Transcript Highlights:

• These private equity firms are like a heat-seeking missile for profit.
• Over the last decade, we've seen this trend in private equity ownership. 23 private equity firms own
• <00:02:14.200> 23 trend in private equity ownership. 23 trend in private equity ownership.
• > over<00:02:16.320> 1,900 private equity firms own over 1,900 private equity firms own
• mostly private equity. mostly private equity.

Keywords: 918, senate, all

Summary: Lawmakers and manufactured housing residents discussed a Minnesota bill of rights for manufactured home park residents, aimed at addressing rent increases and private equity ownership of mobile home parks. Rep. Matt Norris and Sen. Liz Bolden described the proposal as a response to out-of-state investors buying parks, raising lot rents, and using enforcement gaps to pressure residents. The bill would define “reasonable rent,” give residents a stronger opportunity to purchase their parks when sold, and strengthen penalties and enforcement of existing protections. Bolden said it is a policy-only bill with no expected fiscal cost and noted it had bipartisan support in the Senate, with a plan to move it from the Commerce Committee to the Judiciary Committee and then to the Senate floor. Residents from Blaine International Village, Sylvan/Lake Elmo, and Cimarron described large rent increases, higher eviction rates, and what they characterized as predatory management practices by out-of-state private equity firms. Tammy Fry said her rent rose from $425 to $700 after her park was sold to Haven Park, while new residents were paying $1,000; Bree Mafee said Sylvan’s lot rent is $1,060 a month and has risen more than 35% in five years, with evictions increasing from about three a year to more than 40 since 2020. Speakers emphasized that manufactured housing residents are both homeowners and renters, and said the bill is needed to protect families from losing homes they own but cannot easily move. Several legislators voiced support. Sen. Judy Seeberger said she had seen predatory practices in Cimarron and would vote yes in committee. Sen. Jim Abeler, a Republican, said he had become aware of the issue and could not stay silent, calling the situation wrong and not a partisan matter. During questions, Bolden said the bill includes a reasonableness standard for lot rent increases, with an exception for health and safety needs, and said similar provisions exist in other states. She also said the bill stalled previously due to timing and moving pieces, not a substantive Senate defeat, and residents argued the issue is about housing stability rather than party politics.

Transcript Highlights:

• in understand the role of private equity in understand the role of private equity in the<00:04:36.800
• um renting from a private equity um renting from a private equity landlord,<00:15:39.760> an<
• with private equity. with private equity.
• or if they meet the private equity or if they meet the private equity >> Representative<00
• <00:33:57.200> company private equity company private equity company started<00:33:59.520>

Keywords: 1183, house

Summary: The committee took up House File 2687, as amended by a DE1 amendment. The amendment narrowed the bill to prohibit private equity companies from buying single-family homes and to limit corporations and partnerships to owning no more than 50 single-family homes, with enforcement through the Attorney General’s office. The committee adopted the DE1 amendment, and the author, Representative Bajaj, described the bill as a step toward expanding homeownership and reducing corporate concentration in the housing market. Representative Bajaj and supportive testimony argued that corporate ownership of single-family homes makes it harder for first-time buyers and working families to compete, especially in lower-income neighborhoods, and can lead to absentee ownership and poor maintenance. Ellen Sahli of the Family Housing Fund cited research on single-family rentals showing that larger portfolios are associated with worse renter experiences, higher rents, and more repair problems. Rachel Ruby Jones testified in support based on her experience renting from Havenbrook, describing flooding, delayed repairs, safety concerns, and poor treatment by management, and said private equity ownership can shift risks and costs onto vulnerable tenants. Opposition focused on market effects and the bill’s scope. Mark Brunner of the Minnesota Manufactured Home Association said the language was too broad and could unintentionally affect manufactured home communities on leased land. Paul Eger of Minnesota Realtors warned that market prohibitions could create unintended consequences, especially in a cyclical housing market, and suggested alternatives such as tax incentives for sales to owner-occupants and more first-time buyer assistance. In member discussion, Representative Nash questioned whether the problem was widespread and pressed for details on enforcement and divestiture; Representative Agbaje said the current language is forward-looking, would not force existing owners below the cap, and would rely on lawsuits and remedies the Attorney General deems appropriate, with more detail to be worked out later. The chair indicated the bill would be laid over for further consideration and likely move next to Judiciary, with some discussion of whether Commerce should also be a stop.

