Grassroot Institute Cautions Legislators About Starting A State Bank

UPDATE: HB326 deferred by CPC Jan 27, 2016

News Release from Grassroot Institute

HONOLULU, HAWAII--January 27, 2016--Today, the Grassroot Institute of Hawaii offered comments on HB326, a bill that would pave the way for the creation of a state bank, heard today in the House Committee for Consumer Protection and Commerce.  (Note: Dr. Akina's oral testimony can be heard here.)

Grassroot President Keli'i Akina, Ph.D. cited the complex fiscal implications for the state as the major focus of concern in this proposal. Referencing other states that have considered and rejected similar measures because of their expense and risk, Dr. Akina cautioned legislators about allowing good intentions to lead to economic problems. Dr. Akina also cited the recent Grassroot Institute analysis of the state's multi-year financial plan as evidence that the state budget cannot support such an endeavor.

"While it is admirable that our legislators are attempting to look for new solutions to our state's problems, a state bank would be a step in the wrong direction," stated Dr. Akina. "Given our state's budget projections and Hawaii's massive unfunded liabilities, it would be fiscally irresponsible to pursue this course."

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About the Grassroot Institute of Hawaii:

Grassroot Institute of Hawaii is a nonprofit, nonpartisan research institute dedicated to the principles of individual liberty, the free market, and limited, accountable government throughout Hawai`i and the Asia-Pacific region.  Read more about us at http://www.grassrootinstitute.org/

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About Grassroot President:

Keli’i Akina, Ph.D.,  is a recognized scholar, educator, public policy spokesperson, and community leader in Hawaii.  Currently, he is President/CEO of Grassroot Institute of Hawaii, a public policy think tank dedicated to the principles of individual liberty, free markets and limited, accountable government.  An expert in East-West Philosophy and ethics, Dr. Akina has taught at universities in China and the United States and continues as an adjunct instructor at Hawaii Pacific University.  Dr. Akina was a candidate for Trustee at Large of the Office of Hawaiian Affairs in the 2014 General Election run-off.