Transcript Highlights:

• Texas Water Capital Needs Survey is that utilities are facing rising operating costs, increasing capital
• This transfer is not getting in the way of us maintaining our assets.
• They can only be used for maintaining surface water-related assets.
• I'm Lee Torresstein, CEO of IDE Water Assets, for those who have not met me yet.
• Using exclusively private capital.

Committee: Senate Water, Agriculture and Rural Affairs

Transcript Highlights:

• </c> regard to maintenance and Capital regard to maintenance and Capital Improvements<00:02:09.640><c
• </c><00:21:04.799><c> city</c> of the city of St Paul the capital city of the city of St Paul the capital
• </c> can use these incredible public assets can use these incredible public assets for<00:25:36.279><
• </c> highlight too how these big Capital highlight too how these big Capital Investments<00:30:51.960
• invest in your Capital City our capital<00:31:01.440><c> city</c><00:31:02.120><c> that</c><00:31:02.320

Transcript Highlights:

• And so those seaports utilize our capital funding as a match and also pursue federal grants.
• The way it works in terms of how projects are funded is every seaport comes up with their own capital
• The way it works in terms of how projects are funded is every seaport comes up with their own capital
• They develop their own capital plans, and they're using state funds to help leverage and pursue also
• grants from the FAA to build out their capital plan.

Summary: The Transportation and Economic Development Budget Subcommittee heard an overview from FDOT Secretary Jared Perdue on the state’s transportation work program, with emphasis on the Moving Florida Forward initiative, major roadway projects, workforce needs, seaports, airports, spaceport infrastructure, and the role of MPOs/TPOs in planning. He said the $4 billion general revenue investment in Moving Florida Forward has been leveraged into a roughly $7 billion-plus program, with 20 projects underway and about 70% of the initiative expected to be under construction by year’s end. He highlighted I-4 as the centerpiece, describing a new procurement approach, phased delivery, and added lanes intended to provide congestion relief during construction. He also discussed a projected 38% growth in transportation workforce needs and proposed a Florida Transportation Academy and a research institute to support training and innovation. Tiffany King of the Florida Airports Council said Florida’s 128 public-use airports have about $5.7 billion in unfunded projects through 2029, and stressed that airport priorities include not only terminals and passenger capacity but also safety, security, gates, and environmental work. Michael Rubin of the Florida Ports Council said Florida’s 16 deepwater seaports now have a $195.9 billion economic impact, support about 1.2 million jobs, and generate $7.4 billion in state and local taxes; he noted that ports still have about $4 billion in project needs, including dredging and intermodal connections. Jeff Sheffield of the North Florida TPO described the value of regional, community-based planning and said his four-county TPO has helped align local priorities with FDOT funding. Members asked about whether the state is planning for advanced air mobility and “flying cars,” whether Moving Florida Forward bypassed MPOs, how long major projects take, cost escalation, regionalization of MPOs, port governance, airport governance, and the contractor qualification system. FDOT and the witnesses said the state is working on policy and planning for advanced air mobility, that Moving Florida Forward did not bypass MPOs because the projects were already locally prioritized, and that the main delay is funding rather than the planning process. They said long-range plans are updated regularly and can be amended when priorities change, and that regional MPO structures can improve coordination. The committee took no formal vote; the meeting concluded after questions and comments, including discussion of workforce training opportunities for incarcerated individuals and a motion to adjourn by the ranking member.

Transcript Highlights:

• Our regions have unique assets and opportunities to build out strong economies.
• in the governor's office before this job, has let every region of the state figure out its unique assets
• AB 2243 creates a rigorous process to answer questions about capitalization levels, timelines for return
• AB 2243 creates a rigorous process to answer questions about capitalization levels, timelines for return
• Sorry with my extreme assets. Oh, so we're just missing... Can someone check now? Okay.

