Transcript Highlights:

• /c><02:10:31.520><c> relining</c><02:10:32.040><c> a</c><02:10:32.159><c> pen</c><02:10:32.440><c> stock
• </c> for example can be relining a pen stock for example can be relining a pen stock a<02:10:32.920><
• c> pen</c><02:10:33.159><c> stock</c><02:10:33.400><c> is</c><02:10:33.559><c> the</c><02:10:33.719><
• c> big</c><02:10:34.559><c> pipe</c><02:10:34.880><c> that</c><02:10:35.000><c> brings</c> a pen stock
• is the big pipe that brings a pen stock is the big pipe that brings water<02:10:35.599><c> from</c><

Committee: House Science, Technology and Energy

Keywords: 1189, house, all

Transcript Highlights:

• However, because of population level and genetic considerations, stocking must continue.
• For a variety of reasons, stocking has been sporadic.
• You mentioned a couple of uses for this, so how much is it for stocking the Lake Sturgeon and how much
• We will be raising 3,500 fish. 2,000 of those fish will be used for stocking in the lower St.
• So the total for the exhibit is $760,000, and then the rest of that is for the stocking program or for

Bills: HF2411 , HF2471 , HF1440 , HF1393 , HF1631 , HF1259 , HF280 , HF1281 , HF1459

Committee: House Legacy Finance

Keywords: cultural heritage, funding, White Earth Nation, tribal community, construction, Delano, sesquicentennial, community events, fall of Saigon, Saigon anniversary, Vietnam War commemoration, Vietnamese Minnesotans, Cambodian Minnesotans, Lao Minnesotans, Southeast Asian refugees, Asian American heritage, cultural heritage fund, Minnesota Humanities Center, Council on Asian Pacific Minnesotans, equity funding

Transcript Highlights:

• So the Russell 3,000 represents the small-, medium-, and large-cap domestic stocks and a 1.6% return.
• stocks, even though the domestic stocks have performed really well.
• exposure, not by owning stocks, but the same, but same... ...a lot of stock exposure, not by owning
• stocks, but the same kind of stock risk embedded in things like real estate, in high-yield bonds, in
• a bunch of different things that were thought not to be stocks.

Committee: Joint Legacy and Budget Stabilization Fund Advisory Board

Keywords: 908, all

Transcript Highlights:

• This is as a result of strong performance in the stock market, which impacts our revenue forecasts.
• The first one on here is basically telling us that stock prices have gotten so high that the expected
• They're borrowing from their brokerages to buy stocks.
• They're borrowing from their brokerages to buy stocks, and it's the sign of excessive aggressiveness
• I'm not an expert in the stock market. I think it— For clarity, and I apologize, I don't know much.

Summary: The Senate Budget and Fiscal Review Committee heard opening remarks on the Governor’s 2026-27 budget, which the chair described as roughly balanced in the budget year but still facing large out-year structural deficits. The vice chair criticized the revenue assumptions as overly optimistic and stressed the need to review recent program expansions and address the state’s $20 billion federal unemployment insurance debt. The Department of Finance said the budget is a “workload” plan with about $350 billion in total spending, $23 billion in reserves, a projected $2.9 billion budget-year deficit, and out-year gaps above $20 billion, while the LAO warned of downside revenue risk tied to stock market volatility and urged earlier action on the structural deficit rather than waiting for May. Finance and the LAO discussed major budget components, including Proposition 98 funding, higher education base increases for UC and CSU, climate and wildfire spending, a new ZEV incentive, child care COLAs, and tax proposals involving marketplace facilitators, renewable aviation fuel, and an extension of the California Competes tax credit. Members raised concerns about proposed Medi-Cal and CalFresh changes tied to federal HR1 impacts, the MCO tax extension, hospital finances, county costs, and the decision not to backfill all federal funding losses. Finance said the administration is not in a position to replace all lost federal funds, but wants to work with the Legislature on priorities and timing before the May Revision. Several senators used the hearing to preview subcommittee priorities and request more detail on spending growth, reserves, and program cuts. Topics included homelessness funding, Care Court throughput, wildfire and climate investments, AB 617, data centers, the judicial branch’s facilities backlog, displaced workers, transit funding, and preparations for the 2028 Olympics and Paralympics. No budget action or vote was taken at this hearing; the committee mainly received presentations and member questions, with public comment scheduled later.

