Transcript Highlights:

• But in addition to liquidated damages, the agency may impose monetary sanctions.
• Moving to the liquid damage damages component of your presentation.
• Obviously, we've seen a large increase in the liquid liquidated damages, SEC sanctions that we've been
• liquidated damages sanctions?
• And so over time we have evolved to identify some measures that have a higher liquidated damage.

Transcript Highlights:

• Year term holdings, and then half is invested in liquidity.
• Invested, but just turning over quickly so that it maintains generally liquid.
• I don't see a lot of losses in the liquidity. I track it monthly—very, very rarely.
• So, I had a couple of questions for the liquidity issue. This is liquidity.
• Historically, I think they like to have a 60-40, 60% core and 40% liquidity.

Transcript Highlights:

• So obligate by the fall, liquidate by the following fall.
• So obligate by the fall, liquidate by the following fall.
• So this fall, obligate; next fall, it has to be liquidated.
• The liquidation deadline, we're still unclear of when that is.
• Auckland, can you define liquidation?

Keywords: 908, all

Summary: The Rural Health Transformation Committee met to receive an extensive briefing from the Department of Health and Human Services on North Dakota’s federal Rural Health Transformation award. HHS leaders Pat Traynor, Donna Auckland, Jonathan Ollum, and Krista Freming described the $198.9 million award, the tight federal timelines for obligating and liquidating funds, and the need for rapid procurement, CMS approval, and technical assistance. They outlined broad funding priorities including connect tech/data, care closer to home, workforce recruitment and retention, and a “Make North Dakota Healthy Again” prevention initiative focused on chronic disease, movement, nutrition, behavioral health, and community connection. They also emphasized that the program cannot fund new buildings or supplant existing funding, and that sustainability will be a key requirement for all projects. The department previewed likely first-round grant opportunities, including recruitment and retention incentives, technical assistance and equipment grants for rural providers, financial analysis support for rural hospitals, and exploration of a unified electronic health record option. Freming also reviewed four policy bills tied to the award: a presidential fitness test, nutrition continuing medical education, the Physician Assistant Compact, and pharmacist scope-of-practice changes, explaining that these policy actions affect future scoring and funding. HHS said it will work with tribes, local public health, hospitals, medical and pharmacy associations, and other partners, and will use a website, listserv, listening sessions, and committee updates to communicate opportunities. Committee members raised concerns about how the money will reach rural residents, whether newspapers and existing local communication networks will be used, how “rural” and “frontier” will be defined, how faith communities might participate in behavioral health efforts, and how HHS will avoid CMS delays and supplanting issues. HHS responded that the focus will be on where the patient lives and on rural community need, that local public health units and existing structures will be part of outreach, and that technical assistance and template applications will help speed approvals. The committee approved the December 4, 2025 minutes, then recessed into divisions for further work on the appropriations bill and the four policy bills, with the full committee set to reconvene the next morning.

Transcript Highlights:

• :15:35.440> into<00:15:35.760> this have liquid stuff coming into this have liquid stuff
• like liquid nitrogen or an andhydrris? like liquid nitrogen or an andhydrris?
• <00:36:19.200> Uh of liquid storage. Uh of liquid storage.
• On the liquid part of it, when a liquid tow comes in, basically we buy 12,000-ton lots.
• in, the when a liquid tow comes in, the when a liquid tow comes in, basically<00:42:22.720>

Keywords: 958, all

Summary: The Committee on Agriculture met with a quorum, approved the June 5, 2025 minutes, and heard a presentation from Don Pemberton and David Buchanan of AgriKim/AgriCam on the Eddyville Riverport fertilizer terminal. They explained that the company supplies fertilizer, crop protection, and seed across western Kentucky, with the Eddyville port serving as a key source for about 100,000 tons of fertilizer annually and supporting roughly 20 counties and 19 wholesale customers. They said the existing facility is aging and vulnerable to river humidity and corrosion, and they proposed reconstructing the fertilizer bins into a fully enclosed, more durable facility with an estimated cost of about $1.76 million, far less than rebuilding from scratch. The presenters argued the project is important to keep fertilizer moving quickly during a short application season, to manage global supply disruptions and tariffs, and to avoid higher freight costs if product had to come through other ports. They also emphasized environmental benefits from a contained facility that would reduce runoff into nearby waters. Committee members asked about supply sources, demand trends, ownership, lease terms, and whether the building’s capacity would change. The witnesses said demand is increasing, much of the product still comes from overseas or other domestic ports, and the building would be owned by the company while the Riverport Authority owns the ground. Several members expressed support for the port’s importance to western Kentucky agriculture and noted the need for timely fertilizer storage and delivery. One member, however, said he was not in favor of using public money to subsidize a private, for-profit business and urged the company to negotiate a longer lease with the Riverport Authority before making such a capital investment. The discussion ended without a vote or formal action on the project, though members indicated the issue may be revisited and that the Riverport Authority will later present additional needs to the transportation committee.

