HB 2399 Summary

• Amends Hawaii Revised Statutes Section 36-21 to expand the types of financial instruments in which state treasury moneys may be invested, adding supranational obligations, mortgage-backed securities, asset-backed securities, and corporate debt rated AA or better.

• Limits combined exposure to the newly authorized investment instruments (paragraphs 14-20) to no more than 50 percent of the state's total short-term assets.

• Requires investments to have effective maturity dates not exceeding five years from the date of investment, and specifies that investments must be managed through a private financial services firm in compliance with the state's investment policy.

• Mandates the department of budget and finance to submit an annual report to the legislature on short-term investment of state moneys no later than 20 days before each regular legislative session.

• Effective January 1, 2050.