Transcript Highlights:

• This is as a result of strong performance in the stock market, which impacts our revenue forecasts.
• The first one on here is basically telling us that stock prices have gotten so high that the expected
• They're borrowing from their brokerages to buy stocks, and it's a sign of excessive aggressiveness in
• As for the timing, you know, I do want to say, you know, people described the stock market in the mid
• I'm not an expert in the stock market. I think it...

Committee: Senate Budget and Fiscal Review

Summary: The Senate Budget and Fiscal Review Committee heard opening remarks on the Governor’s 2026-27 budget and presentations from the Department of Finance and the Legislative Analyst’s Office. Chair Laird described the proposal as roughly balanced with $23 billion in reserves, while Vice Chair Niello argued the revenue estimates were overly optimistic and warned of a structural deficit, calling for a deeper review of programs and concern over the state’s $20 billion unemployment insurance debt. Finance said the budget is balanced in the budget year but still leaves a roughly $2.9 billion deficit, with out-year gaps above $20 billion, and characterized the plan as largely a workload budget with limited new spending or cuts. The LAO said its office sees substantial downside risk to the revenue forecast, emphasized the volatility of stock-market-driven revenues, and urged the Legislature to begin addressing the structural deficit now rather than waiting until May. Members focused on the implications of federal policy changes, Medi-Cal, CalFresh, and the MCO tax, as well as the state’s reserve strategy. Senators Menjivar and Richardson raised concerns about health coverage reductions, county costs, hospital finances, and the lack of a broader revenue solution, while Finance said the state cannot fully backfill federal cuts and is still assessing the impacts. The LAO recommended rejecting the proposal to suspend the rainy day fund deposit and setting aside the proposed Proposition 98 settle-up rather than using it for spending. Finance defended both proposals as necessary to balance the budget year and said it plans to begin discussions with legislative leaders before the May Revision. The committee also discussed climate and transportation funding, including cap-and-trade/GGRF allocations for Cal Fire, interest earnings from the fund, zero-emission vehicle incentives, and AB 617 air quality investments. Senator Reyes questioned the focus on light-duty ZEV incentives instead of heavy-duty vehicles, and Finance said the proposal is intended to partially replace the federal consumer tax credit and that some heavy-duty funding remains from prior years. Senator Richardson also raised concerns about Olympics-related infrastructure, courthouse repairs, and displaced workers, while other members stressed homelessness funding and the need for more immediate action on out-year budget problems. No formal votes or actions were taken during the portion provided; the hearing was informational and moved into member questions after the presentations.

Transcript Highlights:

• This prompted major stock exchanges such as the New York Stock.
• Meanwhile, development is underway in Texas, of course, for a fully integrated stock. exchange, an initiative
• Very candid, it gave the New York Stock Exchange and NASDAQ great pause and tremendous concern.
• certainty, you're seeing investment now by. effectively a satellite from NASDAQ as well as the New York Stock
• Exchange and, of course, the Texas Stock Exchange now being created.

Bills: SB1211 , SB1574 , SB2774 , SB2873 , SB2900 , HJR4

Committee: Senate Finance

Keywords: hydraulic fracturing, sales tax exemption, oil and gas, environmental impact, water reuse, justice, judicial council, centers of excellence, court operations, recognition program, franchise tax, retail trade, tax classification, business regulation, economic impact, SB 2873, Texas Tax Code, electronic filing, e-filing, tax reports

Transcript Highlights:

• We would not be able to stock the parts inventory if we weren't able to make a margin off of the parts
• that we stock as a business, right?
• , then we would no longer stock those parts because we couldn't, we wouldn't be able to afford to do
• But the parts then would not be stocked locally to the farmer.
• They would be stocked in a corporate warehouse somewhere far away from that farmer who's trying to access

Committee: Senate Agriculture

Keywords: 999, senate, all

Transcript Highlights:

• They are wanting to move from a mutual company to a stock company. Yes, yes. So they are mutual.
• I believe they are mutual now going to a stock company.
• A stock company is essentially owned or run by a board of stockholders.
• Representative, when you say hold, does that mean that they will get money or will they get shares of stock
• You know, if they get shares in that new stock company or if they receive dollars.

