Today the FSM constitution has three branches of government which are Executive, Legislative, and Judicial and it has it's own Declaration of Rights somewhat like the U.S. Bill of Rights. Their constitution protects human rights as well as traditional rights. The governmental functions unlike the U.S. are carried out by the State governments.
There Congress is unicameral and consist of 14 senators. There is a senator from each state that serves a four year term, and the other 10 serve for only 2 years. Their seats are determined by population of the territories. From the four year senators, the Congress elects the President and Vice- President. Those vacancies are them filled by special elections. The President and Vice-President serve for four year terms as well, and they are supported by a special cabinet. There are not any distinct or formal political parties.
The Judicial Branch is headed by the supreme court, chosen by the President, and approved by the Congress for a lifetime appointment. The State governments are similar and have 3 branches: executive, judicial, and legislative.
The official currency in the FSM is the U.S. dollar. They have U.S. FDIC banks there, and they accept most major credit cards. The economy consist primarily of farming, fishing, a few mineral deposits, and a potential tourism. Most of their revenue is supplied in the form of financial assistance by the United States.
The President of the Federation States of Micronesia encourages tourism and has formed a committee to push eco-tourism in the 21 century. The landscape is serene, picturesque, and very much preserved from the modern world. There are many ruins and relics to see. This is a great dive destination that even has a Japanese sunken fleet in the lagoon from WWII to explore. Formal wear along with tipping is discouraged when visiting the islands. Temperatures are pleasant are warm year-round.