Transcript Highlights:

• the impact that that has had on social equity operators.
• In general, where we see caps, we see equity thrive.
• I want to point out this is really more than equity businesses.
• Give the social equity guys the chance first to do it. No problem. Or social equity people.
• Give the social equity guys the chance first to do it. No problem. Or social equity people.

Keywords: 995, all

Summary: The Joint Committee on Cannabis Policy held its first hearing of the 194th session to take public testimony on 21 cannabis-related bills. Chairs Donahue and Gómez outlined hearing procedures and noted that written testimony would also be accepted. Much of the hearing focused on the Cannabis Control Commission (CCC), with Senator Mike Moore urging support for S. 90 to create an inspector general unit within the CCC. He argued the commission has suffered from dysfunction, workplace harassment allegations, delayed governance reforms, missed fee collections, and high legal costs, and said stronger legislative oversight is needed. Committee members largely agreed the CCC needs reform, though some expressed hope that new leadership would improve operations. A major theme was market structure and business viability. Representative Tyler testified for H. 183 to raise adult-use purchase limits from one ounce to two ounces, saying the change would reduce confusion and help retailers compete with neighboring states. Senator Payano supported S. 100, which would require a study of cannabis supply and demand to guide cultivation licensing, warning that oversupply is driving down prices and threatening cultivators. The Massachusetts Cannabis Coalition, represented by Ryan Dominguez, backed a package of bills aimed at increasing revenue, reducing regulatory burdens, attracting investment, and stabilizing the market, including higher purchase limits, simpler badge and testing rules, and a phased increase in the retail license cap. Attorneys Kevin Conroy and Mike Ross also supported raising the cap, arguing that the industry lacks capital and that more investment and exit opportunities are needed for provisional and distressed licensees. The most contentious issue was whether to raise the retail license cap from three to six. Supporters, including several business owners and industry advocates such as Peyton Shubrick, Tito Jackson, Armani White, Sean Burt, and others, said the current cap traps owners in declining businesses, prevents exits, and limits access to capital. They argued that many social equity and economic empowerment operators are struggling, that oversupply has pushed prices down, and that allowing more ownership could help businesses scale or sell. Opponents, including Senator Liz Miranda and several social equity operators, warned that lifting the cap now would let larger operators and multi-state companies dominate the market and harm equity-owned businesses. Miranda’s S. 88 would instead strengthen enforcement of ownership limits through audits, whistleblower protections, an anonymous tip line, and greater transparency. Another major topic was worker and consumer safety: Laura Bruno, Danny Carson, Al Vega, and others supported H. 194 after the death of Lorna McMurray, arguing for a CCC workplace and consumer safety department, better ventilation and PPE standards, stronger testing oversight, and retaliation protections for workers. The hearing ended without votes, with members thanking testifiers and indicating the committee would continue reviewing the bills.

Transcript Highlights:

• , as well as Katrina Tuggle, program manager of the Office of Equity.
• Tuggle, program manager of the Office of Equity.
• We developed meeting schedules and... ...of the digital equity work and the work with the Digital Equity
• statewide digital equity goals.
• , not the Office of Equity or the Washington State Broadband Office.