Committee: House Economic Development, Growth, and Household Impact

Transcript Highlights:

• The Committee on Ways and Means, to whom was referred the House bill authorizing the Division of Capital
• Asset Management and Maintenance to take by eminent domain certain land in the town of Norwood, House
• Second reading of the bill, an act authorizing the Division of Capital Asset Management and Maintenance
• An act authorizing the Division of Capital Asset Management and Maintenance to take by eminent domain
• Third reading of the bill, an act authorizing the Division of Capital Asset Management and Maintenance

Summary: The House opened with routine procedural actions, including suspension of Joint Rule 12 for two petitions and suspension of Rule 7A to take up several bills immediately. Members advanced multiple Ways and Means bills to third reading, including measures on campaign finance reporting for statewide ballot questions, tax-free medical devices, fairness for Massachusetts Water Resources Authority employees, releasing land use restrictions in Revere, and authorizing a land taking in Norwood. Several engrossed local and special bills were then passed to be enacted, including measures affecting Boston police age waivers, the Hudson charter, Plymouth’s land acquisition account, Falmouth sewer-related costs, and Randolph’s charter. The House also considered Senate Bill 2916 on campaign finance reporting for ballot questions. Supporters said the bill would strengthen disclosure, close reporting loopholes, and improve transparency around ballot question committees and signature gathering, while also creating a commission to review the initiative petition process. Amendments were adopted, including changes to the commission’s membership and a separate amendment related to signature-gathering provisions. After debate, the bill passed to be engrossed by roll call vote 149-0. Members then took up the fiscal year 2027 budget conference report, House No. 5555, totaling about $63.4 billion. Supporters highlighted funding for Chapter 70 education aid, local aid, Fair Share investments in education and transportation, MBTA and regional transit support, housing and homelessness programs, food assistance, and immigration legal aid. The conference report was adopted by roll call 142-6, the emergency preamble was adopted, and the budget bill was passed to be enacted by the same vote. The House also declined concurrence on Senate Bill 3064, “to build resilience for Massachusetts communities,” and appointed a committee of conference, and later appointed a conference committee on House Bill 4646, enhancing child welfare protections. The session ended with a moment of silence for community figures and adjournment to the next day.

Transcript Highlights:

• The Committee on Ways and Means, to whom was referred the House bill authorizing the Division of Capital
• Asset Management and Maintenance to take by eminent domain certain land in the town of Norwood, House
• Second reading of the bill: An act authorizing the Division of Capital Asset Management and Maintenance
• Second reading of the bill: An act authorizing the Division of Capital Asset Management and Maintenance
• Third reading of the bill: An act authorizing the Division of Capital Asset Management and Maintenance

Transcript Highlights:

• But these low-road employer violations create investment risks for CalPERS and CalSTRS as an asset owner
• Collectively, our retirement systems invest more than $300 billion in pension assets.
• Our retirement systems invest more than $300 billion in pension assets for 800,000 public employees and
• I think we have so many women and men here in the state capital; are behind the scenes, and for better
• I think we have so many women and men here in the state capital are behind the scenes and, for better

Summary: The Assembly Committee on Public Employment and Retirement heard two bills. AB 1054 by Assemblymember Gibson would create a Deferred Retirement Option Program for eligible CHP officers and CAL FIRE firefighters, allowing them to work up to five additional years while their retirement benefits accrue in an interest-bearing account. Supporters, including representatives of CHP and CAL FIRE, said the bill would help retain experienced public safety personnel, address staffing strain, and remain cost-neutral to the state. Members generally supported the measure, and the committee passed it 7-0 and referred it to Appropriations. The committee then heard AB 1439 by Assemblymember Garcia, sponsored by the State Building and Construction Trades Council. The bill would require public pension and retirement systems to apply stronger labor standards when investing in California development projects, including prevailing wage, skilled-and-trained workforce, and labor neutrality provisions. Supporters argued that public pension investments should not back projects with wage theft, unsafe conditions, or poor labor practices, and that stronger standards improve project quality and returns. Opponents, including county retirement systems, builders, housing groups, and local government associations, warned the bill could interfere with fiduciary duties, increase costs, create litigation risk, and reduce housing and development activity. Committee members raised concerns about the bill’s scope, definitions, and possible impacts on housing and pension stability, but several said they were willing to give the author a chance to continue working on amendments. The author committed to further revisions and said the bill was still in early stages. The committee approved AB 1439 5-0, with one member not voting, and sent it to Appropriations. The meeting ended with brief farewell remarks for a committee consultant who is leaving for the Senate.

Transcript Highlights:

• You are a big capital provider to the economy.
• So you've gone from being a super consumer from 25 to 35 to being a capital supplier from 45 to 55.
• For what the boomers did for labor supply here in the U.S. and for capital supply later in their lives
• As long as I have, you need to have a diversified portfolio of assets going into an environment like
• I'm Representative Tara Lujan, representing House District 48 here in the capital city.

