Transcript Highlights:

• </c> resolving failing banks. resolving failing banks.
• midsized banks, small and midsize banks.
• In the banks, small and midsize banks.
• For example, after the collapse of the first Republic Bank, Silicon Valley Bank, and Signature Bank in
• and</c><05:15:36.240><c> the</c> banks gobbling up smaller banks and the banks gobbling up smaller banks

Transcript Highlights:

• Bank accounts were not reconciled monthly.
• Bank accounts were not reconciled monthly.
• It wasn't directed to the bank.
• You're not a bank. That's right.
• You're not a bank. That's right.

Committee: All LEGISLATIVE JOINT AUDITING-COUNTIES AND MUNICIPALITIES

Summary: The committee began with prayer and approval of the January 8 minutes, then received updates on delinquent private water and sewer reports. Staff reported that for the 2022 reports, 19 of 43 entities had had their turnback reinstated, while 24 remained in escrow; for the 2023 reports, 59 of 64 entities had filed, leaving five outstanding. The committee also filed a report on Adona, where staff said the city had made enough progress toward substantial compliance with municipal accounting laws to discontinue withholding turnback, and the committee adopted that recommendation. The bulk of the meeting focused on municipal accounting noncompliance cases. Gum Springs and Denning were presented with extensive repeat findings involving budgets not adopted by ordinance or resolution, missing or incomplete bank reconciliations, inadequate receipts and disbursement records, payroll issues, and improper handling of Act 833 funds or other city money. Both cities’ mayors and recorders-treasurers testified about efforts to correct records, obtain training, and work with the Municipal League; the committee voted to start the 60-day turnback-withholding clock for both and then filed the reports. Fargo was deferred because no city representative was present. Additional reports included Green Forest, Elaine, Strong, Brooklyn, Mineral Springs, Rondo, Waldo, Columbia County, and several private water and sewer entities. Strong drew significant concern over missing garbage-bag revenue, improper fund transfers, and deficit balances; the committee deferred that report to the March meeting. The committee also heard investigative or referred reports on the Faulkner County Fair Association, Brooklyn payroll direct-deposit fraud, and other entities with questionable disbursements or recordkeeping. In several cases, staff recommended filing the reports after responses were received; in others, the committee deferred action when responses were lacking or representatives were absent. The meeting ended with a motion to defer a Cross County Rural Water matter so the entity could appear at the next meeting.

Transcript Highlights:

• </c> you'll be afraid to go to the next bank. you'll be afraid to go to the next bank.
• Typically, you go in and folks want to do banking 101. I don't do banking 101.
• Terry Fork with Fork Bank. salaries? Mr. Terry Fork with Fork Bank.
• Some banks use them; some banks don't.
• </c> went to the banks and been turned down. went to the banks and been turned down.

Summary: The committee heard testimony focused on barriers facing minority-owned businesses and on local programs intended to improve access to capital and contracting opportunities. A representative from the U.S. Black Chambers described disparities in minority spending, argued for more intentional and transparent investment in Black communities, and emphasized the need to disaggregate data, hold officials accountable, and expand tools such as the byBlack certification directory. He also stressed that businesses need technical assistance, resources, and opportunities to grow through mergers, consortiums, and joint ventures. The main presentation then came from Larry Forester and Tyrone of Commerce Lexington, who outlined what they called eight major barriers for minority businesses, including limited access to capital, weak mentorship networks, discrimination and bias, bureaucratic hurdles, branding and visibility challenges, stereotyping, generational knowledge gaps, and limited financial literacy. They described several Commerce Lexington initiatives: the Access Loan Program, which brings small businesses before a pool of 26 lenders; a Minority Business Accelerator to help firms scale and connect with prime contractors; and an Opportunity Exchange for business owners to share experiences and lessons learned. They said the Access Loan Program has funded nearly $26 million in loans with an average loan size of about $62,000. Members asked about bias in lending and how to make contracting and certification easier for minority firms. Forester said applications are vetted by a subcommittee before reaching the full lender group, with attention to completeness and readiness, and that only one lender needs to say yes. On contracting, the witnesses said certification can be burdensome and suggested more hands-on help from the state, relationship-building events that include decision-makers, and incentives rather than mandates. They also relayed policy ideas from a business owner, including culturally informed underwriting, public-private matching grants, supplier diversity enforcement, and mentorship tied to capital access. No votes or formal committee actions were taken in the portion provided.