Summary: The committee held a work session focused on technology in government, AI, broadband, and digital equity. Seattle CTO Rob Lloyd described the city’s AI strategy, emphasizing responsible use, privacy, security, community input, and data strategy. He said Seattle is using small pilots and partnerships to test AI for tasks such as public records processing, infrastructure inspection, and permitting, while keeping humans as the final decision-makers. Members asked about bias, liability, training on best practices, labor involvement, and public records; Lloyd said AI should remain an assistant tool, not a replacement for human judgment, and that Seattle is still testing solutions for records requests and permitting. WATech CTO Nick Stow and Deputy Director Mark Quimby discussed the state’s broader AI policy, the generative AI executive order, a sandbox with more than 15 agencies, and use cases including a resident portal, cybersecurity, and wildfire detection. They stressed consent, closed systems, human-centered design, and the need to govern all forms of AI, not just generative AI. Committee members raised concerns about federal data access, labor issues, and wildfire detection effectiveness. Spokane County IT staff described a more restrictive approach to AI, citing privacy, bias, and cyber risks. The county standardized on Microsoft Copilot as its only approved chat-style AI tool, blocked other AI chat platforms, and requires human review of all AI-generated content. They said AI is also being used by criminals for phishing and deepfakes, underscoring the need for strong policy and security controls. The committee also received an update from the Attorney General’s AI Task Force. Yuki Ishizuka said the task force has 19 members and eight subcommittees covering ethics, consumer protection, labor, health care, public safety, education, government efficiency, cybersecurity, and industry/energy. The task force is working toward an interim report due December 1, 2025 and a final report due July 1, 2026, and is reviewing recommendations through public forums and advisory committees. Ishizuka warned that a federal budget reconciliation provision could bar states from enforcing AI regulations for 10 years, and several members voiced support for state authority and asked about possible 2026 legislation. The committee then heard updates on broadband and digital equity. Commerce’s Dave Pringle said the BEAD broadband program is being reshaped by new NTIA guidance, which removed or reduced emphasis on several prior priorities, and Washington is now working under an expedited process to submit its state application by September 4. He noted that no projects have been built yet, that four counties did not receive applications in round two, and that the state is trying to keep applicants engaged through office hours and a shortened review window. The Office of Equity and the Digital Equity Forum reported increased participation, new members, and ongoing outreach to tribal, rural, and underserved communities, while previewing recommendations such as creating an interdepartmental digital equity team and improving data use. Finally, Lumen’s Robert Thoms described private-sector broadband deployment challenges, including permitting, regulation, and the economics of extending fiber, while noting continued investment in overbuild projects, a $30 low-cost service option tied to the former ACP, and work with the state, tribes, and libraries. No votes were taken; the meeting consisted of presentations and member questions.

Transcript Highlights:

• Craig Indrate from the Health Equity Compact.
• Health equity. What does equity mean? And who gets to have equity? Who gets to decide?
• And who gets to have equity?
• Equity for MassHealth members, and the current period is 2022 through 2027, and this Quality and Equity
• This is why equity matters.

Keywords: 995, all

Summary: The Massachusetts Permanent Commission on the Status of Persons with Disabilities held a public hearing focused on health equity for people with disabilities. The chair opened by explaining that the session was not about specific legislation, but about sharing data, lived experience, and strategies to inform more inclusive health systems. Presenters included representatives from the Health Equity Compact, the Department of Public Health, MassHealth, UnitedHealthcare Community Plan, the Brain Injury Association of Massachusetts, UMass Chan Medical School, Spaulding Rehabilitation, and the Arc of Massachusetts/Operation House Call. Speakers described how structural racism and ableism contribute to poor health outcomes, unemployment, poverty, and barriers to care for disabled people, especially disabled people of color. Testimony highlighted access problems such as inaccessible medical equipment, transportation, inadequate provider training, lack of culturally competent care, and insurance barriers. Several speakers emphasized the importance of collecting and disaggregating disability data, training providers in disability-competent care, and screening for accommodation needs. MassHealth described its Quality and Equity Incentive Program under the 1115 waiver, including disability-related metrics on data completeness, staff training, and accommodation screening, and reported early increases in hospitals collecting self-reported disability data. Brain injury advocates focused on inequities in rehabilitation access, including the impact of CMS’s “three-hour rule,” which they argued denies needed inpatient rehab to people with severe traumatic brain injury. They called for policy changes, a TBI task force, and possibly bipartisan legislation if CMS cannot revise the rule. Other testimony described DPH efforts such as one-to-one navigation, health promotion workshops, mini-grants for accessible recreation, and the Massachusetts Health and Disability Partnership. The hearing also highlighted medical education efforts like Operation House Call, which uses home visits and disability-led teaching to reduce bias and improve provider competence. No votes were taken and no formal actions were announced.

Transcript Highlights:

• Equity is a standard that will shift with the administration's whims.
• My work is equity.
• My work is equity.
• My work is equity.
• Diversity, equity, and inclusion supports people in hostile environments.