Committee: House Investments & Pensions Oversight Committee

Transcript Highlights:

• Stanley, that the Division of Capital Asset Management and Maintenance be authorized to provide the City
• The Committee on Ways and Means, to whom was referred the bill authorizing the Division of Capital Asset
• Second reading of the bill: An Act authorizing the Division of Capital Asset Management and Maintenance
• An Act authorizing the Division of Capital Asset Management and Maintenance to release a certain sewer
• An Act authorizing the Division of Capital Asset Management and Maintenance to lease a certain sewer

Summary: The House first handled several routine matters, including adoption of a resolution honoring Caroline San Martino Moran on her 80th birthday and suspension of Joint Rule 12 to allow consideration of a petition involving the City of Waltham and the Veterans Memorial Rink. It then advanced a bill authorizing DCAMM to release a sewer line easement in West Roxbury, adopting the Ways and Means amendment and ordering the bill to a third reading. The chamber also took up and advanced another bill, Promoting Rule of Law, Oversight, Trust, and Equal Constitutional Treatment (the “Protect Act”), after a brief recess and a quorum call. Most of the transcript focused on House Bill 5305, the Protect Act, which was described by supporters as a measure to separate state and local law enforcement from civil immigration enforcement, prohibit ICE arrests in courthouses without a judicial warrant, limit cooperation with ICE on civil matters, strengthen notice and language-access protections for detainees and workers, expedite U and T visa certifications, and create rules for sensitive spaces and enforcement by the Attorney General. Supporters from both parties and several caucuses argued the bill would protect due process, encourage victims and witnesses to come forward, and preserve public safety by maintaining trust in courts, schools, and communities. Several members also spoke from personal experience as immigrants, survivors of domestic violence, or law enforcement professionals. The House considered and voted on a series of amendments to H.5305. Amendment 6 to strike Section 4 failed; Amendment 7, which would have required ICE civil warrants to be presented to a court and reviewed for impact on justice, failed; Amendment 2, adding immigration judges to the bill’s definition of government, failed; Amendment 3, concerning 287(g) agreements and federal reimbursement, was withdrawn; Amendment 13, expediting U visa certifications when a family member is aging out, was adopted by roll call 150-3; Amendment 10, clarifying the definition of law enforcement agency/officer to include sheriffs’ correctional roles, was adopted 127-25; Amendment 5, expanding a release-date provision, was adopted 154-0; and Amendment 14, addressing school-related protections and ICE presence, was adopted 135-18. The bill itself was still under consideration at the end of the transcript, with debate continuing after the adopted amendments.

Transcript Highlights:

• We should not immediately be able to capitalize. to do and elected to do in these positions we should
• not immediately be able to capitalize that on that as soon as we are out of office at a paid position
• I mean, what we're saying is that just for this period of time, you're not able to capitalize in a paid
• My concern is if we extend the timeline to 30 days, if this is a garnishment on assets, it gives some
• time to go sweep all their bank accounts, get rid of all the assets, and then appear to be destitute

