Bill > HB721

This bill establishes a state-owned bank implementation board within the Department of Commerce and Consumer Affairs to explore the potential creation of a public financial institution in Hawaii. The board will consist of representatives from various state departments, universities, and community organizations, and will be tasked with comprehensively investigating the feasibility, costs, and benefits of establishing a state-owned bank. Their review will include analyzing existing models like the Bank of North Dakota, examining potential economic impacts, exploring capitalization options, and assessing the bank's potential effects on existing financial institutions. Board members will serve without compensation but will be reimbursed for expenses, and they are required to submit a detailed report with findings and recommendations to the legislature by December 2027. The bill is motivated by Hawaii's economic challenges, including income inequality and barriers to small business growth, and aims to create a mechanism for reinvesting public capital to benefit residents. The implementation board will be advisory in nature and will automatically dissolve on June 30, 2027, with the legislative reference bureau assisting in preparing the final report and proposed legislation.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=721&year=2026