Transcript Highlights:

• </c> for making your way down to the capital for making your way down to the capital and<00:04:38.400
• </c> Safety here to present our capital Safety here to present our capital budget<00:05:18.760><c> request
• ><c> request</c> The governor's capital budget request The governor's capital budget request for<00:21
• </c><00:42:22.800><c> Investment</c> members of the Capital Investment members of the Capital Investment
• I want the Capital Investment Committee.

Bills: HF3599 , HF3761 , HF3523 , HF3515 , HF573

Committee: House Capital Investment

Transcript Highlights:

• just operating or does that include capital?
• just operating or does that include capital?
• To the locals, is that just operating or does that include capital?
• It is currently 10 years on capital murders, and I think that is appropriate.
• Again, 20 years, capital murder, aggravated robbery.

Committee: Senate Criminal Justice

Transcript Highlights:

• These CDFIs make loans and expand access to capital for small businesses that are primarily Black-and-brown
• Access Plus Capital has developed over 2,000 loans totaling $65 million.
• we commissioned, we found that there is over a $3 billion gap between the credit requested and the capital
• I was a board member of Access Plus Capital previously, so I understand very intimately the issues of
• accessing capital for small businesses and communities like mine.

Committee: House Banking and Finance

Transcript Highlights:

• As any entrepreneur understands, raising early-stage capital is a significant challenge, especially in
• As any entrepreneur understands, raising early-stage capital is a significant challenge, especially in
• improvement bonding and county capital improvement bonding and housing<01:09:45.600><c> bonds</c><01
• </c> election requirement for city capital election requirement for city capital improvement<01:09:56.320
• </c><01:18:39.360><c> investment</c> bonds in um in the capital investment bonds in um in the capital

Committee: Senate Taxes

Transcript Highlights:

• </c> dedicated resources, personnel, capital dedicated resources, personnel, capital toward<00:41:32.720
• U.S. capital markets are currently the most robust and liquid in the world, the center of capital formation
• U.S. capital markets are currently the most robust and liquid in the world, the center of capital formation
• U.S. capital markets are currently the most robust and liquid in the world, the center of capital formation
• </c> um capital markets, US regulated capital um capital markets, US regulated capital markets<01:51:

Summary: The Stable Token Study Commission held its first regular meeting, welcomed all remaining appointed members, and completed brief introductions from legislators and agency designees. The chair outlined the commission’s plan to use the first part of the enabling legislation as a “level-setting” discussion, focusing this meeting on the basics of blockchain, the current landscape for stablecoins and tokenized real-world assets, and leaving blockchain-based trust for a later meeting. No votes were taken. The main presentation came from Deanna Bario Zales of the Global Blockchain Business Council, who described stablecoins as increasingly converging toward fiat-backed or asset-backed models, with algorithmic designs viewed more cautiously. She said stablecoins are being used for payments, remittances, DeFi activity, cross-border transfers, retail use in high-inflation markets, and treasury functions, while noting risks such as peg instability, reserve transparency, counterparty and network risk, and possible capital flight from weaker banking systems. She cited growth in supply, wallet activity, and transfer volume, and said U.S.-pegged stablecoins dominate the market, with USDT and USDC leading. Zales also discussed tokenized real-world assets, describing them as digital representations of physical assets that can enable fractional ownership, liquidity, and faster settlement. She said the market is growing quickly, with institutional participation from firms such as BlackRock and Franklin Templeton, and projected continued expansion. She closed with an overview of regulatory developments, emphasizing the new U.S. stablecoin framework under the Genius Act, the proposed Clarity Act, OCC guidance, and similar regimes in the EU, UK, UAE, Singapore, Japan, and elsewhere, all of which she said are shaping compliance requirements and market development.

Transcript Highlights:

• committee, what this bill does is establish a specialty plate which would designate the lowrider capital
• This is a proposal to codify a 2013 executive order dealing with management and oversight of capital
• Basically, it was putting in place a whole set of oversight and guidance for when capital outlay could
• This bill enacts the Public Finance Accountability Act and basically sets those criteria for capital
• To do in terms of transferring the disbursement of that capital outlay back to the local entity.

Committee: Senate Senate Tax, Business & Transportation

Transcript Highlights:

• I request capital leave for Senator Kim Ward.
• Senator Pittman requests capital leave.
• May we have Senator Colver on capital leave?
• I have request capital... Thank you, Mr. President.
• I have requested capital leave for each of them.

