,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #he  ,,9 ,,! ,,h\se ,,(             
,,repres5tatives  ,janu>y #c1 #bjac     
,mrs4 ,*ri/5s5 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on ,natural
 ,res\rces  ,a ,,bill  ,to create !     
,(fice ( ,*ief ,f9ancial ,(fic] ( !     
,gov]nm5t ( ! ,virg9 ,isl&s1 & = o!r    
purposes4  #a4 ,*ief f9ancial (fic] ( ! 
virg9 isl&s  7a7 ,appo9tm5t ( *ief      
f9ancial (fic]  7#a7 ,9 g5]al ,!        
,gov]nor ( ! ,virg9 ,isl&s %all appo9t a
 ,*ief ,f9ancial ,(fic]1 ) ! advice &   
cons5t ( ! ,legislature ( ! ,virg9      
,isl&s1 f ! names on ! li/ requir$ "u   
section #b7;d74 ,if ! ,gov]nor has      
nom9at$ a p]son = ,*ief ,f9ancial ,(fic]
 b ! ,legislature ( ! ,virg9 ,isl&s has 
n confirm$ a nom9ee )9 #ij days aft]    
receiv+ ! li/ pursuant to section       
#b7;d71 ! ,gov]nor %all appo9t f su* li/
 a ,*ief ,f9ancial ,(fic] on an act+    
basis until ! ,legislature cons5ts to a 
,*ief ,f9ancial ,(fic]4  7#b7 ,act+ *ief
 f9ancial (fic] ,if a ,*ief ,f9ancial   

,(fic] has n be5 appo9t$ "u p>agraph    
7#a7 )9 #ahj days aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,virg9 ,isl&s    
,*ief ,f9ancial ,(fic] ,se>*            
,commission1 by majority vote1 %all     
appo9t f ! names on ! li/ submitt$ "u   
section #b7;d71 an ,act+ ,*ief ,f9ancial
 ,(fic] to s]ve 9 t capacity until a    
,*ief ,f9ancial ,(fic] is appo9t$ "u !  
fir/ s5t5ce ( p>agraph 7#a74 ,9 ei!r    
case1 if ! ,act+ ,*ief ,f9ancial ,(fic] 
s]ves 9 an act+ capacity = #ahj         
consecutive days1 )\t fur!r action !    
,act+ ,*ief ,f9ancial ,(fic] %all become
 ! ,*ief ,f9ancial ,(fic]4  7b7 ,duties 
( *ief f9ancial (fic] ,! duties ( !     
,*ief ,f9ancial ,(fic] %all include !   
foll[+3  7#a7 ,develop & report on !    
f9ancial /atus ( ! ,gov]nm5t ( ! ,virg9 
,isl&s n lat] ?an #f mon?s aft]         
appo9tm5t & qu>t]ly !reaft]4 ,su*       
reports %all be available to ! public4  
7#b7 ,ea* ye> prep>e & c]tify sp5d+     
limits ( ! annual budget1 includ+ annual
 e/imates ( all rev5ues ( ! t]ritory )\t

 reg>d to s\rces1 & :e!r or n ! annual  
budget is balanc$4  7#c7 ,revise &      
update /&>ds = f9ancial managem5t1      
includ+ inv5tory & contract+1 = !       
,gov]nm5t ( ! ,virg9 ,isl&s 9 g5]al & = 
ea* ag5cy 9 conjunction ) ! ag5cy head4 
7c7 ,docum5ts provid$ ,! heads ( ea*    
dep>tm5t ( ! ,gov]nm5t ( ! ,virg9       
,isl&s1 9 p>ticul> ! head ( ! ,dep>tm5t 
( ,f9ance ( ! ,virg9 ,isl&s & ! head ( !
 ,int]nal ,rev5ue ,bureau ( ! ,virg9    
,isl&s %all provide all docum5ts &      
in=mation "u ! jurisdiction ( t head t !
 ,*ief ,f9ancial ,(fic] consid]s requir$
 to c>ry out 8 or h] functions to !     
,*ief ,f9ancial ,(fic]4  7d7 ,conditions
 relat$ to *ief f9ancial (fic]  7#a7    
,t]m ,! ,*ief ,f9ancial ,(fic] %all be  
appo9t$ = a t]m ( #e ye>s4  7#b7        
,removal ,! ,*ief ,f9ancial ,(fic] %all 
n be remov$ except = cause4 ,an ,act+   
,*ief ,f9ancial ,(fic] may be remov$ =  
cause or by a ,*ief ,f9ancial ,(fic]    
appo9t$ ) ! advice & cons5t ( !         
,legislature ( ! ,virg9 ,isl&s4  7#c7   

