Video & Transcript : 'fiduciary' :

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AR

Arkansas 2026 1st Special Session

JOINT BUDGET COMMITTEE Mar 4th, 2026

JOINT BUDGET COMMITTEE

Transcript Highlights:
  • And I do respect your responsibility as a fiduciary of the institution to do what your board does.
  • I do respect your responsibility as a fiduciary of the institution to do what your board, your independent
  • I do respect your responsibility as a fiduciary of the institution to do what your board, your independent
Summary: The committee first considered revisions to the JBC rules, which staff said were all prompted by acts passed in the 2025 legislative session. The rules were adopted without objection. Members then received a balanced budget presentation from DFA Secretary Jim Hudson on the governor’s FY27 proposal, which he said was built around three priorities: limiting state government growth, continuing investments in education, and advancing income tax cuts. He highlighted major additions for education funding, EFA growth, pay plan costs, higher education productivity funding, drug task forces, corrections medical costs, the governor’s 1033 initiative, SNAP error-rate reduction, and Medicaid sustainability, while also explaining a new A/B funding category structure intended to prioritize recurring costs and preserve room for tax cuts. Members questioned Hudson about the cost of income tax reductions, the constitutional balanced-budget requirement, education funding, the Educational Adequacy Fund, Medicaid trust fund balances, and the impact of federal changes on Medicaid and SNAP. Hudson said each tenth of a percent income tax cut would cost about $58 million, the budget remained balanced, public education would still receive historic increases, and the Medicaid trust fund would be monitored closely with additional set-asides proposed. He also said the FY27 SNAP administrative cost increase would be about $18 million. The committee then heard from the Division of Higher Education, which reported institutions were 2.61% more productive overall and that the budget recommendation followed the statutory productivity formula. Questions focused on why some institutions were receiving decreases or large increases, how the formula works, and how the new return-on-investment metric and committee composition would affect future funding. The committee approved several higher education-related actions, including personnel changes for nine institutions and special language for North Arkansas College’s move into the University of Arkansas system. Staff then walked members through the higher education appropriation summary, explaining large percentage increases at several institutions were tied to federal funds or corrected carry-forward issues, including the U of A School of Mathematical, Sciences and the Arts, South Arkansas College, SAU Tech, ASU Mountain Home, and ASU Newport. Members also discussed UAPB’s 1890 extension program and the University of Arkansas Division of Agriculture’s land-grant matching funds; officials said UAPB’s recommendation was being aligned with actual spending and that the Division of Agriculture’s Smith-Lever and Hatch matches were included within its overall appropriation. The committee ultimately adopted the Higher Education Coordinating Board’s recommendations for all institutions and then moved on to the Department of Corrections section, with the chair outlining how the committee would proceed through those appropriations by section.
AR