Bills: SB330 , SB2069 , SB2095 , SB1721 , SB1433 , SB1316 , SB1280 , SB1455 , SB1456 , SB1457 , SB1459 , SB1461 , SB1463 , SB1465 , SB1466 , HJR1088 , SB1684 , SB378 , SB1447 , SB1920 , SB1443 , HR1047 , SB1877 , SB1884 , SB1365 , SB2174 , SB1525 , SB1810 , SB1771 , SB1805 , SB1916 , SB1530 , SB1847 , SB1990 , SB2060 , SB1992 , SB1579 , SB1778 , SB2132 , SB1623 , SB2067 , SB1589 , SB1441 , SB1224 , SB372 , SB1232 , SB1264 , SB1450 , SB2011 , SB2030 , SB1980 , SB1936 , SB1477 , SB1593 , SB1725 , SB1670 , SB1480 , SB1726 , SB1633 , SB1735 , SB1632 , SB1277 , SB1217 , SB1826 , SB1824 , SB1813 , SB1326 , SB1937 , SB1641

Keywords: elk population, wildlife management, Oklahoma State University, veterinary medicine, ecosystem health, habitat assessment, advanced nuclear energy, nuclear power, small modular reactor, SMR, microreactor, generation III+, generation IV, nuclear reactor, nuclear permitting, nuclear licensing, Oklahoma Corporation Commission, OCC, Oklahoma Advanced Nuclear Energy Office, Oklahoma Advanced Nuclear Development Revolving Fund

Transcript Highlights:

• As the plans for the Texas stock exchange continue to come to fruition and other stock exchanges move
• One of the reason is Just like you were talking about this Texas Stock Exchange, so it's my observation
• Texas the most business-friendly state in the United States and encouraging and supporting the Texas Stock
• behalf of the On behalf of TXSC Group, Inc., we are the parent company of what will become the Texas Stock
• Texas Stock Exchange, and there's a lot of people really, really, really. excited about that concept.

Bills: HB195 , HB247 , HB255 , HJR2 , HJR4 , HJR6 , HJR31 , HJR34 , HB195 , HB247 , HB255 , HJR6 , HJR31 , HJR34

Committee: House Ways & Means

Keywords: school district, ad valorem tax, local revenue, tax collection, education funding, border security, tax exemption, ad valorem, real property, infrastructure, Texas-Mexico border, ad valorem taxation, farm products, livestock, timber, death tax, inheritance tax, estate tax, property transfer, constitutional amendment

Transcript Highlights:

• entirely understand but, near as I can figure out, is basically a tax break for big businesses who get stock
• entirely understand but, near as I can figure out, is basically a tax break for big businesses who get stock
• entirely understand but, near as I can figure out, is basically a tax break for big businesses who get stock
• entirely understand but, near as I can figure out, is basically a tax break for big businesses who get stock
• can figure out, the dividends received deduction is basically a tax break for big businesses who get stock

Keywords: 1183, house

Transcript Highlights:

• But it’s a mechanism to give them the ability to invest in, say, dividend stocks or capital gain stocks
• But it's a mechanism to give them the ability to invest in, say, dividend stocks or capital gain stocks
• But it's a mechanism to give them the ability to invest in, say, dividend stocks or capital gain stocks
• or uh capital gain dividend stocks or uh capital gain stocks<00:08:06.800><c> and</c><00:08:06.879><
• It gives them stocks and appreciate it.

Bills: HB259 , HB206 , HB207 , HB259 , HB206 , HB207

Committee: House Financial Services

Keywords: income tax credit, tax incentive, recruitment, remote work, remote worker, recruited worker, rural counties, small counties, county population tiers, opportunity zone, teacher recruitment, nurse recruitment, law enforcement recruitment, workforce development, economic development, relocation incentive, Alabama Department of Revenue, nonrefundable tax credit, tax carryforward, state income tax

Transcript Highlights:

• We had a friend who happened to have a truck and a stock trailer, and so off we went.
• saw an outhouse in a yard, we all ran, jumped off, pushed the outhouse over, and loaded it onto the stock
• So we hit the first one, loaded it up, pushed it to the front of the stock trailer.
• Hit the next one, loaded it up, put it on the stock trailer.
• Hit the last one, put it on the stock trailer, barely able to close the gate on the stock trailer.

Keywords: 1185, senate, all

Transcript Highlights:

• York and New Jersey have contemplated enacting financial transaction taxes as the plans for the Texas Stock
• One of the reason is just like you were talking about this Texas stock exchange.
• business friendly state in the United States and, and encouraging, uh, and, and supporting the Texas Stock
• We are the parent company of what will become the Texas Stock Exchange.
• And have a real good opportunity to collect and also increase your capital through this uh new Texas Stock

Bills: HB195 , HB247 , HB255 , HJR6 , HJR31 , HJR34

Committee: House Ways & Means

Keywords: HB 195, Texas Controlled Substances Act, Schedule IV, controlled substances, mifepristone, misoprostol, carisoprodol, Health and Safety Code, drug scheduling, pharmacy regulation, prescription drugs, reproductive health, abortion medication, medication abortion, women's health, prescribing, dispensing, law enforcement, drug control, education reform

Transcript Highlights:

• Just talking about stocks, right?
• I think for that close to 80% stocks.
• </c> Just talking about stocks, right? Just talking about stocks, right?
• </c><00:25:37.000><c> which</c> will the you know which stock which will the you know which stock which
• </c><00:32:04.240><c> bonds</c> invest in anything so stocks bonds invest in anything so stocks bonds

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.

