Transcript Highlights:

• If that were to keep up with inflation, it would be $6,250 today instead of $6,000.
• We talked about inflation, and ultimately, we could not agree that this should follow any type of inflation
• And so when the cap gets raised from $22,500, again, inflation would put it at $22,500. At $32,750.
• There's also 1 and 4, but that's not impacted by this bill.
• But I'm just concerned, kind of us looking at the fiscal impact report.

Transcript Highlights:

• The final impact will be to our union workforce.
• So 30% versus 570%, or there is a utility-specific inflation index, and utilities have been—the inflation
• There's also an economic impact.
• This will have no impact on jobs, no impact on reliability from staff's perspective.
• This will have no impact on jobs, no impact on reliability from staff's perspective.

Bills: SB287

Committee: House Natural Resources & Energy

Summary: The House Natural Resources and Energy Committee met and considered three Senate bills. SB 287 with Senate Amendment 2, a DNREC cleanup bill on recycling, would tighten recycling collection rules for haulers and commercial generators, require multifamily recycling education, repurpose the Delaware Recycling Fund, and add annual reporting; after brief questions and no public comment, the committee motion to release did not initially receive enough votes, so the bill was circulated for signatures. SB 346, which would speed Environmental Appeals Board hearing and decision timelines so DNREC secretary decisions become final if deadlines are missed, drew support from the Nature Conservancy and also failed to get enough votes at the meeting, so it too was circulated for signatures. The committee then took up SB 326, a major utility-regulation bill sponsored by Senator Hanson and Representative Heffernan that would cap certain non-mandatory utility spending, limit interim rates, increase oversight and transparency, and streamline rate-setting. SB 326 generated extensive testimony and debate. Supporters, including the Public Advocate, Sierra Club, PSC staff, and some legislators, argued that Delmarva Power’s spending on non-mandatory infrastructure has risen far faster than inflation, that the company is a regulated monopoly, and that the bill would help restrain future delivery-rate increases without harming reliability because mandatory reliability, storm response, and vegetation management spending would remain allowed. Opponents, including Delmarva Power, business groups, contractors, labor representatives, and the Delaware Contractors Association, argued the cap would delay needed reliability and capacity projects, hurt economic development, reduce jobs, and interfere with utility planning; they also said supply costs, not distribution spending, are the main driver of recent bill increases. After public comment and additional questioning, the committee voted to release SB 326 on a split roll call, but because several members were absent the bill was also walked for additional signatures. The committee then adjourned.

Transcript Highlights:

• The fiscal impact is indeterminate and subject to appropriations, but it removes all fiscal impact to
• We heard the impacts; the fiscal impact should go down regarding these line amendments.
• We heard the impacts, the fiscal impact should go down regarding these line amendments.
• This amendment is estimated to have no impact on the expenditure or revenue impacts of the underlying
• This amendment is estimated to have no impact on the expenditure or revenue impacts of the underlying

Bills: HB2104 , HB1903 , HB1909 , HB1982 , HB2034 , HB2105 , HB2210 , HB2215 , HB2271 , HB2345 , HB2355 , HB2384 , HB2389 , HB2397 , HB2418 , HB2429 , HB2442 , HB2479 , HB2481 , HB2681 , HB2688 , HB2714

Committee: House Appropriations

Keywords: aviation, wildland fires, funding, disaster relief, emergency response, energy assistance, low-income, utility costs, state program, energy affordability, court unification, task force, Washington courts, judicial administration, court reform, access to justice, local court rules, uniformity, centralization, rural courts

Transcript Highlights:

• These costs do directly impact...
• I'm not adjusting for inflation.
• It impacted and shaped me, but my most impactful memories were helping my mom take care of my grandmother
• And so it not only impacts the clients that we serve, but it also impacts the nurses and the families
• The impact for REACH has been profound.

Bills: SB1 , SB 1

Committee: Senate Finance

Transcript Highlights:

• So that's kind of the economic impact impacts on taxpayers.
• think it will really meaningfully impact... ...impacts on spending decisions and resource decisions,
• Both of them will have impacts.
• And I shouldn't assume this, but ...economic impacts, and impacts on other elements, as you mentioned
• What is impacting economic growth in Massachusetts? What is impacting migration in Massachusetts?

