HI HB853

Establishes a task force on establishing the Bank of the State of Hawaii to study the feasibility of creating a state-owned bank similar to the Bank of North Dakota.

Task force consists of 10 members including the governor's appointee, one senator, one representative, state agency directors, and representatives from counties, banking institutions, and credit unions, with the financial institutions commissioner serving as chair.

Task force shall review the Bank of North Dakota model, capital requirements, cash management needs, operating costs, revenue projections, and long-term economic impacts of a state-owned bank.

Task force must submit an interim report to the legislature 20 days before the 2012 regular session and a final report with cost estimates and recommendations 20 days before the 2013 regular session.

Task force ceases to exist on June 30, 2013, and the legislative reference bureau shall provide research and organizational support.