Transcript Highlights:

• The National Diaper Bank Network works with more than 240 basic needs banks serving local communities
• The Massachusetts Diaper Bank Coalition, which is composed of diaper banks across the state, is working
• Senate Bill 151 and House Bill 220 will create a diaper bank pilot program, allowing diaper banks to
• For the United Way Diaper Bank and many other diaper banks in the state, support from these bills would
• Last year, we distributed 400,000 diapers through our entry in the diaper bank.

Committee: Joint Joint Committee on Children, Families and Persons with Disabilities

Summary: The House Committee on Children and Families held a hybrid hearing on a broad set of anti-hunger, family support, and basic-needs bills. Early testimony focused on SNAP and DTA operations: Rep. DeRosa and others urged passage of H. 196/S. 167 to require DTA to identify staffing, technology, funding, and operational needs to improve timeliness and customer service, warning that unanswered calls, delayed recertifications, and federal changes could sharply raise state costs through higher SNAP administrative burdens and payment-error penalties. Speakers from Massachusetts Law Reform Institute and Project Bread said DTA is under-resourced, caseloads have grown, and families are being denied or delayed due to phone and paperwork barriers. Another major SNAP-related bill, H. 254/S. 147, would require the Commonwealth to replace stolen EBT/SNAP benefits; testimony described more than $13 million stolen from about 27,000 households since June 2022 and argued families should not bear losses from organized theft rings. The committee also heard strong support for H. 207/S. 117, which would restore state-funded nutrition assistance for legally present immigrants excluded from federal SNAP under recent federal changes. Advocates from Project Bread, the Massachusetts Law Reform Institute, local immigrant services, and public health groups said the federal cuts would leave thousands of residents, including refugees, asylum seekers, trafficking survivors, and children, without food support, and argued Massachusetts has a history of filling this gap. Testimony also supported H. 222/S. 104 to make the Healthy Incentives Program permanent and year-round; supporters said HIP improves nutrition, boosts local farms and regional economies, and had already served more than 212,000 households in FY25. A related child-support bill, H. 201/S. 110, would increase the amount of child support passed through to TAFDC families and expand good-cause exemptions; witnesses said the change would put more money directly in families’ hands, reduce poverty, and better protect survivors of domestic violence and families with complicated co-parenting situations. A large portion of the hearing was devoted to deep-poverty and diaper-related legislation. Supporters of H. 214/S. 118 said cash assistance grants have lost value over time and should be raised annually until they reach half of the federal poverty level; advocates from Children’s HealthWatch, Hopewell, the Lift Our Kids Coalition, and parents described the links between deep poverty, poor child health, family stress, and child welfare involvement. They argued that higher grants would help families meet basic needs, reduce hospitalizations and neglect reports, and provide stability amid federal cuts. Finally, multiple witnesses backed diaper legislation, including H. 220/S. 151 and related bills, to create a diaper benefits pilot and/or diaper allowance commission. Testimony from the National Diaper Bank Network, MassCAP, Children’s HealthWatch, local diaper banks, and parents said diaper need is widespread, affects parental employment and mental health, and can cause health problems for infants; a federally funded pilot in Massachusetts was cited as showing improved employment, financial stability, reduced stress, and fewer diaper rashes. No votes or final actions were taken during the hearing; the committee heard testimony and asked questions throughout.

Transcript Highlights:

• ><c> can</c><00:22:59.520><c> be</c> are familiar with that a bank can be are familiar with that a bank
• </c> regulatory apparatus for national banks regulatory apparatus for national banks that<00:23:17.840
• </c><00:25:17.520><c> are</c> owned banks, Own Wed banks are are owned banks, Own Wed banks are are doing
• banks, large conglomerations and mergers—above that amount, and then much smaller banks.
• banks and those banks North Dakota owns banks and those banks are<01:03:15.039><c> issuing</c><01:03