Summary: The committee heard and advanced a wide range of bills covering property, criminal justice, public safety, courts, insurance, housing, and family law. Early measures included HB 4343, which would let district courts set appraiser fees in condemnation cases at levels more comparable to private appraisers, and HB 4125, restoring firearm rights to certain nonviolent felons after meeting requirements. The committee also approved HB 4126 on liability protections for dirt bike tracks, HB 3471 expanding information protections for ongoing investigations by OBN, ABLE, and the Corporation Commission, and HB 3407 clarifying the process for abandoned manufactured homes on private property. Several bills were advanced on recorded votes, generally with strong support, including HB 2933, an omnibus insurance consumer protection bill, and HB 3453, which shifts the burden of proof in eminent domain cases to the condemning authority after amendment. A major point of debate was HB 3094, which would allow SDA license holders to carry firearms in the Capitol. Representative Jenkins argued the bill would align Oklahoma with other states and protect constituents who must leave firearms in vehicles; Department of Public Safety Director Tipton opposed it, citing safety, threat-assessment, and manpower concerns. Committee members questioned the bill’s practical effects, including screening, tracking, and whether the Capitol is truly a gun-free zone. The motion to advance HB 3094 failed on a 4-5 vote. The committee also rejected HB 3727, which would impose a four-year waiting period before former legislators could register as lobbyists, after members raised constitutional and free-speech concerns and the sponsor defended it as a revolving-door restriction. Other notable measures included HB 3845, restoring a driver’s license revocation tool for chronic child-support delinquency; HB 1453, barring foreign entities and individuals tied to designated countries from owning Oklahoma real property or agricultural land and requiring divestment; HB 387, extending garnishment timelines to 30 days; HB 2941, creating overdose reporting and fentanyl-related death presumptions; HB 2959, tightening mandatory child-abuse reporting from schools to law enforcement; and HB 2945, creating a civil qui tam action against trafficking in abortion-inducing drugs, which drew extensive questions about standing, privacy, enforcement, and intent but ultimately failed 3-5. The committee also advanced bills on child custody interview standards, workplace violence protective orders, utility debt collection through tax refunds, eviction mediation to stabilize housing for children, AI chatbot protections for children, supported decision-making for adults with disabilities, commercial receiverships, charitable reporting protections, notice publication errors for municipalities, uniform wage garnishment procedures, and ending cost arrest warrants for unpaid court fines and fees. Most bills were reported out by recorded vote, often with sponsors noting they would continue working on language with stakeholders.

Transcript Highlights:

• Uh, basically, Senate File 4938 is a request to revise the '23 capital appropriation language that was
• Please consider investing in preserving the assets of Minnesota agencies this year.
• </c><00:26:54.880><c> However,</c><00:26:55.360><c> the</c> the capital budget.
• However, the the capital budget.
• Good afternoon, Chair Pappas and members of the Senate Capital Investment Committee.

Committee: Senate Capital Investment

Transcript Highlights:

• There would be no way to raise capital for the projects.
• Yes, cover conductors are still a capital project.
• These chargers are at risk of becoming stranded assets.
• These chargers are at risk of becoming stranded assets.
• And as I said, we don't want them to be stranded assets.

Committee: House Utilities and Energy

Summary: The committee heard several energy and utilities bills focused on wildfire resilience, affordability, electrification, and clean energy development. AB 706, by Assembly Member Aguiar-Curry, would create a fund to support projects that beneficially use forest biomass waste from wildfire mitigation and forest restoration; supporters said it would reduce open burning and emissions while providing firm renewable power, and the bill passed 13-0. AB 39, by Assembly Member Zbur, would require larger cities and counties to adopt local electrification planning for EV charging and building decarbonization, with emphasis on disadvantaged communities; it passed 9-0. AB 1167, by Assembly Member Berman, would bar investor-owned utilities from charging ratepayers for lobbying, promotional advertising, and similar shareholder-benefit activities, and would add transparency and penalties; utilities opposed parts of the bill as overly broad, but the measure passed 7-0 with members noting continued work on the language. The committee also advanced AB 1417 on offshore wind community benefits and transparency. The bill, presented by Assembly Member Stephanie Nguyen, would require reporting of developer funding to local and tribal communities for capacity-building and expand the voluntary offshore wind and coastal resources protection program to allow such grants. After amendments, industry groups that had opposed the bill moved to neutral, and the measure passed 9-0. AB 367, by Assembly Member Bennett, would require backup power, tank topping, and facility hardening for water districts in high fire-risk areas in Ventura County; water agencies opposed unless amended due to cost and liability concerns, but the bill passed 10-0. Later, AB 745, by Assembly Member Irwin, would allow investor-owned utilities to finance undergrounding through securitization and disallow a return on equity for undergrounding projects. Supporters argued it would lower ratepayer costs; utilities argued it would effectively discourage undergrounding and could raise other costs. The bill passed 7-4. AB 1423, also by Assembly Member Irwin, would apply reliability standards to state-funded EV chargers installed before 2024; supporters said taxpayers should not fund unreliable infrastructure, while charging-network groups raised retroactivity and legal concerns, including issues with the Electrify America consent decree. The bill passed 13-0. Finally, AB 388, by Assembly Member Rogers, began discussion of a narrow change to the electrical corporation definition and the “over-the-fence” rule to facilitate green hydrogen projects; supporters emphasized decarbonization and job creation, while Southern California Edison raised concerns about regulatory oversight and customer protections. The transcript cuts off before a vote on AB 388.

