Transcript Highlights:

• This ranged from deductible to overtime to also the need to have bring in an external expert to assess
• This<01:41:41.360> range<01:41:41.679> from<01:41:42.400> deductible<01:41:43.040
• > to<01:41:43.360> overtime This range from deductible to overtime This range from deductible

Bills: HF1323, HF3500

Keywords: undocumented, financial aid, state policy, higher education, noncitizen eligibility, funding, storm damage relief, Bemidji State University, reforestation, state appropriations, 1183, house

Transcript Highlights:

• Senate Bill 167, an act relating to an income tax deduction for union and professional dues.
• c><02:07:32.960> an<02:07:33.280> income<02:07:33.679> tax<02:07:34.000> deduction
• <02:07:34.800> for relating to an income tax deduction for relating to an income tax deduction

Keywords: 958, all

Summary: The Senate convened with prayer, the Pledge of Allegiance, roll call, and approval of the prior journal. The House communicated that it had passed House Bill 4 and requested concurrence. The chamber then received second-reading reports for Senate Bills 18, 33, 85, and 132, and committee reports indicating Senate Bills 136, 183, 2, 4, and 71 should pass, with some substitutes and title amendments. The Senate also introduced Senate Resolutions 79 and 80 honoring Joseph Harden McFarland and Jeremiah Parsons. The main floor action centered on Senate Bill 5, relating to Kentucky-grown agricultural product procurement. The sponsor described it as a way to improve school nutrition, support Kentucky producers, and keep food dollars in local communities. Several senators spoke in support, including references to the Make America Healthy Task Force and the idea of using food procurement as a tool for rural prosperity and better nutrition in schools. Senate Bill 5 passed by roll call, 38-0. The Senate also passed Senate Bill 73, which would allow home-based processors to use beef tallow in cosmetic products. The sponsor said the bill would expand existing home-processing authority beyond food products to cosmetics. It passed unanimously, 38-0. Senate Bill 12, relating to medical provider coverage and level four trauma centers, drew the most extended debate. Supporters argued it would help rural hospitals join the trauma network by allowing nurse practitioners and physician assistants to work under physician supervision, including remote supervision, and said it would improve access and save lives in underserved areas. Opponents, including a physician senator, argued the bill would lower trauma-care standards and could put patients at risk by allowing non-physician staffing in facilities that need immediate hands-on medical expertise. After lengthy discussion, the bill was advanced and then passed by roll call, with supporters emphasizing rural access and opponents warning about patient safety and the adequacy of physician coverage.

Transcript Highlights:

• So, for the PC, you know, in the Utah bill, the deductible to the utility was $10 million.
• So, I'd assume the deductible should be at least 150.
• Well, if we're going to pursue a deductible, I feel like that's a decision for these committees to decide
• , like, where that deductible should be.

Keywords: 912, senate, all

Summary: The joint Senate committees heard HB 108 HD2, which would allow direct shipment of beer and distilled spirits by certain licensees and require liquor commissions to adopt rules. Most testimony came from craft brewers and distillers in support, who said the bill would help small and fragile producers reach customers, move limited or specialty products that wholesalers do not carry, and maintain relationships with visitors after they leave Hawaii. Supporters also argued that direct-to-consumer shipping would not meaningfully increase underage access because common carriers age-gate deliveries and require adult signatures, and that the measure would supplement rather than replace the three-tier system. Opposition came from the Hawaii Food Industry Association and the Hawaii Liquor Wholesalers Association, which said the bill could create problems with minor access and tax revenue and would allow out-of-state manufacturers to ship directly to Hawaii households. Supporters responded that similar concerns were raised when wine direct shipping was adopted and said the existing shipping and reporting systems can track and tax these sales. Several witnesses, including Maui Brewing, Ola Brew, Koloa Rum, Hana Rum, Koulana Rumworks, Koval Distillery, and the Brewers Association, described their small-batch operations, limited distribution options, and the potential for direct shipping to expand sales and jobs. Committee members questioned witnesses about underage access, tax collection, and the impact on the three-tier system. One witness discussed efforts to protect and potentially scale the Hawaiian spirit Okolehao through geographic and sourcing rules. The transcript does not show a final vote or disposition on HB 108 HD2 in the excerpt provided.

