Bill Text: HI SCR18 | 2010 | Regular Session | Amended

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Bill Title: Joint Legislative Investigating Committee; State Investments in Student Loan Auction Rate Securities

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Passed) 2010-04-22 - (H) Received notice of Adoption (Sen. Com. No. 628). Received notice of agreement and adoption. [SCR18 Detail]

Download: Hawaii-2010-SCR18-Amended.html

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STAND. COM. REP. NO.  1371-10

 

Honolulu, Hawaii

                , 2010

 

RE:   S.C.R. No. 18

      S.D. 1

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Legislative Management, to which was referred S.C.R. No. 18, S.D. 1, entitled:

 

"SENATE CONCURRENT RESOLUTION ESTABLISHING A JOINT LEGISLATIVE INVESTIGATING COMMITTEE TO OVERSEE THE INVESTIGATION OF THE DEPARTMENT OF BUDGET AND FINANCE'S HANDLING OF THE STATE'S INVESTMENT IN STUDENT LOAN AUCTION RATE SECURITIES,"

 

begs leave to report as follows:

 

     The purpose of this concurrent resolution is to help determine whether the State acted legally and responsibly in investing $1,100,000,000 in student loan auction rate securities.  This measure establishes a joint legislative investigating committee (investigating committee) to oversee the investigation of the Department of Budget and Finance's (B&F) handling of the State's investment in these securities and to report back to the 2011 Legislature.

 

     The Hawaii Government Employees Association, AFSCME Local 152, AFL-CIO, testified in support of this concurrent resolution.  The Department of the Attorney General (AG) opposed this measure.  B&F offered comments.

 

     The AG testified that in the event litigation becomes necessary, having an investigating committee questioning witnesses under oath may adversely affect the litigation.

 

     Your Committee has therefore amended this concurrent resolution by:

 

     (1)  Establishing procedures to prevent any actions of the investigating committee from jeopardizing any litigation; and

 

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Legislative Management that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 18, S.D. 1, as amended herein, and recommends its adoption in the form attached hereto as S.C.R. No. 18, S.D. 1, H.D. 1.

 

 

Respectfully submitted on behalf of the members of the Committee on Legislative Management,

 

 

		____________________________ JAMES KUNANE TOKIOKA, Chair