Video & Transcript : 'nominal transactions' :

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MN

Minnesota 2025-2026 Regular Session

Committee on Capital Investment - 01/28/25

Capital Investment

Transcript Highlights:
  • I wanted to nominate her for mayor of the year. She was so good, so persuasive and enthusiastic.
  • I wanted to nominate her for mayor of the year. She was so good, so persuasive and enthusiastic.
  • us with working with those landowners and talking through the legal aspects of the real estate transaction
  • us with working with those landowners and talking through the legal aspects of the real estate transaction
  • aspects of the real estate transaction aspects of the real estate transaction as<01:17:31.639><c> well
MA

Massachusetts 2025-2026 Regular Session

Joint Committee on Municipalities and Regional Government Jun 21st, 2026 at 01:00 pm

Joint Committee on Municipalities and Regional Government

Transcript Highlights:
  • So this bill would establish a modest 2% transfer fee on high-end real estate transactions, essentially
  • So this bill would establish a modest 2% transfer fee on high-end real estate transactions, essentially
  • In 2024, Nantucket had 311 real estate transactions total.
  • In 2024, Nantucket had 311 real estate transactions totaling $1.35 billion.
  • Only 34 of those transactions were for homes less than $2 million.
Summary: The Joint Committee on Municipalities and Regional Government held a long public hearing focused mainly on two sets of issues: proposals to amend or repeal the MBTA Communities Act, and bills to allow local rent stabilization. Committee chairs opened by explaining the hearing would be tightly managed because of the very large number of speakers, with testimony limited to two minutes per person and written testimony still accepted by email. Members and witnesses were called in a mix of in-person and virtual order throughout the hearing. On the MBTA Communities Act, several legislators and local officials argued the law is too rigid and should be revised to account for local conditions. Speakers from small, rural, or infrastructure-limited communities such as Hanson, Halifax, Marshfield, Winthrop, Dracut, Carver, Rehoboth, and others said the law’s one-size-fits-all approach does not fit towns with limited water, sewer, transit access, or buildable land. Some filed bills would repeal the law, exempt certain communities, or create appeals processes based on infrastructure, environmental, or historical constraints. Supporters of the law’s changes emphasized local control and the need to avoid forcing development where communities believe it is impractical or inconsistent with town character. A large portion of the hearing was devoted to rent stabilization legislation, especially S. 1447 and related House bills. Supporters included legislators, city councilors, tenant advocates, labor leaders, housing nonprofits, public health organizations, and residents who described sharp rent increases, displacement, homelessness risk, and the strain on working families, seniors, students, and people with disabilities. They argued local-option rent stabilization would let municipalities cap excessive increases and prevent no-fault evictions while preserving flexibility for local conditions. Opponents, including small landlords and property owners, said rent control would discourage investment, worsen housing quality, burden responsible owners, and drive small landlords out of the market. Some witnesses also supported a Cape Cod/Island transfer fee bill and a suburban infrastructure fund, arguing those would provide local revenue for housing or roads. No votes or formal committee actions were taken during the hearing.
DE

