Transcript Highlights:

• The joint session of the 103rd General Assembly of the 103rd General Assembly, The joint session of the
• 103rd General Assembly, second regular session, will come to order.
• They will recommend solutions to both my office and the General Assembly, you, the General Assembly,
• Thank you, Attorney General Catherine Hanaway. Thank you, Attorney General Catherine Hanaway.
• It truly is the next generation teaching the next generation.

Keywords: 959, house, all

Transcript Highlights:

• So it dwarfs our general revenue. So while... So it dwarfs our general revenue.
• Just some general speaking points here... Just some general speaking points here.
• Sending general revenue to roads, that's a strain on general revenue, but the governor understands it
• Generally, there's one-time items down below, and there's some other adjustments, but that's generally
• So that's a decrease for general revenue. So that helps general revenue.

Keywords: 994, senate, all

Transcript Highlights:

• we've been noticing about the Attorney General.
• is injured if the Attorney General files a public nuisance action.
• to this act from monies in the Attorney General's general operating fund.
• simple question is yes, especially with this Attorney General, but any Attorney General that may want
• The simple question is yes, especially with this Attorney General, but any Attorney General that may

Summary: The Land, Agriculture and Rural Affairs Committee heard several measures focused largely on foreign land ownership, historic preservation administration, and limits on the Attorney General’s nuisance-enforcement authority. HCM 2005, which urges Congress to study restrictions on foreign governments from communist or authoritarian countries owning property, drew debate over a proposed amendment to add fascist governments; that amendment failed, and the memorial then received a do pass recommendation. HB 2171, a related bill prohibiting sales or leases of Arizona real property to persons acting for China, Russia, Iran, or North Korea and assigning enforcement duties to state and county agencies, also passed after members debated whether it duplicated existing law and raised constitutional concerns. HB 2790, which would change reporting and administrative structure for the State Historic Preservation Office and appropriate $1 million, received testimony from Arizona State Parks and Trails and the Arizona Preservation Foundation; supporters said it would improve autonomy and efficiency, while others warned about internal inconsistencies and federal funding implications. It was approved on a 5-3 vote. The committee then considered three bills aimed at curbing the Attorney General’s public nuisance actions. HB 2168 would require county board of supervisors consent before the AG could bring a nuisance case in Superior Court; supporters said it would add local control and protect rural industries, while opponents argued it would hinder statewide enforcement and protect large foreign corporations. HB 2169 would make the AG liable for defamation per se if a nuisance action lacks a reasonable basis and is publicized; HB 2167 went further, creating damages, attorney-fee, lost-profit, and treble-damages liability payable from the AG’s operating fund. In testimony, supporters said the bills were needed to check what they described as aggressive or unfair nuisance litigation against rural businesses and water users, while opponents said the measures would chill legitimate enforcement and accountability. All three bills passed on 5-3 votes.

Transcript Highlights:

• . ...bills with amendment be taken from their place on general file and be placed at the top of general
• The bill is ordered to general file.
• at the top of general file.
• of general file.
• Be taken from its place on General File and be placed at the top of General File.

Keywords: 909, all

Transcript Highlights:

• </c> money for these items from the general money for these items from the general fund<00:09:37.760>
• So, the total uh, general fund to that.
• </c> So after you subtract out the general So after you subtract out the general fund<00:19:37.679><c
• </c> that's an 198,000 from the general that's an 198,000 from the general fund.<00:26:27.120><c> The
• </c><00:43:34.079><c> fund</c> are already stretched by general fund are already stretched by general