Transcript Highlights:

• In August of 2007, after what was then, quote, the worst week for the American stock market in nearly
• A bunch of these CEOs of Chinese companies listed on American exchanges have sold their stock.
• And the stock immediately went down and the American investors had to bear the losses.
• And multiple studies have found that private funds rarely, barely, I should say, beat the stock market
• The JOBS Act, which was signed into law a decade ago, made it easier for companies to sell stock.

Committee: Senate Banking, Housing, and Urban Affairs Committee

Keywords: financial regulations, SEC, Comptroller of the Currency, Federal Transit Administration, nominees, Empowering Main Street in America Act, capital formation, economic growth

Summary: The committee meeting focused on several nominees within key financial institutions, including discussions surrounding the SEC, the Federal Transit Administration, and the Comptroller of the Currency. Notable dialogue included concerns over regulatory balance, with various members emphasizing a need to streamline regulations to foster innovation while ensuring accountability and safety for investors. The importance of the proposed 'Empowering Main Street in America Act' was highlighted as a means to facilitate access to capital for small businesses, underlining the current administration's approach towards financial regulations.

Transcript Highlights:

• This prompted major stock exchanges, such as the New York Stock Exchange and NASDAQ, to consider relocating
• Meanwhile, development is underway in Texas, of course, for a fully integrated stock exchange, an initiative
• And so as a result of that, it really gave, to be very candid, the New York Stock Exchange and NASDAQ
• You're seeing investment now by effectively a satellite from NASDAQ, as well as the New York Stock Exchange
• , and, of course, the Texas Stock Exchange now being created.

Committee: Senate Finance

Summary: The Senate Finance Committee heard several measures, beginning with SB 1574 by Senator Zaffirini, which would codify the Texas Judicial Council’s Centers of Excellence Program for courts and judges. Testimony from judges and the Office of Court Administration emphasized that the program promotes transparency, procedural fairness, mentoring, and public trust. A committee substitute expanded eligibility to justices of the peace and municipal judges and removed a merit-pay reference to eliminate fiscal impact. After quorum was established, the committee adopted the substitute and later voted it out favorably, though it was not certified for the local and uncontested calendar. The committee also heard SB 2774 by Senator Hinojosa, which would amend the Tax Code’s retail trade definition to include industrial uniform and linen rental businesses so they qualify for the lower franchise tax rate. Supporters said the change would put rental textile businesses on equal footing with other rental industries and help Texas employers and customers. The bill was reported favorably to the full Senate. Members then considered SB 1211 by Senator Perry, which would broaden the existing fracking-related sales tax exemption for equipment used with non-fresh water sources, including recycled, produced, and brine water. The bill’s supporters argued it would conserve freshwater and reduce litigation over water definitions, while the Comptroller’s office discussed the fiscal note and production-related revenue effects. The committee also heard SB 2873 and SB 2900, both by Senator Kolkhorst and presented by Senator Nichols; SB 2873 would require electronic filers to file electronically, and SB 2900 would eliminate certain Comptroller-related advisory committees and boards. Both were later adopted in committee substitute form and reported favorably. Finally, the committee heard HJR 4, sponsored by Senator Parker, proposing a constitutional amendment to prohibit new taxes on securities transfers or financial transaction processing. Supporters said it would protect investors, especially retirees, and help position Texas as a financial center. The committee voted to report HJR 4 favorably to the full Senate. In each recorded vote after quorum was present, the measures passed with nine ayes and no nays.