Keywords: 958, all

Summary: The House Standing Committee on Postsecondary Education met to consider House Bill 4, relating to postsecondary education. Before taking up the bill, the committee adopted a committee substitute. The substitute removed language creating a private right of action and immunity provisions, added a definition of “indoctrinate,” revised language tied to the Attorney General, and added a new section directing the Auditor of Public Accounts to review compliance every four years. If an institution is found out of compliance, it would have 180 days to cure the issue or become ineligible for formula funding increases in the following fiscal year, with an opportunity to petition the Attorney General. The substitute also added language barring licensing authorities from requiring diversity, equity, and inclusion training as a condition of initial or renewal licensure. Representative Decker presented the bill as an effort to end what she described as unconstitutional DEI practices in Kentucky’s postsecondary system and to refocus colleges on academic instruction, equal opportunity, and affordability. She argued that DEI offices and initiatives have cost taxpayers heavily and have not improved enrollment outcomes for low-income and underrepresented students. Michael Frasier, testifying in support, framed the bill as an equal-protection measure rather than simply an anti-DEI bill, saying it targets preferential treatment and discrimination while exempting traditional civil-rights compliance offices such as Title IX, disability, and other anti-discrimination functions. He also argued that the bill aligns with recent U.S. Supreme Court precedent and that Kentucky should shift toward socioeconomic-based approaches. Several members raised concerns about the bill’s assumptions and effects. Representative Willner questioned the claim that DEI initiatives caused enrollment declines and asked why the state would not make such programs more inclusive instead of eliminating them. Representative Stalker argued that the bill ignored decades of exclusion in higher education and asked what would replace DEI efforts aimed at closing achievement gaps and preventing brain drain. Supporters responded that the bill addresses unconstitutional preferences and that the state should move toward equal treatment and socioeconomic factors rather than race-based criteria. After discussion, the committee substitute was adopted, and the committee continued consideration of House Bill 4.

Transcript Highlights:

• equity and quality of care.
• And they looked at data from 51 private equity-acquired hospitals and compared them to non-private equity-acquired
• We see private equity in the medical industry. We see private equity in the utility industry.
• We see private equity all over the place.
• Large corporations and private equity have deep pockets.

Bills: HB99, HB49, HB164, SB30, SB43, SB50, SB136

Keywords: medical malpractice, malpractice reform, patient's compensation fund, PCF, health care liability, tort reform, damage caps, punitive damages, hospital liability, physician liability, nurse practitioner, certified nurse-midwife, outpatient facility, ambulatory surgical center, urgent care, free-standing emergency room, insurance surcharge, superintendent of insurance, New Mexico hospitals, medical review process

Transcript Highlights:

• To access and equity.
• I wanted to touch on the state digital equity plan.
• capacity grant to the digital equity plan.
• might have on digital. equity funds.
• Well, the digital equity survey that was used to receive input was translated, and then the digital equity

Keywords: 988, house, all

Transcript Highlights:

• <00:31:19.039> assumes often times when private equity assumes often times when private equity
• troubling consensus in private equity troubling consensus in private equity healthcare<00:31:32.720
• > are Private equity run hospitals are Private equity run hospitals are associated<00:31:35.840
• c> subsp<00:31:50.880> specialties equity owned medical subsp specialties equity owned medical
• Uh there's equity there.

Keywords: 1187, senate, all

Transcript Highlights:

• Texas was the last state to allow home equity lending.
• sales could have been home equity loans.
• And you know, our home equity is everything, right?
• We were the last state to bring in equity loans.
• That's not in an equity loan. An equity loan is a less. Problematic. That's my opinion.

