Bank Directories

You are here: Home > Micronesia

Micronesia Modern History

During World War II, fierce fighting was fought in the archipelago of the Carolinians, which includes the Micronesian Federation, between the United States and Japan. When the United States conquered the islands from Japan, which has managed the area since 1920, at the end of the war, virtually all the Japanese who moved there were deported.

  • ABBREVIATIONFINDER: List of most commonly used acronyms containing Micronesia. Also includes historical, economical and political aspects of the country.

In 1947, the United States and the United Nations Security Council signed an agreement that made the Carolinians, together with the Marshall Islands and the Northern Mariana Islands, a United States patronage (Trust Territory of the Pacific Islands) under UN supervision. This meant that the islands were placed under US protection and the United States was given the right to establish military bases in the area and prevent other states from doing the same. Under US rule, a reliance on US aid was founded, which remains today.

In the early 1960s, the first demands for independence came from the people of the islands. Negotiations with the United States began in 1969 and ten years later, the four territories that today make up the federal states of the Micronesia Federation adopted a federal constitution. That same year, the first elections were held for a parliament, and Tosiwo Nakayama was elected the first president of the federation.

The relationship with the United States was first settled in 1986 when an agreement on the so-called "Compact of Free Association" was concluded. The agreement states that the country is independent but that the United States is responsible for its defense. In addition, the United States pledged to make an annual financial contribution up to 2001, totaling $ 1.3 billion. The financial parts of the agreement would then be renegotiated every 15 years. In 2003, the agreement was extended for another 20 years.

Contemporary History of MicronesiaThe UN Security Council approved the independence of the Micronesia Federation in 1990 and the following year the country became a UN member.

From 1987, John Haglelgam was president, but since he was not re-elected to Congress in 1991, he could not be considered for a second term in office. He was succeeded by former Vice President Bailey Olter. This was re-elected in 1995 but was succeeded by illness the following year by Vice President Jacob Nena. At the 1997 and 1999 congressional elections, all members were re-elected for a further term.

Jacob Nena was succeeded in 1999 at the presidential post by Leo Falcam of Pohnpei. In the 2003 congressional elections, Falcam lost his place in the congress. He was therefore unable to be re-elected as President and in May of that year he was replaced by Joseph J. Urusemal of the island of Yap. He was the country's president for a four-year term.

In May 2007, Emanuel "Manny" Mori was elected president. He was re-elected for a new four-year term in 2011. Mori, who is of Japanese origin, comes from the state of Chuuk. He had a banking career behind him when he entered politics.

 
 

Copyright 2020 Directory of Banks Worldwide All Rights Reserved