Delaware 2025-2026 Regular Session

Senate Legislative Session - Session 2 - 42nd Legislative Day Jun 30th, 2026

Delaware Senate Floor Meeting

Transcript Highlights:
  • It is my honor to ask for the nomination of the Honorable Morgan T.
  • Madam Reading Clerk, please read in the nomination of the Honorable Morgan T. Zern.
  • Your consideration of this nomination is appreciated.
  • Madam President, the roll call on the nomination of Morgan T. Zern: 21 yes.
  • Clarification about which transaction information must be recorded is also added.
Summary: The Senate received communications from the House on numerous measures, including several bills and resolutions passed with amendments, committee reports on bills such as large energy use facilities, campaign finance, voting rights, and appropriations, and a list of pre-file legislation. The chamber then moved through a long floor session with confirmations, bill readings, and roll-call votes, ultimately confirming the nomination of Morgan T. Zern to the Delaware Supreme Court by a 21-0 vote. Among the major policy items considered were property tax and school tax measures tied to the statewide reassessment. The Senate passed House Bill 460, clarifying monthly municipal permit-data reporting to New Castle County; House Bill 461, granting temporary authority for New Castle County school districts to reset school tax rates for one cycle; and House Bill 462, making the split school tax rate permanent with a lower nonresidential cap. Members discussed the fiscal effects at length, including testimony from a school district finance officer that HB 461 would allow revenue-neutral rate setting and offset the fiscal note on HB 462. The Senate also passed House Bill 365 creating a Delaware Indigenous Affairs Commission, House Bill 458 on backflow requirements for low-hazard buildings, Senate Bill 27 establishing the Office of New Americans with a sunset and interagency coordination, and Senate Bill 315 on the Delaware Technical Innovation Program. The chamber also approved Senate Substitute 1 for Senate Bill 300, a firearms dealer regulation bill, after extensive debate over amendments, confidentiality, background checks, and the balance between public safety and burdens on lawful dealers. Several members raised constitutional and practical objections, while supporters argued the bill would reduce trafficking, straw purchases, and theft from dealers. In addition, the Senate passed House Bill 305 creating a diabetes wellness pilot program, with supporters emphasizing the state’s diabetes burden and the program’s federal funding, and House Concurrent Resolution 157, which asks the State Lottery Office to report on iLottery’s impact on small businesses. Senate Bill 325, a fire prevention/background-check bill, was laid on the table after concerns about a late House amendment and requests for more time to consult stakeholders.
CA

California 2025-2026 Regular Session

Joint Committee on the Arts May 14th, 2026

Joint Committee on the Arts

Transcript Highlights:
  • So we think on that ROI, there’s a plus factor that we need to add in to the actual transaction and dollars
  • Personally, I would nominate the AI tech companies that are squeezing the juices.
  • Personally, I would nominate the AI tech companies that are squeezing the juices of artists and not contributing
Summary: The Joint Committee on the Arts held an informational hearing on California’s first sector-specific creative economy strategic plan, developed under AB 127 by the California Arts Council with an interagency work group and outside research support. Committee members and panelists described the plan’s purpose as strengthening the state’s creative workforce, stabilizing creative businesses, expanding equity and access, and building infrastructure for long-term implementation. The opening presentation highlighted major forces shaping the sector over the next decade, including AI, climate disruption, affordability, access to capital, and social cohesion, and outlined six action areas: workforce preparation, business growth, cultural tourism and identity, cross-sector incentives, ROI/data tracking, and state capacity-building. Testimony from the California Department of Education and the Workforce Development Board focused on existing workforce pipelines, including updated arts/entertainment/design CTE standards, the Entertainment Equity Alliance, apprenticeship and pre-apprenticeship pathways, and High Road Training Partnership investments. Speakers said these efforts are producing strong placement outcomes, including paid on-the-job training, union placements, and support for workers facing barriers, while also emphasizing the need for entrepreneurship training and wraparound supports. Committee discussion also centered on a major unresolved issue: how to define and measure the creative economy consistently across agencies, since current labor data often misses gig, contract, nonprofit, and business activity. A second panel of practitioners and advocates described local examples of the plan in action. The Handy Foundation, Arts for LA’s Creative Jobs Collective, the Arts Council of San Bernardino County, and the California Arts Council chair all argued that artists and creative workers should be treated as essential contributors to education, community health, local economies, and resilience, not as peripheral workers. They urged stronger school partnerships, more arts access, and better recognition of creative careers. Members also discussed AI’s impact on creative work, with panelists saying it should be treated as a tool that requires guardrails, training, and union and educator involvement rather than as a replacement for human creativity. No formal votes were taken; the hearing was informational, and members expressed support for continued implementation, better data systems, and additional funding in future budget and policy actions.
AZ

