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In 1979 the Federated States of Micronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2004. Present concerns include large-scale unemployment, overfishing, and overdependence on US aid.

https://www.cia.gov/library/publications/the-world-factbook/geos/fm.html

http://en.wikipedia.org/wiki/Micronesia