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SR 33

REQUESTING THE DEPARTMENT OF BUDGET AND FINANCE TO CONDUCT A STUDY ON THE FEASIBILITY AND BENEFITS OF CREATING A STATE-OWNED SOVEREIGN WEALTH FUND.

2026 Regular Session Introduced by Stanley Chang and 2 co-sponsors

Hawaii requests a feasibility study on creating a state-owned sovereign wealth fund to generate long-term investment returns and diversify revenue sources.

Offered.
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Bill Summary · SR 33

Legislative bill overview

SR 33 requests Hawaii's Department of Budget and Finance to study the feasibility and potential benefits of establishing a state-owned sovereign wealth fund. This is a resolution requesting analysis rather than creating a fund directly. The study would examine whether Hawaii should pool state revenues and assets into a long-term investment vehicle similar to funds used by Alaska, Norway, and other jurisdictions.

Why is this important

Sovereign wealth funds can generate sustained income through investment returns, potentially providing revenue during economic downturns and funding long-term priorities without constant legislative appropriations. For Hawaii, this could address fiscal challenges related to tourism dependency, population outmigration, and infrastructure needs while building intergenerational wealth.

Potential points of contention

  • Investment risk and governance: Concerns about how assets would be managed, who oversees decisions, and whether political pressure could compromise long-term investment strategy or raid the fund for immediate needs
  • Capital requirements: Uncertainty about how much initial funding would be needed and whether redirecting revenue to a fund would strain current government operations and services
  • Comparative effectiveness: Questions about whether Hawaii's economic structure, revenue sources, and fiscal situation are comparable to successful sovereign wealth fund models, and whether benefits justify implementation costs

Compiled from official sources — confirm details with the bill’s official record.

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