Summary: The commission met on November 12 and first approved the September 17 and October 15 draft minutes unanimously after brief discussion. Members also identified themselves for the record, including a new member from Bumpsk Bank, a staff attorney from the Secretary of State’s Bureau of Securities Regulation, a prior crypto commission participant, and a uniform law commissioner involved in tokenization projects. The main presentation was by UNH law professor Seth Orinberg, who discussed the federal GENIUS Act and the pending Clarity Act and how they affect New Hampshire’s options in the digital asset space. He described the GENIUS Act as governing payment stablecoins/stable tokens, defining them as blockchain-based assets used primarily for payments, redeemable for a fixed amount of national currency, and required to maintain stable value. He said the law creates three possible state roles: hosting federally qualified issuers, becoming a state qualifier for issuers up to a $10 billion threshold, or exploring state-backed issuance as a sovereign. He noted that the state-qualification path would require conforming legislation, examination capacity, and coordination with Treasury, while the sovereign-issuer theory is legally uncertain and may become a test case. Orinberg also outlined the core compliance framework he said applies to covered issuers: 100% reserve backing in high-quality liquid assets, monthly public reserve reporting, no yield or interest-like rewards, segregation of reserve assets, immediate redemption at face value, and anti-money-laundering/know-your-customer obligations. He then turned to the Clarity Act, describing it as a broader market-structure bill that would create categories such as digital asset, digital commodity, digital security, and ancillary asset, with self-certification procedures for issuers. He said the two federal laws together would separate payments from investments, preempt inconsistent state standards for covered payment stablecoins, and likely reshape the boundaries of state authority over digital assets.

Transcript Highlights:

• Banking institutions can go and as soon as you deposit a dollar, reinvest that elsewhere.
• So if the bank were to go run off with that... Assembly Member: Reinvest that elsewhere.
• You don’t hear about that in the banks...
• You don’t hear about that in the banks, you know?
• You don't hear about that in the banks, you know?

Committee: House Banking and Finance

Transcript Highlights:

• It only allows a CEQA lead agency to require a project developer to contribute to the mitigation bank
• Making costs the singular threshold requirement will reduce the chances that the VMT mitigation bank
• The mitigation bank connects the state's urgent need for affordable housing to an existing funding The
• It only allows a CEQA lead agency to require a project developer to contribute to the mitigation bank
• Making costs the singular threshold requirement will reduce the chances that the VMT mitigation bank

Summary: The Assembly Housing and Community Development Committee heard several housing bills. AB 2270, by Assemblymember Arambula, would give farmworker housing projects scoring parity in the state low-income housing tax credit program so they are not disadvantaged by amenity-proximity criteria that do not fit rural agricultural areas. Supporters, including La Cooperativa Campesina, said the bill would help farmworker projects compete fairly for credits; there was no opposition, and the bill was later approved 11-0 and sent to Appropriations. The committee also considered AB 2552, which would clarify use of the state’s new CEQA vehicle miles traveled (VMT) mitigation bank for affordable housing near transit. The author and supporters from the California Building Industry Association and business groups said the bill would add guardrails so the program is cost-effective and usable, while Housing California, the Planning and Conservation League, and others opposed the least-cost requirement, arguing it could undercut the new mitigation bank before implementation. After discussion about balancing housing and environmental goals, the bill passed 11-1 to Appropriations. AB 2689 would require good cause for nonrenewal of certain state-subsidized housing tenancies when a household’s income exceeds 140% of area median income for two consecutive years, with notice requirements and protections if the tenant cannot afford market rent. Some members supported the bill as a way to free up scarce subsidized units and create a housing “ladder,” while others objected that it could punish people for increasing their income. The bill was amended and passed 11-1. The consent calendar items AB 2308, AB 2397, and AB 2512 were also approved unanimously.

Transcript Highlights:

• Before the change was identified as unauthorized, a direct deposit was issued to the new bank account
• Rule 2012A states that all cash funds on deposit with a bank or financial institution that exceed FDIC
• During our review of collateral, we noted that just over $100,000 of a bank account's balance of over
• I mean, I don't know if you get with the bank.
• They had the correct form that is required for the submission of a change of a bank account.