Keywords: 919, house, all

Summary: The conference committee on the Environment budget for Senate File 2077 met to introduce members and staff, then walked through the Senate and House budget spreadsheets side by side. Nonpartisan staff explained that the Senate budget was built around a smaller general fund increase and more use of environmental and dedicated funds, while the House met its target through several reductions, including cuts to DNR, PCA, and Board of Water and Soil Resources appropriations. The committee reviewed major agency items for the Pollution Control Agency, DNR, the Metropolitan Council, the Minnesota Zoo, and other accounts, including operating adjustments, permit-related funding, and transfers between funds. Several major differences were highlighted. For the PCA, the Senate included operating adjustments, permitting efficiency funding, composting grants, outreach funding, and a closed landfill investment fund approach that repeals an expiring statutory appropriation, while the House instead extends that appropriation for four more years. For the DNR, the Senate included operating adjustments, groundwater and AIS fee increases, aquatic invasive species funding, trail grants, outdoor schools for all, abandoned watercraft enforcement, and a sustainable foraging task force; the House had fewer of these fee and policy items and used reductions to meet its target. The committee also noted Senate-only policy provisions on outreach to diverse communities, field citations and mercury certification for skin-lightening products, disabled veteran license fee changes, and a moratorium on foraging rulemaking until July 1, 2027. Agency testimony followed. The MPCA commissioner praised both chambers for recognizing core agency work and urged adoption of operating adjustments, the closed landfill fund access, and the air appropriation increase. The DNR assistant commissioner supported operating adjustments, groundwater and AIS fee increases, and the veteran license proposal, but raised concerns about the Senate’s foraging task force language, saying it overweights consumptive users and could limit the agency’s ability to manage foraging without clear data. He also noted support for the land transfer funding and said the agency would continue working with the committee on unresolved issues. No votes were taken in this portion of the meeting.

Transcript Highlights:

• </c><00:07:47.120><c> fund</c> institution's 2526 regular general fund institution's 2526 regular general
• </c><00:09:45.360><c> fund</c> uh 2025 2026 net general fund uh 2025 2026 net general fund appropriation
• And the adjusted net general fund is the net general fund minus mandated program funding.
• </c> percent of that general fund is zero. percent of that general fund is zero.
• </c><00:37:32.480><c> however</c> Uh there is general agreement however Uh there is general agreement

Keywords: 958, all

Summary: The committee met for its fifth and final Interim Joint Budget Review Subcommittee on Education meeting, but did not initially have a quorum and approved the minutes later when enough members were present. The Council on Postsecondary Education, represented by President Aaron Thompson and Vice President Bill Payne, opened with condolences for the UPS crash victims and then presented higher education budget recommendations for the 2026-2028 biennium. Thompson emphasized the return on investment from state support for higher education, citing gains in retention, enrollment, persistence, graduation, reduced time to degree, lower student debt, and expanded dual credit participation, while noting that affordability and access remain priorities. Payne outlined CPE’s operating funds request, including $43.3 million in the first year and $86.6 million in the second year for inflation adjustments, plus $30 million and $45 million for performance funding. He said the inflation request would apply across the board to institutions to offset rising costs, and that the KSU land grant match would not need additional funding because the state has already met the matching requirement. He also explained that state support for educating students has not kept pace with inflation over time, creating pressure on institutional budgets and tuition, though tuition increases have been held to historic lows in recent years. A major portion of the discussion focused on the performance funding model and how it affects smaller institutions. CPE proposed two approaches to address institutions that have received little or no performance funding, especially Kentucky State University and Morehead State University. The first approach would create a $20 million minimum distribution pool, providing $1.95 million to each university and $4.4 million to KCTCS, with the goal of giving smaller and rural institutions a base level of support. The second approach would provide direct appropriations totaling a little over $5.6 million to Kentucky State, Morehead State, and five community colleges that have not been receiving performance funding. Members, especially Representative Tipton and Senator West, questioned how the model had treated small schools over time, and CPE officials explained that the original small school adjustment was not large enough to prevent KSU and Morehead from effectively being left out of the distribution. No votes were taken.

Transcript Highlights:

• You mentioned the general intelligence, artificial general, is not around to our knowledge.
• You mentioned the general intelligence, artificial general, is not around to our knowledge.
• AI is very general purpose.
• FERC does not mandate generation. It doesn't permit generation.
• FERC does not mandate generation. It doesn't permit generation.