Summary: The Senate opened with prayer, the Pledge of Allegiance, communications, committee reports, and leaves of absence. The journal was approved 50-0. The chamber then took up House Bill 1505, which drew extended debate over school funding and adequacy/tax equity. Senators Coleman and Keefer argued the bill continued to pour money into districts like Allentown without accountability or improved results, while Senators Costa, Miller, Haywood, and Anthony Williams defended the funding as a response to historic underfunding and the Commonwealth Court decision. A motion allowing Senator Coleman a third speaking turn was adopted 27-23, and the bill ultimately passed 45-5. The Senate then considered House Bill 2400, the General Appropriation Act. Supporters, including Senators Martin, Dush, Phillips-Hill, Costa, Ward, Street, Hughes, and Pittman, emphasized that the budget was balanced without using the rainy day fund or raising taxes, reduced the governor’s proposal, increased education and child care funding, supported nursing homes, rape crisis centers, infrastructure, and workforce programs, and shifted money from lapsed or unused accounts to current priorities. Opponents, including Senators Saval and Muth, said the budget failed to address structural deficits and omitted new revenue options, emergency services funding, and other major issues. The bill passed 44-6 with amendments and was returned to the House for concurrence. The Senate also passed a series of other bills, including House Bills 2412, 2413, 96, 858, 1042, 1286, 1646, 1851, 1862, 2017, 2024, 2401, and 2559, with varying margins, and sent them to the House, some with amendments. House Bill 1042 drew a negative recommendation from Senator Costa over a late amendment involving second-degree murder/felony language, but after reconsideration and vote changes it passed 30-20 with amendments. House Bill 1862, creating an Ignition Interlock Driver’s License, passed 45-5 after support from Senator Judy Ward. House Bill 1248 passed 43-7 and designates Pennsylvania rye whiskey as the official state spirit, with Senators Bartolotta and Robinson speaking in support. The chamber also adopted Senate Resolution 216, after defeating Senator Haywood’s amendment to narrow the scope of a proposed Legislative Budget and Finance Committee study of managed care organizations; the resolution passed 31-19. Several other bills were held over in their order, and the Senate later moved toward a condolence resolution.

Transcript Highlights:

• Program, the Loan Participation Program, the Capital Access Program, but at the same time, we've also
• We still are working on getting funding for behavioral health capital fund, primary care capital fund
• So a lot of that you'll hear about today, like the primary capital fund and the child care revolving
• And that really helps in the match for the federal Capitalization grants.
• The next request we have is a 25 million primary care capital fund.

Committee: House House Appropriations & Finance

Transcript Highlights:

• </c> capital grounds. capital grounds.
• </c><00:22:22.880><c> A</c> of the tribes raise at our capital.
• A of the tribes raise at our capital.
• </c> plaza right here in the state capital. plaza right here in the state capital.
• be called the state capital of 11 nations.

Transcript Highlights:

• All right, the bond initiatives are ordered to the capital budget subcommittee.
• All right, the bond initiatives are ordered to the capital budget subcommittee. That does it.
• All right, the bond initiatives are ordered to the capital budget subcommittee. That does it.
• bond initiatives are uh ordered<00:02:44.480><c> to</c><00:02:44.640><c> the</c><00:02:45.280><c> capital
• </c><00:02:45.680><c> budget</c> ordered to the capital budget ordered to the capital budget subcommittee

Transcript Highlights:

• <00:03:15.840><c> state</c> consuming alcohol within the state consuming alcohol within the state capital
• <00:03:16.879><c> Senator</c> capital Senator capital Senator a<00:03:19.799><c> m</c><00:03:20.480><
• 04:43.919><c> your</c><00:04:44.080><c> stay</c><00:04:44.280><c> at</c><00:04:44.400><c> the</c> capital
• 49.560><c> motion</c><00:04:49.919><c> on</c><00:04:50.120><c> the</c><00:04:50.240><c> floor</c> capital
• back to the motion on the floor capital back to the motion on the floor for<00:04:50.840><c> adjournment

Transcript Highlights:

• Then the next line dealing with the Capital Commission, Capital Preservation Fund, ended up being $73.886
• How much are we using out of the Capital Commission would be $73 million?"
• How much are we using out of the Capital Commission? It would be $73 million?
• We also pull from the Capital Commission Fund in several other places.
• Second to that, we're using the Capital Commission Fund.

