Bill > SB158

This bill establishes a state-owned bank implementation board within Hawaii's Department of Commerce and Consumer Affairs to comprehensively explore the potential of creating a public financial institution. The board will consist of representatives from various state departments, universities, and community organizations, and will be tasked with analyzing the feasibility, costs, benefits, and prerequisites of establishing a state-owned bank. The board will conduct an in-depth review of existing models like the Bank of North Dakota, examine potential economic impacts, investigate capitalization options, and assess the bank's potential effects on existing financial institutions. Members will serve without compensation but will be reimbursed for expenses, and they will be empowered to invite experts and establish investigative committees. The implementation board is required to submit a detailed report with findings and recommendations to the legislature by early 2027, including any proposed legislation, and will be exempt from certain public meeting requirements while ensuring transparency through published minutes. The board's primary goal is to address Hawaii's economic challenges, such as income inequality, housing affordability, and small business growth, by exploring how a state-owned bank could provide affordable capital and reinvest public funds for the benefit of Hawaii's residents. The bill is set to take effect on July 1, 2025, and the implementation board will cease to exist on June 30, 2027.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=158&year=2025