,replacem5t ,if ! ,*ief ,f9ancial ,(fic]
 is unable to cont9ue act+ 9 t capacity 
due to removal1 illness1 dea?1 or       
o!rwise1 ano!r ,*ief ,f9ancial ,(fic]   
%all be select$ 9 accordance )          
subsection 7a74  7#d7 ,sal>y ,! ,*ief   
,f9ancial ,(fic] %all be paid at a sal>y
 to be det]m9$ by ! ,gov]nor ( ! ,virg9 
,isl&s1 except su* rate may n be less   
?an ! highe/ rate ( pay = a cab9et (fic]
 ( ! ,gov]nm5t ( ! ,virg9 ,isl&s or a   
,*ief ,f9ancial ,(fic] s]v+ 9 any       
gov]nm5t or semiautonom\s ag5cy4  7e7   
,ref]5dum ,z "p ( ! close/ regul>ly     
s*$ul$1 isl&s-wide election 9 ! ,virg9  
,isl&s to ! expiration ( ! f\r? ye> ( ! 
five-ye> t]m ( ! ,*ief ,f9ancial ,(fic]1
 ! ,bo>d ( ,elections ( ! ,virg9 ,isl&s 
%all hold a ref]5dum to seek ! approval 
( ! p ( ! ,virg9 ,isl&s reg>d+ :e!r !   
position ( ,*ief ,f9ancial ,(fic] ( !   
,gov]nm5t ( ! ,virg9 ,isl&s %all be made
 a p]man5t "p ( ! executive bran* ( !   
,gov]nm5t ( ! ,virg9 ,isl&s4 ,! ref]5dum
 %all be b9d+ & conduct$ accord+ to !   

laws ( ! ,virg9 ,isl&s1 except t !      
results %all be det]m9$ by a majority ( 
! ballots ca/4  #b4 ,e/abli%m5t (       
commission  7a7 ,e/abli%m5t ,!re is     
e/abli%$ a commission to be kn[n z !    
,virg9 ,isl&s ,*ief ,f9ancial ,(fic]    
,se>* ,commission4  7b7 ,duty (         
commission ,! ,commission %all recomm5d 
to ! ,gov]nor n less ?an #c c&idates =  
nom9ation z ,*ief ,f9ancial ,(fic] ( !  
,virg9 ,isl&s4 ,ea* c&idate mu/ h       
demon/rat$ ability 9 g5]al managem5t (1 
k (1 & ext5sive practical exp]i5ce at ! 
highe/ levels ( f9ancial managem5t 9    
gov]nm5tal or bus9ess entities & mu/ h  
exp]i5ce 9 ! developm5t1 implem5tation1 
& op]ation ( f9ancial managem5t sy/ems4 
7c7 ,memb]%ip  7#a7 ,numb] & appo9tm5t  
,! ,commission %all be compos$ ( #h     
memb]s appo9t$ n lat] ?an #cj days aft] 
! date ( ! enactm5t ( ?is ,act4 ,p]sons 
appo9t$ z memb]s mu/ h recogniz$        
bus9ess1 gov]nm5t1 or f9ancial exp]tise 
& exp]i5ce & %all be appo9t$ z foll[s3  
7,a7 #a individual appo9t$ by ! ,gov]nor