Transcript Highlights:

• That liquid hydrogen contains the energy content for the facility.
• That liquid hydrogen contains the energy content for the facility.
• There's enough liquid hydrogen there to power the energy content for the facility.
• Liquid hydrogen is pressurized, and when the valves open, liquid hydrogen is brought through vaporizers
• And we can extend this duration by bringing in more liquid hydrogen.

Summary: The Select Committee on Climate Innovation and Infrastructure held a hearing focused on emerging technologies for climate resilience and infrastructure. The first panel discussed the Calistoga Resiliency Center, a utility-driven microgrid that keeps the city powered during public safety power shutoffs using hydrogen fuel cells, lithium-ion batteries, and liquid hydrogen storage. PG&E described microgrids as a resilience tool but emphasized that cost remains the main barrier to wider deployment. Energy Vault explained the project’s design, its ability to provide at least 48 hours of backup power on a small parcel of land, and its use of green hydrogen and battery storage to improve efficiency and reduce emissions. A Calistoga councilmember and NCPA representative also discussed the Lodi Energy Center hydrogen project, saying it could help decarbonize power generation and transportation, but that federal and state funding changes, tax credit timing, and other policy shifts have made the project difficult to advance. The Green Hydrogen Coalition supported the Calistoga model as a blueprint and urged policy changes to create demand and reduce barriers for renewable hydrogen, including addressing behind-the-meter rules and recognizing hydrogen in state energy planning. The second panel focused on water resilience and desalination, with the California Desal Association and Oneka Technologies discussing wave-powered desalination for the City of Fort Bragg. Cal Desal said California’s changing hydrology, reduced snowpack, and drought conditions make local water supply options increasingly important, but noted that conventional desalination is expensive and slow to permit. Oneka described its offshore, wave-powered system as a zero-electricity desalination technology that produces drinking water without greenhouse gas emissions and with limited land use, and said the Fort Bragg pilot is intended to demonstrate the technology under California conditions. The company and Cal Desal both stressed that permitting is a major obstacle, with the project requiring multiple agencies and a timeline far longer than in other jurisdictions. They also said the technology’s autonomous operation could improve water resilience because it does not depend on the electrical grid. The final panel featured the Climate Foundation’s marine permaculture proposal, which aims to restore kelp forests and support carbon removal and coastal food systems. The presenter said warming oceans and nutrient loss have devastated kelp forests along the California coast and argued that offshore platforms that raise and lower seaweed to access nutrients and sunlight could help regenerate ecosystems while producing food, feed, fertilizer, and carbon benefits. He said the technology has shown strong growth rates and storm resilience in other regions, but that California permitting remains a major hurdle, involving 17 state and federal agencies. He proposed a streamlined, code-based permitting approach for smaller projects and said the group is seeking matching funds to complete a first California pilot. Throughout the hearing, members and witnesses repeatedly highlighted the tension between innovation and the high cost, complexity, and length of California’s permitting and funding processes.

Transcript Highlights:

• Uh, I chose the Liquid Network. I'll give a little rundown of how Liquid works.
• Uh I chose the liquid network. them. Uh I chose the liquid network.
• It's not my core liquid works.
• the liquid network uh move them around. the liquid network uh move them around.
• Well, there's the liquid network.

Keywords: 1189, house, all

Summary: The meeting began with roll call and approval of the prior meeting minutes, which passed unanimously. Members then introduced the day’s presentations, including one on the Canton network and another on tokenizing real-world assets, with a focus on how blockchain systems can support regulated financial institutions and asset tokenization. Julie, the director of policy and government affairs at Digital Asset, presented on the Canton network, describing it as a privacy-enabled public blockchain designed for regulated finance. She said tokenization should preserve the same legal and economic rights as the underlying asset, and argued that blockchain-based books and records can shorten settlement times, improve 24/7 trading, and reduce friction in capital markets. She identified three main barriers to institutional adoption of public blockchains: lack of privacy, limited throughput/scalability, and lack of control for compliance purposes such as freezing assets, pausing transactions, and meeting AML/sanctions obligations. She explained Canton’s structure as a public, permissionless network with application-level privacy controls, a global synchronizer, and super validators chosen by vote. She also highlighted current ecosystem participants and use cases, including Broadridge, Circle, and the DTCC’s planned tokenization of U.S. Treasuries on the network. Members and online participants asked about the relationship between tokenized assets and the Clarity Act, tokenized deposits, safeguards for faster settlement, and whether the platform could be used for municipal or property records. Julie said Digital Asset was not taking a position on rewards, but supported clearer statutory definitions because tokenized securities should carry the same rights as the underlying assets and investors need to know whether a token is a true tokenized security or a synthetic/reference token. She said the company is agnostic on whether the cash leg is stablecoins or tokenized deposits, though it expects both to develop. In response to concerns about rapid settlement, she pointed to institution-level permissions and SEC disclosure expectations as safeguards. She also said the technology could be used for other records, including potentially property-related records, if those assets can be tokenized.