Bills: H5006 , H5007

Committee: Joint Special Joint Committee on Initiative Petitions

Keywords: tax revenue, state surplus, taxpayer refunds, budget growth, Massachusetts General Laws, income tax, tax reduction, state law, personal income tax, tax rates

Transcript Highlights:

• The impacts on Arizona members is staggering.
• The impacts on Arizona members is staggering.
• It just appears that we've had just incredible cost over normal inflation, and inflation has been very
• And inflation has been very high in the last three years. It says. Cost over normal inflation.
• And inflation has been very high in the last three years.

Summary: The committee met to review the governor’s fiscal 2027 budget presentation, with the chair repeatedly asking members to keep questions brief and avoid speeches. The discussion focused first on the overall revenue and spending outlook, including concerns from members that the executive forecast was more optimistic than the JLBC baseline and that the budget appeared to front-load revenue and expenditure growth. The governor’s budget team said the forecast was close to JLBC’s, that the budget was structurally balanced, and that differences were roughly $100 million per year on ongoing revenue. Members asked for follow-up calculations in writing, including the total multi-year gap and the amount of revenue enhancements above base revenues. A major portion of the meeting centered on tax and fee proposals tied to data centers, water use, and sports betting. The governor’s team defended eliminating the existing data center tax incentive as the removal of a loophole rather than a new tax, arguing the incentive had already succeeded in attracting major investment. They also described a proposed Department of Water Resources fee-setting authority for data centers to support a new Colorado River Protection Fund, and said the proposal would apply to existing and future facilities without a grandfather clause. Members raised concerns about fairness, competitiveness, and whether the changes would require a supermajority vote. The team also discussed increased sports betting fees, saying the revenue forecast did not include dynamic behavioral effects. The committee then moved through major spending areas, including corrections, public safety, border security, cybersecurity, K-12 education, Medicaid, and developmental disabilities. The governor’s budget includes ongoing funding to prevent correctional officer pay cuts, money to comply with prison health care court orders, probation funding, body-worn cameras, law enforcement staffing, fentanyl task forces, and cyber readiness grants. Members questioned the lack of funding for a prison oversight committee and asked for corrections spending totals over the administration. On border security, the executive said it was seeking about $759.7 million in federal reimbursement for border-related costs and that the governor had met with federal officials, including Secretary Noem and Tom Homan, about the request. In education, the budget proposes renewing Prop. 123, adding K-12 base funding, and issuing $1.5 billion in school facilities bonds over three years; members debated whether the proposal was appropriate and whether Prop. 123 revenues could support the debt service. The meeting also covered AHCCCS cost growth and federal HR1 impacts, with the executive warning of major coverage losses and hospital funding reductions, and DDD funding, where the governor’s team said the budget fully funds services and includes about $120 million in supplemental needs. No votes were taken; the meeting was a presentation and question-and-answer session only.

Transcript Highlights:

• League is an organization whose mission is to advance women's leadership for meaningful community impact
• potentially will have a lot of conversations. ...conversations, but this potentially will have the impact
• , negative impact, on people I represent.
• If they wanted to go to jury trial, then which judge is presiding over the case has very little impact

Bills: HR179 , HR180 , HR181 , HR182 , HR183 , HR184 , HR185 , HR186 , HR187 , HCR75 , HCR76 , HCR77 , HCR78 , HCR79 , HR165 , HR166 , HR168 , HR169 , HR170 , HR171 , HR172 , HR173 , HR174 , HR175 , HR176 , HR177 , HR178 , HCR65 , HCR66 , HCR67 , HCR68 , HCR69 , HCR70 , HCR71 , HCR72 , HCR73 , HCR74 , SCR34 , SB34 , SB43 , SB52 , SB56 , SB165 , SB173 , SB189 , SB190 , SB260 , SB322 , SB345 , SB374 , SB387 , SB401 , SB448 , SB449 , SB455 , SB487 , SB496 , SB502 , SB505 , HB362 , HB893 , HB990 , HB1007 , HB1153 , HB1243 , HR1 , HR17 , HCR5 , HCR4 , HCR47 , HB55 , HB385 , HB394 , HB396 , HB406 , HB608 , HB622 , HB676 , HB772 , HB897 , HB1030 , HB1035 , HB1038 , HB1045 , HB1049 , HB1056 , HB1058 , HB1059 , HB1092 , HB1100 , HB1117 , HB1160 , HB1161 , HB1162 , HB1177 , HB1180 , HB1189 , HB1216 , HB1239 , HB1240 , HB59 , HB74 , HB159 , HB330 , HB364 , HB414 , HB458 , HB525 , HB568 , HB786 , HB1008 , HB1033 , HB1034 , HB1041 , HB1062 , HB1070 , HB1079 , HB1112 , HB1118 , HB1139 , HB1151 , HB1176 , HB1182 , HB1196 , HB1214 , HB1241 , HB87 , HB115 , HB162 , HB368 , HB433 , HB441 , HB447 , HB466 , HB481 , HB741 , HB1242 , SB162 , SB349 , SB350 , SB382 , SB383 , SB127 , SB244 , HB977 , HB181 , HB31 , HB664 , HB9 , HB192 , HB225 , HB306 , HB310 , HB366 , HB635 , HB911 , HB1230 , HB1236 , HB615 , HB864 , HB1103 , HB1175 , HB901 , HR20 , HR74 , HB284 , HB393 , HB459 , HB577 , HB582 , HB605 , HB614 , HB682 , HB733 , HB773 , HB996 , HB1003 , HB1082 , HB1113 , HB1234