Bills: HJR40

Keywords: Medicaid, healthcare access, Affordable Care Act, federal funding, constitutional amendment

Transcript Highlights:

• support to advance health equity within the agency and statewide.
• > um<00:30:53.880> Health<00:30:54.120> Equity agency and Statewide um Health Equity
• <00:51:04.240> Equity<00:51:04.720> being here under Health Equity Equity being here
• under Health Equity Equity being different<00:51:05.559> than different than different than equality
• or religious views under the equity or religious views under the equity stance<00:51:17.880>

Keywords: 1183, house

Summary: The meeting was an informational walkthrough for the Health Finance and Policy Working Group, focused on committee structure, budget basics, and major health-related accounts and programs. Staff explained the roles of House Research and House Fiscal, then reviewed key funds used by the committee, including the general fund, government special revenue fund, federal funds, the health care access fund, remediation account, and drinking water revolving fund. They also outlined the committee’s main budget areas, noting that medical assistance is the largest general fund item and that the Department of Health is a substantial agency funded by a mix of federal, general fund, and special revenue dollars. A major portion of the presentation covered subsidized health coverage programs. Staff described Medical Assistance (Minnesota’s Medicaid program) as an entitlement for eligible Minnesotans, with no premiums or cost sharing, and explained its managed care and fee-for-service delivery systems. MinnesotaCare was presented as a separate federal-state basic health program for people who are not eligible for MA, with income limits, premiums for adults age 21 and older, and cost-sharing requirements; staff noted that federal premium tax credit changes affect MinnesotaCare premium ranges. The presentation also summarized MNsure’s role in the individual market and in determining eligibility for premium tax credits, cost-sharing reductions, MinnesotaCare, and MA. The committee also received an overview of health-related licensing boards and occupational regulation. Staff said Minnesota has 16 health-related licensing boards, funded mainly through the state government special revenue fund and subject to legislative appropriation, and explained that health occupations may be regulated by the Department of Health, the Office of Emergency Medical Services, or the boards under chapter 214. Interstate licensure compacts were briefly noted as a way to ease practice across states. No bills were debated and no votes or formal actions were taken during the meeting.

Transcript Highlights:

• affiliated with private equity firms. affiliated with private equity firms.
• <00:59:46.000> firms entities such as private equity firms entities such as private equity
• private equity firm or hedge fund. private equity firm or hedge fund.
• by private equity firms or hedge funds. by private equity firms or hedge funds.
• a private equity investment. a private equity investment.

Keywords: 927, senate, all

Transcript Highlights:

• This is the subcontract between American Equity and Equity in Education.
• The very first thing that Equity in Education was to assist American Equity in doing was in identifying
• We invited Equity in Education to work with us...
• ... ...to AOC about the work that American Equity was doing.
• First of all, American Equity was his idea.” “First of all, American Equity was his idea.

Summary: The hearing opened in a Washington State Office of Administrative Hearings matter involving Legislative Ethics Board complaint 2025-5 against Representative Tara Simmons. The ALJ outlined the process, the issues on appeal, and the burden of proof, which centered on whether Simmons violated the Ethics Act by using her legislative position for others’ benefit and by holding outside employment that conflicted with her duties, and what sanction would be appropriate. Several exhibits were admitted by stipulation or without objection, while Exhibit 2 was initially held for later ruling but was ultimately admitted after testimony from the witness who prepared it. The board also granted a motion to sequester witnesses and took under advisement a motion to exclude three defense witnesses until after the staff case-in-chief. In opening statements, board staff alleged Simmons violated RCW 42.52.020 and RCW 42.52.070 by sponsoring a proviso that benefited her outside employer, Equity and Education Coalition (EEC), by using campaign surplus funds to help hire a friend, by intervening in a dispute over the proviso-funded work, and by sending text messages to influence others. Staff said it would seek penalties of up to $5,000 per violation plus costs. Defense counsel argued the allegations were technical ethics issues, denied Simmons profited personally, and contended the proviso funding her employer was permitted under prior board guidance; counsel also argued the campaign donation and later contract dispute were lawful and context-dependent. The first witness, Kimberly Gordon of American Equity and Justice Group (AEJG), testified that AEJG received state proviso funding and donations from Simmons, including $10,000 and later $40,000, which Gordon said were intended to fund the hiring of Antoine Coleman, Simmons’s romantic partner. Gordon said AEJG returned the donations and terminated Coleman after learning of the relationship and potential conflict of interest. She also testified about a later 2024 proviso involving EEC, a subcontract between AEJG and EEC, and a dispute over EEC’s performance under that subcontract. Gordon said AEJG raised concerns with the Administrative Office of the Courts, met with contract manager Chris Stanley, and ultimately rewrote the subcontract after Stanley, allegedly after speaking with Simmons, directed them to do so. The hearing then recessed for lunch, and cross-examination of Gordon was set to continue afterward.