 ( ! ,virg9 ,isl&s4  7,b7 #a individual 
appo9t$ by ! ,presid5t ( ! ,legislature 
( ! ,virg9 ,isl&s4  7,c7 #a individual1 
:o is an employee ( ! ,gov]nm5t ( !     
,virg9 ,isl&s1 appo9t$ by ! ,c5tral     
,labor ,c\ncil ( ! ,virg9 ,isl&s4  7,d7 
#a individual appo9t$ by ! ,*amb] (     
,comm]ce ( ,/4 ,?omas-,/4 ,john4  7,e7  
#a individual appo9t$ by ! ,*amb] (     
,comm]ce ( ,/4 ,croix4  7,f7 #a         
individual appo9t$ by ! ,presid5t ( !   
,univ]sity ( ! ,virg9 ,isl&s4  7,g7 #a  
individual1 :o is a resid5t ( ,/4 ,john1
 appo9t$ by ! ,at-,l>ge ,memb] ( !      
,legislature ( ! ,virg9 ,isl&s4  7,h7 #a
 individual appo9t$ by ! ,presid5t (    
,,a>p ,virg9 isl&s4  7#b7 ,t]ms  7,a7 ,9
 g5]al ,ea* memb] %all be appo9t$ = !   
life ( ! ,commission4  7,b7 ,vacancies  
,a vacancy 9 ! ,commission %all be fill$
 9 ! mann] 9 :i* ! orig9al appo9tm5t 0  
made4 ,any memb] appo9t$ to fill a      
vacancy %all be appo9t$ = ! rema9d] ( t 
t]m4  7#c7 ,basic pay ,memb]s %all s]ve 
)\t pay4  7#d7 ,quorum ,five memb]s ( ! 

,commission %all con/itute a quorum4    
7#e7 ,*airp]son ,! ,*airp]son ( !       
,commission %all be ! ,*ief ,ju/ice ( ! 
,supreme ,c\rt ( ! ,unit$ ,/ates ,virg9 
,isl&s or ! designee ( ! ,*ief ,ju/ice4 
,! ,*airp]son %all s]ve z an ex (ficio  
memb] ( ! ,commission & %all vote only 9
 ! case ( a tie4  7#f7 ,meet+s ,!       
,commission %all meet at ! call ( !     
,*airp]son4 ,! ,commission %all meet = !
 fir/ "t n lat] ?an #ae days aft] all   
memb]s h be5 appo9t$ "u ?is subsection4 
7#g7 ,gov]nm5t employm5t ,memb]s may n  
be curr5t gov]nm5t employees1 except = !
 memb] appo9t$ "u p>agraph 7#a77;,c74   
7d7 ,report2 recomm5dations ,!          
,commission %all transmit a report to ! 
,gov]nor1 ! ,committee on ,natural      
,res\rces ( ! ,h\se ( ,repres5tatives & 
! ,committee on ,en]gy & ,natural       
,res\rces ( ! ,s5ate n lat] ?an #fj days
 aft] its fir/ meet+4 ,! report %all "n 
! ,commission's recomm5dations =        
c&idates = nom9ation z ,*ief ,f9ancial  
,(fic] ( ! ,virg9 ,isl&s4  7e7          

,t]m9ation ,! ,commission %all t]m9ate  
^u ! nom9ation & confirmation ( ! ,*ief 
,f9ancial ,(fic]4  #c4 ,def9itions ,= ! 
purposes ( ?is ,act1 ! foll[+ def9itions
 apply3  7#a7 ,*ief f9ancial (fic] ,9   
sections #a & #b1 ! t]m ,*ief ,f9ancial 
,(fic] means a ,*ief ,f9ancial ,(fic] or
 ,act+ ,*ief ,f9ancial ,(fic]1 z ! case 
may be1 appo9t$ "u section #a7;a74  7#b7
 ,commission ,! t]m ,commission means ! 
,virg9 ,isl&s ,*ief ,f9ancial ,(fic]    
,se>* ,commission e/abli%$ pursuant to  
section #b4  7#c7 ,gov]nor ,! t]m       
,gov]nor means ! ,gov]nor ( ! ,virg9    
,isl&s4  7#d7 ,removal = cause ,! t]m   
removal = cause means removal bas$ ^u   
misconduct1 failure to meet job         
requirem5ts1 or any gr\nds t a          
reasonable p]son w\ld f9d gr\nds =      
dis*>ge4