Arizona 2026 Regular Session

03/09/2026 - Senate Floor Session

Arizona Senate Floor Meeting

Transcript Highlights:
  • HB 2805, electronic signatures, nomination petition. Judiciary and Elections.
  • HB 2376, schools real estate transactions prohibitions.
  • Senate Bill 1664, an act amending Section 16-32 of the Arizona Revised Statutes relating to election nominating
Summary: The Senate convened with prayer, the Pledge of Allegiance, roll call, and a series of personal privilege introductions recognizing guests including the Doctor of the Day, realtors visiting for Realtor Day, and the family of former Senator Barbara Leff. The chamber also adopted House Concurrent Resolution 264 honoring Barbara Leff, followed by a moment of silence in her memory. The Senate then moved through a large number of bill introductions and first readings, as well as Committee of the Whole consideration of several measures. In Committee of the Whole, senators considered and advanced multiple bills, often with technical or negotiated floor amendments. Among those reported out as do pass or do pass as amended were SB 1494, SB 1497, SB 1503, SB 1535, SB 1544, SB 1580, SB 1582, SB 1584, SB 1585, SB 1602, SB 1632, SB 1723, and SB 1798. The amendments addressed topics such as technical corrections to mining and pension language, classical learning tests, sex trafficking record sealing, probation reporting, school safety funding, kinship foster care stipends, DES credentialing, domestic violence release conditions, and a school safety/threat identification pilot program that was revised into a FAFSA awareness recognition program. The Committee of the Whole report was adopted. The Senate then took up third-reading votes on several bills. HB 4115, SB 1012, SB 1213, SB 1416, SB 1474, SB 1511, SB 1549, SB 1573, SB 1634, SB 1647, SB 1649, SB 1664, and SB 1725 were considered, with most passing on party-line or near-party-line votes; SB 1416 and SB 1664 passed unanimously, while SB 1549 passed with broader support. Several members explained votes on immigration enforcement, concealed carry in establishments serving alcohol, commercial driver licensing, campaign finance, and a digital asset reserve fund. HB 2993, dealing with DPS legal representation funding, passed 16-13 after debate over constitutional concerns, funding sources, and the use of the Attorney General’s consumer fraud fund. The session ended with the Senate adopting the Committee of the Whole report and transmitting the passed bills to the House.
AZ

Arizona 2026 Regular Session

03/09/2026 - Senate Floor Session

Arizona Senate Floor Meeting

Transcript Highlights:
  • HB 2805, electronic signatures, nomination petition — Judiciary and Elections.
  • HB 2376, schools real estate transactions prohibitions.
  • Senate Bill 1664, an act amending Section 16-32 of the Arizona Revised Statutes relating to election nominating
HI

Hawaii 2026 Regular Session

JHA Public Hearing - Thu Mar 5, 2026 @ 2:00 PM HST

Judiciary & Hawaiian Affairs

Transcript Highlights:
  • </c><01:27:49.280><c> And</c> benefits from transactions going on.
  • And benefits from transactions going on.
  • :23.920><c> you</c><01:30:24.159><c> you'd</c> property transaction uh you you'd property transaction
  • </c><01:31:13.679><c> uh</c> for example like a land transaction uh for example like a land transaction
  • </c> benefit from those sort of transactions benefit from those sort of transactions because<01:31:26.480
Summary: The committee first took up House Bill 1531, HD1, which would require the governor or county mayors to provide American Sign Language interpreters during official emergency announcements broadcast on television or the internet, ensure the interpreter is visible, and provide a primary pool feed with picture-in-picture so rebroadcasters would not need to add the feature themselves. Testimony from the Disability and Communication Access Board and the State Council on Developmental Disabilities strongly supported the bill, emphasizing effective communication for deaf and hard-of-hearing residents and noting that interpreter placement and size can make broadcasts inaccessible. The council requested an effective date of July 1, 2027 to allow implementation time. Members raised concerns about interpreter availability and emergency logistics on Hawaiʻi Island, but the chair moved to pass the bill with amendments reflecting the picture-in-picture recommendation and the later effective date. The committee adopted the motion, with several members voting aye and others voting with reservations. The committee then heard House Bill 1880, HD2, which would prohibit, beginning January 1, 2027, the use or application of pesticides containing 1,3-dichloropropene, such as Telone. The Department of Agriculture and Biosecurity explained that pesticides are already regulated at both the federal and state levels, with EPA risk assessments and state enforcement of label restrictions, reporting, and school-buffer requirements. The Hawaii Public Health Institute supported the bill, citing cancer and respiratory risks and arguing that safer alternatives exist. In opposition, Dole Food and the Hawaii Farm Bureau said Telone is important for controlling nematodes in pineapple production, that it is applied underground under EPA conditions, and that no comparable registered alternative exists for pineapple; they also said the bill’s 2027 start date is too short for growers to adjust. A representative from the Y Alliance for Progressive Action and Support supported the measure, citing statewide usage data and concerns about drift and chronic health impacts. Committee members questioned both sides about drift monitoring, groundwater impacts, alternative methods, and whether a transition period or research into resistant varieties could reduce reliance on the chemical.
MO