Transcript Highlights:

• </c><00:09:35.920><c> management</c> the transportation asset management the transportation asset management
• </c><00:10:29.920><c> planning</c> potential redundancy in asset planning potential redundancy in asset
• We take it out of what's called the capital investment bill.
• </c> out of what's called the capital out of what's called the capital investment<00:36:52.840><c> bill
• </c> their buildings through capital their buildings through capital investment<00:37:09.400><c> and<

Committee: Senate Transportation

Transcript Highlights:

• </c> announced to be a $5.8 billion capital announced to be a $5.8 billion capital investment<00:19:58.240
• of asset under management.
• of asset under management.
• </c> with um more than $40 billion of asset with um more than $40 billion of asset under<00:41:37.760
• And this is just from a capital deployment side, massive.

Summary: The Artificial Intelligence Task Force met with a quorum, adopted prior meeting minutes, and then focused on energy policy and economic development as they relate to AI and data centers. John Bevington of LG&E and KU, introduced by Caroline Clark of LG&E/KU and PPL, described the utility’s Kentucky-only service territory, vertically integrated system, 1.3 million customers, and about 7.5 gigawatts of generating capacity. He said the company has supported 76 Kentucky projects in 2024 totaling about $3 billion in announced investment and roughly 3,000 jobs, with a large share of statewide announcements occurring in its service area. Bevington said LG&E and KU’s current project pipeline is unusually strong, totaling about 170 projects and 8.5 gigawatts of requested power, with data centers accounting for about two-thirds of that demand. He broke the pipeline into existing customer expansions, new-to-Kentucky projects, and 20 data center projects representing about 5.6 gigawatts of potential load. He highlighted a Louisville data center project by PO Development Company and Powerhouse Data Centers that has announced a 400-megawatt facility and may expand to 525 megawatts, estimating that such a project could represent about $4 billion in investment. He also explained that large data centers generally must locate near transmission lines and that utilities must conduct studies, order long-lead equipment, and secure reimbursement commitments before proceeding so other customers are not harmed. Members asked about how Kentucky compares with other states, the size of data center projects, and whether regulatory reform is needed. Bevington said the 20 projects reflect current Kentucky interest, which he attributed in part to the state’s sales tax exemption for data centers, and noted that states like Ohio have had similar incentives for years. In response to questions from Senator Thomas, he confirmed that data centers can vary in size and said the state should have a regulatory environment that supports economic development, while emphasizing that the benefits would flow to the state, local communities, and schools rather than just the utility. He also cited national and regional data suggesting data centers generate indirect jobs and tax revenue, and said LG&E and KU are investing in transmission, reliability, solar, and gas generation projects, including proposed additional 645-megawatt natural gas units and other system upgrades, to meet expected demand.

Transcript Highlights:

• And it's entirely asset-based. It's not programmatic.
• If you are trying to build your capital stock, if you're trying to invest in a substantial asset, you
• Bonds are typical ways for government agencies to be able to finance capital projects.
• So there's... ...assets and liabilities are on the other side of the ledger.
• It also provides an asset and a resource.

Committee: Senate Housing

Transcript Highlights:

• House Bill 1256 by Representative Mina is an act to amend Title 9 relative to digital asset access, to
• House Bill 1256 by Representative Mina is an act to amend Title 9 relative to digital asset access, to
• House Bill 1256 by Representative Mina is an act to amend Title 9 relative to digital asset access, to
• House Bill 2 by Representative Bacala is an act to provide with respect to the capital outlay budget
• and the capital outlay program for state government, state institutions, and other public entities.

