Transcript Highlights:

• , the margin cap.
• First is on the cap-and-trade program.
• First is on the cap-and-trade program.
• First is on the cap-and-trade program.
• Repeal of market cap.

Summary: The joint informational hearing of the Assembly Committees on Utilities and Energy, Transportation, and Natural Resources focused on California’s transportation fuels sector, especially the state’s response to refinery closures and the broader transition away from fossil fuels. Opening remarks emphasized the tension between climate and air-quality goals, fuel affordability, refinery jobs and local tax bases, and the need to avoid crisis-driven responses as Phillips 66 and Valero consider shutting refineries in Wilmington and Benicia. Professor Emily Grubert framed the issue as a long-term managed transition in which the public already bears much of the risk and should also capture benefits from a well-planned shift. CARB Chair Leanne Randolph reviewed the state’s emissions and fuel policies, including AB 32, the low-carbon fuel standard, clean vehicle programs, and the at-berth regulation for ocean-going vessels. She said California’s transportation sector remains the largest source of greenhouse gases and a major source of smog-forming pollution, but that the state has made substantial progress and still needs to reduce demand for fossil fuels while maintaining compliance with federal air-quality standards. Randolph also said CARB’s recent LCFS amendments had not caused the predicted spike in gas prices and explained that compliance pathways for the at-berth rule include emissions-reduction technologies or payments into a remediation fund. CEC Vice Chair Gunda described declining gasoline demand, shrinking in-state refining capacity, and growing dependence on imports, arguing that the state is in a “mid-transition” period that requires both support for legacy infrastructure and continued investment in cleaner alternatives. He outlined the administration’s petroleum market stabilization proposal, which aims to return California crude production to 125 million barrels a year through four components: codifying the ban on fracking, validating the Kern County oil-and-gas permitting ordinance, creating a temporary CEQA exemption paired with a two-for-one plug-and-drill framework, and strengthening pipeline and spill-safety requirements. Department of Conservation Director Jennifer Lucasey said the proposal is intended to stabilize crude supply and pipeline throughput while preserving health and environmental protections, and noted that CalGEM would still review permits and enforce other requirements. Mayor Steve Young of Benicia testified that a Valero closure would significantly reduce city revenue and leave the community facing years of cleanup and redevelopment challenges. He said the city supports environmental protection but is worried about the economic hit, the possibility that Benicia becomes a fuel-import terminal, and the lack of local influence over refinery decisions. Members pressed the panel on the CEQA exemption, tribal and habitat review, disclosure of closure liabilities, fuel-demand projections, and whether the proposal should include more demand-side measures. No formal votes were taken; the hearing was informational, and officials said some proposals, including a margin-cap pause and further transition planning, would be taken up later in the process.

Transcript Highlights:

• If you slide your eyes down to MSCI All-Cap World ex U.S. Net, that's at 3.3%.
• You'll see that sometimes small caps will outperform large caps.
• Sometimes small caps will outperform large caps. Really, they should over long periods of time.
• Sometimes large caps will outperform small caps, sometimes international will outperform domestic.
• When I look at February 25th of this year, we had the MSCI All-Cap World... ...MSCI All-Cap World IMI

Summary: The committee met to approve prior minutes and receive updates on the Legacy Fund transparency website and fund performance. Staff reported the website procurement was in contract negotiations, with a planned go-live around November 1, and that the site would provide downloadable, more transparent information on fund holdings, allocations, history, and legislative appropriations while protecting confidential data. The investment office then reviewed performance through January 2026, describing strong returns relative to benchmarks, noting real estate and fixed income as weaker areas, and explaining that the fund’s diversification and internal management had helped offset market volatility, including recent geopolitical impacts. Members also discussed the in-state investment program, especially the Bank of North Dakota’s CD-match allocation. Several members questioned whether the program had been static for years and whether the uncommitted balance should remain parked there if it was not being used. The committee voted to pause further transfers into the program until the Bank provides a report and the committee can consider possible statutory changes; the motion also requested a cost-benefit analysis from RVK, and it passed by roll call vote. In the afternoon, RVK presented its review of the investment policy statement as it relates to the in-state investment program. The consultant said it found no major policy impediments, and that implementers and stakeholders generally felt the program was proceeding as intended. RVK emphasized best practices such as third-party due diligence, competitive risk-adjusted returns, diversification, pacing, and exit strategies, while cautioning that required lower-return investments or spending commitments can create pressure on the fund’s long-term real value. The consultant also raised ancillary concerns about state-level concentration risk, the need to distinguish between public and commercial infrastructure, and the lack of a central repository for all state funding commitments to the same projects.