Transcript Highlights:

• Today we're going to review home equity sharing agreements following a report...
• So home equity sharing agreements are also known as home equity investments or home equity agreements
• So the CHISAs are their only way to tap into their home equity.
• This is particularly true now, following sort of large run-ups in home equity.
• contract that allows homeowners easier access to the equity in their home.

Summary: The committee first heard a work session on cryptocurrency kiosks from the Department of Financial Institutions and Spokane City Councilmember Paul Dillon. DFI described crypto kiosks as licensed money transmission terminals that allow cash purchases of virtual currency, and said the main concern is fraud: scammers often pressure victims, especially older adults, to deposit cash into kiosks and send it to wallets controlled by organized crime. DFI cited a sharp increase in kiosk volume, nationwide fraud complaints and losses, and said Washington currently has licensing and disclosure rules but lacks transaction and fee limits. The department said it is seeking stronger disclosures, a $1,000 daily transaction limit, and a fee cap. Spokane described its unanimous ordinance banning new kiosks and removing existing ones after local scam reports, and members asked about how the machines work, whether the fraud is in the hardware or the transaction, and whether stronger warnings or screening could help. The committee then reviewed home equity sharing agreements, or CHISAs, based on a report by Mariana Amaram and testimony from DFI and industry representatives. The report found that CHISAs provide homeowners a lump sum in exchange for a share of future home value or appreciation, with no monthly payments, but that consumers often struggle to understand the products and settlement calculations. The report said the market has grown quickly in Washington, that costs can be hard to predict, and that early uncapped contracts could produce very high settlement amounts, especially during periods of rising home prices. DFI said it views these products as mortgage loans and is moving forward with rulemaking, including counseling and clearer disclosures, while industry witnesses said the products are equity-based rather than debt-based and asked for tailored regulation. Members discussed the need for better consumer education, clearer payoff schedules, and whether the products should be treated as mortgages or a separate category. The final panel focused on Washington’s space economy, with presentations from Amazon Leo, Blue Origin, Stoke Space, Space Northwest, and Green River College. Speakers highlighted major in-state investments in satellite manufacturing, launch systems, and workforce training, including Amazon Leo’s Redmond and Kirkland facilities, Blue Origin’s Kent headquarters, and Stoke Space’s Kent manufacturing and Moses Lake test site. Space Northwest presented data showing the sector’s growing economic footprint, high-wage jobs, and regional clusters in Kent and Redmond, and urged more workforce programs, incentives, infrastructure support, and a state space commission. The companies emphasized local hiring, apprenticeship and certification programs, and the role of Washington’s aerospace supply chain in supporting the broader space industry. No votes were taken during the transcript excerpt.

Transcript Highlights:

• This is the subcontract between American Equity and Equity in Education.
• The very first thing that Equity in Education was to assist American Equity in doing was identifying
• We invited Equity in Education to work with us.
• First of all, American Equity was his idea.” “First of all, American Equity was his idea.
• She said that there was another organization, Equity in Education, that was doing work similar Equity