Transcript Highlights:

• With a smaller but persistent role for liquid fuels used in combustion engines.
• I'm here to talk about the role of liquid biofuel.
• then I can get paid to do liquid manure management over dry manure management.
• I’m going to do liquid management over dry.
• So there’s always going to be some liquid manure.

Summary: The hearing was a select committee discussion on the transportation costs and impacts of California’s Low Carbon Fuel Standard (LCFS), with opening remarks from the co-chairs and members emphasizing affordability, climate goals, and the need to explain the program’s benefits to the public. The first panel from CARB and the California Energy Commission described how LCFS works as a market-based, declining carbon-intensity program that rewards lower-carbon fuels, supports zero-emission vehicle infrastructure, and is intended to reduce greenhouse gases and local air pollution. They argued the program has driven billions in private investment, increased alternative fuel use, and that LCFS credit prices are not the main driver of retail gasoline prices, which they said are dominated by crude oil, refining, and distribution costs. Members questioned the panel on the gap between the regulatory target and actual carbon-intensity performance, the role of credit banking, which fuels are generating the most credits, how the 2025 amendments affected the program, and whether LCFS credits are truly additional. CARB explained that banking helps cost-effectiveness and investment certainty, that ethanol, renewable diesel, and biodiesel currently provide the largest volumes while electricity is expected to grow, and that the updated targets were informed by the state’s 2045 carbon-neutrality goals and the 2030 scoping plan. The Energy Commission said its data show environmental programs add some cost to gasoline but do not drive price volatility, which is mainly tied to crude oil and refinery margins. The second panel, featuring academic and research experts, focused on program design, out-of-state credit generation, and broader economic effects. Speakers said LCFS is successful because it ties incentives to emissions benefit, uses life-cycle analysis, and allows flexible compliance that lowers costs compared with more direct regulation. They also said the program’s benefits generally outweigh costs, that it can reduce air pollution disparities and support equity, but that some issues—especially indirect land use change, additionality, and older program assumptions—need more research and may warrant future rulemaking. One researcher noted that while LCFS likely raises gasoline prices somewhat, the effect is uncertain by design and usually smaller than normal market fluctuations, and another warned that limiting credit generation too narrowly could create legal and efficiency problems.

Transcript Highlights:

• So how quickly can we contract, liquidate, and spend the funding as well.
• So how quickly can we contract, liquidate, and spend the funding as well as our compliance initiatives
• So on this liquidation deadline, could you explain what you mean by liquidation?
• So liquidation is really another word you could use is like that spending period.
• But the liquidation is really, if we said on 10/30 that you're going to do X, Y, and Z, the liquidation

Keywords: 908, all

Summary: The Joint Policy Committee met to hear an overview of North Dakota’s Rural Health Transformation Program before taking up the related policy bills. Department of Health and Human Services staff explained that the state received a $198.9 million CMS award, with funding focused on four pillars: strengthening rural workforce, bringing care closer to home, connecting technology and data, and improving population health through prevention. They emphasized that the program is intended to benefit rural and frontier residents statewide, including areas near urban centers when the project serves rural patients, and that CMS approval, provider readiness, and sustainability will drive what can be funded. Committee members asked about how the program would treat border communities, frontier counties, urban providers serving rural patients, multilingual outreach, tribal consultation, and whether there would be information sessions for applicants. HHS said the website will include sign-up and translation features, more listening sessions and training will be offered, and a rural health tribal liaison will work alongside the existing Medicaid tribal liaison. Members also raised concerns about reimbursement timing, cash flow for providers, and whether projects in urban areas could qualify; HHS responded that urban projects may be eligible if they clearly benefit rural residents. The department then outlined the four policy bills tied to the grant scoring: nutrition continuing medical education for physicians, the presidential fitness test, the physician assistant compact, and pharmacist scope of practice. HHS said these policy actions were incentivized in the federal funding opportunity and that failure to pass them could reduce future funding. The committee did not take final action on the bills in this portion of the transcript and recessed for lunch before moving on.