Transcript Highlights:

• This is as a result of strong performance in the stock market, which impacts our revenue forecasts.
• The first one on here is basically telling us that stock prices have gotten so high that the expected
• They're borrowing from their brokerages to buy stocks, and it's a sign of excessive aggressiveness in
• I'm not an expert in the stock market. I think it— For clarity, and I apologize, I don't know much.
• Are incidents like that what impacts what you talked about—the stock market dipping and impacting our

Committee: Senate Budget and Fiscal Review

Keywords: 987, senate, all

Transcript Highlights:

• Preservation is a budget program area that seeks to preserve the existing stock of affordable housing
• </c><00:20:39.520><c> of</c> preserve the existing stock of preserve the existing stock of affordable
• their base is $8.4 housing stock their base is $8.4 million<00:21:19.400><c> owner</c><00:21:19.760>
• , and so I believe that that program is specifically housing stock that is federally subsidized, right
• : From House Research, the sort of purpose of the programs is to make sure that rental stock doesn't

Committee: House Housing Finance and Policy

Keywords: 1183, house

Transcript Highlights:

• If we're in some type of like an ETF or some type of foreign index, they can break down individual stocks
• So the Russell 3000 represents the small-, medium-, and large-cap domestic stocks, and a 1.6% return.
• stocks, even though the domestic stocks have performed really well.
• exposure—not by owning stocks, but the same kind of stock risk embedded in things like real estate,
• high-yield bonds, and a bunch of different things that were thought not to be stocks.

Committee: Joint Legacy and Budget Stabilization Fund Advisory Board

Summary: The committee met with a quorum, approved the October 22 minutes, and received an update on the planned Legacy Fund transparency website. Jody Smith said the site is in contract negotiations after six bidders responded, with a target go-live around November 1 after added security review. The website is intended to provide downloadable, more detailed public information on the Legacy Fund, including historical changes, legislative allocations, and investment breakdowns. Members asked about comparables and data detail, and Smith said North Dakota would likely be the first state to offer this level of sovereign wealth fund transparency. Scott Anderson of the Retirement Investment Office then reviewed Legacy Fund performance through January 31, 2026, describing strong returns, low fees, and the benefits of diversification. He noted that real estate had been a drag on returns, but it is a small portion of the portfolio, and he discussed market effects from geopolitical events, inflation, credit spreads, and private credit. Members also questioned the in-state investment program and the BND CD-Match program. Representative Bosch moved to pause new transfers to the CD-Match program until the bank reports back, and the motion passed on a roll call vote. The committee also agreed to request a cost-benefit analysis from RVK on that change. After lunch, the committee heard from RVK consultant Jim Voidko on the investment policy statement, focused on the in-state investment provisions. He reported that, after interviews with implementers and stakeholders, RVK found no major policy impediments in the current IPS and no strong calls to change the size limits or core guardrails. He emphasized the importance of risk-adjusted returns, diversification, pacing, exit strategies, and governance, and warned that foregone returns or higher spending obligations can pressure the fund’s long-term mission. He also recommended clearer terminology around “infrastructure,” distinguishing public infrastructure from commercial infrastructure, and noted unresolved policy questions about nexus and economic diversification. The committee then began reviewing proposed IPS updates with Rio staff.

Transcript Highlights:

• under the harshest conditions, enduring workplace violence, sexual exploitation, and even forced breeding

Summary: The Senate convened with a quorum, opened with prayer and the Pledge of Allegiance, and then moved through a series of guest introductions, including Canadian diplomatic visitors and youth soccer champions from Senator Niello’s district. The body also recognized guests connected to arts education and later heard adjournment-in-memory tributes for Caitlin “Katie” Mallet and Roxanne Miller. The President announced the Senate would enter a one-week spring recess and return on April 6, 2026. On the floor, the Senate adopted SR 89 by Senator Alvarado-Gil, recognizing March 17, 2026 as Profound Autism Day in California. Supporters emphasized the need for greater awareness, research inclusion, and services for people with profound autism and their families. The resolution passed by a 35-0 vote. The Senate also adopted SCR 147 by Senator Allen, proclaiming March 26 as Arts Education Month, with remarks stressing the value of arts education for creativity, engagement, and student success; it passed 37-0. The chamber then adopted SCR 141 by Senator Wahab, recognizing March 26, 2026 as Women’s Equal Pay Day. Senators discussed the gender pay gap, its impact on families, and the need for transparency and enforcement; the resolution passed 37-0. The Senate also approved AB 2156, an urgency measure to proclaim March 31 as Farm Worker Day, with extensive debate about farm workers’ historical contributions, labor conditions, and the decision to rename the day in light of recent allegations involving the prior honoree. The bill passed unanimously, 37-0, including the urgency clause. Finally, the Senate adopted the consent calendar, which included SB 968, SJR 11, SB 1005, and SB 1080, by unanimous vote. A committee announcement noted Budget Subcommittee 3 would meet upon adjournment.