Transcript Highlights:

• And in the case of EAEDC and the asset limit, one, this is one where the asset limit was sort of changed
• So, you know, it's human capital.
• So, you know, it's human capital.
• So we're trying to expand the human capital.
• I need more human capital there.

Committee: Joint Joint Committee on Ways and Means

Transcript Highlights:

• AB 1052 establishes a legal framework to legitimize digital assets.
• As digital assets become more widely used, the risks grow.
• Digital assets are no longer abstract or futuristic financial instruments.
• influence to issue digital assets and personally profit.
• -based nonprofit focused on advocating for Bitcoin and digital assets.

Summary: The Assembly Banking and Finance Committee heard several bills, beginning with AB 407, which would expand the California Pollution Control Financing Authority. The author said the measure would increase flexibility and access to resources, and the bill was approved 7-0 and sent to the Committee on Local Government. The committee also adopted the consent calendar, which included AB 76, by a 7-0 vote. A lengthy portion of the meeting focused on AB 1065, which would prohibit swipe fees on the sales tax portion of credit card transactions. Supporters, including small business owners, restaurant and grocery representatives, and a payments-policy expert, argued the bill would reduce costs for merchants and consumers and rein in dominant card networks. Opponents, including banks, credit unions, and payment industry groups, argued the bill is likely preempted by federal law, would be difficult to implement, and could disproportionately affect community banks and credit unions. After extensive questioning about preemption, fraud, implementation, and consumer impacts, the committee rejected the bill on a 6-0 vote, but then granted reconsideration by a 7-1 vote. The committee then heard AB 1365, which would create the Cal Account Program, a zero-fee, zero-penalty state banking account for unbanked and underbanked Californians. Supporters said the program would help low-income households, survivors of abuse, and others facing barriers to traditional banking, while opponents from community banks and credit unions argued existing low-cost accounts and the Bank On program already address the need and raised concerns about cost, feasibility, and duplication. The bill advanced on a 6-0 vote and later received enough votes on the reopened roll to move forward to the Committee on Labor and Employment. The committee also approved AB 1052, which would create a legal framework for digital assets and address unclaimed digital property and restrictions on public officials issuing or promoting digital assets, and AB 1180, which would create a pilot program for paying state fees with digital financial assets and require a report on broader adoption. Both bills passed with broad support after brief testimony and discussion. Final roll calls later confirmed AB 1052 and AB 1180, along with AB 407 and AB 1365, were moved out of committee.

Transcript Highlights:

• And I'm a capital outlay analyst with the Legislative Finance Committee.
• We haven't bonded capital in 6 years.
• It would have created a new major projects fund for higher education capital.
• It's just a matter of fortitude to get that asset management plan done.
• I mean, $6.3 billion in capital outlay projects.

Transcript Highlights:

• </c> committee to know that the the assets committee to know that the the assets we're<00:39:44.400><
• </c> those state-owned assets those state-owned assets that<00:40:28.000><c> were</c><00:40:28.240><c
• </c><00:51:56.200><c> the</c> the state of Minnesota as an asset the the state of Minnesota as an asset
• </c><00:52:00.520><c> is</c> another year and then that asset is another year and then that asset is
• </c> also going to build in the capital also going to build in the capital maintenance<00:54:40.640><

Committee: Senate Taxes

Transcript Highlights:

• were making the best use of agencies, Where we were making the best use of agencies, facilities, the assets
• So that means you would go, I don't know how many years, depending on the number of assets you have,
• And the numbers that we had run based on what we think the total amount of assets that we have in the
• state, both on land, near water, and offshore, we're looking at roughly a billion dollars of assets
• But these are their assets that they're legally required to plug.

Bills: HB513 , HB581 , HB596 , HB660 , HB719 , HB766 , HB802 , HB940 , HB950 , HB1028 , HB1183 , HB1201 , SB233 , SB300 , SB303 , SB315 , SB324 , SB411

Committee: House Appropriations

Keywords: supplemental pay, law enforcement, probation officers, parole officers, constitutional amendment, plugging credit, inactive well assessment, oil and gas regulation, well plugging, Louisiana Department of Natural Resources, HB 660, district attorney salary, assistant district attorney salary, prosecutor pay raise, Louisiana prosecutors, state-paid salaries, warrant payment, R.S. 16:10, R.S. 16:11, general fund impact

Transcript Highlights:

• , of course, one-time charges that local governments levy on new development projects to fund the capital
• So, Madam Chair, Representative Weber, each impact fee is for a specific capital improvement plan.
• Each impact fee is for a specific capital improvement plan.
• So each fee is very specific to a particular capital improvement plan.
• Doesn't participate in the cost, but yet gets to benefit from the capital asset that's created.

