Reps. Ward and Ching address HB1840 State-owned Bank; Task Force

Stand. Comm. Rep. No. 923-12 H.B. No. 1840, H.D. 3 RELATING TO STATE-OWNED BANK. (Financial Institutions; State-owned Bank; Task Force) AS AMENDED, PASS THIRD READING

The purpose of the bill is to establish a task force to review, investigate, and study the feasibility and cost of establishing a state-owned bank. Bill also requires a report to the Legislature.
HD3 (current draft) amends the HD2 draft by:
• Placing the task force within the Department of Commerce and Consumer Affairs for administrative purposes
• Including on the task force a representative from AARP, the Legal Aid Society of Hawaii, and Faith Action for Community Equity and the Executive Director of the Office of Consumer Protection or the Executive Director’s designee
• Requiring the task force to look at models used in other states and banking institutions
• Making technical, nonsubstantive amendments for clarity, consistency, and style
HD2 amends the HD1 draft by lessening the administrative burden on the Legislative Reference Bureau (LRB) by only requiring that LRB assist the task force in preparing its findings, recommendations, and proposed legislation, rather than provide all research and organizational support services necessary to assist the task force.

Contact: repward@capitol.hawaii.gov Excerpt from capitol TV

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