Bills: SR134 , SR135 , SR136 , SR137 , SR140 , SR141 , SR142 , SCR75 , SCR77 , SCR12 , HB75 , HB1199 , HB221 , HCR89 , HCR96 , HCR103 , HCR108 , HCR58 , HB9 , HB177 , HB181 , HB198 , HB202 , HB223 , HB225 , HB387 , HB398 , HB457 , HB459 , HB540 , HB591 , HB616 , HB766 , HB775 , HB783 , HB797 , HB895 , HB906 , HB950 , HB975 , HB1028 , HB1052 , HB1057 , HB1076 , HB1100 , HB1139 , HB1155 , HB1160 , HB1182 , HB1186 , HB1220 , HB1222 , HB1223 , HB1224 , HB1228 , HB1231 , HB1245 , HB1256 , SCR3 , SB393 , SB401 , SB415 , SB426 , SB435 , SB487 , SB488 , SB523 , SB56 , SB163 , SB341 , SB504 , SB322 , SCR9 , SCR58 , SB35 , SB65 , SB215 , SB246 , SB249 , SB269 , SB282 , SB296 , SB323 , SB363 , SB369 , SB474 , SB490 , SB492 , SB500 , SB514 , HCR27 , HCR28 , HCR66 , HCR67 , HCR72 , HCR31 , HCR47 , HCR41 , HB363 , HB368 , HB377 , HB380 , HB386 , HB392 , HB431 , HB441 , HB559 , HB664 , HB685 , HB715 , HB741 , HB822 , HB856 , HB908 , HB980 , HB990 , HB999 , HB1010 , HB1243 , HB54 , HB137 , HB180 , HB192 , HB310 , HB321 , HB396 , HB512 , HB552 , HB578 , HB638 , HB663 , HB708 , HB717 , HB718 , HB1009 , HB1082 , HB1104 , HB1107 , HB1198 , HB1246 , HB27 , HB143 , HB205 , HB259 , HB267 , HB288 , HB308 , HB403 , HB405 , HB414 , HB417 , HB478 , HB546 , HB548 , HB555 , HB557 , HB609 , HB670 , HB672 , HB740 , HB779 , HB786 , HB796 , HB812 , HB848 , HB915 , HB917 , HB921 , HB930 , HB933 , HB1095 , HB1096 , HB1103 , HB1129 , HB1154 , HB1166 , HB1187 , HB1195 , HB1230 , HB316 , HB511 , HB799 , HB1039 , HB12 , HB66 , HB145 , HB167 , HB196 , HB213 , HB218 , HB222 , HB256 , HB291 , HB326 , HB352 , HB401 , HB430 , HB433 , HB434 , HB448 , HB456 , HB476 , HB481 , HB487 , HB492 , HB549 , HB579 , HB608 , HB621 , HB624 , HB626 , HB632 , HB637 , HB656 , HB722 , HB745 , HB804 , HB818 , HB821 , HB833 , HB864 , HB867 , HB874 , HB893 , HB909 , HB951 , HB968 , HB969 , HB978 , HB979 , HB988 , HB989 , HB1001 , HB1005 , HB1007 , HB1024 , HB1032 , HB1038 , HB1050 , HB1051 , HB1056 , HB1059 , HB1077 , HB1080 , HB1081 , HB1086 , HB1108 , HB1112 , HB1153 , HB1172 , HB1173 , HB1175 , HB1192 , HB1193 , HB1204 , HB1218 , HB1242 , HB1244 , HB1249 , HB1252 , HB1254 , HB17 , HB36 , HB41 , HB47 , HB73 , HB126 , HB133 , HB140 , HB159 , HB166 , HB211 , HB226 , HB271 , HB324 , HB337 , HB351 , HB399 , HB571 , HB712 , HB723 , HB726 , HB750 , HB759 , HB844 , HB966 , HB1006 , HB1018 , HB1036 , SB29 , SB42 , SB43 , SB78 , SB208 , SB217 , SB274 , SB300 , SB379 , SB382 , SB387 , SB441 , SB449 , HB74 , HB134 , HB258 , HB359 , HB468 , HB956 , HB1117 , SB149

Keywords: SR134, Senate Resolution 134, Isaac Herzenberg, Metairie Park Country Day School, Country Day, javelin, track and field, Class 2A, state championship, high school athletics, student athlete, Louisiana Senate commendation, honorary resolution, sports recognition, University of Nebraska, Baton Rouge, LSU Bernie Moore Track Stadium, sportsmanship, collegiate athletics, condolence resolution

Transcript Highlights:

• They're left solely then really with capital outlay.
• One is venture capital.
• We experienced that with our capital outlay.
• on the line when they're trying to access that capital.
• This is to help them get ready to access capital.

Committee: House House Rural Development, Land Grants And Cultural Affairs

Transcript Highlights:

• So, this is driven by the federal funding that Parks receives, mostly from capital projects.
• total output, grew from 1 million to 17 million as the Parks raised more from federal funding for capital
• the capital investments that you've made.
• for capital projects?
• So I think we're going to have more and more private capital coming in.