Missouri 2026 Regular Session

Corrections and Public Institutions Apr 8th, 2026

Corrections and Public Institutions

Transcript Highlights:
  • Those are grassroots folks who are nominated by their counties. They're county presidents.
  • And these devices are used to negotiate drug transactions.
  • And these devices are used to negotiate drug transactions.
TX

Texas 89th Regular

89th Legislative Session Apr 17th, 2025

Texas House Floor Meeting

Transcript Highlights:
  • the basis of filing an application for the place of the general primary election ballot for the nomination
  • On resolution of certain security transactions payments from total revenue, a taxable entity in the registered
  • Justice Department for the Subcommittee on Juvenile Justice, SB 1172, by periodally exempting the transaction
WA

Washington 2025-2026 Regular Session

Senate Floor Session Feb 17th, 2026 at 09:30 am

Washington Senate Floor Meeting

WA

Washington 2025-2026 Regular Session

Senate Floor Session Feb 17th, 2026

Washington Senate Floor Meeting

Transcript Highlights:
  • It was designed as a gateway to collaborative care, but has since become a transactional barrier to care
  • Some may take a nominal amount of 110. Some are made to operate on 220.
Summary: The Senate convened with all members present, heard a prayer and pledge, approved the prior day’s journal, and then moved through committee reports and House messages. Several bills were referred to committees, including low-income energy assistance and real property use restrictions. The chamber then took up a series of gubernatorial appointments, confirming Apollonio P. Hernandez to the University of Washington Board of Regents, Violet M. Frolov to the Central Washington University Board of Trustees, and Monica U. to the Washington Student Achievement Council, each after sponsor remarks and roll-call votes. The Senate also recessed briefly for caucuses and later resumed floor action on bills. On final passage, the Senate approved SB 6220 on nonprofit housing property tax exemptions for temporary community use, SB 5947 creating the Washington Health Care Board, ESSB 631 on safe pedestrian passage during construction, ESSB 6066 establishing crash prevention zones, SB 6044 recognizing Diwali and Bandi Chhor Divas, SB 5899 allowing qualified chiropractors to treat non-human animals under a licensing framework, SB 6151 dedicating environmental program fee accounts, ESSB 6200 allowing renters and mobile home occupants to install portable cooling devices with safeguards, SB 5901 adjusting school construction assistance for on-base schools, and SB 6080 governing federal detention contracts with county and municipal jails. Most of these bills passed with strong bipartisan support, though SB 5947, SB 5924, SB 6200, and SB 6080 drew notable opposition from some senators who raised concerns about cost, scope, safety, or implementation. The Senate also adopted amendments to several measures, including technical or stakeholder-driven changes to SB 5947, ESSB 631, ESSB 6066, SB 5899, and ESSB 6200. SB 5924, expanding pharmacists’ scope of practice, passed after a lengthy debate over access to care, professional training, and the role of collaborative drug therapy agreements; supporters framed it as a response to provider shortages, while opponents argued it moved too quickly or needed more study. SB 6080, concerning jail contracts for federal detainees, saw failed amendments seeking an attorney general opinion and a good-faith extension, before passing on a 30-19 vote. The meeting ended with a personal privilege statement marking Lunar New Year and a motion to recess for lunch and caucus.
TX