Transcript Highlights:

• So that's number two liquidity, right?
• And then of the objective is liquidity.
• burn rate and their liquidity needs. burn rate and their liquidity needs.
• Um I understand<01:09:56.159> liquidity.
• I understand uh understand liquidity.

Keywords: Call to Order and Roll Call- 00:00:03 Approve Minutes from July 10, 2025- 00:02:41 Statewide Emergency Responder Voice System Testimony- 00:03:38 Investment of State Funds- 00:46:13 Department of Juvenile Justice Update- 1:11:34 Adjournment- 1:54:08, 958, all

Summary: The committee opened with roll call, welcomed a new member, approved the July meeting minutes, and then took up testimony on the statewide emergency responder voice system, also described as the state police radio system replacement project. John Hicks, secretary of the governor’s executive cabinet and state budget director, testified that the project is unusually complex because it combines multiple IT replacements, land acquisition, and tower construction. He said the existing system dates to the early 1970s and that the administration is treating the project as a priority, with work proceeding in phases and weekly coordination among the Justice Cabinet, Kentucky State Police, and Finance and Administration Cabinet. Hicks said the project has already spent about $110 million, with nearly 1,900 portable radios acquired, microwave replacement completed at 56 sites and underway at 76 more, and routers, switches, and network upgrades addressed. He explained that because the State Police are not set up to handle real property work, the administration brought in outside real property consulting vendors through an RFP, and three vendors are now qualified to help identify and negotiate sites. He said the goal is to speed up land acquisition and tower construction while the State Police continue the technology work, and he emphasized that the project is intended to close coverage gaps for state police first and later benefit local governments and other first responders. Members of the committee expressed concern about the project’s cost and pace. Representative Petri noted that about $218.8 million has been authorized since 2018 and questioned whether the project could stretch into 2030 or later, asking what more the General Assembly could do to help. Representative Blandon also raised concerns about the long timeline and the risk of the project becoming another costly, delayed infrastructure effort, while asking when the vendor RFP was completed and whether any sites had been acquired since then. Representative Sharp asked whether there was a detailed plan and timeline, and Hicks responded that the technology side is well defined but the property acquisition side must proceed site by site because each location depends on ownership, access, power, and other factors. Hicks said the west-to-east phasing has been a smart approach and that the executive branch should improve performance to beat the current timeline expectations.

Transcript Highlights:

• revenue prior to filling the liquidity revenue prior to filling the liquidity account.<00:02:37.840
• So to call out that liquidity account.
• It what we call the liquidity account.
• In statute the liquidity fund account.
• collateralization is in the liquidity collateralization is in the liquidity fund<00:09:14.560>

Bills: SF0021, SF0022, SF0054, SF0055

Keywords: stable token, liquidity, trust account, Wyoming, fund distribution, financial regulation, state commission, decentralized, nonprofit association, merger, conversion, liability, membership, governance, indemnification, banking regulation, special purpose depository institution, conversion process, Wyoming state laws, financial services

Transcript Highlights:

• We provide a lot of agility and liquidity as a bank.
• and yet keep your deposits liquid.
• To ensure that our forecasted liquidity position of the bank stays really, really strong.
• We didn't have the deposits or the strategic liquidity position that we felt comfortable with.
• We're able to lock in higher rates than that on the long end of the curve while keeping it liquid.

Summary: The committee received a compliance and budget update on Industrial Commission agencies and programs, including the Industrial Commission administrative office, the Oil and Gas Research Program, the Clean Sustainable Energy Authority, the State Energy Research Center, the Research Technology Park grant program, and related funds. Staff reviewed spending and balances for items such as electric grid resiliency grants, lignite research, enhanced oil recovery, the salt cavern business case study, and the new NDSU research and technology park grant. Members also discussed timing, carryover balances, matching requirements, and how some programs are structured to reimburse projects over several years rather than spend funds immediately. Karen Tyler of the Industrial Commission described the agency’s administrative budget, the grant management system nearing completion, and the transition to standalone audits and staffing after separating from other agencies. She also outlined the status of active grant rounds across lignite, oil and gas, renewable energy, outdoor heritage, and clean sustainable energy programs. Members asked about the length of active grants, demand for clean energy funding, and the possibility of future grant rounds. Tyler and members also discussed the salt cavern study, the need to better define its commercial value, and the research technology park grant’s cash-match requirement. Ron Ness then testified on enhanced oil recovery and broader oil and gas market conditions. He said North Dakota production remained steady, but future growth depends on infrastructure, longer laterals, and better use of natural gas and carbon dioxide for EOR. He described the state’s EOR grant round, the use of federal DOE funding to replace part of a state-funded project, and the expectation of additional grant rounds. Members asked about CO2 supply, storage, and the economics of using legacy fields and pipelines to extend oil production and support agriculture and industrial uses. The committee also heard from Bank of North Dakota President Don Morgan, who reviewed the bank’s mission, governance, lending verticals, disaster programs, and new initiatives. He said the bank is seeing deposit growth flatten and is responding to fintech competition by focusing on liquidity, risk management, and a new payment infrastructure initiative called Rough Rider Coin, which he emphasized is not crypto and not a public coin, but a banking payment rail for North Dakota institutions. Members asked about student loan rates, disaster lending, and how the bank’s lines of credit and balance sheet capacity are affected by deposit trends. Morgan said the bank remains profitable and continues to support agriculture, commerce, and industry through participation loans, student lending, and state-directed programs.