Committee: All LEGISLATIVE JOINT AUDITING-STATE AGENCIES

Summary: The committee met to consider audit reports and first adopted the minutes, then deferred the Health Department special report at the request of Representative Mary Bentley. Staff presented two reports with findings and six reports without findings, with the latter recommended to be filed. The first report discussed was the Department of Parks, Heritage, and Tourism FY25 audit, which had two findings: an apparent unauthorized payroll direct deposit of nearly $2,400 involving impersonation of an employee, and a bank account that was temporarily uninsured and uncollateralized by about $105,000. Agency officials said the collateral issue has been corrected, and members questioned the adequacy of monthly checks, the lack of recovery or prosecution in the payroll incident, and whether stronger safeguards are needed. On motion, the committee deferred this report to a later meeting so the agency could return with additional answers. The committee then heard the Treasurer of State FY25 report, which found that liabilities were understated by nearly $335 million because year-end obligations tied to Act 1017 and county aid distributions were not properly recorded. Treasurer’s office staff said the issue was a timing/bookkeeping matter rather than a delay in transferring funds, and that the office concurred with the audit adjustment. After questions, the committee voted to accept the Treasurer of State report. The chair announced the next meeting would be September 10, and the meeting adjourned.

Transcript Highlights:

• For example, the Bank of North Dakota.
• bank access, access to PeopleSoft Finance, everything that we need to complete a bank reconciliation
• We discovered that DSU has a total of seven different bank accounts, six that are located at Bank of
• , and now we're completing the seventh bank account, where we have to then combine all seven bank accounts
• Travis is doing the bank reconciliations.

Committee: Joint Legislative Audit and Fiscal Review Committee

Transcript Highlights:

• </c><00:12:29.440><c> and</c> The legislation before allows banks and The legislation before allows banks
• </c> custodial accounts and help local banks custodial accounts and help local banks and<00:18:29.840
• Banks should be people should use the bank, right? I did. Credit unions are great.
• Banks should be people should use the bank, right? I did. Credit unions are great.
• </c> used like with employers to bank used like with employers to bank accounts<00:36:16.640><c> for<

Bills: HF3604 , HF2236 , HF3709 , HF3766 , HF2400

Committee: House Commerce Finance and Policy

Transcript Highlights:

• This issue was brought to the attention of the bank in August 2023.
• So if we've got cash deposited in a bank in a normal regular bank account and the amount is in excess
• So the bank has to provide that collateral? That's great.
• So, for example, if they have, say, half a million dollars in the bank, then that bank has to have the
• Say, half a million dollars in the bank, then that bank has to have the equivalent set aside in a private

Committee: All LEGISLATIVE JOINT AUDITING-STATE AGENCIES

Summary: The committee first approved the minutes and then heard audit reports from Tom Bullington. For the Department of Public Safety FY24 audit, two findings were presented: a duplicate vendor payment of nearly $3,700 that was later recouped, and a $2.5 million collateral deficiency tied to bank deposits that exceeded FDIC coverage because securities were not properly pledged to the State Police. Agency representatives from Arkansas State Police and the Department of Public Safety answered questions, and members discussed how the collateral requirement works before the report was filed without objection. The committee then reviewed the Department of Transformation and Shared Services FY24 audit, which contained five findings. These included an $800 career service overpayment caused by incorrect rehire data, delayed deactivation and inaccurate listing of fixed assets including stolen cameras, a double count of more than $940,000 in year-end cash records, $10.3 million in health claims that should have been recorded as fiscal year 2024 payables, and repeated deficiencies in vehicle mileage logs. Agency officials said the stolen cameras were recovered through restitution, and they described corrective steps for asset tracking, cash reporting, and vehicle logs. Members asked detailed questions about the vehicle log issues and the planned statewide GPS/telematics rollout. Shared Administrative Services said it is negotiating a vendor contract, expects to implement the system first in its own department, and aims to use GPS, geofencing, alerts, and WEX fuel-card data to improve oversight while preserving privacy. The committee also discussed possible future vehicle sharing across agencies, but no action was taken beyond filing the report. The meeting adjourned after announcing the next meeting date.