Texas 89th Regular

Texas Ethics Commission Jun 12th, 2025

Texas House Floor Meeting

Transcript Highlights:
  • At the meeting, we appointed Commissioner Schmidt and me to serve as a nominating subcommittee.
  • We received the final donation check on the 1st of August, and I wrapped up all PAC transactions with
CA

California 2025-2026 Regular Session

Assembly Judiciary Committee Jun 16th, 2026

Judiciary

Transcript Highlights:
  • Well, sales transaction... Home into compliance within a year of sale. That was a Jim Wood bill.
  • While sales transactions are an ideal time to bring homes up to code, the fly in the ointment is that
  • I've observed is that buyers and sellers are in a unique mindset when it comes to the real estate transaction
  • currently, and I also represent the County Recorders, if the PCOR is not included, there's essentially a nominal
  • And, you know, then it's an easy transaction.
Committee: House Judiciary
TX

Texas 89th Regular

Senate Session Apr 3rd, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • Respectfully submitted, Greg Abbott, Governor of Texas, to nominations.
  • special, if we're talking about independent committees, when a company wants to do an uninterested transaction
  • special, if we're talking about independent committees, when a company wants to do an uninterested transaction
  • Senate Bill 2677 by Perry, relating to disclosures for certain commercial sales-based financing transactions
  • Senate Bill 2677 by Perry, relating to disclosures for certain commercial sales-based financing transactions
Summary: The Senate convened with a quorum present, heard an invocation, and approved the previous day’s journal. The chamber then adopted Senate Resolution 358 honoring the University of Texas Rio Grande Valley on its 10th anniversary, with senators highlighting the university’s growth, medical school, research expansion, and role in serving South Texas. The Senate also adopted Senate Resolution 368 honoring outgoing Texas A&M University System Chancellor John Sharp, with numerous senators praising his long public career, leadership in higher education, and statewide impact. Senate Resolution 361 recognizing Texas HBCU Day and Senate Resolution 362 recognizing Denton County Days at the Capitol were also adopted, along with other routine recognitions and gubernatorial appointments being read into the record. The Senate then took up several bills. Committee Substitute Senate Bill 27, relating to rights and support for public school educators, was debated and amended to shorten vacancy posting requirements, allow bilingual certification candidates to retake only failed test sections, give teachers more flexibility with paid leave, clarify classroom removal procedures, and ensure parents are informed of appeal rights. The bill passed to engrossment, the three-day rule was suspended, and it was finally passed unanimously. Senate Joint Resolution 12, proposing a constitutional amendment to establish a parent’s right to direct a child’s education, was also brought up and passed to engrossment after a contested suspension vote. The Senate next passed Committee Substitute Senate Bill 1741, which would require reporting of foreign funding at public universities, bar gifts from adversarial governments, and require training and reporting systems to prevent foreign influence and intellectual property theft in higher education. Committee Substitute Senate Bill 29, the so-called “Dexit” bill, was debated at length for its corporate governance changes, including codifying the business judgment rule and altering internal corporate litigation and records rules; it passed to engrossment, the three-day rule was suspended, and it was finally passed by a 30-1 vote. Senate Bill 857, allowing law enforcement discretion to tow vehicles driven by unlicensed or uninsured drivers, passed after discussion of towing abuses during flooding and disaster conditions. Committee Substitute Senate Bill 1536, requiring dementia and Alzheimer’s training for certain guardians, passed with broad support, and Senate Bill 922, addressing delayed electronic disclosure of sensitive medical test results so physicians can discuss them first, was taken up and passed to engrossment as the chamber continued through its calendar.
NH
Transcript Highlights:
  • But is it because they're fearful that the whole thing might go south, the whole transaction might go
  • might go south and therefore transaction might go south and therefore now<00:37:23.200><c> now</c><00
  • </c><01:25:27.440><c> takes</c> understanding of how a transaction takes understanding of how a transaction
  • So, um, those are the types of normal real estate listing transactions that are... Well, right.
  • </c><01:52:39.040><c> I</c> transactions that are Well, right. I transactions that are Well, right.
Summary: The committee first held a public hearing on Senate Bill 25, which would allow state-chartered credit unions to compensate board members if the membership approves it. Prime sponsor Senator Dan Innis said the bill is enabling only, intended to help credit unions recruit and retain qualified directors and align New Hampshire with other states that already allow such compensation. Credit union representatives from the Cooperative Credit Union Association and St. Mary’s Bank supported the bill, saying board service has become more complex because of cybersecurity, asset-liability management, and other regulatory demands, and that compensation could be modest and take forms such as meeting fees or educational reimbursement. In response to committee questions, they said compensation would be set by the membership, disclosed in advance, and subject to bylaws and internal policies; they also noted that board members must be credit union members and that voting procedures vary by institution, with some using mailed ballots rather than proxy voting. Members raised questions about why credit union boards were historically excluded, what kinds of compensation were contemplated, whether there would be a cap, and how voting and confidentiality would work. Testimony explained that the historical rationale was the nonprofit, volunteer mission of credit unions, but witnesses argued that the modern environment and competition for talent justify a change. They also said the bill would not mandate compensation and would not create a salary structure comparable to banks, but would allow members to approve modest compensation or reimbursements. After no further testimony, the chair closed the public hearing on Senate Bill 25. The committee then opened a public hearing on Senate Bill 26, sponsored by Senator Howard Pearl, concerning the definition of deposits in land sales and escrowed accounts. Pearl said the bill would clarify that buyer funds for upgrades and luxury items in new-home construction are not treated as refundable deposits that must be held in escrow, arguing that the current Attorney General interpretation raises builder costs, increases home prices, and can limit buyer choices. He said the proposal would allow those upgrade funds to be paid directly to builders for construction, with signed disclosures making clear that the buyer requested the items and bears the risk if financing falls through. The hearing on Senate Bill 26 had just begun when the transcript ended.
TX