Transcript Highlights:

• That's where the OCC lands on liquidity.
• There's a liquidation requirement.
• And then if you think about liquidity risk, if liquidity providers then exit under that stress, the a
• And then if you think about liquidity And then if you think about liquidity risk<01:21:08.719>
• <01:47:29.920> tiny<01:47:30.239> little liquidity is siloed into tiny little liquidity

Keywords: 1189, house, all

Summary: The meeting began with roll call and introductions of commission members and guests, followed by approval of the agenda and a motion to approve the February 10 minutes with a correction clarifying that one quoted statement was misattributed. The commission then moved into presentations. The main presentation came from the Conference of State Bank Supervisors on implementation of the federal GENIUS Act for stablecoins. The speaker reviewed the OCC’s recent 367-page proposed rule, noting it raises many open questions and design choices for states, and discussed expected upcoming rulemaking from the FDIC, Federal Reserve, and Treasury. The presentation focused on six areas: permissible issuer activities, reserve assets and redemption, risk management and supervision, treatment of state-qualified issuers, capital/operational backstops, and foreign issuers. It also flagged unresolved issues around Bank Secrecy Act/AML requirements and the meaning of “digital asset service provider” activities. A substantial portion of the discussion addressed yield restrictions, with the presenter explaining the OCC’s broad definition of yield and its rebuttable presumption against issuer-affiliated or related third-party yield arrangements. The speaker said this likely forecloses many existing white-label structures but leaves some room for third-party payments depending on distance from the issuer, and noted ongoing Senate debate over similar provisions. The presentation also covered reserve valuation, liquidity and diversification requirements, redemption timing, and supervisory expectations such as third-party oversight, IT security, exam cycles, and reporting. No additional votes or formal actions were taken beyond approving the amended minutes.

Transcript Highlights:

• Our liquidity actually goes even deeper than that in terms of what we could liquidate if we had to.
• Our liquidity actually goes even deeper than that in terms of what we could liquidate if we had to.
• So that's our starting position: liquidity.
• liquidity to meet having sufficient liquidity to meet those<00:38:26.720> cash<00:38:26.920>
• Our entire public markets book is liquid, and the remainder of our fixed income portfolio is liquid.

Keywords: 1187, senate, all

Transcript Highlights:

• So I'm going to show a case of liquid, cake, and then a dried solid. So these all...
• But then landfill their, um, cake disposal and over 8 million to landfill their liquid.
• of their sludge or their biosolids in a liquid form.
• Um, back to your slide 10 that talks about the different types of liquid cake and dried.
• Uh, they were probably processing with liquid with liquid sludge. and to get them dried, it cost them