Transcript Highlights:

• If the starting fee is approximately $1,300, from which the average $500 assisting fee is deducted right
• $500 assisting from which the average $500 assisting fee<01:14:46.159> is<01:14:46.320> deducted
• > right<01:14:47.520> off<01:14:47.679> the<01:14:48.040> bat fee is deducted
• right off the bat fee is deducted right off the bat leaving<01:14:50.639> um<01:14:51.639>

Keywords: 1187, senate, all

Transcript Highlights:

• One of the things they did mention is that the Snow Traveler Foundation opens a channel for tax-deductible
• One of the things they did mention is that the Snow Traveler Foundation opens a channel for tax-deductible
• Welcome. a channel for tax deduction donations a channel for tax deduction donations that<00:33:09.559

Keywords: 1191, senate, all

Transcript Highlights:

• Insurance policies are often a complicated mix of co-pay and deductible and percentage of sharing, and
• get to the best result. complicated mix of uh um co-pay and complicated mix of uh um co-pay and deductible
• 18.599> and<01:43:18.880> in<01:43:19.080> percentage<01:43:19.480> of deductible
• and and in percentage of deductible and and in percentage of sharing<01:43:20.040> and<01:43:

Keywords: 928, house, all

Summary: The work session focused on special education, especially the differentiated aid component and special education aid, which members noted is still often called “catastrophic aid.” The chair said the committee was trying to better understand how special education costs are growing, how districts are delivering services through SAUs or internally, and how reimbursement formulas affect local costs. Members also discussed the need for better data before making decisions on several education funding bills, and Representative Brown was tasked with capturing questions for follow-up information from the department or elsewhere. Testimony from the state special education director, Becky Fad, centered on why student counts in various disability categories have shifted over time. She said the categories themselves have not changed much, but autism has increased because of greater understanding and identification, developmental delay has grown because it applies to children under age 10 who may not yet have a clear diagnosis, and some students previously classified under speech/language or other health impairment are now identified in more specific categories such as autism. She emphasized that the IEP is based on a child’s individual needs, so a change in category would not necessarily change services, though it may help educators support the student differently. Members asked about whether the shifts reflect better diagnostic capability, whether the department should gather more data on the reasons for the changes, and whether autism-spectrum data could be broken down further. Fad said the department does not currently have data on the causes of the shifts or on where students fall within the autism spectrum, but that collecting and analyzing such data is on its list of priorities and a new data manager had recently been hired. She also explained that each child is counted only once on the chart by primary disability, that the IEP or eligibility team determines the primary category based on evaluations, and that any child can be referred for special education by a parent, teacher, or doctor, after which the district must meet within 15 days to decide whether to evaluate. No votes or formal actions were taken in the portion provided.

Transcript Highlights:

• We could sure ask counsel, but my understanding is they would qualify for the full deduction as drafted
• 45.640> the<01:09:45.960> full would qualify for the full would qualify for the full deduction
• 09:50.359> and<01:09:50.560> and<01:09:50.719> is<01:09:50.880> that deduction
• as drafted and and is that deduction as drafted and and is that something<01:09:51.239> we<01

Keywords: 1187, senate, all

Transcript Highlights:

• classified as maintenance costs, with any increases over our FY26 appropriation attributed primarily to payroll
• And your tax at an 80 to 90 percent tax rate because there's an IRS code called 280E, and you can't deduct

Keywords: 995, all

Summary: The Joint Committee on Ways and Means held a public FY27 budget hearing at Barnstable Town Hall, with opening remarks emphasizing the Cape and Islands’ seasonal infrastructure, housing, transportation, workforce, and digital needs. The hearing began with testimony from the Executive Office of Labor and Workforce Development, which outlined the Healey-Driscoll administration’s budget priorities for job training, apprenticeship, youth employment, reentry programs, and unemployment insurance modernization. The secretary highlighted proposed funding for the Workforce Competitiveness Trust Fund, Career Technical Initiative, YouthWorks, reentry workforce development, and services for young adults with disabilities, along with a proposal to streamline youth work permits. Members also discussed the unemployment trust fund, the COVID assessment on employers, rising unemployment, and the need to improve DUA customer service and claims processing. Committee members asked about job seeker barriers such as child care, housing, transportation, and out-migration of young workers, as well as how to keep Cape Cod graduates and seasonal workers in the region. The administration said its strategy is to pair training with broader affordability investments and to expose students to career pathways earlier, including through middle school, early childhood STEM, YouthWorks, pre-apprenticeships, and Building Pathways. Senators and representatives also raised concerns about regional funding disparities, especially for Hampshire Franklin MassHire, and the administration said it is reviewing MassHire funding and service equity through a policy committee and statewide workforce board. On unemployment assistance, officials reported major improvements in wait times and claims processing, but said they are still working through backlogs and staffing challenges while maintaining program integrity. The committee then heard testimony from the Executive Office of Economic Development. The secretary described House 2 as a fiscally restrained budget with no new taxes or fees, while preserving core programs and using the Mass Leads Act tools to support competitiveness. EOED’s proposal included funding for the Community One Stop for Growth, rural economic development, social enterprise operating grants, regional economic development organizations, the Workforce Investment Trust Fund, Community Workforce Partnerships, Pathmaker, advanced manufacturing training, life sciences, innovation vouchers, AI initiatives, small business assistance, and tourism and live theater support. The Office of Consumer Affairs and Business Regulation also testified on its FY27 request, focusing on consumer protection, licensing, banking, insurance, and public safety regulation. No votes were taken during the hearing.