Arkansas 2026 Regular Session

JOINT BUDGET COMMITTEE Mar 4th, 2026

JOINT BUDGET COMMITTEE

Transcript Highlights:
  • And I do respect your responsibility as a fiduciary of the institution to do what your board...
  • I do respect your responsibility as a fiduciary of the institution to do what your board, your independent
  • I do respect your responsibility as a fiduciary of the institution to do what your board, your independent
Summary: The committee first adopted revised JBC rules, which staff said were updated to reflect legislation passed in the 2025 session. It then heard a presentation from DFA Secretary Jim Hudson on the governor’s proposed balanced budget for FY27, with no action taken. Hudson said the budget reflects three priorities: limiting state-government growth, continuing investments in education, and advancing income-tax cuts. He highlighted increases for education funding through EFAs, pay-plan costs for Corrections, DPS, and the Attorney General, higher education productivity funding, drug task forces, a Corrections medical contract, the governor’s 1033 initiative, SNAP error-rate reduction efforts, and an additional $100 million set aside for Medicaid sustainability. Committee members questioned the size of the tax cuts, the balance requirement, public education funding, Medicaid trust-fund levels, EFA funding, and the expected impact of new SNAP cost-sharing rules. The Division of Higher Education then presented its productivity-based funding recommendations. Officials said institutions were 2.61% more productive overall, with funding changes driven by a statutory formula that rewards degree production, underserved populations, and high-demand fields. Members asked about declines at UA Little Rock, the formula’s multipliers, the role of the Arkansas Access Act and a new return-on-investment metric, and how two-year colleges are adjusted for size. The committee also reviewed special items and approved two letters: one authorizing 17 net personnel changes across nine institutions, and another adding special language for North Arkansas College’s entry into the University of Arkansas system. The committee then adopted the Higher Education Coordinating Board’s recommendations for all institutions. A lengthy portion of the meeting focused on the University of Arkansas system, especially Fayetteville’s athletics funding and the broader impact of the House/NIL settlement. Chancellor Charles Robinson and system officials explained that the board had waived a longstanding campus transfer and directed the university to provide an additional $6 million to athletics, with some costs likely to be passed through to students but partially offset by existing budget growth. Members debated whether the university should prioritize academics or athletics, how the transfer originated, and whether the athletic changes would affect affordability. The committee also discussed the 1890 extension program at UAPB and the Division of Agriculture’s land-grant funding. UAPB officials said the state match is intended to be one-to-one, that the current recommendation aligns appropriation with actual spending, and that a $2 million set-aside remains available if needed. The Division of Agriculture later clarified that its Smith-Lever extension and Hatch research funds are part of the UA system’s separate budget and that the state matched about $6.2 million in federal extension funding last year. The committee then moved to the Department of Corrections. It approved G1, transferring 51 positions to the secretary’s office to activate a recidivism program, with an estimated cost of about $4 million. Staff then began walking through the department’s FY27 budget, noting an increase of about $8 million for administration and shared services, including a $170,000 sex-offender assessment appropriation moved under Act 723 of 2025 and roughly $6 million more for medical contracts. Questions on the Corrections budget had just begun when the transcript ended.
AZ

Arizona 2026 Regular Session

01/28/2026 - Senate Judiciary and Elections

Judiciary and Elections

Transcript Highlights:
  • His Maricopa County public fiduciary delivered his check to his SMI clinic.
  • And I have a story from my community in Flagstaff, Arizona, where the SMI population, they have a fiduciary
  • It's generally the office of the public fiduciary, I think, that are the attorneys.
UT

Utah 2025 Regular Session

Business and Labor Interim Committee - November 19, 2025

Business and Labor Interim Committee

Transcript Highlights:
  • it modifies the definition of trust business to exempt an attorney or a CPA that is engaging in fiduciary
  • That is engaging in fiduciary services that are incident to the attorney or CPA's business to be able
  • that attorneys and CPAs, if it's a small portion of their business and they're doing their normal fiduciary
TX

Texas 89th Regular

89th Legislative Session Apr 22nd, 2025

Texas House Floor Meeting

Transcript Highlights:
  • The subcommittee on family and fiduciary relationships SB 38 8 by King ruling the Legislators goals for
  • Refer to the Subcommittee on Family and Fiduciary Relationships, SB 1839 by Stafford.
  • including a will and probate proceedings transferred to other courts for the subcommittee on family fiduciary
MN

Minnesota 2025-2026 Regular Session

House Commerce Finance and Policy Committee 2/24/26

Commerce Finance and Policy

Transcript Highlights:
  • are going to increase the cost for management, increase the time for board members to meet their fiduciary
  • are going to increase the cost for management, increase the time for board members to meet their fiduciary
  • are going to increase the cost for management, increase the time for board members to meet their fiduciary
  • are going to increase the cost for management, increase the time for board members to meet their fiduciary
  • These boards already operate with fiduciary duties and responsibilities inside of statutory requirements
Bills: SF1750 , HF704 , HF3479
NH

New Hampshire 2025 Regular Session

House Ways and Means (04/01/2025)