Transcript Highlights:

• It's been life-saving for many small- and medium-sized food banks.
• and medium-sized food banks also have access to gleaning.
• The food banks are seeing a huge demand and less food available.
• Local Foods, Northwest Harvest, Harvest, the Bonney Lake Food Bank, and multiple other food banks around
• The Bonney Lake Food Bank and multiple other food banks around our region, we have been able to donate

Bills: HB2279 , HB2463 , HB1941 , HB2238

Committee: House Agriculture & Natural Resources

Keywords: PFAS chemicals, agriculture, environmental impact, regulation, food safety, farmers, food security, Washington, support for farmers, cannabis, cooperatives, marijuana industry, HB 2238, HB2238, statewide food security, food security strategy, hunger, food insecurity, food access, food assistance

Transcript Highlights:

• So today is a for the review of the bank statements, canceled checks, and bank reconciliations.
• bank access, access to PeopleSoft finance, everything that we need to complete a bank reconciliation
• We discovered that DSU has a total of seven different bank accounts: six that are located at the Bank
• We started by going one bank Recreating bank recs from then.
• now we're completing the seventh bank account, where we have to then combine all seven bank accounts

Committee: Joint Legislative Audit and Fiscal Review Committee

Summary: The Legislative Audit and Fiscal Review Committee met to receive a series of audit presentations, beginning with approval of the prior meeting minutes and a review of the state’s annual comprehensive financial report (ACFR) for fiscal year 2025. The State Auditor’s Office and the Office of Management and Budget reported a clean opinion on the state’s financial statements and described continued growth in net position, strong general fund balance, and significant Legacy Fund investment income. Committee members asked about how the report reflects long-term finances and how North Dakota compares with other states, and OMB noted that the ACFR is based on audited actual results rather than budget forecasts. The committee then heard the North Dakota University System audit, which also received a clean opinion but included four findings: misreporting of Strategic Investment and Improvements Fund construction money, insufficient monitoring of service organizations, improper bank reconciliations at several campuses, and investment/cash recording issues at Bismarck State College. University System officials agreed with the findings and said corrective actions were underway, including internal review of bank reconciliations and greater use of shared services. Members also questioned practices such as campus use of certificates of deposit and whether repeated findings were being adequately addressed. Additional audits were presented for the State Fair Association, State Auditor’s Office, Workforce Safety and Insurance, Housing Finance Agency, Housing Incentive Fund, Job Service North Dakota, the Retirement and Investment Office, PERS, the Center for Distance Education, the Securities Department, the Commission on Legal Counsel for Indigents, the Ethics Commission, and the Office of Administrative Hearings. Most received clean opinions with no findings; exceptions included a repeat component-unit issue at the State Fair Foundation, a securities personnel-evaluation finding, and a Housing Finance Agency finding involving a late return of escrow surplus. The committee also discussed broader oversight issues, including the need for independent auditing of the Ethics Commission, possible legislative changes to give the State Auditor more subpoena power and independent legal counsel, and future work on data analytics, cybersecurity reviews, and audit capacity. The meeting recessed for lunch after these discussions.

Transcript Highlights:

• Bank accounts were not reconciled monthly.
• Bank accounts were not reconciled for '23 and '22.
• to this bank, and that was obviously fraudulent.
• It wasn't directed to the bank.
• The city was defrauded, not the bank. Okay.