Transcript Highlights:

• After a robust expansion in payroll employment following the COVID pandemic, recent job growth has slowed
• Consequences that every Minnesotan can relate to, as you see our own premiums go up and deductibles go

Keywords: 1187, senate, all

Transcript Highlights:

• Currently, the GIC determines plan design, deductibles, co-payments, tiering, and premium rates effective

Keywords: 995, all

Summary: The Joint Committee on Financial Services heard testimony on a wide range of insurance-related bills. Topics included public adjusters (H. 1100/S. 785), electronic cancellation notices (H. 1123/S. 701), insurance rebates and loss-mitigation devices (H. 1233), flood hazard determinations (H. 1087 and related flood bills), organ donor insurance protections (H. 1248/S. 727), mental health parity in disability policies (S. 780), motor vehicle service contracts (H. 1139/S. 812), modernization of business-to-business insurance transactions (H. 1105), and a bill changing the GIC withdrawal notice deadline (H. 1150). Committee chairs set a three-minute testimony limit and heard from legislators, industry representatives, advocates, and affected consumers. Testimony on public adjusters was sharply divided. Insurance agents and property-casualty industry representatives argued that bills barring insurers from prohibiting public adjusters would interfere with policy terms, while public adjusters and several consumers described cases where adjusters helped secure substantially higher settlements and said some surplus lines policies already contain anti-public-adjuster endorsements. On electronic notices, the insurance industry supported consumer opt-in email communications, while agents warned that email-only cancellation notices could cause consumers to miss cancellations. On rebates/loss mitigation, insurers supported allowing risk-mitigation devices outside the policy to encourage innovation, while agents opposed the bill as an improper inducement. Flood-related bills drew opposition from insurers who said flood determinations are complex and federally governed. The committee also heard strong support for organ donor protections from a kidney transplant recipient and the American Kidney Fund, who said the bill would prevent insurance discrimination against living donors and could encourage more donations. On disability parity, a disability insurance specialist opposed S. 780, arguing that mental health limitations are a consumer choice that helps keep coverage affordable, while the bill’s sponsor said it would prevent unequal limits on behavioral health claims. The committee also heard support for H. 1139/S. 812 from the service contract industry, and support for H. 1105 from APCIA as a modernization measure for specialty commercial lines. No votes were taken; after testimony concluded, the chairs closed the hearing.

Transcript Highlights:

• minor changes that we made in the SNAP program in this rule include moving the standard medical deduction

