STAND. COM. REP. NO. 1395

Honolulu, Hawaii

RE:    S.C.R. No. 71

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Human Services and Public Housing, to which was referred S.C.R. No. 71 entitled:

"SENATE CONCURRENT RESOLUTION ESTABLISHING A LEGISLATIVE INTERIM TASK FORCE TO STUDY AND MAKE RECOMMENDATIONS FOR THE CREATION OF UNIVERSAL CHILDREN'S SAVINGS ACCOUNTS,"

begs leave to report as follows:

     The purpose of this measure is to establish a Legislative Interim Task Force to study and make recommendations regarding the creation of Universal Children's Savings Accounts.

     The Hawai‘i Alliance for Community‑Based Economic Development and 3Point submitted testimony in support of this measure.

     Your Committee finds that a Universal Children's Savings Account is a restricted account that is established at a child's birth and that can be used for the child's education, homeownership, retirement, or other stated purpose.  As noted by the Hawai‘i Alliance for Community‑Based Economic Development, the initial deposit, with compounding interest and additional deposits from Earned Income Tax Credit refunds, Child Tax Credits, and other sources would provide a significant foundation for children in Hawaii, particularly those with no other assets.

     This measure will establish a task force to study and make recommendations regarding the creation of Universal Children's Savings Accounts for children in Hawaii.

     As affirmed by the record of votes of the members of your Committee on Human Services and Public Housing that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 71 and recommends that it be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Human Services and Public Housing,

____________________________

SUZANNE CHUN OAKLAND, Chair