Transcript Highlights:

• House Bill 145 updates our sovereign entity financial liability caps, which were last updated in 2010
• It raises the caps on sovereign immunity to $500,000 per person and $1 million per incident, with an
• would against a private one, and it gives governments the option to settle legitimate claims above the cap
• It gives governments the option to settle legitimate claims above the cap without further action from
• I'll remind you that approximately one-fourth of claims bills filed every year pass, and again, these caps

Summary: The Judiciary Committee met and considered two bills. HB 145, by Rep. McFarland, would update sovereign immunity financial liability caps for claims against government entities, raising them to $500,000 per person and $1 million per incident, with a future automatic increase, aligning the statute of limitations with private claims, and allowing governments to settle valid claims above the cap without further legislative action. Several local government and related organizations waived in opposition. The bill passed on a 12-2 vote and was reported favorably. The committee then took up CS for HB 199, by Rep. Maney, which makes a short change to veterans treatment court law to align its procedures with mental health and drug courts and emphasize the state attorney’s role in the multidisciplinary review process. An amendment clarifying the state attorney’s role was adopted without objection. Public testimony on the bill was in support, and the committee reported the bill favorably as amended on a 14-0 vote. After completing both measures, the chair thanked members and adjourned the meeting.

Transcript Highlights:

• So how large could that valuation gap become after 10 or 20 years under a 1% cap?
• And I think it was 1978 California voters passed a referendum that caps everything at 2%, and so their
• Senate Joint Resolution 39 asks voters to permanently lower Oklahoma's constitutional cap on fair cash
• Now, we're being asked to tighten that cap even further to 1%.
• Also, I have in there that it says that for those descendants there would not be a cap.

Bills: HJR1024, SB1316, SB1491, SB1552, SB1679, SB1877, SB2040, SB2133, SB2153, SB2174, SB2180, SB227, SJR39, SJR47, SJR48

Keywords: Judicial Nominating Commission, congressional districts, terms of office, Oklahoma Constitution, legal qualifications, political party restrictions, family ties, administrative rules, sunset provision, state agencies, regulatory review, legislative oversight, presidential electors, vacancies, oath of office, political party, elections, county home rule charter, home rule, county government

Transcript Highlights:

• mortgage debt made available to the bond volume cap recycling program referenced in subsection G, is
• mortgage debt made available to the bond volume cap recycling program referenced in subsection G, is
• 04.080> volume subordinate [music] except bond volume subordinate [music] except bond volume cap
• <00:21:07.679> cap<00:21:08.080> recycling<00:21:08.640> program bond volume
• cap recycling program bond volume cap recycling program referenced<00:21:09.440> in<00:21:09.679

Keywords: 912, senate, all

Summary: The Senate Committee on Housing heard and then took action on a series of housing-related bills concerning HHFDC, HPHA, inclusionary zoning, nonprofit housing trusts, housing project exemptions, the rental housing revolving fund, and a new for-sale housing program. Testimony was generally supportive from HHFDC and HPHA, with additional support from groups such as Hawaii YIMBY, Grassroot Institute of Hawaii, Hawaii Appleseed, Housing Hawaii’s Future, Holo Collaborative, the Kobayashi Group, and others. On SB 2424, the Kobayashi Group argued the bill would help open housing to a broader pool of local households, including buyers slightly above income limits who still cannot afford market-rate housing. On SB 2342, the chair asked HHFDC for final figures on rental housing revolving fund appropriations since 2016 and was told the amount was about $1.1 billion, including conveyance tax revenue. In decision-making, the committee recommended passage of SB 2189 with amendments, noting concerns about transparency and accountability in HHFDC’s loan-award process; SB 2190 with amendments; SB 2234 with amendments; SB 2177 with amendments; SB 2194 unamended; SB 2342 with amendments; SB 2060 with amendments; and SB 2070 with amendments. The committee deferred SB 2195 and SB 2196 after testimony comments, and deferred SB 2063 because the chair said SB 2060 would be used instead as the vehicle for mixed-income subaccount changes. SB 2424 was discussed in hearing but then deferred in decision-making pending legal advice on issues including owner-occupancy, county income restrictions, buyback rules, and county council approval. The committee also heard testimony on SB 2062 and its proposed SD1, but deferred that measure because the relevant changes had already been incorporated into SB 2060 SD1.

