Transcript Highlights:

• The first one is $800,000 using facility repair and renovation reserves for the Corley Hall roof replacement
• This is a revised MOF bringing the new total up to $1.9 million, and they're using energy plant reserves
• They estimate the total cost for this project to be $75.5 million using capital reserves."
• "They estimate the total cost for this project to be $75.5 million using capital reserves.

Keywords: 1204, all

Transcript Highlights:

• Are there any objections or reservations? Seeing none, the recommendation is adopted. Thank you.
• 14:12.480><c> any</c><00:14:12.639><c> objections</c><00:14:13.199><c> or</c><00:14:14.560><c> reservations
• </c> there any objections or reservations? there any objections or reservations?

Keywords: 912, senate, all

Summary: The joint hearing covered three bills, all related to outdoor lighting or permitting. On SB 2278, which addressed light pollution and outdoor lighting standards, testimony was mixed: the University of Hawaiʻi and others raised concerns that the bill’s 4,000K color temperature standard and other provisions conflicted with dark-sky and wildlife-protection recommendations, while some groups testified in support. A lighting industry engineer also questioned how turtle-lighting provisions would apply in practice and urged a workable standard that balances safety, design, and wildlife concerns. On SB 2908, relating to permitting, the Office of Planning and Sustainable Development, the Office of Hawaiian Affairs, and several business groups testified, generally standing on written testimony or supporting the measure. Committee discussion focused on a proposed statewide permitting intake platform; the Office of Planning said the SPEED Task Force believed counties were better suited to handle permitting information, and members asked whether the appropriation was sufficient. The committee voted to pass SB 2908 with amendments, including a deferred effective date of July 1, 2050. On SB 2987, also relating to light pollution, the University of Hawaiʻi strongly supported the bill and proposed amendments to create campus lighting zones tailored to safety and foot traffic, while the Department of Land and Natural Resources stood on its comments and several other organizations testified in support or opposition. The chair said the committee would address business safety concerns by making technical and nonsubstantive amendments, exempting outdoor light fixtures for airports, highways, and harbors, and deferring the effective date to July 1, 2050. The committee then adopted the recommendation to pass SB 2987 with amendments and adjourned.

Transcript Highlights:

• Chairman Dustin Claytush and Vice Chair Sheila Bray of the Confederated Tribes of the Chehalis Reservation
• Chairman Dustin Claytush and Vice Chair Sheila Bray of the Confederated Tribes of the Chehalis Reservation
• Tanasket, Roger Finley, Dana Seymour, and Joseph Finley of the Confederated Tribes of the Colville Reservation
• General Counsel Chairman of the Confederated Tribes of the Umatilla Indian Reservation, Lindsey Watchman

Keywords: 904, all

Summary: The joint session of the Washington Legislature convened to receive Governor Bob Ferguson’s State of the State address, with the House and Senate roll called and a quorum confirmed. The chamber recognized Supreme Court justices, statewide elected officials, tribal leaders, consular corps members, and other guests before the Pledge of Allegiance, the national anthem by the Wapato High School Choir, a prayer by Reverend Indiana Driver Gimmer, and a poem by State Poet Laureate Derek Sheffield. The governor opened by thanking those present and highlighting recent flooding as a major test of the state’s resilience, praising first responders, National Guard members, WSDOT crews, and local leaders for their response and recovery efforts. In his address, Ferguson said Washington’s economy remains strong but argued the state must make major investments in transportation, ferries, housing, and affordability. He proposed more than a billion dollars for bridge repairs, $164 million for road paving this summer, another billion dollars for three new ferries, and a $244 million housing investment. He also called for a millionaire’s tax to fund expanded Working Families Tax Credit benefits, tax relief for small businesses, more K-12 funding, and affordability measures such as utility bill credits and expanded energy assistance. He criticized federal immigration enforcement tactics and changes at the CDC, urged action on a bill limiting masked law enforcement, and said Washington should rely on science-based public health guidance through state-led efforts. The governor also highlighted several bills and proposals he said he would support, including expanded early learning for military families, modular housing standards, reckless driving changes, improved crash data access, wildfire air support for local fire departments, fee refunds when agencies miss processing deadlines, and a campaign to improve FAFSA completion rates. He said his administration has already reduced processing times for several licenses and wants government to be more responsive. After the address, the joint session was dissolved by motion and vote, and the House then adjourned until January 14 at 10:30 a.m.

