83
THE SENATE                           S.C.R. NO.            
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                    SENATE  CONCURRENT
                        RESOLUTION

  REQUESTING THE DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS TO
    VERIFY THAT PARI-MUTUEL WAGERING BEING SIMILAR TO STOCK
    TRADING SHOULD BE PERMITTED IN HAWAII. 
 

 1        WHEREAS, the Honolulu Star-Bulletin published an article
 2   on January 21, 2000, entitled "Know the rules if you GAMBLE in
 3   the stock market"; and
 4   
 5        WHEREAS, "day trading" has become a fact of life for
 6   Internet users; and
 7   
 8        WHEREAS, like wagering on horses, stocks are evaluated on
 9   past performance and the speculation that the stock will turn a
10   profit today; and
11   
12        WHEREAS, each day at each track there is an open and close
13   like the stock market; and
14   
15        WHEREAS, the track acts as the "house" like the stock
16   market is a "brokerage house"; and
17   
18        WHEREAS, all bets at the track are accounted for at the
19   close of each race just as the stock market; and
20   
21        WHEREAS, the race tracks are federally regulated and
22   scrutinized more diligently than the stock market; and
23   
24        WHEREAS, all employees at the track are subjected to an
25   FBI check; and
26   
27        WHEREAS, the pari-mutuel horse racing rules may be
28   extensive as rules governing stock transactions; and
29   
30        WHEREAS, Wall Street recognizes the stock market as a form
31   of gambling; now, therefore,
32   
33        BE IT RESOLVED by the Senate of the Twentieth Legislature
34   of the State of Hawaii, Regular Session of 2000, the House of
35   Representatives concurring, that based on the similarities
36   between the stock market and pari-mutuel wagering, the

 
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                                  S.C.R. NO.            
                                                        
                                                        


 1   Department of Commerce and Consumer Affairs is requested to
 2   verify that pari-mutuel wagering, being similar to stock
 3   trading, should be permitted in Hawaii; and
 4   
 5        BE IT FURTHER RESOLVED that the Director of Commerce and
 6   Consumer Affairs is requested to report findings and
 7   recommendations to the Legislature twenty days before the
 8   convening of the Regular Session of 2001; and
 9   
10        BE IT FURTHER RESOLVED that a certified copy of this
11   Concurrent Resolution be transmitted to the Director of
12   Commerce and Consumer Affairs.
13 
14 
15 
16                         OFFERED BY:  ____________________________