HOUSE OF REPRESENTATIVES

H.C.R. NO.

200

TWENTY-FIFTH LEGISLATURE, 2010

 

STATE OF HAWAII

 

 

 

 

 

HOUSE CONCURRENT

RESOLUTION

 

 

requesting the legislative reference bureau to study the feasibility of establishing a state-owned bank.

 

 

 

     WHEREAS, the Bank of North Dakota is the only state-owned and operated financial institution in the United States; and

 

     WHEREAS, under state law, the bank is set up as the State of North Dakota doing business as the Bank of North Dakota; and

 

     WHEREAS, all state funds, as well as funds administered by state and county agencies, are deposited with the Bank of North Dakota, thus creating a large deposit base; and

 

     WHEREAS, in addition to paying a competitive interest rate to the state treasurer, the Bank of North Dakota also invests its moneys in loan programs to spur economic development within the state; and

 

     WHEREAS, the Bank of North Dakota regularly turns over a portion of its profits to the state general fund; and

 

     WHEREAS, over the past decade, the Bank of North Dakota has turned over approximately one-third of $1,000,000,000 to the state general fund; and

 

     WHEREAS, rather than competing with private banks, the Bank of North Dakota has created partnerships with over one hundred other North Dakota financial institutions to assist them in meeting the needs of the citizens of North Dakota; and

 

     WHEREAS, despite the recent financial crisis, the Bank of North Dakota earned record profits in 2008, with net earnings of approximately $57,000,000; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2010, the Senate concurring, that the Legislative Reference Bureau, with the assistance of the Department of Commerce and Consumer Affairs, is requested to conduct a study on the feasibility of establishing a state-owned bank in Hawaii, similar to the Bank of North Dakota; and

 

     BE IT FURTHER RESOLVED that the Legislative Reference Bureau is requested to submit a report on its findings and recommendations to the Legislature no later than twenty days prior to the convening of the Regular Session of 2011; and

 

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of the Legislative Reference Bureau and the Director of Commerce and Consumer Affairs.

 

 

 

 

OFFERED BY:

_____________________________

 

 

Report Title: 

State-Owned Bank