Summary: The Arkansas Administrative Rules Subcommittee met to review a large slate of agency rules and related reports. The chair announced that several items were stricken from the agenda and that the maternal health providers and remote monitoring rules were pulled by the agency. The committee filed reports on emergency rules, ALC subcommittee rule reviews, and administrative directives, then moved through agency rules from the Department of Agriculture, Department of Commerce/Insurance, Department of Corrections, and multiple divisions of the Department of Human Services. Most rules were explained as technical updates or implementations of 2025 legislation and were approved without objection. Examples included repeal of obsolete equine ID-chip rules, updates to agriculture financing and pesticide rules, removal of duplicative workers’ compensation plan language, a unified visitation rule for correctional facilities, DHS marketing rules for PASS programs, a comprehensive DCFS policy manual revision, Medicaid-related changes for fictive kin, ABLE accounts, presumptive eligibility for pregnant women, SNAP work requirements and alien eligibility, coverage for certain incarcerated youth, nurse aide training updates, and permanent rules for state employee insurance and procurement. The committee also approved requests to exclude the Insurance Department from rulemaking requirements for Act 772 on forced organ harvesting and for restorative reproductive medicine, with the department saying it would issue rules later when more guidance is available. The most extended discussion concerned DHS’s dental Medicaid rate rule under Act 1025. Members and witnesses debated whether the statute’s language covered only oral surgeons or also general dentists performing oral surgery procedures, and whether the rate increase should apply more broadly to the services rather than the provider title. DHS said it was following the black-letter language of the law and could not confirm a broader interpretation without further approvals and funding, while legislators and a Dental Association representative said the intent was to increase payment for the services, especially in rural areas. Members also discussed the possibility of fixing the language in a future session or through a new rule if approvals and CMS review allow. Despite the concerns, the committee approved the rule. The meeting ended with approval of rule review reports and monthly updates, and the committee adjourned.

Transcript Highlights:

• minor changes that we made in the SNAP program in this rule include moving the standard medical deduction

Summary: The Arkansas Administrative Rules Subcommittee met to review a large set of agency rules and reports. Early items were routine filings: emergency-rule reports, subcommittee review reports, and administrative directive reports were filed without objection. One rule from the Department of Agriculture on maternal health providers and remote monitoring was noted as pulled by the agency and not considered. The committee then reviewed and approved several Agriculture rules, including repeal of equine ID-chip rules after Act 703 of 2025, updates to finance rules adding a new water and sewer treatment facilities grant and consolidating revolving-fund rules, and a pesticide rule creating a Class J pesticide category for feral hog toxicant use. It also approved a Commerce/Insurance rule removing duplicative workers’ compensation plan provisions, and a Corrections rule creating a unified visitation rule for correctional facilities and community correction centers. A member asked about prison visitation hours during COVID, and staff said they would check on that. The committee next approved multiple Department of Human Services rules. These included marketing rules for provider-led organizations under Act 301 of 2025, a comprehensive revision of the DCFS policy manual, changes to Medicaid eligibility to include fictive kin placements and to expand ABLE account eligibility under Act 875, presumptive eligibility changes for pregnant women to align with federal rules, and a follow-up SNAP/TEA/Work Pays rule with updated work requirements, mandatory employment and training, alien eligibility changes, and job-search requirements for certain applicants. DHS also presented a rule implementing federal coverage for certain incarcerated youth before and after release, and the committee approved it. Another DHS rule updated nurse aide training requirements to match federal CNA hour standards and moved criminal-records-check procedures to the agency website. The most extended discussion involved DHS Division of Medical Services’ dental rate rule under Act 1025. The agency explained that it was increasing pediatric dental rates and certain oral-surgery-related rates, but not orthodontic rates or a broader special-needs benefit limit because CMS would not approve a diagnosis-based limit. Members debated whether the statutory language was intended to cover general dentists performing oral surgery procedures, with legislators, the Dental Association, and DHS discussing legislative intent, fiscal impact, and whether a future fix or emergency rule might be needed. Despite the disagreement, the committee approved the rule. The committee also approved other DHS medical rules: adverse-decision appeal changes and prior-authorization posting requirements, an increased RSV administration fee for children, expanded emergency treat/triage/transport ambulance authority, and clinic-based physical and occupational therapy coverage. Later, the committee approved permanent rules for the new state insurance program under Shared Administrative Services, procurement rule revisions recommended after an ACASO review, and commodity-management rule updates including a new revenue distribution model. Under Act 595 of 2021, the committee granted two Department of Commerce/Insurance requests to be excluded from rulemaking requirements: one for Act 772 on forced organ harvesting, and one for restorative reproductive medicine, with the department saying it would promulgate rules later when clinical guidelines are available. Finally, the committee accepted a recommendation to keep and extend the Department of Education, Division of Career and Technical Education rules, filed outstanding rulemaking updates, and adjourned without further business.