Transcript Highlights:

• Uh, When you change what The caps provide them and change how they can use those caps.
• And only require them, it would count against their self-distribution cap.
• But to our knowledge there's nobody even close to that cap.
• There's a cap, I think it's 1000 per location and then 2500 gallons, uh. At all locations total.
• And the, but that does go against the cap on the amount that they're that they're able to sell.

Transcript Highlights:

• <02:08:37.040> the PUC the unilateral power to cap the PUC the unilateral power to cap the
• a per disaster cap on liability or<02:08:55.679> a<02:08:55.920> cap<02:08:56.239>
• And lastly, what's unknown is the cap. It allows the PUC to determine that cap.
• It allows the PUC to determine the cap. It allows the PUC to determine that<02:18:31.519> cap.
• It could be less or more, and that cap.

Keywords: 912, senate, all

Transcript Highlights:

• <05:34:09.440> to for a limitation of liability cap to for a limitation of liability cap to
• limitation of liability cap applies. limitation of liability cap applies.
• there there's a real liability cap there there's a real liability cap already.<05:45:18.798>
• <05:46:32.558> for important issue of liability caps for important issue of liability caps
• the renewable energy credit has no cap the renewable energy credit has no cap or or or controls.

Keywords: 910, house, all

Transcript Highlights:

• We have a systemwide cap on out of state students and that cap is 10% for undergraduates.
• We don't have that cap for graduate students.
• So the cap is specific to undergraduates and it is 10%.
• is a systemwide cap.
• But the cap just developed over time because there was 10% systemwide cap and institutions that MIT student

Transcript Highlights:

• Operating outside of those caps to continue.
• It imposes a lot of enrollment caps. It adds residency restrictions.
• Why are there caps? Why are the residency limits?
• And so, but to your question about why the caps...
• And so, but to your question about why the caps, again, the cap was to give you all an opportunity to

Bills: HB2, SB204, SB241, HB34

Keywords: general appropriation, budget, Medicaid, education funding, public safety, higher education, research funding, federal funding, New Mexico, appropriation, University of New Mexico, New Mexico State University, New Mexico Institute of Mining and Technology, child care, child care assistance, child care subsidy, early childhood education, early childhood care, daycare, preschool

Transcript Highlights:

• Is that not capping it if you were to have one?
• You're saying if you opt into any building code, you cap it.
• One, establish the statewide energy code as a base rather than a cap.
• And we are not asking for a cap, and we don't agree to a cap.
• Because it puts a cap on 2009.

Keywords: 959, house, all

Transcript Highlights:

• My chief operating officer has a cap, a ceiling to...
• They're not actually looking to increase their FTE cap.
• group five's proposed maximum cap. in House Bill 1.
• It's a lot of work, you have to get caps, you have to update caps, create those new strategies and caps
• Recommendations include maintaining the FTE cap at 21 FTEs.

Keywords: 1184, house, all

Transcript Highlights:

• Their government has capped prices and limited exports from South Korea to the same level they were last
• like Bruce Babbitt and all of Water, Arizona, many of whom were signed in supportive of this bill, CAP
• like Bruce Babbitt and all of Water, Arizona, many of whom were signed in supportive of this bill, CAP
• We are the 10 Maricopa County cities that utilize CAP water.
• We are the 10 Maricopa County cities that utilize CAP water.

Bills: HB2014, HB2031, HB2078, HB2102, HB2103, HB2117, HB2261, HB2262, HB2264, HB2278, HB2428, HB2494, HB2756, HB2758, HB2762, HB2782, HB2932, HB2933, HB2986

Keywords: air emissions, fuel blends, environmental quality, feasibility study, Arizona Department of Agriculture, water rights, groundwater, Willcox, active management area, certificate of grandfathered rights, Arizona legislature, aggregate mining, reclamation plans, environmental protection, public safety, land use, domestic water, improvement district, water delivery, water hauling

