Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Labor, to which was referred Governor's Message No. 290, submitting for study and consideration the nomination of:

begs leave to report as follows:

Upon your review of background information submitted by the nominee, your Committee finds that Ryan S. Ushijima received a Bachelor of Science degree in Finance in 1979 and a Masters in Business Administration/Juris Doctor in 1985 from the University of Montana. Mr. Ushijima has held various positions within the field of finance including working as a Consultant for Arthur Andersen & Co., Senior Consultant for KPMG Peat Marwick Management Consultants, Chief Financial Officer and Compliance Office for Hawaiian Capital Securities, Vice President of Hawaiian Capital Securities, Principal of Hawaiian Capital Consultants, Inc., and currently as the Commissioner of Securities for the Department of Commerce and Consumer Affairs for the State of Hawaii.

Mr. Ushijima supports his community through service as a member of the Hawaii State Bar Association, as a Board of Director for the International Association of Corporation Administrators, and as a member of the North American Securities Administrators Association.

Your Committee determines that Mr. Ushijima's financial expertise will enhance the Board of Trustees' ability to faithfully execute its responsibilities and fiduciary duty to the Deferred Compensation Plan's participants.

Testimony in support of the nominee was submitted by the Department of Human Resources Development.

As affirmed by the record of votes of the members of your Committee on Labor that is attached to this report, your Committee, after full consideration of the background, character, experience, and qualifications of the nominee, has found the nominee to be qualified for the position to which nominated and recommends that the Senate advise and consent to the nomination.