Committee: All LEGISLATIVE JOINT AUDITING-COUNTIES AND MUNICIPALITIES

Summary: The committee began with approval of the prior meeting minutes and then received updates on delinquent private water and sewer reports. Staff reported that 19 of 43 original entities for the 2022 reporting year had had turnback reinstated, while 24 remained in escrow; for the 2023 reporting year, 59 of 64 entities had filed, leaving five still outstanding. The committee also heard that Adona had come into substantial compliance with municipal accounting law, and it voted to file that report and discontinue withholding turnback. It then voted to start the 60-day clock and file the report for Gum Springs after hearing repeated findings involving budgeting, disbursements, payroll, and Act 833 funds, with city officials saying they had begun correcting records and were seeking help from the Municipal League and a city attorney. Fargo was deferred because the mayor was absent due to illness. The committee next considered Denning, where staff described repeated and serious accounting problems over 2022-2024, including unauthorized payments, missing documentation, weak payroll controls, and improper handling of funds. The mayor and recorder-treasurer said prior records were disorganized and that they were now working with an attorney, CPA help, and new software; the committee voted to start the 60-day clock and file the report. Green Forest’s report, involving a fixed-asset listing issue after the mayor’s death, was filed. Several private water and sewer reports were either filed or deferred depending on whether responses had been received, and the committee announced its March meeting would be held in Room 149 because of renovations. The committee then reviewed a series of referred reports involving alleged financial irregularities. In Elaine, the fire chief’s questionable purchases were referred and filed. In Strong, staff described undeposited garbage-bag receipts, improper payments for private dumpster service and other expenditures, payroll tax penalties, and deficit fund balances; the mayor said controls had been improved, but the committee deferred the report to March. The Faulkner County Fair Association report found undocumented cash withdrawals, questionable disbursements, and inadequately documented cash payments to a carnival vendor; the committee filed it. Brooklyn’s report involved a fraudulent direct-deposit change, and Mineral Springs’ report involved transfers from the cemetery fund, employee loans, overpayments, and travel reimbursement issues; both were filed. Additional reports included Rondo, where the recorder-treasurer explained missing computers and fuel purchases tied to personal vehicles, and the committee filed the report; Waldo, where the mayor had been overpaid due to extra biweekly payments, which was filed; Columbia County, where a floodplain management contract lacked an authorizing ordinance, which was filed; and several private water-system reports, some filed and others deferred for lack of responses. Carlisle’s report showed large but improving misstatements in financial records, and the committee filed it after hearing that new software and training had reduced prior problems. Caddo Valley’s report prompted a lengthy discussion about CDs and interest recognition; staff explained that principal balances should be reflected as city assets and interest should be recorded when earned or reported by the bank, and the report was filed. Prairie County’s budget overrun and road-fund issues were discussed at length, with the judge explaining equipment and weather-related costs and staff clarifying the distinction between road funds and locally approved sales-tax uses; the report was filed. Finally, the committee deferred a Cross County Rural Water Association matter after learning it had not filed with Legislative Audit since 2002-2003 despite receiving significant state funding, and members expressed concern about the long gap in filings.

Transcript Highlights:

• I want to stress, though, this is not a bank.
• And so it's not a bank at all.
• What types of protections do their banks offer them?
• Bank in FinTech or financial technology partnerships because this will require a bank somewhere in the
• It's vested in the existing banking system.

Bills: SB524 , SB782 , HB42 , HB 1056 , HB2894 , HB3033 , HB3474 , HB3594 , HB4738 , HB5246 , HB42

Committee: Senate Finance

Summary: The committee heard Senator Flores lay out the committee substitute for HB 2894, which would expand state reimbursement eligibility for local governments disproportionately affected by the disabled veterans homestead exemption. Flores said the bill would add certain municipalities in Bell, Coryell, and Lampasas counties if lost ad valorem tax revenue equals or exceeds 10% of general revenue, while existing recipients would remain under the current 2% threshold. Lampasas and Bell County officials and the City of Killeen testified in support, describing significant revenue losses and urging adequate funding. One witness, Howard Avery, argued any reimbursement should be counted as property tax revenue for voter-approval rate purposes to avoid a windfall. The committee later adopted the substitute and reported the bill favorably, with one nay. The committee also heard SB 782, which would create a temporary severance tax exemption for restimulated inactive oil and gas wells, intended to encourage investment in mature wells. The Comptroller explained the revised fiscal note as effectively zero because the wells are currently marginal and not generating meaningful tax revenue, while industry witnesses said the bill could extend well life, support local economies, and reduce orphan-well liabilities. Public testimony was supportive, and the bill was left pending. Members then heard HB 3033, a DPS-related grant program funded by voluntary $3 donations on driver’s license and ID applications to support nonprofits aiding injured or fallen DPS officers and their families, including memorial highway signs. The DPS Officers Association supported the bill, citing existing foundation assistance and the need for a steady funding stream. The committee later reported the bill favorably. The committee also considered SB 524, which would permanently extend the franchise tax and fee exemption for qualifying veteran-owned businesses for their first five years; testimony from a veteran business owner and veterans advocates supported the measure, and the committee adopted the substitute and reported it favorably. Additional measures were laid out and left pending or voted out: HB 3594, a local San Antonio retiree health care fund bill with agreed changes for contributions, spouse benefits, and remarriage rules, was supported by stakeholders and reported favorably; HB 4738 would repeal small administrative fees tied to certain loans and was reported favorably; HB 42 on HEAF funding and HB 5246 on the Texas Space Commission were heard and left pending. The committee also reported HB 3474, a cleanup bill for the Pension Review Board’s investment performance review schedule, and HB 2802, the Austin firefighter retirement fund bill, both favorably. Finally, the committee took up HB 1056, which would allow gold and silver held in the Texas Bullion Depository to function as legal tender through debit-card transactions. Supporters framed it as a way to use hard assets and expand financial options, while bankers and some senators raised major operational, consumer-protection, tax, and constitutional questions; the bill remained under discussion as testimony began.