Summary: The meeting focused on the use of biosolids on farm and ranch land, with testimony from Oklahoma State University experts, a conservation official, and an engineering representative about the benefits, risks, and regulatory implications. Dr. Lusk described OSU’s long history of soil fertility research and said biosolids can provide nutrients and organic matter, but also may carry contaminants such as PFAS, heavy metals, pharmaceuticals, microplastics, and pathogens. He emphasized that many questions remain unanswered, especially about contaminant uptake into soil, crops, livestock, and humans, and said existing EPA and Oklahoma DEQ regulations address some treatment and application standards but may not fully cover PFAS. Dr. Arnell expanded on nutrient management, explaining that biosolids can function similarly to manure as a fertilizer source, especially for nitrogen and phosphorus, but should be tested, incorporated into soil, and applied under permit conditions to reduce runoff and other losses. He said PFAS testing methods are not yet standardized and that more research is needed to determine sampling protocols, movement in soil, and long-term effects. Committee members asked whether farmers and ranchers should be notified of risks, whether PFAS is currently tested, how many counties use biosolids, and what research would be needed for a dissertation-level study. The witnesses generally agreed that landowners should be informed of known risks and uncertainties, but said the science is still developing. Dr. Arnell said a unified testing method is needed before reliable PFAS monitoring can be done, and suggested that a multi-year study would be required to understand soil movement, crop uptake, and livestock impacts. Greg Scott of the Oklahoma Conservation Commission framed the issue as a waste-management problem, noting that human waste streams contain contaminants and that soil type affects how pollutants move; he said sandy soils pose greater movement risks than clay soils and that current best practice is incorporation, careful timing, and avoiding steep or sensitive sites. He also said PFAS are widespread and not naturally occurring in the way some other compounds are, and that liability and cleanup costs are major concerns. Mary Elizabeth Mock of Garver Engineering focused on the practical and financial consequences of a possible moratorium on land application, saying most of Oklahoma’s biosolids are currently land applied and would otherwise have to go to landfills. She warned that many landfills are nearing capacity, tipping fees could rise sharply, and cities such as Tulsa and Norman could face large increases in disposal costs, which would ultimately be borne by ratepayers and taxpayers. She also said septic system maintenance costs could rise if land application options shrink, potentially leading to deferred maintenance and system failures. Mock urged a tiered, data-driven approach to PFAS regulation and said advanced treatment technologies may help in the future, but they are still emerging and expensive. No votes were taken; the session consisted of presentations and member questions.

Transcript Highlights:

• The chairman here mentioned liquidated damages and all this.
• The only objective I can have is to avoid liquidated damages.
• You avoid liquidated damages if it was your delay.
• You avoid liquidated damages if it was your delay.
• You avoid liquidated damages if it was your delay.

Bills: SB75, SB715, SB776, SB1299, SB1405, SB1968, SB2021, SB2077, SB2148, SB2321, SB2330, SB2411

Keywords: electric generation, reliability, ERCOT, Public Utility Commission, penalties, performance requirements, energy policy, construction contracts, compensatory damages, government delays, contractor, legislation, nonprofit donor privacy, membership lists, supporter confidentiality, volunteer privacy, association rights, public records exemption, Texas Public Information Act, government transparency

Summary: The committee first took up pending business and favorably reported several bills without objection or by recorded vote, including SB 783, SB 1238, SB 1706, SB 1791, SB 458, SB 1644, and SB 1810, with some of them also sent to the local and uncontested calendar. The committee then moved into hearings on additional bills. SB 1968, by Senator Schwertner, would update the Real Estate License Act by repealing subagency, requiring written buyer-agent agreements before showings, and clarifying when a formal buyer representation agreement must be signed. Texas Realtors testified in support, saying the bill modernizes agency rules and increases transparency, while a committee substitute corrected drafting issues. SB 2411, the annual update to the Texas Business Organizations Code, was also laid out and left pending after supportive testimony from the Texas Business Law Foundation and drafting committee representatives. The committee also heard SB 2321, which would codify ERCOT’s current practice of notifying TCEQ when backup generation needs enforcement discretion for grid reliability; Sierra Club and a chamber of commerce witness supported it with suggestions for clearer emissions reporting, and the bill was left pending. SB 2077 would broaden eligibility for the Texas Mutual Insurance Company board by narrowing conflict restrictions tied to insurance-related interests; Texas Mutual supported the change and the bill was left pending. SB 1405, a broadband bill, would align state law with FCC standards and streamline Broadband Development Office processes; it was left pending after supportive testimony. SB 1299, protecting nonprofit donor privacy, drew support from privacy advocates and concerns from one witness about transparency for publicly funded nonprofit operations; it was left pending. The committee then heard SB 776, which would bar government construction contracts from shifting delay damages to contractors when delays are caused solely by the public owner. Contractors, surety representatives, and water infrastructure advocates supported the bill, arguing it would improve fairness and reduce inflated bids, while water utilities and critical infrastructure entities opposed it, warning of more litigation and higher costs; the bill was left pending. Finally, SB 715, which would apply reliability requirements retroactively to all generation resources in ERCOT, drew opposition from renewable and storage groups and support from some critics of renewable subsidies, with witnesses split over whether it would improve reliability or raise costs; testimony was underway when the transcript ended.

Transcript Highlights:

• But the e-liquid is where the harm is in these products, members. The e-liquid.
• It's about the e-liquid.
• But this bill is about the e-liquid itself. No, because I want to finish my thought.
• You say that this is all about the product, the vape liquid.
• It is primarily about the vape liquid itself.