Transcript Highlights:

• Chair Hooper: ...understanding that money will be set aside in reserve, left alone.
• the presiding officers as a way to address less spending and to make sure that we have adequate reserves
• revenue as like our checking account, and then we've got a savings account, which are all the various reserves
• We're going to put it away in more reserves that we don't need.

Summary: The Appropriations Committee heard three measures focused on state finances. SB 1906 by Senator Brodeur would add a ninth element to the state debt reduction strategy report and create a program to transfer $250 million annually from the General Revenue Fund to accelerate retirement of outstanding state debt, while exempting the Department of Transportation and Florida Turnpike Enterprise. Members questioned the fiscal tradeoffs and flexibility, but the bill was supported in debate and reported favorably. The committee then considered SJR 1908 by Chair Hooper, which would amend the Constitution to raise the Budget Stabilization Fund cap from 10% to 25% of general revenue collections, require $750 million annual deposits until the cap is reached, and allow withdrawals for critical state needs by separate bill with a two-thirds vote, while keeping existing rules for emergencies and revenue shortfalls. Testimony and debate centered on whether Florida already has sufficient reserves, how “critical state need” would be defined, and whether the new requirement would reduce flexibility during recessions or federal funding cuts. Despite opposition from advocacy groups and several senators, the resolution was reported favorably. Finally, the committee took up HB 7031 as the vehicle for the tax package and adopted a delete-everything amendment to place it in the proper posture for conference. As amended, the bill was described as reducing the state sales tax by 0.75%, lowering the commercial rent tax from 2% to 1.25%, eliminating the business rent tax, and creating permanent sales tax exemptions while preserving sales tax holidays. The amended bill was reported favorably, and the committee then adjourned.

Transcript Highlights:

• which we had all the Atascosa officials on board with, and I'm happy. to answer any questions, and I reserve
• I respectfully reserve the right to close. Members, any questions? We'll let you close.
• I'm happy to answer any questions, and I reserve my right to close. Thank you, members.
• Our reserve deputies are doing a lot of work for... ...for free, and we need to have them as full-time

Bills: HB1597, HB2364, HB2437, HB3205, HB3253, HB3310, HB3648, HB3906, HB4259, HB5645

Keywords: county jailer, jail training, veterans, Texas Veterans Commission, Texas Commission on Law Enforcement, TCOLE, criminal justice system, county jail, law enforcement training, mental health training, jail standards, correctional officers, veteran services, veteran interaction, occupations code, jailer licensing, parking, county courthouse, infrastructure, local government

Transcript Highlights:

• Um, Madam Speaker, I rise in support with one small reservation.
• Reservations. So ordered. Representative Morow for the vote. Thank you, Madam Speaker.
• Reservations. So ordered. Representative Morow for the vote. Thank you, Madam Speaker.
• Reservations. So ordered. Representative Morow for the vote. Thank you, Madam Speaker.

Keywords: 910, house, all

Transcript Highlights:

• to parents is both dangerous and illegal, and with that, I am happy to answer any questions. and reserve
• Chairwoman Hull, not hearing any, we'll start the public testimony and reserve your right to close.
• With that, I welcome any questions and reserve the right to close.
• I believe there may be a witness, so I yield for witness testimony and reserve my right to close.

Bills: HB368, HB3311, HB1734, HB2495, HB2716, HB793, HB3376, HB2524, HB3421, HB3446, HB3181

Keywords: electronic devices, family violence, criminal prosecution, protective orders, tracking, harassment, family allowance, decedent's estate, surviving spouse, minor children, inheritance, child support, maintenance, HB 1734, Family Code, Section 155.207, suit affecting the parent-child relationship, SAPCR, continuing exclusive jurisdiction, jurisdiction transfer

Transcript Highlights:

• I do have expert witnesses to testify and to answer technical questions, but I reserve the right to close
• We will reserve your right to close. Thank you. Thank you. Cox.
• Chairman, members, I reserve the right to close. I reserve my right to close.

