HI HB1103

Establishes an implementation board within the Department of Commerce and Consumer Affairs to study the feasibility of establishing a state-owned bank in Hawaii.

Board membership includes representatives from state departments (Commerce, Agriculture, Budget and Finance, Business/Economic Development/Tourism), University of Hawaii, Hawaii Housing Finance and Development Corporation, Office of Hawaiian Affairs, and community organizations (Legal Aid Society, Faith Action for Community Equity, Hawaii Appleseed Center, Neighbor Island Economic Development Board).

Board shall evaluate the Bank of North Dakota model, Massachusetts feasibility studies, capital requirements, initial capitalization options, economic impact, effects on existing banks, and applicable laws and regulations for establishing a state-owned bank.

Board may establish investigative committees and invite experts in banking, finance, economics, and community development to provide assistance.

Board must submit findings, recommendations, and proposed legislation to the legislature no later than twenty days before the 2022 regular session; board ceases to exist on June 30, 2022.