Committee: House Conference Committee on Budget

Transcript Highlights:

• would repeal three Climate Commitment Act accounts and replace them with an operating account and a capital
• After it hits that cap, the rest of that portion of the revenue would go to the capital account.
• And again, once that account hit its cap, everything over that would go to the capital account.
• Then the capital account would get 15% throughout, as well as the spillover from those other accounts
• This would add some allowable uses to the operating and the capital accounts.

Summary: The Appropriations Committee met in executive session on three bills. For House Bill 2159, which creates the pre-K Promise account for ECEAP, the committee adopted Amendment Clark 333 to clarify that account funds may support any children enrolled in ECEAP, not just the entitlement population. Members spoke in support of the bill as expanding early learning access, and the substitute bill was reported out with a due pass recommendation by a 29-0 vote, with two members excused. For House Bill 2251, dealing with Climate Commitment Act account structure and revenue distribution, staff briefed the proposed substitute and two offered amendments from Representative Dye. Both Dye amendments were rejected: one would have expanded allowable uses to include items such as buoys, trails, small forest landowner grants, drought and water quality projects, outdoor recreation, and marina support; the other would have restored annual rather than biennial reporting on CCA spending. Supporters said the bill would simplify and clarify CCA budgeting and better align spending with declining revenues, while opponents argued it did not sufficiently prioritize climate resiliency and accountability. The substitute bill was reported out with a due pass recommendation by an 18-12 vote, with one excused. For House Bill 2521, which would let the Washington State Patrol set firearm background check fees to cover program costs, the committee considered seven amendments. All seven were rejected: proposals to cap the fee increase at $20, exempt low-income residents, people near least restrictive alternative placements, veterans and active military, domestic violence victims, and residents of counties with fewer officers per capita, and to delay the effective date until Washington no longer has the fewest officers per capita nationwide. Supporters of the bill said the fee should be cost-based to avoid subsidizing the program with general funds and to prevent delays in background checks; opponents argued the bill created an open-ended fee increase and financial barrier to a constitutional right. The bill was reported out with a due pass recommendation by an 18-12 vote, with one excused.

Transcript Highlights:

• And just for reference before I continue, in California capital trials happen in Superior Court, but
• Starting in late 2023, the California Supreme Court began ordering full RJA briefing on capital cases
• As for hundreds of millions for the build-out of capital outlay projects. Okay.
• In capital cases before the Supreme Court, the situation is especially urgent.
• The statewide panel, and you probably know that our statewide panel handles non-capital cases.

Transcript Highlights:

• I don't want to overstep Chairman Bacala on Ways and Means when it comes to capital outlay. Okay.
• So this is different than capital outlay? Yes, ma'am.
• What else do we have besides capital outlay? We need to provide another option.
• So in conclusion, I think that the capital is ready. By capital, I mean capital and capital.
• They also try to traverse capital outlay.

Summary: The committee first heard House Bill 1157, which would create a Louisiana State Infrastructure Bank to provide another funding mechanism for transportation-related projects, including roads, bridges, rail, ports, airports, and other surface transportation needs. Chairman Borek and DOTD Secretary Glenn LaD said the goal is to leverage state, federal, local, and private dollars, using models from Florida and other states. Members asked about board makeup, staffing, project selection, administrative costs, and how the bank would differ from capital outlay and existing transportation programs. Testimony in support came from business and economic development representatives, including Michael Hecht of Greater New Orleans, Inc., who said infrastructure is critical to major economic projects and that the bank could attract outside capital. The bill was reported favorably without objection. The committee then took up several local and procurement-related bills. House Bill 860, allowing fillable electronic public bid forms, was reported favorably. House Bill 972, naming a portion of Highway 93 in Lafayette Parish the Desert Shield Desert Storm Memorial Highway, and House Bill 965, naming a portion of Highway 163 the Sergeant William Billy Earl Collins Jr. Memorial Highway, were both reported favorably after brief testimony honoring veterans and law enforcement. House Bill 692, authorizing local governments to enter group purchasing agreements, was amended and reported favorably. House Bill 685, allowing use of FAST Act cooperative procurement for public motor vehicles and rolling stock, drew support from transit officials and was reported favorably after a roll call vote, with one member voting no. The committee also advanced House Bill 982, which designates portions of highways in Morehouse Parish in memory of local residents killed in a crash after attending an LSU game; it was reported with amendments. House Bill 506, creating special prestige license plates for local high schools as a fundraiser, was amended and reported favorably. House Bill 839, lowering the contract limit for hospital service districts to use construction management at risk from $2 million to $1 million, was reported by substitute after testimony from hospital leadership and industry representatives. House Bill 1072, revising powers and emergency procurement authority for the Office of Louisiana Highway Construction, was amended and reported favorably after discussion about its relationship to DOTD and emergency repairs. Finally, the committee heard House Bill 887, which revises construction management at risk procedures, including committee makeup, scoring, and financial qualification requirements; it was amended and reported favorably. House Bill 647, creating timelines and an annual application process for waterway projects under a waterway assistance program and fund, was reported by substitute. The last major item discussed was House Bill 873, which would fund pursuit intervention technology and training for law enforcement through a $2 fee on driver’s licenses. The bill was presented alongside emotional testimony from the widow and daughter of Sergeant Grant Candies and from a St. John the Baptist Parish sheriff’s captain, all urging safer equipment and better training for officers. Members expressed strong support, and the discussion continued into funding and grant administration details.