Summary: The committee held its first meeting on artificial intelligence and data centers, established a quorum, and heard introductory remarks from Majority Leader Hogue and the chair about the committee’s charge. Members said the goal was to build a factual foundation on AI, hear from experts and stakeholders, and develop practical North Dakota-focused recommendations rather than simply produce a large volume of bills. Legislative Council also reviewed interim committee rules and procedures before the informational presentations began. Staff and NCSL presenters then gave overviews of AI concepts and the state and federal policy landscape. The background memo and presentations covered AI categories and terms, state laws in areas such as consumer protection, algorithmic discrimination, deepfakes, chatbots, children’s safety, health, education, and government use, as well as data center siting and economic impacts. NCSL described a growing number of AI bills introduced and enacted across the states, with comprehensive laws in places like Utah, Colorado, Texas, California, and Illinois, and noted recurring issues around transparency, privacy, liability, and protections for minors. A major focus of the discussion was federal preemption and the tension between state regulation and national AI policy. NCSL said a recent White House executive order and related federal framework seek a light-touch, innovation-friendly national standard, with possible challenges to state laws and possible funding conditions tied to compliance, though no broad federal preemption has yet been enacted. Members asked about Commerce Clause concerns, industry pushback, oversight models, and whether AI policy is bipartisan; presenters said the issue cuts across party lines, with broad agreement on child safety and deepfake restrictions but more disagreement on broader regulatory approaches. No votes or formal actions were taken at the meeting, and the committee recessed briefly for technical issues during the second presentation.

Transcript Highlights:

• </c> just in general fund de decreases. just in general fund de decreases.
• If there's any the general fund.
• Um the uh change to the LBR was general Um the uh change to the LBR was general fund<00:13:30.560><c>
• Some of that's general funds, $112,000 and change is general funds.
• Final Senate action would be $9,648,150. is general funds. The rest is federal is general funds.

Keywords: Appropriations - Room 216, 12 March, 2026; 10:30 AM, 925, all

Transcript Highlights:

• So generally speaking, turnout is lower in a primary than a general, about 20 percent on average relative
• to what happens in the general election.
• That's who I have to talk to to win a primary and a general.
• That's who I have to talk to to win a primary and a general.
• I've never voted a party-line vote in a general election in my life.

Bills: H5001

Keywords: election day registration, voter registration, proof of residency, provisional ballot, party affiliation

Summary: The Special Joint Committee on Initiative Petitions held a public hearing on Initiative Petition 25-12, H.503, an act to implement all-party state primaries. Committee leaders explained the Article 48 process and said the hearing was part of the Legislature’s review before any measure could advance toward the 2026 ballot. The hearing format included subject-matter experts, proponents, opponents, and public testimony, though this excerpt mainly covers the expert and proponent panels. The first expert, Northeastern University political scientist Costas Panagopoulos, described top-two primaries used in states such as California, Washington, Alaska, Louisiana, and Nebraska, and said the research shows only modest or mixed effects. He argued that top-two systems do not reliably reduce polarization, can weaken party gatekeeping, may increase campaign spending and incumbent advantages, and can lead to undervoting when voters do not see a preferred candidate on the ballot. In response to questions, he said turnout effects are mixed and not substantially higher overall. Katie King of the National Conference of State Legislatures then outlined different primary systems, including closed, open, top-two/top-four, nonpartisan, all-comers, and blanket primaries, and reviewed Supreme Court cases holding blanket primaries unconstitutional while upholding Washington’s top-two system. She also noted that changing primary systems would require significant voter education and administrative preparation. The proponent panel, led by Danielle Allen of the Coalition for Healthy Democracy, argued that Massachusetts has too many uncontested elections, low primary participation, and too little accountability, and that all-party primaries would give every voter a meaningful choice in a higher-turnout general election. Supporters said the proposal is tailored to Massachusetts, would keep party endorsements visible on the ballot, and could broaden competition, improve representation, and help independent and minor-party candidates. Jim Henderson, coalition counsel, said the bill is narrowly focused on state-level primaries and was drafted to fit Article 48 requirements. Other proponents, including Kevin Johnson, Kate Kavanaugh, and Spencer Reynolds, echoed that the current system overrepresents a small partisan electorate and that the reform would shift power to voters. Committee members pressed the proponents on turnout evidence, party endorsements, ballot access, the role of fusion-style cross-endorsements, the effect on polarization, and whether the change would actually improve representation or simply move party influence to an earlier stage. No votes or final committee action were taken in the excerpt.

Transcript Highlights:

• 21.880><c> um</c> under the general fund um under the general fund um uh<00:04:23.000><c> bill,</c><00
• </c> for Heroes, this is from the general for Heroes, this is from the general fund,<00:14:01.520><c>
• Uh general fund uh Hub, 4 million.
• Paul, for a water tower, $4.5 million from the general fund. From the general fund.
• The general fund transfer and the registration tax and the general fund bill below that.

