STAND. COM. REP. NO. 1899

Honolulu, Hawaii

RE:    GOV. MSG. NO. 317

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Judiciary and Labor, to which was referred Governor's Message No. 317, submitting for study and consideration the nomination of: 

Board of Trustees of the Deferred Compensation Plan

G.M. No. 317

RYAN S. USHIJIMA, for a term to expire 6-30-2011,

begs leave to report as follows:

     Your Committee finds that Ryan S. Ushijima has been involved in the investment industry for the past 15 years, both in the private and public sectors.  For 5 years, Mr. Ushijima was a financial and operations principal in a broker-dealer that specialized in underwriting municipal bonds.  Mr. Ushijima then served for 7 years as the State of Hawaii's Securities Commissioner.  In the last 3 years, Mr. Ushijima has been the Chief Compliance Officer for First Hawaiian Bank's Wealth Management Group and its wholly owned investment adviser subsidiary, Bishop Street Capital Management.

     Your Committee received testimony in support of the nominee from the Interim Director of the Department of Human Resources Development, who also serves as the Chairperson of the Deferred Compensation Plan Board of Trustees, and the Director of the Department of Budget and Finance.   

     As affirmed by the record of votes of the members of your Committee on Judiciary and Labor that is attached to this report, your Committee, after full consideration of the background, 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.

Respectfully submitted on behalf of the members of the Committee on Judiciary and Labor,

____________________________

CLAYTON HEE, Chair