Committee: House Local Government

Transcript Highlights:

• One is capital outlay supporting guidance.
• Training on capital outlay, funding assistance.
• Especially if they have capital outlay. We, you know, we need to help them spend that.
• We have capital outlay to build this.'
• We only received $50,000 in capital outlay.

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

Transcript Highlights:

• Capital Assets Manroup has successfully allocated over $56 million to capital projects during the year
• Appropriations for one-time capital projects that have been deferred.
• Appropriations for capital projects that have not been spent entirely already.
• And so, whenever we look at the pure human capital numbers tied to that, it's basic math: how do we go
• I'm the capital assets management administrator.

Committee: House Appropriations and Budget

Transcript Highlights:

• ensure that data center development in California does not lead to runaway energy costs, stranded assets
• Those four projects represent $3.1 billion in capital investment.
• Those four projects represent 3.1 billion in capital investment.
• And if I can add into the mix when you answer, is there a risk for these becoming standard assets?
• That's how we fund our capital work.

Summary: The joint informational hearing of the Assembly Committees on Utilities and Energy and Privacy and Consumer Protection focused on the energy impacts of AI and the rapid growth of data centers in California. Chairs and members emphasized that the state wants to support innovation and data center development, but only under terms that protect ratepayers, preserve reliability, and avoid stranded grid costs. Testimony from Lawrence Livermore National Laboratory, the California Energy Commission, the CPUC, CAISO, PG&E, Silicon Valley Power, and the Data Center Coalition described the scale of projected load growth, the uncertainty in forecasting, and the need for coordinated planning across agencies. Dr. Nate Gleason of Lawrence Livermore said data centers are a major and fast-growing share of electricity demand, with planning challenges driven by short construction timelines for data centers versus long lead times for transmission and generation. He urged stochastic planning, co-optimization of generation, storage, and transmission, and greater use of flexible load and demand response. CEC Director Alicia Gutierrez described the CEC’s bottom-up forecasting approach, based on utility energization requests and load profiles, and said California has over 23,000 megawatts of data center capacity requests in the CAISO footprint. CPUC Deputy Executive Director Luan Tesfai outlined recent actions on energization timelines, flexible service connections, PG&E’s Rule 30 tariff, and the commission’s resource planning and transmission permitting work. CAISO’s Neil Miller stressed that large loads affect transmission planning, interconnection, and reliability standards, and said the agency is preparing additional stakeholder work on technical issues. Utility and industry witnesses said California is already seeing substantial data center interest and is building out infrastructure accordingly. PG&E’s Mike Medeiros said the utility has more than 10 gigawatts of data center interest in its territory, has shifted to cluster studies, and is using flexible interconnection tools such as FlexConnect to speed service while protecting reliability. Silicon Valley Power’s Nico Prokos said data centers account for about 55% of its power use and that the city is investing heavily in transmission and local system upgrades to support projected load growth. He also warned that AI loads may be more variable than traditional cloud loads and that backup generation and air quality constraints complicate curtailment strategies. The Data Center Coalition’s Karabonder argued that data centers are also driving efficiency gains and support critical digital services, while urging better forecasting methods, more transparency, and regular backcasting. Members asked about statutory authority, data availability, flexible load, and whether current forecasts are sufficient for long-lead infrastructure planning. Witnesses said California already has authority to pursue flexible service and rate design, and that the CEC and CPUC have access to utility data, though out-year demand remains highly uncertain. CPUC representatives noted an advanced rate design rulemaking and said the commission is opening additional work on ratepayer impacts. No votes were taken during the informational hearing, and the discussion ended with continued questions about how California should structure planning, pricing, and reliability rules as AI-related load grows.