Bills: HB18, HB742, HB754, HB1644, HB2187, HB1887, HB 1275, HB37, HB1503, HB1699, HB1700, HB2735, HB1741, HB1731, HB1675, HB18, HB37

Keywords: rural health, hospital funding, healthcare access, mental health services, financial stability, human trafficking, first responders, health care, training, reporting, protection, trafficking prevention, medical assistant training, health care facilities, hospital compliance, clinic compliance, anti-retaliation, whistleblower protection, employee reporting, good faith report

Transcript Highlights:

• I will let you reserve your right to question. Thank you, Mr. Chair.
• I certainly would be ready to answer any questions you may have and reserve the right to close.
• All right, I will let you reserve your right to close. And the chair calls Jonathan Holloway.
• certainly be willing to attempt to answer questions of any members otherwise absent, but I would reserve

Bills: HB334, HB583, HB605, HB1327, HB1646, HB2115, HB2379

Keywords: family leave, leave pool, county employee, sick leave, vacation leave, family care, pandemic, guardianship, fencing, reservoirs, local government, regulation, land use, conservation capacity, property regulation, fence regulation, reservoir safety, county authority, fencing regulations, counties

Transcript Highlights:

• If there are no questions for me, I will reserve my right to close. Members, any questions?
• Uh, and so if there are no questions for me, I will reserve my right to close.
• I reserve the right to close. Thank you.
• And then, that being said, I am open for any questions and reserve the right to close.

Bills: HB147

Keywords: government contracting, business program, discrimination, state procurement, equity, underutilized businesses

Summary: The House Committee on Agriculture and Livestock met with a quorum present and heard several bills, all of which were left pending. HB 1113, by Rep. Cain, would update Texas hemp law to keep state rules aligned with federal changes, require timely rule amendments by the Department of Agriculture, and create hemp research permits for universities and nonprofits. Supporters from the Texas Hemp Coalition said it would improve research, licensing, testing, and enforcement while helping the industry stay compliant and competitive; the author said the bill was intended to reward good actors and deter bad ones. HB 1203, by Rep. Gonzalez, would create an Office of Food System Security and Resiliency within the Department of Agriculture to address food insecurity and coordinate local food access efforts. Gonzalez said the office would build on a prior Department of Agriculture study and help connect farmers, agencies, schools, and local governments; members asked about the fiscal note, consumer costs, and whether the office would overlap with existing programs. HB 1269, HB 1276, and HB 1277 focused on plant disease and pest prevention, including a grant program and studies to identify gaps and track outbreaks. Gonzalez emphasized the need for a more intentional state response, citing crop losses from pests and a recent cotton disease outbreak in his district. HB 1437 would create a pollinator task force to address threats to Texas honeybees and related pollination industries. A Texas Beekeepers Association witness described major recent colony losses, emerging threats such as mites and hornets, and the need to bring agencies and researchers together; Gonzalez noted prior work adding a bee specialist at AgriLife Extension. Finally, HB 147, by Chairman Guillen, would modernize cattle brand registration by moving it to an electronic system at the Texas Animal Health Commission while keeping county clerks involved. Supporters said it would improve efficiency, accuracy, and access for ranchers and law enforcement, while an opponent warned about possible electronic tracking implications and costs for small producers. The committee took no final votes and adjourned after leaving HB 147 pending as well.

Transcript Highlights:

• I'm happy to answer any questions. and reserve the right to close. Members, any questions?
• And there isn't a fiscal note, and unless there are any questions, I will reserve my right to close,
• Unless there are any questions, I will respectfully reserve my right. To close, Chairwoman.

Bills: SB2041, SB1777, SB1681, SB2311

Keywords: child welfare, foster care, Department of Family and Protective Services, DFPS, Family Code, conservatorship, placement selection, contract residential care, kinship care, relative placement, designated caregiver, best interest of the child, least restrictive setting, placement stability, child protective services, residential treatment, group home, family reunification, Texas foster system, residential care

Transcript Highlights:

• THE AMOUNT OF $1,998,046 IN GRANTS DONATION TRUST FUND AND TO ESTABLISH $53,653,382 FROM UNBUDGETED RESERVE
• ESTABLISH $53,653,382 FROM UNBUDGETED RESERVE IN THE GENERAL REVENUE AND MEDICAL CARE TRUST FUND.
• AND TO PULL OUT 285,813,239 FROM RESERVE. THAT IS THE AMENDMENT. >> Rep.