Summary: The committee began with an informational presentation from Gordon Shemp of Nemecu Analytics on Arizona transportation fuel supply and pricing. He explained that Arizona sits at the end of the pipeline system, relies on limited terminal inventories, and can experience only about a seven-day fuel supply if pipelines are disrupted. He attributed recent price spikes to constrained pipeline capacity, Kinder Morgan pressure reductions after PHMSA anomaly reviews, and recovering demand, and he also discussed California refinery closures, increased imports from overseas, and proposed new pipeline capacity into Phoenix from the east. Committee members asked about fuel formulations and pipeline logistics, and Shemp said the proposed project would not change fuel specifications, only transport capacity. The committee then took up House Bill 2758, which would allow eligible entities in La Paz County’s McMullen Valley groundwater basin to transport groundwater to AMAs under specified limits and conditions, with related provisions on fees, districts, and water improvement programs. Supporters, including Stan Barnes, Jim Downing, and Barry Arons, argued the bill follows the Harquahala model, provides needed augmentation for urban Arizona, and includes local benefits and guardrails. Opponents, including La Paz County Supervisor Holly Irwin, Devonna Sater, and Ed Curry, said the bill would worsen groundwater decline, subsidence, and well failures in Salome and Wenden and favored outside investors over rural residents. After debate, the committee approved HB 2758 on a 4-3 vote. The committee also heard and advanced several other water-related bills. HB 2031, extending the deadline to apply for grandfathered groundwater rights in the Wilcox AMA from 15 to 27 months, passed 5-2 after some members said the extension was unnecessary and would delay protections. HB 2102, allowing county improvement districts in subsequent AMAs or groundwater transportation basins to use eminent domain for a well and standpipe site and water hauling, passed 4-3 after Sierra Club testimony called it a limited “band-aid” rather than a real solution. HB 2103, which would let water improvement programs accept gifts and dedicate groundwater transportation fee revenue to local residential water hauling and delivery, also passed 4-3. HB 2117, a technical cleanup bill shifting Environmental Special Plate Fund administration to the Natural Resource Conservation Board and raising education-center distributions from $5,000 to $10,000, passed 5-2 despite concerns about the fund’s administration. The committee then considered HB 2261, which changes agricultural property tax terminology and valuation rules. County assessors and the Arizona Association of Counties opposed it, warning it would effectively exempt many agricultural improvements from taxation and shift costs to residential taxpayers; the Arizona Farm Bureau supported it as a clarification that would provide certainty for agriculture. The bill passed 4-3. Finally, HB 2262, transferring the Resource Analysis Division from the State Land Department to the Arizona Geological Survey and revising geospatial advisory responsibilities, was introduced, with State Land Department staff saying they were neutral but noting the bill would need clearer statutory duties if RAD is removed.

Transcript Highlights:

• And if we take off this cap and let folks just charge a reasonable fee, why don't we just move the cap
• Why don't we just move the cap up? Well, that's a good question.
• Just a small percentage, but we're capping the safety rate for every car that...
• We're capping the safety rate for every car that wants to get a safety inspection.
• And so that small percentage is dictating the market by having us put that cap there.

Keywords: 985, all

Transcript Highlights:

• These payments are subject to an aggregate cap of $200 million.
• HB 4026 replaces the $200 million aggregate cap with an annual cap of $75 million and expands the definition
• instead of the annual cap and adds $100 million of capacity to the cap.
• HB 4026 replaces the $200 million aggregate cap, HB 4026 replaces the $200 million aggregate cap with
• instead of the annual cap and adds 100 million dollars of capacity to the cap the bill in or the amendment

Bills: HB2014, HB2111, HB2156, HB2165, HB2202, HB2305, HB2321, HB2399, HB2403, HB2416, HB2418, HB2446, HB2601, HB2615, HB2620, HB2812, HB2939, HB2940, HB2955, HB2957, HB2960, HB2992, HB4026, HB4049

Keywords: air emissions, fuel blends, environmental quality, feasibility study, Arizona Department of Agriculture, driver license, examinations, motorcycle awareness, public safety, traffic laws, livestock, compensation, funding, ranching, agriculture, veterans, state parks, admission fees, military exemption, recreation access