Keywords: 918, senate, all

Summary: The committee took up a large bonding bill and reviewed the final spreadsheet of capital investments. Chairs and members repeatedly thanked staff, House and Senate negotiators, and the Governor’s team for a collaborative process. The bill was described as a statewide package rather than a partisan one, with major funding for higher education asset preservation, DNR projects, public safety, transportation, the Met Council, veterans facilities, corrections, DEED/local projects, and a large water infrastructure section. House Fiscal staff and Senate fiscal staff walked through the bill line by line. Highlights included University of Minnesota and Minnesota State asset preservation, education and language immersion school funding, DNR trail and flood mitigation projects, public safety facilities, local road and bridge grants, Met Council parks and I/I grants, veterans home and armory funding, corrections projects including the Faribault vocational expansion, and many local economic development and public facility projects across Greater Minnesota and the metro. The bill also included Public Facilities Authority water and wastewater grants, housing rehabilitation funding, historical society grants, a Minnesota Zoo operating transfer, airport appropriations, and several cancellations of prior appropriations to help finance the package. Members generally praised the bill and the bipartisan work behind it. Some Republicans emphasized the one-time license fee reduction and affordability, while also saying DEED’s business development infrastructure funding was too low. Senator Nelson highlighted long-awaited transportation projects such as Highway 14 and township roads. Senator Dibble supported the transportation investments but criticized the bill for having no transit funding, calling that a major omission. No vote was recorded in the excerpt, but the discussion centered on final review and support for moving the bonding bill forward.

Transcript Highlights:

• and the general fund.
• These are generally principles or concepts that are generally accepted.
• Generally, we're talking about the general fund.
• General government is also growing.
• economy and can generate more taxes.

Transcript Highlights:

• We could build a lot of other types of generation.
• General Matter is in the uranium enrichment business.
• So, generally, for a general facility, 5% enrichment for an SMR, more like, you know, 19% enriched.
• So, generally, for a general facility, 5% enrichment for an SMR, more like, you know, 19% enriched.
• nuclear power generation?

Summary: The committee heard testimony on several bills. House Bill 2272 would update state park inspection language for ski lifts and related equipment to better match current equipment and federal standards; the sponsor and State Parks said it was a simple modernization bill, and there was no opposition. House Bill 2245 would expand Clean Energy Transformation Act coverage to port districts that distribute electricity, utilities with a single customer, and certain affected market customers such as data centers; supporters said it closes loopholes and applies clean-energy rules more fairly, while ports, business groups, and some utilities warned of unintended consequences, added reporting burdens, and impacts on cogeneration and rural economic development. Ecology and Commerce supported the goal but raised concerns about allowance allocation, fiscal impacts, and possible double counting, and WAPUDA asked that existing single-customer PUDs be grandfathered. House Bill 2215 would lower Climate Commitment Act thresholds for gasoline, diesel, biodiesel, and propane suppliers and extend coverage to some purchasers; supporters said it would prevent entities from gaming the system and cover significant emissions now below the threshold, while Ecology, fuel distributors, propane suppliers, grocers, and business groups warned of compliance costs, supply-chain impacts, possible linkage issues, and the need to preserve existing reporting authority for natural gas. Ecology estimated about 50 additional covered entities could be brought in, and several opponents argued the bill would sweep in small family-owned businesses not intended to be regulated. House Bill 2090 would direct Commerce to develop a nuclear strategic framework for inclusion in the state energy strategy, contingent on outside funding. The sponsor and supporters argued the bill is only a planning measure to ensure Washington considers advanced nuclear as a firm, low-carbon, small-footprint resource amid rising demand, grid constraints, and land-use concerns; supporters included Energy Northwest, local governments, labor/environmental Democrats, and pro-nuclear groups. Opponents, including the Sierra Club, Columbia Riverkeeper, tribal representatives from the Confederated Tribes of the Umatilla Indian Reservation, and several environmental advocates, said the bill gives nuclear special treatment, relies on private funding that could bias the study, and risks advancing projects at Hanford without early, meaningful tribal consultation. Tribes requested explicit consultation, independent and publicly funded analysis, and attention to treaty rights and historic nuclear impacts. Testimony also sharply divided over cost, waste, and land use, with supporters emphasizing reliability and footprint and opponents citing high costs, unresolved waste disposal, and the immaturity of small modular reactors. No votes or final actions were taken in the hearing.