Transcript Highlights:
  • member of the board or as an affiliate to your office, an investment advisor who probably has a fiduciary
  • ><00:10:39.839><c> probably</c><00:10:40.160><c> has</c><00:10:40.320><c> a</c><00:10:40.480><c> fiduciary
  • </c><00:10:41.600><c> uh</c> Advisor who probably has a fiduciary contract with you guys.
  • Meaning that the investment advisor for these longer-term trusts, even though a trust, you have fiduciary
  • </c> though a trust you have fiduciary though a trust you have fiduciary responsibility<00:33:33.760>
Summary: The committee held a work session on HB 302, which would add precious metals and digital assets as potential investment options. State Treasurer Monica Misipelli said she took no position on the bill and did not see an immediate fiscal impact or operational problem, but explained that the state’s operating funds and rainy day fund require liquidity and stability, so they would not be suitable for volatile assets like precious metals or digital assets. She said the only funds that might potentially use such investments would be certain trust funds held in perpetuity, which are managed by an outside investment advisor under a contract and investment policy. Members asked about the treasurer’s current investment practices, including the types of funds managed, the role and discretion of the investment advisor, the state’s risk profile, and whether the bill would affect existing authority. Misipelli said the office follows RSA 11 and related statutes, with different objectives ranging from conservative to aggressive depending on the fund, and that the advisor meets with the office regularly, with formal performance reviews on a quarterly basis. She also said the office recently centralized management of about 40 trust accounts totaling roughly $60 million into five combined portfolios under a five-year contract with an RFP-selected vendor. When asked whether precious metals or digital assets are already indirectly available through mutual funds, she said that was possible for some mutual funds, but she was not certain about digital assets. Representative Ammon, the bill’s sponsor, said similar legislation had passed the Oklahoma House, the Texas House and Senate, and had advanced in Arizona. He argued the bill was intended to give the treasurer more tools to help balance portfolios and hedge inflation, noting concerns about federal debt and inflation. No vote was taken in the excerpt, and the chair ended the questioning after thanking the treasurer and asking her to remain available in case further questions arose.
TX
Transcript Highlights:
  • The state is also the fiduciary of Trust Fund 0875.
Summary: The joint budget hearing focused on the Commission on State Emergency Communications (CSEC) and its legislative appropriations request for the 2028–2029 biennium. Executive Director Kate Blifford, newly appointed to the role, described CSEC’s responsibilities for administering the statewide 911 program and poison control network, including grant distribution, policy oversight, and coordination with regional planning commissions and poison centers. She noted the agency has 26 FTEs and that its programs support emergency communications across the state, including millions of 911 calls and about 400,000 poison control calls annually. Blifford explained that CSEC’s funding comes largely from fee-based dedicated accounts, but declining fee revenue has made General Revenue support increasingly necessary. She said the legislature’s prior General Revenue appropriation helped stabilize the system and that continued support will likely be needed. CSEC’s baseline request for the biennium was $130.18 million, with two exceptional items: $7.4 million in General Revenue for computer-aided dispatch software to support next-generation 911 capabilities, and $2.4 million for an emergency notification system. The agency also requested moving the executive director salary group to Group 5 in line with a State Auditor recommendation. Members of the panel asked about the effectiveness of General Revenue support, potential rider changes, and whether the agency needed clarifying language on the use of equalization surcharge funds. Blifford said the additional General Revenue had been helpful and agreed to provide more detail on possible rider revisions. No public testimony was offered, and the hearing concluded without any vote or formal action.
NH

New Hampshire 2025 Regular Session

Senate Health and Human Services (02/06/2025)

Health and Human Services

Transcript Highlights:
  • The OPG guardians and fiduciaries ensure that the physical and financial well-being of incapacitated
  • 18:15.799><c> and</c> family or pets the OPG Guardians and family or pets the OPG Guardians and fiduciaries
  • has nearly 60 employees and serves over 1,400 Granite Staters who need professional guardianship, fiduciary
  • has nearly 60 employees and serves over 1,400 Granite Staters who need professional guardianship, fiduciary
  • Their obligation is to the fiduciary—save money, right?
AZ