Committee: House Water & Natural Resources Committee

Transcript Highlights:

• Mostly with assets less than 10 billion, and we're proud to say we have the most mutual mostly with assets
• We've run a couple of different models on what the capitalization would be.
• It plugs a large capital gap, particularly in low- and moderate-income communities.
• And they've amassed nearly $2 billion in assets in just eight years.
• And they've amassed nearly $2 billion in assets in just eight years.

Committee: Joint Joint Committee on Financial Services

Summary: The committee held an informational opening hearing for the Financial Services Committee, with Chair Murphy and Senator Feeney introducing new and returning members and explaining that no bills were being heard that day beyond brief introductory testimony. Commissioner of Banks Mary Gallagher thanked the committee for last session’s money transmission modernization law, and several members echoed appreciation for her office’s work. The hearing then featured a long series of stakeholder introductions and overviews of their priorities for the session. Testimony covered a wide range of financial, insurance, housing, health care, and consumer issues. Banking and mortgage groups discussed housing affordability, foreclosure delinquencies, flood insurance, regulatory changes, and the impact of federal policy shifts. Insurance representatives raised concerns about auto and homeowners market pressures, labor rates, tariffs, rebates, e-titling, third-party litigation funding, and public adjuster restrictions. Consumer and advocacy groups highlighted debt collection reform, earned wage access, retirement savings access, public banking, and consumer protections in financial services. Several speakers also emphasized the need for committee expertise and offered themselves as resources for future bills. Health-related organizations focused on insurance mandates, prior authorization, behavioral health access, pharmacy benefit manager reform, community health center funding, maternal health and midwifery reimbursement, and anesthesia reimbursement parity. Other groups, including credit unions, retailers, auto dealers, dental and medical associations, and behavioral health providers, described their roles in the Commonwealth and previewed legislation or policy areas they expect to follow this session. No votes were taken; the meeting was informational and ended after testimony from the sign-up list and a few late additions.

Transcript Highlights:

• We do need to be careful about doing things that destabilize the cost of capital for utilities, because
• They should not be forced to pay for stranded assets of wealthy, well-performing companies.
• They should not be forced to pay for stranded assets of wealthy, well-performing companies.
• The first is the risk of stranded assets. And there are examples in other states.
• But for you to be here in our state capital today, I just want to thank you.

Committee: House Utilities and Energy

Summary: The committee heard a series of energy and utility bills, with most measures moving forward on party-line or near-party-line votes after extensive testimony. Early items included SB 613, which would direct state agencies to prioritize reducing methane emissions from imported fossil fuels, and SB 614, which would allow California to move ahead with safety rules for carbon dioxide pipelines and lift the current moratorium on new CO2 pipelines. Both bills drew support from industry and clean-energy advocates and no opposition testimony was offered at the hearing. A major portion of the hearing focused on SB 332, which would require a study of whether California should continue using investor-owned utilities, tie executive compensation to affordability metrics, and improve transparency around utility disconnections. Supporters argued the bill would put ratepayers first and examine safer, more affordable utility models, while opponents, including the Chamber of Commerce and major utilities, warned it would send a destabilizing signal to investors and was not a neutral study. Members raised concerns about the bill’s tone and market impacts, but the author said the study was intended to be even-handed; the bill later advanced on a 10-5 vote. The committee also approved SB 57, which creates a tariff framework for large energy users such as data centers to prevent cost shifts to other customers and to address stranded grid costs. Supporters said the bill would protect ratepayers and encourage clean energy use, while utilities and large energy users argued existing CPUC processes already address many of the issues and warned against overly rigid rules. SB 256, dealing with wildfire mitigation, emergency response coordination, undergrounding, and removal of abandoned lines, drew strong support from an Altadena community witness affected by the Eaton Fire, while utilities raised concerns about duplicative mandates and public disclosure of sensitive infrastructure information. SB 647, aimed at improving low-income energy program access and performance metrics, and SB 787, which would coordinate state clean-energy supply chain development for EVs, building decarbonization, and offshore wind, also advanced after supportive testimony from labor, environmental, and community groups. The committee later approved a consent calendar of additional bills and left several measures on call for absent members to add votes."}