Summary: The committee heard House Bill 2615, a strike-everything amendment creating an Independent Oversight Committee tied to the Department of Child Safety, with authority to review DCS practices, request briefings and audits, visit sites, and receive confidential complaints, along with a $2.2 million appropriation. The sponsor and several parents and advocates testified that stronger independent oversight was needed because of serious DCS failures affecting children and families. Some members supported the goal but objected to housing the committee in the Ombudsman’s office or questioned whether the structure was the right approach. The strike-everything amendment was adopted, but the bill itself then failed on a 5-5 vote. The committee then passed House Bill 2620, which provides $300,000 annually for five years to the Arizona Department of Veterans Services to grant funds to emergency shelters serving veterans without requiring scheduled intake appointments. The sponsor and shelter representatives said the money would support trauma-informed case managers, help veterans connect to VA and shelter resources, and move the state closer to functional zero for veteran homelessness. The bill received unanimous support and a do-pass recommendation. House Bill 2321 also passed unanimously. It requires DCS to place a security freeze on the credit reports of children entering foster care, with the freeze remaining until age 16 unless the child later chooses otherwise, and includes a $100,000 appropriation and one ongoing FTE. The sponsor said foster youth are especially vulnerable to identity theft and need automatic protection. House Bill 2601, which directs ADOT to seek federal segmentation for the Interstate 11 project between Casa Grande and Wickenburg, passed 6-4 after testimony from supporters who said it would keep the project moving and opponents who raised environmental, cost, and litigation concerns. House Bill 2992, a pilot program for child sexual abuse and grooming awareness education in six public schools, also passed 6-4 after testimony from a survivor and advocates; supporters framed it as prevention and critics argued it duplicated existing sex education and should be handled through broader curriculum or parent education. Additional bills considered included House Bill 2156, which appropriates $250,000 to the livestock compensation fund and passed 7-3 despite transparency and conflict-of-interest concerns from an opponent; House Bill 2165, which exempts certain veterans and military members from state park admission fees, as amended to narrow the exemption to retired or disabled veterans and similar National Guard members, and passed 6-4 amid concerns about lost park revenue; House Bill 2960, creating a veterans specialty court grant program and requiring better coordination on incarcerated veterans, which passed 8-0; House Bill 2014, directing studies on gasoline blends and emissions modeling, which passed 6-2 despite concerns about cost and limited impact; and House Bill 2957, preserving non-REAL ID driver licenses and restricting biometric collection and data sharing, which passed 5-4 after amendment.

Transcript Highlights:

• <00:06:10.560> And child for the WIF uh cap increase.
• And child for the WIF uh cap increase.
• If this cap is not increased, the loan amount will actually put us at double that affordability rate.
• <00:07:45.560> to actually applies that increased cap to actually applies that increased cap
• Uh if not, the project doesn't cap.

Bills: HF4156, HF3835, HF3995, HF4383, HF4091, HF4084, HF4311, HF198, HF4486, HF4302, HF4309, HF4032, HF3855, HF3673, HF4265, HF4012, HF4339, HF4298, HF3852

Keywords: infrastructure, wastewater, stormwater, Buhl, state bonds, appropriations, economic development, water infrastructure, grants, capital investment, funding, state regulation, Frazee, North River Drive, infrastructure improvements, HF4383, Minnesota capital investment, bonding bill, Department of Natural Resources, DNR

Transcript Highlights:

• . >> We require things like life jackets, car seats, childproof medicine caps, safety locks on chemicals
• We require things like life jackets, car seats, childproof medicine caps, safety locks on chemicals.
• jackets, car seats,<00:02:31.760> childproof<00:02:32.400> medicine<00:02:32.879> caps
• ,<00:02:33.280> safety seats, childproof medicine caps, safety seats, childproof medicine
• caps, safety locks<00:02:33.920> on<00:02:34.160> chemicals.

Keywords: 1187, senate, all

Transcript Highlights:

• the department at the time of enactment and have since been centralized, which adds them under the cap
• Because of this, CDFA struggles with compliance with this cap.
• Currently, costs for the Because of this, CDFA struggles with compliance with this cap.
• Finally, the language clarifies that the indirect cap applies to the department-wide expenditures and
• not individual programs, The language clarifies that the indirect cap applies to the department-wide