Transcript Highlights:

• So just that one building in that general area.
• the financial discussions between large companies and large generations.
• The aspect regarding losing generation.
• Those who co-generate by having the transmission.
• And they build, and then they build their own generation, their own backup generation, and their own.

Bills: SB 6, SB6, SB504, SB765, SB815, SB929

Keywords: hemp, consumable hemp, hemp-derived cannabinoids, CBD, cannabidiol, CBG, cannabigerol, delta-8, delta-9, intoxicating hemp, hemp gummies, hemp vape, edibles, cannabinoid regulation, hemp licensing, retailer registration, product registration, QR code labeling, child-resistant packaging, minor access

Transcript Highlights:

• We are upside down in terms of the amount of general revenue that we have and the amount of general revenue
• general revenue.
• To go to general revenue.
• It reverts back to the general revenue fund. Okay. Thank you, sir.
• To replace the amount of general revenue, the money is coming.

Summary: The Committee on Government Efficiency met in executive session and voted several bills due pass. House Bill 3136 passed 13-1, House Bill 2506 passed 14-0, and House Bill 1758 passed 14-0 after brief comments, including one member stating he would vote present because the issue divided the public. The committee then took up House Bill 2278, which was combined with House Bill 2403 in a House Committee Substitute. Members discussed and adopted a committee substitute and amendment creating an appeals board for MSHSAA-related eligibility disputes, with supporters saying it would provide a final, independent appeal option for students and parents and opponents raising concerns about process, timing, and gubernatorial appointments. The substitute for House Bill 2278 and 2403 was adopted and voted do pass 11-7, with several members voting no over concerns about independence and government oversight of a nonprofit. The committee then held a public hearing on House Bill 2877, which would create a new unemployment administration adjustment fund funded by a small portion of employer unemployment contributions, capped at $10 million annually, to reduce reliance on general revenue for administering unemployment insurance. Representative Voss said the bill would not raise employer costs or affect benefits, and Division of Employment Security Director Alan Andrews testified in support, saying the measure would help avoid general revenue exposure and keep the program self-sustaining. Members asked about the effect in a recession, the relationship to federal funds, and whether the proposal could become a precedent for other funds; no opposition testimony was offered. The committee also heard House Bill 3428, a cleanup bill to move expired dormant funds back to general revenue. The sponsor said several funds had expired and were no longer in use, though some accounts had already been renewed or were still active and would be removed by amendment. Members questioned whether the affected agencies had been contacted and whether some of the money should instead be renewed or used for the original purposes; the sponsor said she was open to discussion, but the bill as presented was intended to reclaim expired balances. No one testified in opposition, and the hearing concluded without a vote on the bill in the transcript.

Transcript Highlights:

• And so the Department of Inspector General is where Omig, the Office of Medicaid Inspector General, is
• Generally stay low unless we have a big provider.
• So just a general comment. The Office of Inspector General.
• meeting regularly because we have a lot of concerns about fraud in general and the Inspector General
• has been doing that as well as Attorney General.