Transcript Highlights:

• I think in some of your presentations you've said that we sold the assets, but I can't find an owner
• of the assets except for the city of Birmingham.
• This bill could impact current financing initiatives and other ongoing capital projects. ...ongoing capital
• We also have a $115 million capital plan.
• Now, we have a $115 million capital plan for this year.

Bills: SB330

Committee: House Commerce and Small Business

Keywords: water management, regional boards, municipal governance, ethics compliance, public utility

Transcript Highlights:

• AND 336.2 MILLION IN CAPITAL.
• AND YOU CAN SEE IN SECURED ABOUT 5 PERCENT OF THE CAPITAL NUMBER IN THESE COMMUNITIES WITH JUST OF 4
• RAO GOT CAPITAL SECURITY EXCEEDING 4 PERCENT OF THE POPULATION.
• I CAN GET INFORMATION. >> AS WE MOVE FORWARD WAGE IS IMPORTANT AS WELL WITH 5 PERCENT CAPITAL.
• WITH SEPARATE ASSETS, MEMBERS, AND OPERATIONS.

Transcript Highlights:

• Access Plus Capital has developed over 2,000 loans totaling $65 million.
• we commissioned, we found that there is over a $3 billion gap between the credit requested and the capital
• One credit union in particular has 1.1 million members and has $19.6 billion in assets.
• I was a board member of Access Plus Capital previously, so I understand very intimately the issues of
• accessing capital for small businesses and communities like mine.

Committee: House Banking and Finance

Transcript Highlights:

• Senator, 3242.5 million, and that's capital, probably improvements or maintenance.
• What's our overall assets in the tourism from buildings?
• Currently, we are still working through evaluating all of our Assets.
• And what was the third party's You know, what was his reg or what was his thoughts on the asset cost?
• Our capital division team is following up with them currently, so I'll get you a better time estimate

Transcript Highlights:

• electric customers, including shifting costs from data centers to other customers, stranded utility assets
• , that we're not bidding up the price of those generation assets to the point that your grandmother starts
• , that we're not bidding up the price of those generation assets to the point that your grandmother starts
• The exemption resulted in a $200 million investment into that facility with private capital.
• It's a strategic investment that produces jobs, capital investments, and long-term tax revenue for the

Summary: The committee first met in executive session on Senate Bill 5941, which would exempt certain school districts from a Washington State Energy Code requirement for onsite renewable energy systems on large new commercial buildings or additions. The committee adopted Senator Short’s amendment narrowing the eligible school district definition from 1,000 or fewer students to 500 or fewer students, then approved the bill as amended and sent it to the Rules Committee with a do pass recommendation. The committee then held a public hearing on Senate Bill 6171, a proposed substitute addressing emerging large energy use facilities, primarily data centers. Staff explained that the bill would require utilities serving such facilities to adopt tariffs or policies to protect other ratepayers, require long-term contracts and full cost recovery, allow curtailment during emergencies, add reporting and sustainability requirements, create a fee to fund energy assistance, weatherization, and higher education programs, and impose new clean energy and labor-related requirements. The prime sponsor said the bill is intended to protect affordability, reliability, transparency, and the public interest as data center demand grows. Testimony was mixed. Supporters, including community action groups, environmental organizations, some utilities, Ecology, and student representatives, argued the bill would prevent cost shifting, improve transparency, support low-income energy assistance, and help manage grid and climate impacts. Opponents, including data center representatives, public utility district and business groups, and some local government and port officials, said the bill was too prescriptive, could raise costs, threaten competitiveness, duplicate existing utility practices, and interfere with existing CCA/CETA provisions and local flexibility. No vote was taken on SB 6171 during the hearing, and the meeting adjourned after public testimony.

Transcript Highlights:

• same company, there has been understandable hesitation from companies to allow their facilities and assets
• bill addresses regulatory lag by permitting the natural gas utility to defer costs in a regulatory asset
• Right now, GRIP allows recovery. of essentially capital items, capital depreciation associated with that
• bill would allow carrying costs and a profit margin for the utility for those expenses, both the capital
• And in the meantime, we are depreciating those assets. That's pipe in the ground.

