HI SCR18

Establishes a joint legislative investigating committee to oversee an investigation into the Department of Budget and Finance's handling of the State's $1.1 billion investment in student loan auction rate securities (SLARS).

Committee consists of six members: the budget chairs from both chambers, one majority and one minority member from each chamber, appointed by the Senate President and House Speaker.

Committee has powers including issuing subpoenas, holding hearings, administering oaths, and reporting contempt as authorized under Hawaii Revised Statutes chapter 21.

Requires the committee to consult with the Attorney General before issuing subpoenas or calling witnesses in cases where litigation regarding the SLARS has been or is reasonably likely to be undertaken by the State.

Committee must submit findings and recommendations to the Legislature no later than 20 days before the 2011 Regular Session convenes and dissolve upon submission of its report.