HI HCR143

Department of Commerce and Consumer Affairs requested to convene a Bank of the State of Hawaii Working Group to review state laws relating to financial institutions, mortgage lending, housing development, agricultural development, and land use.

Working group membership includes the Director of Commerce and Consumer Affairs, Attorney General, Comptroller, Director of Finance, one House member appointed by the Speaker, and one Senate member appointed by the President.

Working group to develop proposed legislation establishing a state-operated bank, citing examples like the Bank of North Dakota which helped the state withstand the Great Recession and supported pandemic relief lending.

Report with findings, recommendations, and proposed legislation due to the Legislature no later than twenty days before the 2022 Regular Session convenes.

Report must include a graduated schedule for transferring state funds from current financial institution depositories to the proposed Bank of the State of Hawaii.