Keywords: 904, all

Summary: The hearing concerned a Legislative Ethics Board complaint against Representative Tara Simmons in Washington State OAH Docket 401-645. The judge outlined the process, the two issues on appeal—whether Simmons violated RCW 42.52.020 and RCW 42.52.070, and, if so, what penalty should apply—and admitted a number of exhibits by stipulation or prior ruling, while taking one exhibit under advisement pending an offer of proof. The board also moved to sequester witnesses, which was granted, and the judge deferred ruling on a motion to exclude three defense witnesses until after hearing the board staff’s case. Opening statements followed, with staff alleging Simmons used her position to benefit an outside organization and to secure special privileges, and the defense arguing the conduct was lawful, technical in nature, and consistent with prior ethics guidance. Board staff then called Kimberly Gordon, an attorney and founding board member/treasurer of American Equity and Justice Group (AEJG), as its first witness. Gordon testified that AEJG used data dashboards to make justice-system data more accessible, received state proviso funding sponsored by Simmons, and also received two donations from Simmons—$10,000 and $40,000. She said the first donation was intended to help hire Antoine Coleman, whom Simmons had recommended and who was later identified as Simmons’s romantic partner, and that AEJG returned the $10,000 and declined the $40,000 after concluding there was a potential conflict of interest. Gordon also testified that AEJG believed Simmons’s involvement in the organization and her communications about Coleman created ethical concerns. Gordon further testified about a second proviso intended to expand AEJG’s work into education data and its subcontract with Equity in Education Coalition (EEC). She said EEC did not perform the expected deliverables, prompting repeated communications with the Administrative Office of the Courts and a meeting involving Chris Stanley, where AEJG raised concerns that EEC was not complying and that Simmons had intervened in the dispute. According to Gordon, Stanley ultimately directed the parties to rewrite the subcontract and continue, but AEJG later moved forward largely without EEC’s assistance. The board staff introduced AEJG’s complaint and related timeline exhibits during her testimony. After direct examination, the hearing recessed for lunch, and cross-examination by Simmons’s counsel began when the hearing resumed.

Transcript Highlights:

• , uh, as we look at our pension funds who have different allocations to equity, those who have more equity
• , uh, as we look at our pension funds who have different allocations to equity, those who have more equity
• to equity, those who have more equity to equity, those who have more equity are<00:10:46.000>
• <00:19:43.280> and average uh allocation to equities and average uh allocation to equities
• Uh again I would say this on equities.

Keywords: Meeting Start: 00:00 Attendance Roll Call: 01:02 Approval of Minutes: 02:03 Annual Investment Review: 04:10 Adjournment: 37:34, 958, all

Summary: The committee met with a quorum, approved the prior meeting minutes, welcomed new staff member Sean Parks, and announced that it would not meet in November. The next meeting was scheduled for December 8 at 10:00 a.m., with the chair noting that pension bills would be heard then and emphasizing that all pension bills must go through the full process and include actuarial analysis. Brad Gross of the Public Pension Oversight Board presented a detailed review of Kentucky retirement systems’ investments and funding. He said fiscal year 2025 ended with about $50.5 billion in pension assets and $12.52 billion in retiree health assets, both up from the prior year. He reported strong investment performance across the systems, with all Kentucky public pension funds exceeding their policy benchmarks and the median peer return of 10.4%. He also discussed long-term return trends, asset allocation differences among the systems, fee levels, and cash flow, noting that cash flow remains a key monitoring issue and that supplemental appropriations have improved the cash position of some funds, especially the Kentucky State Police and TRS systems. Gross also explained that assumed rates of return have generally fallen over time, which increases unfunded liabilities and required contributions, and said the systems’ current assumptions range from 5.25% to 7.1%. He noted that the committee’s materials included peer comparisons and historical charts, and that all asset classes were within target ranges. In response to a question from Senator Funky From, Gross was asked about pension spiking and whether supplemental general fund contributions could create a false sense of security in cash flow analysis; the question was raised but not resolved in the portion of the transcript provided.

Transcript Highlights:

• So rates rose a little bit, and equity markets came in.
• You don't have to actually own the equity.
• rather than a broad U.S. equity and a broad international equity.
• will be proxied with public equity?
• Private equity will be proxied with public equity. Mr.

Keywords: 908, all

Transcript Highlights:

• And over time, you get to build up a little bit of equity in that.
• But there's a formula that determines how much that equity is.
• But there's a formula that determines how much that equity is.
• But there's a formula that determines how much that equity is.
• Where the tenant actually gets to start building equity.