Transcript Highlights:

• for their medication, or when someone helps them pay it, that amount should count toward their deductible

Keywords: 987, senate, all

Transcript Highlights:

• some of the things that were in the constitutional language passed by the voters, which are the deductions

Keywords: 959, house, all

Summary: The committee on Crime and Public Safety heard testimony on Senate Bill 1652, which would create a permanent office in the Missouri Department of Public Safety focused on missing and murdered African-American women and girls. Senator Angela Mosley said the office would review cold cases, improve data collection, support community organizations, and include a proposed Phoenix Alert for missing persons. Supporters, including family members and advocates, described long-standing disparities in how missing Black women and girls are treated, said cases are often mislabeled as runaways, and argued the state needs dedicated staff and resources. Some members raised questions about whether the office should serve all missing persons and about the bill’s estimated cost and staffing, but the bill was generally supported in testimony and no vote was taken in the hearing. The committee then heard Senate Bill 1572, sponsored by Senator Mike Henderson, which would change the membership structure of the St. Louis Police Retirement System board. The bill would stagger the mayor’s two appointments and require the three elected board members to be active commissioned officers elected by active members of the system, with travel time provided for board duties. Henderson said the change was prompted by a prior quorum problem caused by vacancies and illness. The St. Louis Police Retirement System and related city stakeholders supported the bill, describing it as a technical fix to avoid future quorum failures. The measure had already passed the Senate 31-0 and was reported to have passed the House pension committee unanimously. Finally, the committee heard House Bill 3533, which would raise casino admission fees and gaming taxes and direct additional revenue to state funds, including natural resources, historic preservation, education, and the Gaming Commission. The sponsor framed it as a revenue measure, while the Missouri Gaming Association opposed it, arguing the bill would significantly increase costs on casinos, could reduce reinvestment, and might require voter approval for some sports betting-related changes. The Missouri Chamber of Commerce also opposed the bill in principle, saying it did not want to pick winners and losers through targeted tax increases. No action or vote was taken during the hearing, and the committee adjourned after the HB 3533 testimony.

Transcript Highlights:

• somebody removing themselves from that plan, because they either want the freedom to choose a high deductible

Bills: SB1726, SB1236, SB1633, SB1413, SB1317, SB1360, SB1342, SB1477, SB1189, SB1546, SB1524, SB1338, SB1193, SB1812, SB1617

Keywords: higher education, graduate instructors, training program, academic integrity, First Amendment rights, administrative reporting, education, consolidation, board, public schools, resident tuition, Oklahoma State Regents for Higher Education, state scholarships, financial aid, immigration status, undocumented students, noncitizen students, lawfully present, postsecondary education benefits, college tuition

Transcript Highlights:

• I encourage my clients to have high deductibles, and the reason you encourage that is so that they retain

Summary: The committee first took up several bills and voted them out favorably without amendment: SB 2857, relating to prescription drug purchasing proof for certain health benefit plan issuers and employers; SB 1307, relating to the biennial health coverage reference guide; and SB 527, relating to health benefit coverage for general anesthesia for certain pediatric dental services. Each of those motions passed on a 7-0 roll call. The main discussion centered on SB 1643, which would require prior approval from the Texas Department of Insurance for property and casualty rate changes above 10% from a previously filed rate. The chair framed it as a response to rate volatility and rising homeowners and auto premiums, while several members questioned whether it would slow a market that is already stabilizing and could encourage insurers to file repeated increases just under the threshold. Witnesses from consumer groups supported tighter oversight and argued for a lower threshold, while insurance industry representatives opposed the bill, saying Texas’s file-and-use system and competitive market work better and that the proposal could increase costs or create uncertainty. After testimony, SB 1643 was left pending. The committee then heard SB 1642, which would replace the single Texas Department of Insurance commissioner with a three-commissioner structure and an executive director. Supporters said it could improve accountability and transparency, while opponents argued the current single-commissioner model is more efficient and avoids confusion and added cost. Witnesses also raised concerns about open meetings issues, administrative expense, and the lack of a clear model from other states. SB 1642 was also left pending. Finally, the committee heard SB 2530, the Texas Windstorm Insurance Association omnibus bill. The bill would make a number of changes to TWIA’s governance and finances, including exempting TWIA from certain taxes, moving its headquarters to a coastal county, changing board composition and voting rules, and lowering the probable maximum loss standard from 1-in-100 to 1-in-50. Supporters said the bill would strengthen TWIA’s reserve funding and improve local relevance, while opponents warned it could increase assessments, reduce reinsurance protection, and create operational risks by relocating the headquarters to the coast. The bill was left pending, and the committee then adjourned.

