STAND. COM. REP. NO. 1514

 

Honolulu, Hawaii

                  

 

RE:    S.C.R. No. 64

       S.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.C.R. No. 64 entitled:

 

"SENATE CONCURRENT RESOLUTION REQUESTING THE DEPARTMENT OF BUDGET AND FINANCE AND THE DEPARTMENT OF ACCOUNTING AND GENERAL SERVICES TO INVEST SPECIAL FUND HOLDINGS INTO LOCAL FINANCIAL INSTITUTIONS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to request the Department of Budget and Finance and the Department of Accounting and General Services to invest special fund holdings into local financial institutions.

 

     Your Committee received testimony in support of this measure from a private individual.

 

     Your Committee received comments on this measure from the Department of Accounting and General Services, the Department of Budget and Finance, and the Department of Commerce and Consumer Affairs.

 

     Your Committee finds that the recent economic downturn has reduced the propensity of many large financial institutions to lend money.  Your Committee also finds that, for low- and middle-income families, access to credit is a major barrier to achieving goals such as self-sufficiency, homeownership, or increased education.  Your Committee further finds that the addition of state funds as a capital base to credit unions and other local financial institutions would increase the institutions' ability to lend in small communities and provide a stimulus to the local economy.

 

     Your Committee has amended this measure by:

 

     (1)  Replacing all references to "special funds" with "non-general funds"; and

 

     (2)  Amending the title of the measure accordingly.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 64, as amended herein, and recommends its adoption in the form attached hereto as S.C.R. No. 64, S.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

DAVID Y. IGE, Chair