Keywords: 987, senate, all

Summary: The subcommittee heard several May Revision proposals, primarily from the Department of Food and Agriculture, the Government Operations Agency, the Department of Technology, and the Franchise Tax Board. CDFA presented funding for the animal care program under Proposition 12, a transition away from the state hemp program to USDA oversight by January 1, 2028, ongoing support for agricultural statistics reporting after USDA reorganization, and trailer bill changes to the department’s indirect cost cap. The LAO generally supported the animal care, hemp transition, and statistics proposals, while also urging future review of the Prop 12 funding once litigation is resolved. The indirect-cost-cap language was described as technical and not increasing charges to programs, and it was held open with no objections from the LAO or Finance. The committee also discussed the new federal Workforce Pell program and related Cradle to Career funding and trailer bill language. Finance said the state is still reviewing federal rules and is focusing on basic implementation steps, with the trailer bill assigning eligibility determinations to the California Student Aid Commission, requiring data sharing through Cradle to Career, and prioritizing public institutions first. The LAO urged caution because the federal rules were just finalized and said the Legislature should better define the process and costs before appropriating the $1.3 million requested for Cradle to Career. Members raised policy concerns about limiting the program to certain institutions and about aligning the proposal with pending legislation and broader workforce policy. The Department of Technology presented a $1 million request for Poppy, the state’s digital assistant, to expand a secure GenAI platform for state employees. Members asked detailed questions about data security, model training, bias controls, and whether the system could eventually support local governments; CDT said the system uses state-controlled cloud infrastructure, does not use user data for training, and quarantines new models for review. CDT also sought provisional authority for the Middle Mile Broadband Initiative to cover possible operating shortfalls while the network is still being built; the LAO remained concerned about broad spending authority, and several members questioned the revenue assumptions and oversight. FTB then proposed retaining a smaller set of CalFile resources after the federal Direct File program was discontinued, with the LAO saying the reduced staffing level was broadly reasonable but still worth legislative scrutiny. The committee also began hearing the administration’s revenue proposals, including a permanent limitation on business tax credits and a tax on electronically delivered prewritten software, with the LAO generally supporting the goal of raising ongoing revenue but recommending changes to the software proposal’s exemptions and business-use treatment.

Transcript Highlights:

• So the fund limit, so the cap on the fund, is 700,000, which is equal to Our Tort Claims Act.
• Quick question: Are there any caps on attorney fees? Mr. Chair and Representative, they are not.
• Chair, if they do use an attorney, wouldn't it make sense to put some kind of like a $25 cap or something
• So, what about the caps? The cap is equal to the TORC Claims Act at $700,000.
• I believe I talked to capping attorney's fees earlier, which I think is something that we can put on

Bills: HB97, HB280, HB183, HB151, HB202

Keywords: Shaken Baby Syndrome, abusive head trauma, child safety, training and education, healthcare funding, youth internships, workforce development, education, grant funding, employment, drinking water, water quality, environment, public health, water filtration, private well testing, federal funding, childhood sexual abuse, time limitations, civil actions

Transcript Highlights:

• As we move forward, reauthorizing cap and trade, affordability remains a top priority.
• This credit is derived from free allowances from the cap-and-trade program that are given to utilities
• Reauthorization of the cap-and-trade program, besides allowing the state to meet its climate goals cost-effectively
• And, of course, these rate reductions would be larger with more funding, either from additional cap-and-trade
• So, in summary, AB 745, on the reauthorization of the cap-and-trade program more broadly, provides an

Summary: The Assembly Committee on Utilities and Energy heard two bills focused on electricity affordability and utility costs. AB 745, by Assembly Member Irwin, would restructure the California Climate Credit by shifting it from lump-sum payments to direct reductions in volumetric electricity rates and moving the credit to the summer months when bills are highest. The author and UC Santa Barbara economist Dr. Kyle Meng argued this could significantly lower summer rates and better help households during extreme heat. Supporters, including UCS, NRDC, and some labor representatives, favored the concept, with some urging that the gas climate credit also be redirected. No opposition testimony was presented, and the bill passed 18-0 to the floor. The committee then considered AB 825, also presented as an affordability package aimed at reducing electric bills by addressing wildfire mitigation costs, transmission financing, permitting delays, and a review of ratepayer-funded programs. The bill would authorize securitization for undergrounding expenses, remove the first $15 billion in undergrounding capital investments from the rate base for return purposes, create a public transmission financing program using Proposition 4 funds and IBank support, revive the California Power Authority as a public sponsor, and establish a task force to review energy efficiency and demand response programs. The author and witness Matt Friedman of The Utility Reform Network said the bill could save ratepayers billions over time through lower-cost public financing and securitization. Testimony on AB 825 was mixed. Support came from several consumer and clean-energy groups, while utilities and labor raised concerns about the bill’s impact on utility financial stability, wildfire fund participation, liability, and whether the $15 billion securitization cap could discourage undergrounding. Some witnesses also objected to the task force’s potential effect on energy efficiency and demand response programs. Committee members discussed the need to balance affordability with utility creditworthiness and wildfire safety, and several asked for more analysis of market impacts and liability issues. Despite those concerns, AB 825 passed the committee 13-0 and was sent to the floor.