Keywords: neighborhood, crime prevention, security districts, law enforcement, community safety, funding, Counseling Day, mental health, Louisiana Counseling Association, community support, mental wellness, Louisiana State University, athletics, NAIA, sports achievements, recognition, success, competition, education, higher education

Transcript Highlights:

• It does have a local impact intent and focus, which differs from ours.
• So going forward, I always try to tell people, inflation is not prices going up; inflation is because
• Prices will always go down because governments cannot inflate it.
• So, the 7% inflation rate is the true inflation rate because 7% is how much money they're printing on
• They're just keeping up with inflation.

Committee: House Investments & Pensions Oversight Committee

Transcript Highlights:

• So we are considering all of that information, how our role would impact that.
• And the department, our size, that could be $300 million to $500 million a year in impact.
• The downside of prison closures is that it does impact public safety.
• costs related to food inflation through salary savings.
• I'm just, just finally, is there a way that you think that impacts the budget?

Summary: The Senate Budget Subcommittee on Corrections, Public Safety, Judiciary, Labor, and Transportation heard an overview from the Board of State and Community Corrections (BSCC) on its budget change proposal and grant administration. BSCC requested authority for 11 additional permanent positions to handle a workload that has nearly tripled over five to seven years, with more than 600 grant agreements and about $1.5 billion in grant funds in the field. The board also reported on its new In-Custody Death Review Division, which has collected data since July 2024 and received 136 jail death reports; staff said the division is still building out reviews and has identified overdose, natural causes, and suicide by hanging as the leading manners of death. Members raised concerns about family notification practices, oversight of local grants, and the impact of taking more administrative funds from local assistance, while the LAO and Department of Finance did not oppose the position request but urged correction of the administration’s Proposition 47 savings methodology before May Revision. The committee then reviewed CDCR’s overall budget and operations. Secretary Jeffrey Macomber described a relatively steady prison and parole population, ongoing structural budget pressures from retirement payouts, workers’ compensation, medical transport, violence, and aging facilities lacking air conditioning and ADA features. He emphasized rehabilitation, recidivism reduction, college programming, and the department’s 20-year infrastructure planning effort, while also defending the closure of the California Rehabilitation Center and warning that additional closures can increase overcrowding, double-celling, and waitlists for programming. Senators pressed CDCR on fiscal discipline, vacancy savings, staffing shortages in medical and mental health classifications, the use of tablets for incarcerated people, and community impacts from prison closures, including the Norco site. A separate item focused on CDCR’s request for $91 million ongoing for lump-sum leave payouts to separating correctional officers and nurses. CDCR said these costs had historically been covered by vacancy savings, but lower vacancy levels and facility closures have reduced that funding source. The LAO supported the funding only on a limited-term basis with reporting, arguing the need may change as the system reaches a new normal, and also urged the Legislature to scrutinize the broader structural shortfall and the Boston Consulting Group efficiency contract. Finance supported ongoing funding, saying the costs are recurring and vacancy savings are less reliable. The committee also discussed CDCR’s fall 2025 population projections, which forecast a 6.5% decline in the institution population and a 10.4% decline in parole over five years, while updating Proposition 36 assumptions based on actual admissions data. CDCR and Finance said the California Rehabilitation Center closure would generate savings and that no additional prison closure had been formally proposed, though the LAO argued the state could close another prison and recommended not funding certain Soledad projects unless another closure is identified.