Texas 89th Regular

89th Legislative Session Apr 7th, 2025

Texas House Floor Meeting

Transcript Highlights:
  • HB5379 relates to transactions and is referred to the Committee on Trade, Workforce, and Economic Development
  • the basis of filing an application for a. place on the general primary election ballot or for the nomination
  • disclosure information regarding a transfer on death deed in certain residential real property transactions
  • disclosure information regarding a transfer on death deed in certain residential real property transactions
  • HB5659 by Dean relates to the procedural requirements applicable to certain water-related transactions
LA

Louisiana 2026 Regular Session

House of Representatives May 19th, 2026

Louisiana House Floor Meeting

Transcript Highlights:
  • urges and requests the Attorney General to study consistent practices of businesses regarding cash transactions
  • First, it makes Louisiana Ambulance Alliance the nominating entity for the two administrative positions
  • This change would allow practitioners who are not EMS educators to be nominated to serve on the commission
Bills: HR295 , HR296 , HR297 , HR298 , HR299 , HR300 , HR301 , HR302 , HR303 , HR304 , HR305 , HR306 , HR307 , HCR115 , HCR116 , HCR117 , HR286 , HR287 , HR288 , HR290 , HR291 , HR292 , HR293 , HR294 , SCR61 , SCR68 , SB121 , SB250 , SB348 , SB444 , SB485 , HR252 , HR253 , HCR96 , HCR103 , HCR108 , SB268 , SB283 , SB414 , HCR98 , HR179 , HR223 , HR225 , HR274 , HCR89 , HCR26 , HB250 , HB265 , HB339 , HB427 , HB445 , HB463 , HB468 , HB606 , HB639 , HB649 , HB665 , HB746 , HB781 , HB853 , HB861 , HB872 , HB886 , HB916 , HB937 , HB1054 , HB1068 , HB1117 , HB1237 , HB74 , HB108 , HB956 , HB1085 , HB1137 , HB75 , SB39 , SB99 , SB111 , SB112 , SB124 , SB134 , SB174 , SB189 , SB190 , SB201 , SB233 , SB236 , SB258 , SB270 , SB273 , SB288 , SB307 , SB313 , SB320 , SB321 , SB325 , SB326 , SB331 , SB339 , SB341 , SB345 , SB346 , SB347 , SB353 , SB357 , SB359 , SB387 , SB393 , SB401 , SB415 , SB419 , SB422 , SB426 , SB435 , SB437 , SB440 , SB451 , SB464 , SB470 , SB487 , SB488 , SB495 , SB504 , SB505 , SB518 , SB523 , HR84 , HB646 , HB998 , HB1191 , SB78 , SB81 , SB97 , SB100 , SB109 , SB123 , SB125 , SB208 , SB385 , SB479 , SB56 , SB163 , SB197 , HB901 , HR20 , HR74 , HR168 , HCR65 , HCR71 , HB284 , HB302 , HB306 , HB341 , HB366 , HB393 , HB458 , HB577 , HB603 , HB605 , HB614 , HB625 , HB733 , HB752 , HB773 , HB798 , HB911 , HB955 , HB996 , HB1035 , HB1069 , HB1113 , HB1140 , HB1180 , HB1240 , HB1255 , SB82 , SB89 , HB134 , HB258 , HB359 , HB782 , SB29 , SB42 , SB43 , SB149 , SB382 , SB441
WI