Keywords: 999, senate, all

Transcript Highlights:

• the 2025 budget, we enacted $2 billion in Proposition 98 deferrals and fully deployed the Prop. 98 reserves
• At the time, that fully depleted the reserve.
• So with those revised transfer amounts, the ending balance in the reserve is now $4.1 billion at the
• The revised balance would be enough to trigger the 10% school district reserve caps in 2026-27.
• The $4.1 billion deposit into the Proposition 98 reserve is the starting point for that.

Summary: The subcommittee opened with remarks on the state budget and K-12 education, noting the large increase in the Proposition 98 minimum guarantee, the use of deferrals and reserves in the prior budget, and the challenge of balancing education funding against other state priorities. Superintendent Tony Thurmond described California education as improving overall, citing gains in test scores, graduation, and college readiness, but said major gaps remain for low-income students, students of color, agricultural communities, English learners, foster youth, and students with disabilities. He praised recent investments in universal meals, transitional kindergarten, community schools, arts, broadband, and special education, while warning that declining enrollment, chronic absenteeism, and the proposed $5.6 billion Prop. 98 settle-up create uncertainty for districts. He also urged a long-term literacy plan, expanded tutoring, universal kindergarten, and continued protections for students and families affected by immigration enforcement, including ICE-related fear and attendance loss. The committee then heard a detailed presentation on Proposition 98 from the Department of Finance and the Legislative Analyst’s Office. Finance explained that the Governor’s budget projects the minimum guarantee will rise by about $21.7 billion over three years, with a $5.6 billion settle-up obligation in 2025-26 intended to avoid overappropriation if revenues weaken. Finance also described revised reserve deposits and withdrawals, ending with about $4.1 billion in the Public School System Stabilization Account by 2026-27. The LAO said recent revenue collections were stronger than expected in the current year but warned that the outlook for 2026-27 is weaker and that stock-market-driven revenues remain volatile. The LAO supported maintaining reserves and one-time spending buffers, but recommended fully funding the guarantee and using other budget solutions rather than shifting the settle-up into future deficits. Members asked about the settle-up process, certification timeline, the effect of attendance declines tied to immigration enforcement, and wildfire-related impacts, including Pasadena Unified’s $4 million special appropriation. On LCFF and necessary small schools, Finance proposed a 2.41% COLA and about $2.2 billion in additional LCFF funding for districts and charters in 2026-27, plus a $30.7 million ongoing increase to raise the necessary small schools allowance by 20%. The LAO supported funding the COLA but said the small-school increase was not tied to a specific cost study and could be redesigned to better target small districts, noting that only a fraction of very small districts would benefit. Questions focused on how small schools access supplemental and concentration grants and how attendance recovery programs are being implemented. The Department of Education said only 130 LEAs had reported attendance recovery so far, likely because it is a new program with compliance requirements, though interest appears to be growing. FICMAT then reviewed the fiscal health of local districts, reporting an uptick in qualified and negative certifications, though still far below Great Recession levels. It said declining enrollment, rising special education costs, and higher labor and insurance costs are the biggest fiscal pressures, and that some districts are using fiscal stabilization plans and staff reductions ahead of second interim reports. FICMAT also discussed wildfire impacts on Pasadena Unified and Los Angeles Unified, explaining that Pasadena’s $4 million state appropriation was based on an early post-fire assessment and that the district is being monitored with the county office of education. Members raised concerns about Pasadena’s leadership, special education staffing shortages, AB 218 sexual abuse litigation costs, insurance premium increases, and the need for stronger prevention and training measures. FICMAT said SB 848 and related policies address some of those concerns by strengthening standards, training, and reporting requirements.