Bills: HCR158, HCR159, HCR160, HCR161, HCR162, HCR163, HCR164, HR174, HR427, HR790, HR810, HR857, HR866, HR882, HR883, HR962, HR966, HR1001, HR1045, HR1085, HR1097, HR1127, HR1138, HR1141, HR1150, HR1152, HR1292, HR1296, HR1304, HR1305, HR1306, HR1308, HR1309, HR1310, HR1311, HR1312, HR1313, HR1315, HR1317, HR1318, HR1320, HR1321, HR1322, HR1323, HR1324, HR1325, HR1327, HR1328, HR1329, HR1330, HR1331, HR1332, HR1333, HR1334, HR1335, HR1338, HR1340, HR1341, HR1342, HR1343, HR1344, HR1345, HR1346, HR1347, HR1348, HR1349, HR1352, HR1353, HR1354, HR1355, HR1358, HR1359, HR1360, HR1361, HR1362, HR1363, HR1364, HR1365, HR1366, HR1368, HR1369, HR1370, HR1380, HR1383, HR1384, HR1385, HR1386, HR1387, HR1388, HR1389, HR1390, HR1392, HR1393, HR1396, HR1397, HR1398, HR1399, HR1400, HR1402, HR1403, HR1404, HR1405, HR1406, HR1407, HR1408, HR1409, HR1410, HR1411, HR1412, HR1413, HR1414, HR1415, HR1417, HR1418, HR1419, HR1420, HR1421, HR1422, HR1424, HR1425, HR1426, HR1427, HR1428, HR1429, HR1430, HR1431, HR1432, HR1433, HR1434, HR1435, HR1436, HR1437, HR1438, HR1440, HR1441, HR1442, HR1443, HR1444, HR1445, HR1447, HR1448, HR1449, HR1450, HR1452, HR1453, HR1454, HR1455, HR1456, HR1458, HR1459, HR1460, HR1461, HR1462, HR1463, HR1464, HR1465, HR1466, HR1467, HR1469, HR1470, HR1471, HR1472, HR1473, HR1475, HR1477, HCR132, HCR154, HR17, HR49, HR170, HR275, HR355, HR356, HR364, HR369, HR672, HR690, HR755, HR756, HR759, HR762, HR763, HR781, HR785, HR848, HR1240, HR1265, HR1303, HR1307, HR1314, HR1316, HR1319, HR1326, HR1336, HR1337, HR1350, HR1351, HR1367, HR1371, HR1372, HR1373, HR1374, HR1375, HR1376, HR1377, HR1378, HR1379, HR1382, HR1391, HR1395, HR1451, HR1457, HR1468, HR1474, HR1476, SB1637, SB2878, HB2885, HB2017, HB5246, SB8, SB2308, SB1405, HB 119, SB3059, SB15, SB568, SB2900, HB3642, HB3909, SB268, HB493, SB2217, HB2516, SB650, HB2963, SB1610, HB705, SB2972, SB1540, HB40, SB2753, SB1660, SB2024, HB1545, HB46

Keywords: World War II, V-J Day, Victory over Japan Day, Japan surrender, atomic bomb, Hiroshima, Nagasaki, USS Missouri, Douglas MacArthur, Harry S. Truman, Winston Churchill, Joseph Stalin, Potsdam Conference, Pacific Theater, Greatest Generation, veterans, military history, commemoration, concurrent resolution, Texas Legislature

Transcript Highlights:

• liquidity ecosystem.
• liquidity ecosystem.
• liquidity ecosystem.
• liquidity ecosystem.
• liquidity are lower in tokenized bonds. liquidity are lower in tokenized bonds.

Keywords: 1189, house, all

Summary: The Stable Token Study Commission held its first regular meeting, welcomed all remaining appointed members, and completed brief introductions from legislators and agency designees. The chair outlined the commission’s plan to use the first part of the enabling legislation as a “level-setting” discussion, focusing this meeting on the basics of blockchain, the current landscape for stablecoins and tokenized real-world assets, and leaving blockchain-based trust for a later meeting. No votes were taken. The main presentation came from Deanna Bario Zales of the Global Blockchain Business Council, who described stablecoins as increasingly converging toward fiat-backed or asset-backed models, with algorithmic designs viewed more cautiously. She said stablecoins are being used for payments, remittances, DeFi activity, cross-border transfers, retail use in high-inflation markets, and treasury functions, while noting risks such as peg instability, reserve transparency, counterparty and network risk, and possible capital flight from weaker banking systems. She cited growth in supply, wallet activity, and transfer volume, and said U.S.-pegged stablecoins dominate the market, with USDT and USDC leading. Zales also discussed tokenized real-world assets, describing them as digital representations of physical assets that can enable fractional ownership, liquidity, and faster settlement. She said the market is growing quickly, with institutional participation from firms such as BlackRock and Franklin Templeton, and projected continued expansion. She closed with an overview of regulatory developments, emphasizing the new U.S. stablecoin framework under the Genius Act, the proposed Clarity Act, OCC guidance, and similar regimes in the EU, UK, UAE, Singapore, Japan, and elsewhere, all of which she said are shaping compliance requirements and market development.

