"Boggy Peak," as it is currently known, soars more than 1,300 feet over the island's southern point and serves as a transmission site for broadcast and telecommunication providers. It also is a popular hiking spot.
Political analyst Avel Grant says the name change could draw more tourists to the island.
Prime Minister Baldwin Spencer announced the plans Wednesday in a congratulatory letter to President-elect Barack Obama.
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Attorney General Justin Simon said Thursday he will research if parliament needs to approve the name change.