Arizona 2026 Regular Session

03/24/2026 - House Natural Resources, Energy & Water

House Natural Resources, Energy & Water Committee of Reference

Transcript Highlights:
  • step forward on how we might manage these lands, balancing economic development with the state's fiduciary
  • how we might manage we might manage these lands balancing economic development with the state's fiduciary
Summary: The committee began with a presentation from the Arizona Water Banking Authority on its role storing Colorado River water underground and holding long-term storage credits for CAP municipal and industrial subcontractors, on-river contractors, the Hualapai Tribe, Mojave County Water Authority, and Nevada. Members asked about future firming for CAP subcontractors, recovery constraints, funding sources, and whether the authority could use groundwater withdrawal fee credits for Indian firming and CAP users. The manager explained the authority has no post-2026 firming policy yet for CAP M&I subcontractors, relies mainly on withdrawal fees and ad valorem taxes, and distributes credits on paper through ADWR transfer forms rather than delivering wet water. No action was taken on the presentation. The committee then heard SB 1445, which would allow certain small municipalities to conduct bacteriological testing on site with EPA-approved equipment and originally limited ADEQ sampling requirements to no more than four times per month. The sponsor and the mayor of Kearny argued the bill would reduce costs and travel burdens for rural towns while allowing more frequent testing. Committee discussion focused on whether the change was already possible under existing law and whether the amendment would weaken testing requirements. The Griffin amendment removed the language restricting ADEQ’s sampling frequency. The bill passed as amended on a 6-4 vote. The committee also considered SB 1137, a modernization measure for Arizona’s 811 call-before-you-dig system that sets procedures for large project coordination meetings, positive response communication, and related enforcement. Supporters from Associated General Contractors and an underground utility contractor said the bill reflects stakeholder consensus and would improve safety and efficiency without adding state costs. The Taylor amendment shifted implementation procedures from the Corporation Commission to the One Call Notification Center and made other technical changes. The bill passed unanimously, 10-0. SB 1287, which extends to all active management areas the ability of holders of irrigation grandfathered rights to withdraw up to 10 acre-feet annually for stockwatering or domestic use, also passed 9-1. The committee next approved SB 1335, as amended by a strike-everything amendment tied to the Ag-to-Urban program, allowing a groundwater savings holder to continue irrigating for up to two years after issuance of groundwater savings credits. DWR and irrigation district representatives said the change would address timing problems between relinquishing irrigation rights and finalizing development, while some members objected that it could increase groundwater pumping. The bill passed 5-4. Finally, SB 1336, which continues the State Land Department for four years and adds reporting, planning, and oversight provisions including a new oversight board, passed 5-4 after debate over whether another board was necessary and whether the reauthorization period was long enough. The committee concluded with SB 1677, appropriating $3 million for salt cedar mitigation along the lower Gila River and the Gila-Colorado confluence. Supporters from Audubon Southwest, the City of Buckeye, and local landowners described flood, fire, habitat, and water-supply benefits, while members questioned herbicide use and the need for data. The bill passed 9-0, and the meeting adjourned after all votes were completed.
WA

Washington 2025-2026 Regular Session

Senate Floor Session Mar 5th, 2026 at 09:00 am

Washington Senate Floor Meeting

Transcript Highlights:
  • an executive officer or officer or someone that holds a position with significant managerial or fiduciary
  • abilities. ...with significant managerial or fiduciary abilities among the highest levels of management
CA
Transcript Highlights:
  • Our role is to ensure that licensees, as fiduciaries, follow the laws and guide consumers through real
  • Our role is to ensure that licensees, as fiduciaries, follow the laws and guide consumers through real
Summary: The Assembly Business and Professions Committee heard a lengthy agenda of Senate bills, with most measures ultimately advancing on party-line or broad bipartisan votes after substantial testimony and several amendments. Early in the hearing, SB 418 by Sen. Menjivar was presented as a health access bill to codify ACA nondiscrimination protections in state law and require coverage for up to a 12-month supply of medically approved hormone therapy; supporters framed it as protecting continuity of care amid federal threats, while there was no opposition testimony. The committee later also took up SB 456, which would exempt muralists from contractor licensing requirements for commissioned fine art murals; supporters said recent enforcement had chilled mural projects and harmed artists and communities, and the bill passed unanimously to Appropriations. SB 641, part of the wildfire response package, and SB 774, a sunset review bill for the Department of Real Estate and Bureau of Real Estate Appraisers, also advanced with support and no opposition. SB 775 and SB 776, sunset extensions for the behavioral sciences, psychology, and optometry boards, passed after witnesses described technical changes and the need to keep the boards operating. SB 777, dealing with abandoned cemeteries, drew testimony from local governments, industry, and counties; after amendments removed a local takeover mandate and shifted the bill toward a stakeholder working group and study process, opposition softened or was withdrawn and the bill moved forward to Local Government. SB 790, on interstate reciprocity for online higher education, generated the most debate, with supporters arguing California students and institutions need stronger consumer protections and access to the national reciprocity framework, while opponents said the bill’s terms conflicted with the existing compact; it passed as amended to Appropriations after committee members emphasized continued work on student protections. The consent calendar, including SB 389 and SB 861, was also approved, and the committee adjourned after additional vote changes were recorded.
MN