Transcript Highlights:

• ><c> if</c> Furthermore, capital gains and if Furthermore, capital gains and if necessary,<00:27:19.039
• </c><00:35:01.359><c> markets</c> the above CME or above capital markets the above CME or above capital
• </c> the below CMA CME or the below capital the below CMA CME or the below capital markets<00:35:08.480
• </c><00:35:47.200><c> market</c> In scenarios in which capital market In scenarios in which capital market
• Capital gains are based on non-wage earners.

Bills: HF3900

Committee: House Education Finance

Transcript Highlights:

• The body will remember these are the capital improvements...
• These are new capital improvements to the extent we do them.
• So again, House Bill 2019, the capital improvements bill, ask for the body support.
• For the Capital Commission.
• I'm talking about capital G-O-D: Yahweh, Elohim. Mr. Speaker, Elohim. Mr.

Transcript Highlights:

• So that we in this pay capital gains.
• </c> the capital. the capital.
• </c> their lives to keep our capital secure. their lives to keep our capital secure.
• </c> about making the capital city more safe? about making the capital city more safe?
• All time for debate has expired. nation's capital city. I urge my nation's capital city.

Transcript Highlights:

• Well, I mean, through a variety of means, it takes a lot of money from the capital budget.
• Well, I mean, through a variety of manners, it takes a lot of money from the capital budget.
• The Senate version takes $375 million. ...of money from the capital budget.
• And that's why I think you're seeing a lot of capital flight recently.
• And that's why I think you're seeing a lot of capital flight recently. Okay.

Summary: Senate and House Republican leaders used the weekly media availability to criticize the Democratic majority’s budget and tax proposals, framing the session around affordability and fiscal restraint. They said the operating budgets rely on unsustainable one-time money, rainy day funds, and an income tax proposal they argued is unconstitutional and likely to drive businesses and wealthy residents out of Washington. They also said House and Senate Republicans offered budget amendments aimed at property tax relief, restoring money to public works, and reducing reliance on new taxes, but those efforts were rejected. The lawmakers also highlighted several bills they said failed to advance, including juvenile rehabilitation reforms, child endangerment/child fatality reporting measures, and tort reform. Braun said he plans to raise those issues, along with the income tax and budget concerns, in a meeting with the governor, and asked whether the governor would veto the income tax if his conditions are not met. Connors and Abbarno added that Republicans are still working with some Democrats, including on a constitutional amendment approach to any income tax, but said the majority is moving too quickly and without adequate safeguards. Other topics included the U.S. Supreme Court ruling on California transgender policies, which Republicans described as a win for parents’ rights and potentially relevant to Washington school policy, and a House bill affecting data centers, which they opposed as harmful to jobs, energy innovation, and local tax bases. They also criticized additional taxes under consideration, such as nicotine, prescription drug, bag, bottle, and data-center-related taxes, arguing these would worsen affordability. The session ended with Republicans saying they had little influence in the budget conference process and vowing to keep fighting the income tax and other tax increases through the final days of the session.

Transcript Highlights:

• Um, combined with capital that is raised from limited partners, PE firms can use large amounts of debt
• Um, combined with capital<00:03:36.959><c> that</c><00:03:37.200><c> is</c><00:03:37.360><c> raised</
• c><00:03:37.680><c> from</c><00:03:37.920><c> limited</c> capital that is raised from limited capital
• , I want to close by acknowledging the key regulatory challenge, which is to balance the need for capital
• These exorbitant capital costs draw money away from residents and workers and result in poor care.