Transcript Highlights:

• </c> relates to the treatment of inflation relates to the treatment of inflation and<00:20:49.720><c>
• </c> staff um on how how the how inflation staff um on how how the how inflation should<00:21:09.600>
• spending numbers are then inflated for the purposes of the forecast.
• </c> other items that are already inflated other items that are already inflated and<00:54:00.960><c>
• Sometimes, if there's a statewide impact fiscal note, I might be involved in it.

Committee: Senate Finance

Transcript Highlights:

• federal level and the impact in particular on human life... ...at the federal level and the impact in
• And we know that higher inflation is on the way.
• To the extent that it starts to impact that, we will make some adjustments in our assumptions.
• I think the impact on other areas in terms of people's lives and how AI impacts it is a little bit different
• all of us and how it's going to impact this.

Transcript Highlights:

• This is a good inflator, not a bad inflator.
• This is a good inflator, not a bad inflator.
• good inflator not a bad inflator<00:24:40.240><c> okay</c><00:24:40.760><c> so</c><00:24:41.200><c> that
• It's 108,000 because of a good inflator.
• </c><01:36:11.119><c> of</c> discuss more about what the impact of discuss more about what the impact

Committee: House Taxes

Transcript Highlights:

• ." inflation." inflation."
• You know, it's most especially impacting our rural singles, seniors, families, and, you know, average
• </c><00:17:54.880><c> our</c> know, it's most especially impacting our know, it's most especially impacting
• that renters are bearing the inflations that renters are bearing the brunt<00:18:08.000><c> off</c><
• Um, you know, something I'd like to point out, and I know, uh, Chair Davids does not like inflators,

Summary: The committee heard House File 2499, authored by Representative Lee, which would expand Minnesota’s renters’ credit to more closely match the homestead credit for homeowners. Lee explained that the bill would raise the income cutoff from about $75,389 to $143,140 and increase the maximum credit to $3,500, with the goal of addressing what she described as an inequity between renters and homeowners who both pay property taxes. She cited revenue estimates showing the change could make about 80,000 additional renters eligible, while acknowledging the bill would be costly to enact this year. Nan Madden of the Minnesota Budget Project testified in support, describing how the renters’ credit works, including the assumption that 17% of rent goes toward property taxes. She highlighted 2022 data showing most recipients had low incomes, many were seniors or people with disabilities, and participation was higher in greater Minnesota in some respects. Michael Dah of Homeline also supported the bill, saying renters face rising housing costs and use the credit for basic needs such as groceries, school supplies, medical care, and car repairs. Members discussed whether expanding the credit would simply benefit landlords or encourage rent increases. Representative Anderson opposed the bill on the grounds that policy should incentivize homeownership, while Representative Huitt argued the credit could help renters build savings and move toward homeownership if they choose. Representative Lee responded that the housing market is broken and that the credit is one tool to help renters in a broader housing continuum. The discussion also covered outreach and administration of the credit, including the recent move to file it with income taxes, electronic certificates of rent paid, and funding for tax-preparation assistance and outreach through VITA sites and community organizations. The bill was laid over for possible inclusion in the omnibus tax bill.

Transcript Highlights:

• We haven't had rising inflation cost in year one or year two.
• This bill does have a projected impact by the Revenue Estimating Conference of $5.2 billion and will
• Thank you for your time and I hope you take into consideration the folks that are directly impacted by
• I believe which will impact their liability.
• That doesn't just impact homeowners.

Transcript Highlights:

• </c> and also the inflation reduction act. and also the inflation reduction act.
• The pessimistic higher inflation.
• </c> consumers tried to frontr run any impact consumers tried to frontr run any impact of<00:15:28.160
• impact on the<00:15:40.000><c> data.
• We haven't seen this level of tariff impact so broadly impacted.