Summary: The committee met for work sessions on land banking/shared homeownership and on maximizing existing housing stock. Members first heard an overview from Commerce on alternative homeownership models, including community land trusts, limited equity cooperatives, condominiums, accessory dwelling units, middle housing, church land for housing, and public land transfers. The discussion focused on how these models can help households build equity while keeping housing permanently affordable. Committee members asked about statewide counts of co-ops and land trusts, and Commerce said it does not track all of those entities directly. Pierce County staff then described the Pierce County Community Development Corporation’s rapid acquisition fund and its role in acquiring, holding, and transferring public land for affordable housing. They said the county used general fund and affordable housing sales tax dollars to buy properties, preserve a manufactured home park through resident ownership, and create a pipeline of sites for future development. Members asked about the advantages of a public development authority, funding sources, the use of surplus and underutilized public property, and how the model works with housing authorities. Spokane land bank staff followed with testimony that land banks can reduce blight, preserve affordability, and help nonprofits acquire land quickly, but that holding costs and taxes can make the work harder without state support. They also described brownfield assessments, donated properties, and work on Black homeownership and public surplus properties. The committee then heard from the Northwest Cooperative Development Center on limited equity cooperatives, especially in manufactured housing communities. The witness said Washington now has about 43 limited equity co-ops and that recent subsidy funding and legislation have accelerated resident purchases of manufactured home communities. Members asked how residents benefit from capped equity, how values are affected, and whether the model improves access to lending; the witness said the model stabilizes costs, allows modest equity gains, and that a recent law allowing manufactured homes in co-ops to be titled as real property should improve access to traditional financing. The committee also discussed House Bill 1974 from the prior session and possible updates to land banking legislation. In the second work session on maximizing existing housing stock, Commerce reviewed recent housing laws and implementation timelines, including ADUs, middle housing, condo liability reform, SEPA changes, tiny homes, and co-living. Members raised concerns about the long implementation horizon, vacancy data, corporate ownership of homes, and the need for better support for small landlords and first-time ADU owners. Sightline then testified on mobile dwelling units, arguing that RVs, tiny houses on wheels, and similar units are a low-cost, quick-to-install housing option that is often blocked by zoning; the witness said many Washington residents already live in these units, often informally. Finally, AARP discussed housing options for older adults, including ADUs, missing middle, manufactured home communities, co-living, universal design, and village-style support models, emphasizing aging in place and the need for more accessible, affordable housing choices.

Transcript Highlights:

• <01:28:28.199> companies purchasing by private Equity companies purchasing by private Equity
• they're selling to a private Equity they're selling to a private Equity company<01:36:46.520>
• 48.159> being company the private Equity company being company the private Equity company being
• <02:01:00.000> you<02:01:00.119> have<02:01:00.199> a equity private Equity
• a per you have a equity private Equity a per you have a series<02:01:00.520> of<02:01:00.679><

Keywords: 1187, senate, all

Transcript Highlights:

• private equity bucket.
• rather than a broad U.S. equity and a broad international equity.
• And 19% under the old policy is now this 46.5% public equity, but within that public equity index, the
• will be proxied with public equity?
• Private equity will be proxied with public equity. Mr.

Summary: The committee met to approve prior minutes and receive updates on the Legacy Fund transparency website and fund performance. Staff reported the website procurement was in contract negotiations, with a planned go-live around November 1, and that the site would provide downloadable, more transparent information on fund holdings, allocations, history, and legislative appropriations while protecting confidential data. The investment office then reviewed performance through January 2026, describing strong returns relative to benchmarks, noting real estate and fixed income as weaker areas, and explaining that the fund’s diversification and internal management had helped offset market volatility, including recent geopolitical impacts. Members also discussed the in-state investment program, especially the Bank of North Dakota’s CD-match allocation. Several members questioned whether the program had been static for years and whether the uncommitted balance should remain parked there if it was not being used. The committee voted to pause further transfers into the program until the Bank provides a report and the committee can consider possible statutory changes; the motion also requested a cost-benefit analysis from RVK, and it passed by roll call vote. In the afternoon, RVK presented its review of the investment policy statement as it relates to the in-state investment program. The consultant said it found no major policy impediments, and that implementers and stakeholders generally felt the program was proceeding as intended. RVK emphasized best practices such as third-party due diligence, competitive risk-adjusted returns, diversification, pacing, and exit strategies, while cautioning that required lower-return investments or spending commitments can create pressure on the fund’s long-term real value. The consultant also raised ancillary concerns about state-level concentration risk, the need to distinguish between public and commercial infrastructure, and the lack of a central repository for all state funding commitments to the same projects.