HCR 159 Summary

• Creates a task force to review and evaluate the feasibility of establishing a state-owned Bank of the State of Hawaii, modeled after the Bank of North Dakota.

• Task force composed of 10 members including Governor appointee with banking experience, legislative members, state department directors (Budget and Finance, Labor, Attorney General, Commerce and Consumer Affairs), county representative, banking organization representative, and credit union representative.

• Commissioner of the Department of Commerce and Consumer Affairs, Division of Financial Institutions serves as task force chairperson; members receive no compensation; Legislative Reference Bureau provides support.

• Task force directed to review Bank of North Dakota operations, evaluate feasibility of similar Hawaii bank, analyze economic impact, capital requirements, operating costs, and necessary legislation.

• Interim report due 20 days before 2012 legislative session; final report with implementation plan and cost estimates due 20 days before 2013 legislative session.