Summary: The meeting focused on preliminary fiscal 2026 revenue estimates and the governor’s office request for an official revision to fiscal 2026, with members reminded that any estimate adopted now would not bind the December official estimates. Staff from S&P Global walked through three forecast scenarios—control, optimistic, and pessimistic—based on recent federal tax changes, tariffs, and other policy developments, emphasizing that the outlook remains highly uncertain. Under the control scenario, the presentation projected below-trend real GDP growth of 1.8% in fiscal 2026, slowing to 1.5% by fiscal 2028, with unemployment peaking around 4.5% and the Federal Reserve cutting rates three times to a long-run range of about 2.75% to 3%. The optimistic scenario assumed lower effective tariffs, stronger growth, and better labor and housing outcomes, while the pessimistic scenario assumed a broader trade war, higher effective tariffs, faster deportations, weaker employment and consumer spending, and unemployment rising to about 6.3%. Speakers also noted that the forecast was prepared before later BLS revisions and that recent data on inventories and AI-related investment made the recent quarters look unusually volatile. Members discussed how the current fiscal 2026 outlook compared with earlier assumptions and noted that the eventual revenue revision may be smaller than the spread between the optimistic and pessimistic economic scenarios. The governor’s office and committee members also reviewed sector-specific impacts, including manufacturing, housing, light vehicle production, exports, and consumer sentiment, with particular concern about Kentucky’s auto and housing-related industries. No votes or formal actions were taken in the portion provided.

Transcript Highlights:

• </c> workforce shortage does not just impact workforce shortage does not just impact individual<00:10
• <00:47:56.319><c> adjustments</c> inflation adjustments inflation adjustments thank<00:47:57.599><c>
• impacts the body.
• </c><01:04:14.000><c> the</c> the hog farm and um it impacts the the hog farm and um it impacts the entire
• Do they impact this for Medicaid?

Committee: Senate Human Services

Transcript Highlights:

• So it's a stronger impact... $304 million.
• So that's the new line: recurring impact of permanent redirects.
• And so what the biggest driver is really medical inflation at this point.
• So inflation like we've seen everywhere else, it's just medical inflation tends to lag a little bit.
• It's what we know to be true in terms of medical inflation.

Summary: The committee met to hear Amy Baker’s presentation on Florida’s constitutionally required long-range financial outlook for fiscal years 2026-27 through 2028-29. Baker said the forecast reflects slower but still positive economic growth, continued above-average personal income growth, rising wages, and population growth that is increasingly driven by in-migration as Florida’s senior population expands. She highlighted weakening housing-related revenue, especially documentary stamp taxes, softer consumer sentiment, and the expectation that Florida will pass 25 million residents by 2030, with nearly a quarter of the population age 65 or older. Baker said the outlook largely retained the March 2025 general revenue forecast, but the Legislature’s 2025 session actions significantly improved near-term funds available by redirecting or freeing up money, including contingency appropriations and reversions. She noted total state reserves are just under $15 billion, or about 30% of general revenue, and that the budget stabilization fund is at its constitutional maximum. The main spending pressures in the outlook were critical needs, led by a new emergency preparedness and response fund transfer and Medicaid growth driven mainly by medical inflation and behavioral analysis costs in managed care, not by caseload growth. Other high-priority needs were also identified, and Baker said the first year shows a projected surplus, but years two and three show shortfalls, meaning fiscal strategies will still be needed. Members questioned Baker about the accuracy of the forecast, Medicaid managed care costs, the emergency preparedness fund, federal funding assumptions, and whether recent federal legislation was reflected in the numbers. Baker said the outlook is a good representation of the total picture, though the Legislature will likely adjust it as conditions change, and that more information on federal changes would come in later estimating conferences. Senator Trumbull asked about the governor’s veto of $750 million, and Baker said it simply returned to unallocated general revenue rather than being spent or added to the budget stabilization fund. The chair closed by warning members to expect a difficult budgeting process and noting that the committee would adjourn without further action.

Transcript Highlights:

• And we also know that we have now embarked on a war that is impacting the Middle East, and we know how
• at the federal level and the impact in particular on human life...
• And we know that higher inflation is on the way.
• I think the impact on other areas in terms of people's lives and how AI impacts it is a little bit different
• all of us and how it's going to impact this.

Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Chair McKinnor and Senator Smallwood-Cuevas opened by emphasizing CalPERS’ importance to retirement security for public employees and to the state budget. Scott Tarando, CalPERS Chief Actuary and a CAP member, presented on the statutory disclosure requirements in Government Code Section 2029, including the use of CalPERS’ 6.8% discount rate and the need to show how changes in investment return assumptions and amortization periods affect liabilities, contribution rates, and budgets. Tarando explained that lower investment returns increase contribution rates and unfunded liabilities, while higher returns reduce them. He also described CalPERS’ 20-year amortization period for new unfunded liabilities, comparing it to a mortgage and noting that shorter periods raise near-term costs but reduce long-term interest costs. He said the CAP has recommended a 15- to 20-year range and that CalPERS’ current approach is intended to smooth volatility for a large, ongoing plan. Members asked about the meaning of average service lifetime, the timing of valuation data, whether more current data could be used, the effect of AI and workforce changes on assumptions, and whether contribution changes affect retiree benefits. Tarando said retiree benefits do not change with annual valuations, that CalPERS uses audited year-end data because it is the most reliable basis for rates, and that AI impacts are being monitored but are too early to quantify. Committee members also discussed CalPERS’ funded status, with Tarando saying it had improved from the mid-60% range about 10 years ago to around 79% at fiscal year-end and over 80% more recently, reducing pressure on employers and the state budget. Michael Cohen, CalPERS’ investment operations chief, said CalPERS had complied with federal information requests and that its annual audits are publicly available, but no formal federal review had been released. In public comment, a representative of the California State Association of Counties praised the improved funded status and the role of PEPRA reforms. The chairs closed by reaffirming CalPERS’ fiduciary duty and the goal of protecting retirement security for public workers; no votes were taken.

Transcript Highlights:

• Economic assumptions include things like the investment rate of return, inflation, and general salary
• The 2.5 percent rate is subject to change, and it's based on the assumed rate of long-term inflation.
• And just to give you some samples: if the inflation average is 1%, the members receive 1%.
• If the inflation happened to be negative 1%, they could also receive negative 1%.
• So if inflation happened to be 6% or 7%, they would receive that full amount.

Committee: Joint Select Committee on Pension Policy

Summary: The Select Committee on Pension Policy approved the June minutes by roll call vote, with 11 ayes and 6 excused. The chair then outlined meeting procedures and public comment rules before educational briefings began. Lisa Wan of the Office of the State Actuary gave the agency’s annual update, describing its staffing, clients, strategic plan, and performance measures. She noted the office is a small nonpartisan legislative agency that provides actuarial valuations, fiscal notes, policy analysis, and support for multiple retirement systems and boards, and said the office faces a heavy workload in 2025 because of the demographic experience study and other recurring projects. Jacob White provided the annual LEOFF 2 Board update, covering the board’s structure, plan demographics, funded status, contribution rates, and several policy topics under review. Those topics included a Seattle overtime/pension spiking review, catastrophic disability survivor benefits, retiree return-to-work employer contributions, and the change in interest credited to member accounts. He said the board would continue coordinating with DRS and report back through interim updates. Erin Gutierrez presented background for the LEOFF 1 study, explaining plan benefits, medical and death benefits, historic funding, and federal tax qualification issues. She compared Substitute House Bill 2034 and Substitute Senate Bill 5085, describing 2034 as a restatement/termination approach and 5085 as a merger into a Legacy Retirement Plan, both requiring IRS determination letters. Committee members asked questions about LEOFF 1 medical costs, funding sources, and tax implications, and public commenters urged the committee to protect tax qualification, consider a recurring COLA for PERS and TERS 1, and address pension policy concerns. The meeting ended with adjournment and notice of a 30-minute break before executive session.

Transcript Highlights:

• The effects of inflation have been felt throughout our industry.
• D.A. to help cover these delivery costs have not kept pace with either inflation or the rising price
• Ultimately, this impacts the entire region.
• Can you illustrate for the committee the impact a strong farm safety net has on rural communities?
• into their crop. and it will be absolutely impacted by the commodity price.

Committee: Senate Agriculture, Nutrition, and Forestry Committee

Keywords: farm bill, rural economy, crop insurance, access to credit, young farmers, USDA funding freeze, agricultural policy, risk management

Summary: The meeting of the agricultural committee focused on significant concerns regarding the current state of America's rural economy, highlighting the need for a strong five-year farm bill to address the challenges faced by farmers, particularly young and beginning farmers. Key testimony was given by multiple stakeholders including agricultural leaders and young farmers, emphasizing issues related to crop insurance, access to credit, and the adverse impact of recent USDA funding freezes. Various members discussed the necessity of risk management tools that farmers rely on to secure financing, which is crucial for sustaining agricultural operations and supporting rural communities. The importance of timely legislative action was underscored, as many farmers reported struggles in the current economic climate, raising urgency for reforms within the Farm Bill framework.