Transcript Highlights:

• The opportunity reserve fund, we're going to talk about that a little bit more in subsequent pages.
• So the uh turning the page where you say excess ETF funds, this is where through the rolling reserve
• </c><00:16:08.399><c> act</c> where through the rolling reserve act where through the rolling reserve
• </c><00:18:08.000><c> the</c><00:18:08.320><c> projected</c><00:18:08.960><c> reserve</c> white page
• there. the projected reserve white page there. the projected reserve balances<00:18:11.120><c> um</c>

Bills: SB344, SB344

Keywords: Alabama Memorial Preservation Act, monuments, historic preservation, memorial buildings, memorial schools, memorial streets, architecturally significant buildings, public property, waiver process, Committee on Alabama Monument Protection, Attorney General, civil penalty, historic marker, renaming, relocation, removal, public memorials, heritage preservation, state historic preservation fund, governmental entity

Transcript Highlights:

• The unallocated core funds reserves the system-wide has are not enough to cover these shortfalls.
• These reserves are not significant enough to cover new campus expenditures while we wait to receive the
• The unallocated core funds reserves, the system-wide has, are not in.
• The unallocated core funds reserves the system-wide has are not enough to cover these shortfalls.
• UC campuses have approximately 155 million in unallocated reserves, which is only enough for about four

Summary: The Senate Budget Subcommittee on Education held its first 2026 hearing on higher education, focusing on UC and CSU system updates, student housing, enrollment, and core operations. In opening remarks, the chair noted recent state fiscal stress, the prior rejection of proposed UC/CSU cuts, and the Governor’s proposed 5% ongoing compact increases. UC President James B. Milliken and CSU Chancellor Mildred Garcia described the systems’ public value, research and workforce roles, and the impact of federal actions on grants, financial aid, and campus operations. Both also emphasized Title IX and civil rights efforts; CSU said it had implemented nearly all state auditor recommendations and was on track to finish the remaining one, while UC highlighted its systemwide civil rights and Title IX offices. Both leaders said federal investigations, grant cancellations, and litigation demands were consuming staff time and money, with UC reporting more than 200 grants lost or affected and CSU citing more than $161 million in lost grants and more than 1,600 grants affected overall. The committee then heard on student housing. Finance and LAO staff said the Governor’s budget made no major new housing proposal but continued support for the Higher Education Student Housing Grant Program. CSU reported 12 supported projects that will add about 5,047 beds, most below market rate, with four already open and seven more expected this year; it also said it has about 68,000 beds systemwide, a 92% occupancy rate, and ongoing emergency housing support. UC said the program has supported seven UC projects and two joint community college projects, adding more than 7,000 beds total, but nearly 10,000 UC students were on housing waitlists at the start of fall 2025. UC asked for additional state support, including possible bond funding and a statutory change to allow UC participation in public-private partnership housing projects. Members discussed rapid rehousing, student homelessness, faculty and staff housing, and community college housing partnerships, with both systems describing existing emergency beds and support services. On enrollment, LAO recommended maintaining UC’s 2026-27 resident undergraduate target, funding enrollment growth separately from base increases, pausing the nonresident reduction plan, and holding UC flat in 2027-28. For CSU, LAO recommended revising the 2026-27 target downward to reflect current projections, funding growth separately, and holding 2027-28 flat. CSU said it had rebounded from COVID declines, now exceeds its funded target by about 3,000 FTE, and is shifting about $89 million and 10,000 FTE spots from lower-demand campuses to higher-demand ones while developing turnaround plans for seven campuses with sustained enrollment declines, including Sonoma State. CSU also described direct admissions, transfer success pathways, and new degree programs aimed at workforce needs. UC said it had surpassed its compact enrollment goals, planned to add 2,721 California undergraduates in 2026-27, and was seeking $5.5 million for health professional programs. Members raised concerns about underprepared freshmen, K-12 alignment, nonresident caps at UC San Diego, deferred maintenance, ROTC access, and the need for stronger turnaround plans and teacher preparation pipelines. The final item on core operations addressed the Governor’s proposal to defer 3% base funding again, moving the one-time deferral to 2027-28 and allowing short-term zero-interest loans to cover it.