Minnesota 2025-2026 Regular Session

Fraud Committee Meeting - 2025-04-28

Fraud Prevention and State Agency Oversight Policy

Transcript Highlights:
  • And you have a fiduciary duty to your clients, and your clients are citizens of Minnesota, but most of
  • And you have a duty, a fiduciary duty, to protect your client. Who is MDE?
TX

Texas 89th Regular

Senate Session (Part II) Apr 14th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • government committees sought to enforce these by demanding copies of executed contracts from third party fiduciaries
  • violations through inspections of lease documents from real estate brokers agents that are third-party fiduciaries
KY
Transcript Highlights:
  • It deals with the fact that they don’t currently have a codified fiduciary standard for the $4.5 billion
  • They currently do not have a codified fiduciary standard for the $4.5 billion they manage.
Summary: The House State Government Committee met with a quorum and took up several Senate bills, adopting committee substitutes where offered. Senate Bill 176, relating to statutory committees within the Legislative Research Commission, was presented by Senator Matt Nunn as a cleanup and process-streamlining measure for appointments, vacancies, and appointing authorities. It passed the committee 15-0 with a title amendment. Senate Bill 104, presented by Senator Scott Maiden and the Kentucky Public Employees Deferred Compensation Authority, would update deferred compensation law by adding a fiduciary standard, allowing less expensive liability insurance, making federal-law compliance self-correcting, and authorizing a self-directed brokerage account option. It passed 15-0 with favorable expression. Senate Bill 9, presented by Senator Jimmy Higdon, would change teacher retirement-related leave provisions, including up to 30 days of maternity leave, a 13-day annual rollover toward retirement, limits on using annual leave to increase retirement benefits, reporting requirements, and related cleanup provisions. After questions about maternity leave, district flexibility, and the actuarial cost of additional days, it passed 15-0 with favorable expression. Senate Bill 129, presented by Senator Rocky Adams and House sponsor Representative John Hudson, was described as a housing and redevelopment measure aimed at vacant, abandoned, and tax-delinquent properties in Louisville. Testimony focused on allowing qualified nonprofits to purchase certain tax-delinquent properties after a waiting period, along with provisions on density development, accessory dwelling units, urban development incentives, fire and code enforcement recovery, a Central Business District tax fix, and changes to binding elements. Members raised concerns about nonprofit qualifications, land bank overlap, and county clerk burden; the bill passed 13-1 with one pass and received a title amendment. Senate Bill 178, presented by Senator Mike Nemes, was a short reorganization bill to codify the transfer of the Department of Disability Determination Services Program from the Cabinet for Health and Family Services to the Labor Cabinet. It passed 12-0. The committee then recorded additional votes and adjourned, with the chair thanking members and staff, noting it was likely the final meeting of the year.
US
Transcript Highlights:
  • VA's Office of Inspector General recently published a report bringing to light failures within the fiduciary
  • That question, and you're right, I do know a lot about the fiduciary program, and one of the things was
Summary: The meeting involved detailed discussions on various veterans' issues, particularly focusing on the challenges faced by the Department of Veterans Affairs (VA) amidst a backdrop of significant staffing changes. Members expressed deep concerns over the recent layoffs of over 1,000 VA employees, emphasizing the crucial nature of these positions in the context of mental health support for veterans, particularly amid rising suicide rates. Senators articulated the need for transparency and effective communication between the VA and Congress to avoid further breakdowns in services. The session also spotlighted the ongoing modernization of VA systems and the urgent need to streamline processes to benefit veterans effectively.
NM

New Mexico 2025 Regular Session

Senate Chamber Feb 3rd, 2025

New Mexico Senate Floor Meeting

Transcript Highlights:
  • Board of Regents or a community college governing board, or a member of those boards for a breach of fiduciary
  • Council in the event of a board member's breach of fiduciary duty.