--There is established a commission to be known 
  as the ``Virgin Islands Chief Financial Officer Search Commission''.
      (b) Duty of Commission.--The Commission shall recommend to the 
  Governor not less than 3 candidates for nomination as Chief Financial 
  Officer of the Virgin Islands. Each candidate must have demonstrated 
  ability in general management of, knowledge of, and extensive practical 
  experience at the highest levels of financial management in 
  governmental or business entities and must have experience in the 
  development, implementation, and operation of financial management 
  systems. Candidates shall not have served in a policy making or 
  unclassified position of the Government of the Virgin Islands in the 10 
  years immediately preceding appointment as Chief Financial Officer.
      (c) Membership.--
              (1) Number and appointment.--The Commission shall be 
          composed of 9 members appointed not later than 30 days after 
          the date of the enactment of this Act. Persons appointed as 
          members must have recognized business, government, or financial 
          expertise and experience and shall be appointed as follows:
                      (A) 1 individual appointed by the Governor of the 
                  Virgin Islands.
                      (B) 1 individual appointed by the President of the 
                  Legislature of the Virgin Islands.
                      (C) 1 individual, who is an employee of the 
                  Government of the Virgin Islands, appointed by the 
                  Central Labor Council of the Virgin Islands.
                      (D) 1 individual appointed by the Chamber of 
                  Commerce of St. Thomas-St. John.
                      (E) 1 individual appointed by the Chamber of 
                  Commerce of St. Croix.
                      (F) 1 individual appointed by the President of the 
                  University of the Virgin Islands.
                      (G) 1 individual appointed by the Chief Judge of 
                  the Virgin Islands Territorial Court.
                      (H) 1 individual, who is a resident of St. John, 
                  appointed by the At-Large Member of the Legislature of 
                  the Virgin Islands.
                      (I) 1 individual appointed by the Advocates for the 
                  Preservation of the Retirement System.
              (2) Terms.--
                      (A) In general.--Each member shall be appointed for 
                  the life of the Commission.
                      (B) Vacancies.--A vacancy in the Commission shall 
                  be filled in the manner in which the original 
                  appointment was made. Any member appointed to fill a 
                  vacancy shall be appointed for the remainder of that 
                  term.
              (3) Basic pay.--Members shall serve without pay.
              (4) Quorum.--Five members of the Commission shall 
          constitute a quorum.
              (5) Chairperson.--The Chairperson of the Commission shall 
          be the Chief Judge of the Territorial Court or her designee and 
          shall serve as an ex officio member of the Commission and shall 
          vote only in the case of a tie.
              (6) Meetings.--The Commission shall meet at the call of the 
          Chairperson. The Commission shall meet for the first time not 
          later than 15 days after all members have been appointed under 
          this subsection.
              (7) Government employment.--Members may not be current 
          government employees, except for the member appointed under 
          paragraph (1)(C); and
      (d) Report; Recommendations.--The Commission shall transmit a 
  report to the Governor and the Resources Committee of the House of 
  Representatives and the Committee on Energy and Natural Resources of 
  the Senate not later than 60 days after its first meeting. The report 
  shall name the Commission's recommendations for candidates for 
  nomination as Chief Financial Officer of the Virgin Islands.
      (e) Termination.--The Commission shall terminate 210 days after its 
  first meeting.
  
  SEC. 3. FINANCIAL MANAGEMENT SYSTEM.
  
       It is hereby authorized to be appropriated such sums as necessary 
  for the installation of a Financial Management System, including 
  appropriate computer hardware and software, to the Government of the 
  Virgin Islands. Upon becoming available, the financial management 
  system shall be available to the Chief Financial Officer and, after the 
  date that is 5 years after the date of the enactment of this Act, the 
  Director of the Office of Management and Budget of the Virgin Islands, 
  to assist the Chief Financial Officer or the Director of the Office of 
  Management and Budget of the Virgin Islands, as the case may be, to 
  carry out the official duties of that office.
  
  SEC. 4. DEFINITIONS.
  
      For the purposes of this Act, the following definitions apply:
              (1) Chief financial officer.--In sections 1 and 2, the term 
          ``Chief Financial Officer'' means a Chief Financial Officer or 
          Acting Chief Financial Officer, as the case may be, appointed 
          under section 1(a).
              (2) Commission.--The term ``Commission'' means the Virgin 
          Islands Chief Financial Officer Search Commission established 
          pursuant to section 2.
              (3) Governor.--The term ``Governor'' means the Governor of 
          the Virgin Islands.
              (4) Removal for cause.--The term ``removal for cause'' 
          means removal based upon misconduct, failure to meet job 
          requirements, or any grounds that a reasonable person would 
          find grounds for discharge.
  
  SEC. 5. NO ABROGATION OF POWERS.
  
      Nothing in this Act shall be construed to permit the Governor and 
  Legislature of the Virgin Islands to dilute, delegate, or otherwise 
  alter or weaken the powers and authority of the Office of Management 
  and Budget established under the laws of the Virgin Islands.
  
              Passed the House of Representatives September 22, 2004.
  
              Attest:
  
                                                   JEFF TRANDAHL,
  
                                                                   Clerk.
target: (Sec. 1) Requires the Governor of the Virgin Islands to appoint a Chief Financial Officer, with the advice and consent of the Legislature of the Virgin Islands, from a list required by this Act. States that if: (1) the Legislature has not confirmed a nominee within 90 days the Governor shall appoint an Acting Chief Financial Officer until the Legislature consents to a Chief Financial Officer; and (2) a Chief Financial Officer has not been appointed within 180 days the Virgin Islands Chief Financial Officer Search Commission shall appoint from such list an Acting Chief Financial Officer until a Chief Financial Officer is appointed.
  
  Sets forth the Chief Financial Officer's duties, including: (1) assumption of the functions and authority of the Office of Management and Budget; and (2) budget and financial management systems oversight.
  
  Transfers the functions of the Director of the Office of Management and Budget to the Chief Financial Officer. Alters the position of the Director of the Office of Management and Budget to that of the Deputy Chief Financial Officer. Implements such changes for a five-year period.
  
  (Sec. 2) Establishes the Virgin Islands Chief Financial Officer Search Commission to recommend at least three candidates for the Chief Financial Officer position. Terminates the Commission 210 days after its first meeting.
  
  (Sec. 3) Authorizes appropriations for the installation of a Financial Management System, including appropriate computer hardware and software, to the Government of the Virgin Islands. States that such system shall be available to the Chief Financial Officer, and five years after the date of enactment of this Act, to the Director of the Office of Management and Budget of the Virgin Islands.
  
   (Sec. 5) States that nothing in this Act shall be construed to permit the Governor and Legislature of the Virgin Islands to delegate or otherwise alter the powers and authority of the Office of Management and Budget established under the laws of the Virgin Islands.
feat_title: To create the Office of Chief Financial Officer of the Government of the Virgin Islands.