Transcript Highlights:

• amendment retains the existing law that states that excess and surplus line policy forms, rates, and deductibles

Summary: The committee heard and advanced several insurance, financial regulation, and public safety bills. The most extensive discussion centered on SB 1656, a major Office of Insurance Regulation bill covering reciprocal insurers, rate transparency, data calls, cybersecurity notification, and stronger oversight of continuing care retirement communities (CCRCs). The sponsor and OIR described the bill as aimed at transparency and preventing insolvencies, especially after recent CCRC failures. CCRC residents and industry representatives testified both in support and in opposition, with supporters emphasizing resident protection and opponents warning about liens, reserve requirements, management-company regulation, and higher costs. After debate and assurances that problematic provisions would be refined, the committee adopted a delete-all amendment and then reported the bill favorably. The committee also passed SB 1658, which creates a public records framework for the uniform mitigation verification of inspection form database while protecting policyholders’ personal information; a clarifying amendment was adopted before the bill was reported favorably. SB 1612 on financial institutions was approved after a substitute amendment restored current limits on credit union investments and kept only reimbursement, not salary, authority for certain board members and officers. SB 1740, an insurance bill intended to reduce premiums and insurer insolvency risk, was amended to prioritize rate-decrease filings and prohibit claim denials based solely on AI, then reported favorably. Two public-safety bills also moved forward. SB 1212 on firefighter health and safety would update OSHA-related protections, address toxic exposure in gear, encourage safer replacement equipment, and support best practices and mental health resources; an amendment refined terminology and added related provisions, and the bill was reported favorably. SB 1184 on residual market insurers was amended to preserve existing consumer protections and disclosure rules for excess and surplus lines and to clarify Citizens-related appointment requirements before being reported favorably. Throughout the meeting, members repeatedly noted ongoing stakeholder negotiations and intent to refine several bills further in later committee stops.

Transcript Highlights:

• I have seen families lose their jobs because ofloyds deductibles and because they uniquely muscularly

Keywords: SBA, 7A loan program, underwriting standards, loan defaults, Community Advantage Program, small business funding, testimony

Summary: The committee meeting focused on discussions regarding the SBA's 7A loan program and its implementation challenges. Members raised significant concerns about recent changes to the underwriting standards, which have been criticized for leading to an increase in loan defaults. Ranking members expressed a desire for a return to stronger guidelines to protect taxpayers and ensure the program remains a viable source for small businesses struggling to secure funding. Testimonies from community lenders highlighted their efforts to support underserved communities and stressed the importance of the Community Advantage Program.

Transcript Highlights:

• (member_22651), an act relating to taxation, extending the sunset date for a gross receipts tax deduction

Transcript Highlights:

• And when they calculate it, there's no intangible asset deduction.
• The MTMA also requires deductions of intangible assets from the capital calculation.
• no And and when they calculated there's no intangible<00:29:21.360> asset<00:29:21.679> deduction
• <00:29:22.480> Um<00:29:23.200> the intangible asset deduction.
• Um the intangible asset deduction.

Keywords: 1189, house, all

Summary: The meeting began with roll call and introductions of commission members and guests, followed by approval of the agenda and a motion to approve the February 10 minutes with a correction clarifying that one quoted statement was misattributed. The commission then moved into presentations. The main presentation came from the Conference of State Bank Supervisors on implementation of the federal GENIUS Act for stablecoins. The speaker reviewed the OCC’s recent 367-page proposed rule, noting it raises many open questions and design choices for states, and discussed expected upcoming rulemaking from the FDIC, Federal Reserve, and Treasury. The presentation focused on six areas: permissible issuer activities, reserve assets and redemption, risk management and supervision, treatment of state-qualified issuers, capital/operational backstops, and foreign issuers. It also flagged unresolved issues around Bank Secrecy Act/AML requirements and the meaning of “digital asset service provider” activities. A substantial portion of the discussion addressed yield restrictions, with the presenter explaining the OCC’s broad definition of yield and its rebuttable presumption against issuer-affiliated or related third-party yield arrangements. The speaker said this likely forecloses many existing white-label structures but leaves some room for third-party payments depending on distance from the issuer, and noted ongoing Senate debate over similar provisions. The presentation also covered reserve valuation, liquidity and diversification requirements, redemption timing, and supervisory expectations such as third-party oversight, IT security, exam cycles, and reporting. No additional votes or formal actions were taken beyond approving the amended minutes.