Transcript Highlights:

• Every Native American client I've represented has come from a reservation.
• to no longer live in constant fear of punitive damages used to leverage settlements rather than reserved
• Being a legislator shouldn't be reserved for the 1%, nor should it force legislators to make financial
• this is not about creating career politicians, but it's about ensuring that public office is not reserved
• , is not reserved only for those who can afford it. ...office is not only reserved, but not reserved

Bills: HB99, HJR5, HM39, HB206, HB213, SB41, SB153, SB165, SB261, SB264

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

Summary: The committee first took up House Bill 99, a medical malpractice reform measure. Sponsor Chair Chandler and Minority Leader Armstrong described months of stakeholder negotiations aimed at balancing patient compensation with concerns from physicians, hospitals, and insurers about litigation costs, punitive damages, and access to care. The committee substitute kept the existing monetary damage caps but changed several provisions, including definitions of “occurrence” and “value of medical care,” treatment of future medical expenses, a higher clear-and-convincing standard for punitive damages, a two-step process before punitive damages can be pled, and a lower punitive-damages cap for smaller providers versus a higher cap for large hospital systems. Supporters said the bill would help recruit and retain doctors and stabilize the malpractice market; opponents argued it weakens accountability, especially for corporate and out-of-state hospital systems, and several speakers urged a stronger amendment to preserve patient rights. After debate, the committee voted 10-0 to give the House Judiciary Committee substitute for HB 99 a do-pass recommendation. The committee then heard House Joint Resolution 5, which would amend the state constitution to allow legislative compensation. Sponsors and supporters said paying legislators would make service more accessible to working people, parents, rural residents, and others without independent wealth, and would broaden representation. Several advocacy groups and individual commenters backed the proposal, while members raised questions about the pay formula, with the resolution tying compensation to the state median income. Some members supported the idea but preferred a salary commission or a different mechanism. The committee approved HJR 5 on a 7-3 vote. Finally, the committee began hearing House Memorial 39, which calls for a task force to study the current state of sexual assault examination kits and report on backlog progress. Sponsor Rep. Ferrari and the New Mexico Coalition of Sexual Assault Programs explained that a prior task force a decade ago found more than 5,000 untested kits and led to policy changes, including the Sexual Assault Survivors Bill of Rights and a statewide tracking system. The memorial is intended to reassess whether backlogs remain and recommend further fixes.

Transcript Highlights:

• I'm open for questions and respectfully reserve the right to close.
• OK, I reserve my right to close. Thank you.
• Subject to your questions, I reserve the right to close. Members, any questions?
• And with that, I, uh, ask for the right to reserve to close unless there are questions, Chair.
• Unless there are questions, I reserve my right to close. Thank you, members.

Bills: HB 2510, HB 3589, HB 4611, HB 4655, HB 4665, HB 4666, HB 4670, HB 4700, HB 4730, HB 4798, HB 4838, HB 5136, HB 5243, HB 5302, HB 5539

Keywords: assisted living, healthcare, licensing, criminal offense, personal assistance, group home, regulation, health and safety, inspections, resident care, criminal background checks, adoption, parental rights, registry, vital statistics, disclosure, counseling, foster care, independent living, financial literacy

Transcript Highlights:

• Our school districts do usually have small reserve accounts, anywhere from 4% up to 12%, so, you know
• </c><01:01:33.440><c> accounts</c><01:01:34.079><c> anywhere</c> have small reserve accounts anywhere
• funds and had to take out High Reserve funds and had to take out High interest<01:01:59.400><c> loans
• budget Reserve account our savings<01:02:24.400><c> then</c><01:02:24.599><c> funds</c><01:02:24.920
• So if one of our communities was hit by floods, that reserve account is not going to be there anymore

Keywords: 1183, house

Transcript Highlights:

• The National Guard's primary purpose is to act as a combat reserve of the United States Army and Air
• So a lot of resources have been put into the reserve component, both in the National Guard and reserves
• </c> resources have been put into the reserve resources have been put into the reserve component<01:35
• . reserves. reserves.
• </c><01:37:12.639><c> of</c> allows us to have a ready reserve of allows us to have a ready reserve of

Keywords: 1191, senate, all

Transcript Highlights:

• Those, unless they become real reserves and then we're required to have real reserves, having precious
• ><c> have</c><00:23:09.840><c> real</c><00:23:10.159><c> reserves.
• Uh, and in addition, this bill also sets up a strategic reserve and just sets it aside.
• </c><02:04:02.639><c> It's</c> reserve and just sets it aside. It's reserve and just sets it aside.
• </c> reserve funds. reserve funds.

Keywords: 928, house, all

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.