Summary: The Medicaid Subcommittee of the Legislative Joint Auditing Committee met to adopt the November 2018 minutes and receive a primer on the subcommittee’s role and Medicaid oversight in Arkansas. Legislative audit staff reviewed the subcommittee’s history and explained that Medicaid is audited annually through the statewide single audit because it is a high-risk federal program. Staff summarized recent audit findings, including weaknesses in eligibility and data-matching controls, improper use of Medicaid funds for partially non-Medicaid work, issues with incarcerated juveniles’ coverage, the absence of a Medicaid recovery audit contractor program exception request, reporting problems involving MFCU recoveries, and provider eligibility documentation concerns. Staff also noted a DHS departmental audit finding involving employees who improperly received benefits, which was referred for further action. The Department of Human Services gave an overview of Medicaid’s structure, eligibility, delivery systems, and budget. DHS described Arkansas Medicaid as covering about 850,000 people through fee-for-service, managed care, and premium assistance for the expansion population, and outlined major spending categories such as institutional care, long-term services, pharmacy, capitated payments, and supplemental payments. DHS also explained the difference between state plan amendments and waivers, and said it has a beneficiary-fraud unit that refers cases to local prosecutors. The Office of Medicaid Inspector General described its role in detecting and preventing fraud, waste, and abuse, distinguishing between suspensions for credible allegations of fraud and recovery actions for mistakes or overpayments. OMIG said it works with DHS and law enforcement, issues quarterly and annual reports, and has increased recoveries in recent years. The Attorney General’s Medicaid Fraud Control Unit explained that it prosecutes provider fraud criminally and civilly, can also handle long-term care neglect, abuse, and exploitation cases, and works with local prosecutors as special deputies. Committee members asked about court venue, provider suspensions, beneficiary fraud, education of providers, and the status of Medicaid expansion work requirements; DHS said it is preparing to implement community engagement requirements under HR 1 and will begin with a soft launch before full enforcement. No formal votes were taken beyond adoption of the minutes, and the meeting adjourned after questions were answered.

Transcript Highlights:

• I hope the Auditor General—and I know the Auditor General feels as strongly about this as I do—I hope
• Yes, the assistant attorney general. And who does the assistant attorney general work for? Ms.
• So with that, the Auditor General—this is the third year that the Auditor General has placed Antelope
• Student count declining, decline enrollment, budget, general budget limit deficits, and general budget
• fund deficit, gave the general fund, and turned the general fund into a positive.

Keywords: 1182, all

Transcript Highlights:

• </c><00:09:31.800><c> I</c> provide the information so generally I provide the information so generally
• Generate also might work to generate an intimate part, generate an image of...
• Generate also might work to generate an intimate part, generate an image of...
• Generate also might work to generate an intimate part, generate an image of... and it could be generate
• </c><01:09:17.400><c> also</c> Generate also might work to generate an intimate part, generate an image

Keywords: 1187, senate, all

Transcript Highlights:

• and has more renewable generation.
• dispatchable generation.
• I understand there's generation, but outside the generation. Heinz: Yeah.
• - "bring your own new generation."
• We do need new generation as well.

Summary: The Committee on State Affairs convened to discuss data centers and their impact on Texas's energy infrastructure. The meeting featured testimony from key representatives of the Public Utility Commission (PUC) and ERCOT, who outlined the evolving landscape of energy generation and the challenges posed by the rapid growth of data centers. Notably, ERCOT reported over 450,000 MW of generation resources planned for connection, with a significant portion attributed to data centers, which now represent around 87% of new large load interconnection requests. The committee explored proposed changes to the interconnection process, including a new 'batch study' approach aimed at streamlining the approval of multiple projects simultaneously. This change is intended to address the challenges of managing numerous simultaneous requests and to provide more certainty for developers regarding their energy needs. Testimonies emphasized the importance of ensuring that the costs of infrastructure upgrades are borne by the data centers rather than residential ratepayers, with discussions around the financial commitments required from developers. Several data center developers also provided testimony, highlighting the economic benefits of their projects, including job creation and increased local revenues. They expressed concerns about the potential for a moratorium on future growth due to the new interconnection rules and emphasized the need for a collaborative approach to address water usage and environmental impacts. The committee plans to continue discussions on these topics in future hearings, with a focus on balancing economic growth with energy reliability and resource management.

Transcript Highlights:

• </c> or not we have an A dfl attorney general or not we have an A dfl attorney general or<00:16:11.519
• </c> or we have a republican attorney general or we have a republican attorney general and<00:16:14.160
• </c> friend from the attorney general friend from the attorney general General's<00:19:29.080><c> office
• </c><00:20:11.480><c> in</c> Special Assistant Attorneys General in Special Assistant Attorneys General
• was a more General conversation about was a more General conversation about the<00:46:45.280><c> attorney

Keywords: 1183, house

Transcript Highlights:

• </c> flag is that moving these generators flag is that moving these generators from<01:16:44.560><c>
• c> generators operate and how they generate generators operate and how they generate electricity<01:18
• They compare them not just to generators in this state, but similar generators that generate in a similar
• ask for. generators.
• generators, at a lower rate.

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.