Wisconsin 2026 1st Special Session

Senate Committee on Universities and Technical Colleges Apr 9th, 2026

Senate Committee on Universities and Technical Colleges

Transcript Highlights:
  • Particularly, the Senate has a role in approving the Governor's nominations to the Board of Regents.
  • And being a transactional attorney, he had every opportunity to do so. Yeah, it's, I didn't see.
  • I'm here to support the nomination. She's a wonderful person.
CA

California 2025-2026 Regular Session

Senate Budget and Fiscal Review Committee Feb 18th, 2026

Budget and Fiscal Review

Transcript Highlights:
  • Every other tax is based upon transactions that by definition involve the possession of cash.
  • Fund shortfall we are facing now—maybe a few billion dollars borrowed that is always paid back with nominal
  • So these funds are not... ...borrowed that is always paid back with nominal interest, right?
Summary: The Senate Budget and Fiscal Review Committee held an informational hearing on California’s Budget Stabilization Account, or Rainy Day Fund, with presentations from the Legislative Analyst’s Office, the Department of Finance, Practical Idealism Economics, and the California Budget and Policy Center. The LAO explained that California’s revenue volatility is driven largely by the personal income tax and high-income capital gains, and described how Proposition 2 deposits work, the 10% cap on the BSA, and the LAO’s evaluation that the current policy would cover only about 30% of funding shortfalls over 50 years in an unfavorable benchmark scenario. The LAO recommended raising the cap to 50% over time and either adopting broader deposit rules or depositing all excess capital gains. Finance said the administration had proposed raising the cap to 20% and excluding reserve deposits and withdrawals from the state appropriations limit. The Budget Center supported reserve reform but stressed balancing savings with current service needs and noted other tools such as revenue changes, borrowing from special funds, and the new Projected Surplus Temporary Holding Account. Committee members debated the purpose and adequacy of reserves, the role of the state appropriations limit, and whether reserves should be paired with broader fiscal reforms. Several senators argued that reserves are needed to preserve core services during downturns and that the current system is too complicated and too small, while others emphasized the need to protect spending on health care, child care, and other services for working Californians. There was also discussion of infrastructure spending as a possible countercyclical tool and whether deposits for infrastructure should be treated differently under reserve and SAL rules. The LAO said the Legislature has flexibility in defining infrastructure spending and suggested an infrastructure fund could function as a separate reserve-like mechanism. A significant portion of the hearing turned to broader tax and budget policy, including repeated references to Proposition 13, the state’s revenue structure, business departures, unemployment insurance financing, and the impact of inequality on California’s fiscal resilience. Some members argued Prop. 13 was driven by affordability concerns for homeowners, while others said it created loopholes that benefit corporations and constrain local revenue. The hearing did not take any vote or formal action; it remained informational, with the chair indicating the committee would continue questions and public comment after the panel discussion.