Transcript Highlights:

• We provide a lot of agility and liquidity. We provide a lot of agility and liquidity as a bank.
• and yet keep your deposits liquid.
• those funds liquid for you so that they can still be appropriated out based on your good decisioning
• that our forecasted liquidity position of the bank stays really, really strong.
• We're able to lock in higher rates than that on the long end of the curve while keeping it liquid.

Keywords: 908, all

Summary: The committee received a compliance and status update on Industrial Commission programs and the Bank of North Dakota. Staff reviewed appropriations and spending for several Industrial Commission funds and grant programs, including lignite research, oil and gas research, clean sustainable energy, grid resiliency, salt cavern analysis, and the new NDSU research and technology park grant. Members discussed the timing of reimbursements, uncommitted balances, and the structure of the pipeline capacity and enhanced oil recovery funding. The Industrial Commission also reported on its administrative budget, grant management system project, and recent leadership transitions across several agencies. Karen Tyler of the Industrial Commission described active grant rounds and the status of major projects. She said the Clean Sustainable Energy Authority approved three projects in its sixth round, with remaining uncommitted cash and loan capacity still available, though no new funding was appropriated this session. She also said the Oil and Gas Research Council approved six enhanced oil recovery projects and expects additional funding after a federal Department of Energy award replaces one project’s state funding. For grid resiliency grants, she said some projects have been funded, some commitments were returned or reallocated, and some DOE funds remain pending. She also updated the committee on the salt cavern business case study, which replaced an earlier larger development proposal, and on the NDSU research park grant, where the nonmatching portion was paid and the matching portion has moved slowly because the match must be in cash. Ron Ness then gave an extended presentation on enhanced oil recovery and North Dakota oil and gas trends. He said production remains steady, but future growth depends on infrastructure, especially gas takeaway and projects like the Bakken East pipeline. He argued that enhanced oil recovery using CO2, natural gas, surfactants, and other methods could extend Bakken production for decades, but that the state needs more CO2 supply, better storage, and updated tax and regulatory incentives. Members asked about lateral lengths, CO2 availability, pipeline impacts, and the role of the Strategic Petroleum Reserve, and Ness emphasized that the projects are intended to share technical learning across operators and attract follow-on investment. The Bank of North Dakota then presented its compliance report and strategic update. President Don Morgan said the bank’s mission remains to support North Dakota agriculture, commerce, and industry while cooperating with the state’s financial sector. He reviewed the bank’s main business lines: participation lending with community institutions, student loans, disaster lending, mission-based programs, and a new fintech-focused effort. Morgan said deposits are flattening, so the bank is managing balance sheet growth carefully, while still reporting improved net income and strong efficiency. He also introduced Rough Rider Coin as a bank-to-bank payment rail, not a public cryptocurrency, intended to speed and modernize payments within North Dakota’s banking and credit union system. Committee members asked about student loan eligibility, disaster program use, and how credit lines and liquidity would be affected if deposits shrink.

Transcript Highlights:

• that we've talked about the liquidity that we've talked about the liquidity pressures.<00:25:30.320
• we are strong this prolonged liquidity we are strong this prolonged liquidity situation<00:25:38.480
• We had a liquidity issue.
• justify the lending and the liquidity justify the lending and the liquidity standpoint,<01:02:52.640
• standpoint, there isn't enough liquidity standpoint, there isn't enough liquidity from<01:02:54.160><

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:18 University of Kentucky Department of Agricultural Economics Presentation 00:02:18 Farm Credit Mid-America Presentation 01:12:41, 958, all

Transcript Highlights:

• The ESF remains the state's primary reserve emergency fund, a role that requires high liquidity and a
• It's liquid.
• to try to get the best return that we can for at least a portion of those funds while maintaining liquidity
• at the rate of return, uh, and the interest rates on the ESF and I understand the importance of liquidity
• The consideration you have to take when you invest in a liquid assets is um The fact that they're a liquid

Bills: HB104

Keywords: property tax, ad valorem tax, tax rate election, voter-approval tax rate, no-new-revenue tax rate, de minimis rate, local government, special district, tax increase, tax notice, public hearing, tax code, Health and Safety Code, Texas property taxes, taxing unit, election threshold, two-thirds vote, majority vote, budget approval