H.R. 121 Summary

• Request the Department of Commerce and Consumer Affairs to convene a Bank of the State of Hawaii Working Group to review state laws and develop proposed legislation for establishing a state-operated bank.

• 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 conduct comprehensive review of state laws relating to financial institutions, mortgage lending, housing development, agricultural development, and land use.

• Working group must submit findings, recommendations, and proposed legislation to the Legislature no later than twenty days prior to the 2022 Regular Session convening, including a graduated schedule for transferring state funds from current depositories.

• Resolution cites the Bank of North Dakota as an example of a successful state-owned bank that helped weather economic crises and generate profits returned to the state.