Transcript Highlights:

• It was an automatic bank transfer.
• </c> from the bank. from the bank.
• And I believe she said from the bank. That looked like it came directly from the bank.
• And so again, you know, just bank.
• </c> different bank branch and withdraw it. different bank branch and withdraw it.

Committee: House Fraud Prevention and State Agency Oversight Policy

Transcript Highlights:

• And when that happened, we saw banks across the country and in New Mexico.
• In fact, they are partnering with banks.
• and get a bank loan, which is exactly what we want to see.
• So they're similar to bank loans.
• I get a really good rate of return off of some of the banks now.

Committee: House Investments & Pensions Oversight Committee

Transcript Highlights:

• Northeast Bank is a community bank based in Minneapolis, with branches in New Brighton and Rapids.
• Specifically, we are opposed to requiring banks to collect sales tax on certain bank fees.
• out of the banking system.
• </c> limited to five specific banking limited to five specific banking services<00:57:46.839><c> that
• > products</c> this new tax provision banking products this new tax provision banking products and<00

Committee: Senate Taxes

Transcript Highlights:

• Food banks are a critical lifeline. California families experience food insecurity.
• HR1 cuts to CalFresh have placed additional demands on food banks.
• Specifically, SB 881 extends the farmer-to-food-bank tax credit through 2032.
• The California Association of Food Banks represents 43 food banks that partner with over 6,000 organizations
• 15% tax credit for donating California-grown food to food banks.

Summary: The Assembly Revenue and Taxation Committee met as a subcommittee, then later established a quorum and heard several tax-related bills. Chair Gibson reviewed committee procedures, including the suspense file for bills with revenue impacts over $150,000. SB 881 by Sen. McNerney would extend the farmer-to-food-bank tax credit through 2032 and the emergency food for families voluntary tax contribution through 2033; supporters from food banks, agricultural groups, local governments, and climate organizations said it would reduce food waste and help address food insecurity, with no opposition on the record. The bill was moved to suspense. SB 1406 by Sen. McNerney would target the so-called Montana tax loophole used to avoid California vehicle taxes and fees; supporters said it would recover up to $20 million annually and improve enforcement, while an opposition group warned the shell-company language could affect legitimate small businesses and passive owners. That bill was also sent to suspense. SB 1349 by Sen. Gonzalez would direct the Legislative Analyst’s Office to review major state tax expenditures and evaluate whether they are meeting their intended goals. Supporters, including the California Teachers Association, tax reform advocates, school employees, and local governments, argued that California’s roughly $94 billion in annual tax expenditures need more accountability, especially given the state’s budget pressures. The committee approved SB 1349 on a due-pass-as-amended motion to the Assembly Appropriations Committee. The committee also approved two consent items, SB 1436 and SB 1437, on a due-pass motion. Later, SB 1249 by Sen. Richardson proposed a $3,000 tax deduction for seniors ages 86 to 90 through 2032, with supporters from LeadingAge California saying it would help older adults cope with rising costs; the bill was referred to suspense. SB 1151 by Sen. Cervantes would codify infant formula as a food product for sales tax exemption purposes; the author and supporters said it would protect families from uncertainty and preserve tax relief for an essential product. Members discussed the high cost of formula, and the bill passed on a due-pass-as-amended motion to Appropriations. The committee then completed its business and adjourned.

Transcript Highlights:

• Great Recession hit, I remember when my mom walked in to the house with an envelope that said that the bank
• Great Recession hit, I remember when my mom walked in to the house with an envelope that said that the bank
• And I think I had said in committee that it's kind of like this Willie Sutton bank robber method of funding
• things because when he was asked why you rob banks, he said that's where the money is.