Bills: HB2766 , HB2891 , HB3334 , HB3791 , HB3911 , HB4021 , HB4041 , HB4042 , HB4384 , HB4426

Committee: House Energy Resources

Keywords: inactive wells, oil and gas regulation, environmental protection, Railroad Commission of Texas, well plugging, Railroad Commission, penalties, violations, pipeline safety, civil penalties, criminal penalties, wildfire prevention, oil and gas, safety inspections, administrative penalties, excavation, notification, utilities, underground facilities, regulatory compliance

Transcript Highlights:

• </c> we'd be able to recycle the capital we'd be able to recycle the capital from<00:16:16.800><c> an
• Senator Wheeler: Well, would it be fair to say that the value of the Mitchell plant as an asset, the
• Same time, you're in a parallel path working towards either acquiring or building a new asset.
• </c><00:30:09.880><c> Those</c><00:30:10.600><c> two</c> building a new asset.
• Those two building a new asset.

Summary: The committee met for an initial natural resources hearing with a quorum present and introductory housekeeping, including prayer, roll call, and recognition of guests. Chair Smith outlined ground rules for questions and then invited Kentucky Power and American Electric Power representatives to the table to discuss a proposed plan involving the Mitchell Power Plant and future generation needs in Eastern Kentucky. Witnesses Cindy Wiseman, Alex Vaughn, and AEP CEO Bill Fehrman said the company’s goals are to stabilize and lower rates, reduce rate volatility, and expand generation in the Commonwealth. They explained that Kentucky Power seeks legislative authority to securitize its 50% interest in the Mitchell coal plant, describing securitization as a refinancing mechanism that would lower annual plant costs by about $34 million and help offset roughly one-third of the expected cost of adding new generation in Kentucky. They emphasized that the proposal is not intended to close Mitchell, and said Kentucky Power currently has no plan to divest its interest; the company still needs the plant to serve customers while it pursues additional dispatchable generation in Kentucky. Members pressed the witnesses on the plant’s book value versus fair market value, whether the Mitchell interest had ever been assigned a nominal value, how any divestiture proceeds would be handled, whether Kentucky Power owns Wheeling Power, and how long Mitchell can continue operating. The company said it values Mitchell at net book value for accounting purposes, not fair market value, and explained that Wheeling Power is a separate AEP affiliate and that West Virginia affiliates have already proposed securitization of their share. Witnesses said Kentucky Power’s interest cannot technically operate past 2028 without additional environmental control investment, while the West Virginia side is depreciating through 2040. They also described the financing timeline, saying securitization would require enactment of legislation, a PSC financing order, bond issuance, and then parallel work to acquire or build new generation, with any reinvestment terms to be addressed through the regulatory process.

Transcript Highlights:

• Washingtonians own a quarter of a trillion-dollar asset.
• So in addition to roads, cities' own bridges, and other assets and infrastructure, transportation is
• So in terms of expenditure trends since 2019, capital spending fluctuated during and after the COVID
• So making sure that we're watching all of our assets in various parts.
• So making sure that we're watching all of our assets in various parts.

Bills: SB5989

Committee: Senate Transportation

Keywords: aircraft fuel tax, tax revenue distribution, aviation funding, transportation, state revenue

Transcript Highlights:

• I think we would probably need to make some changes in what we think about in terms of capital investment
• I think we would probably need to make some changes in what we think about in terms of capital investment
• Um, and every year we end up talking about the assets, the public assets that are, in my case, where
• Uh, these are public assets. Um, and we do have to continue to maintain them.
• And our approach in the Minnesota Senate is to think through the statewide asset of HCMC.

Summary: A Senate DFL leader discussed the upcoming supplemental budget and said nearly half of it is being shaped by the federal budget bill passed last July, which he argued is driving hospital distress, higher county costs, and pressure on family budgets. He said the budget will focus on affordability, health care, and responding to federal actions, including an uncompensated care fund for hospitals in distress and possible one-time county technology upgrades to handle new Medicaid-related requirements. He estimated Senator Wiklund’s health and human services proposal includes about $50 million for those upgrades and said that item would likely be handled in an appropriation bill rather than a bonding bill. The leader also said bonding is a top priority this year and that public asset maintenance remains important, including projects tied to sports and civic facilities. On HCMC and broader hospital funding, he said he is confident the Legislature will act, but wants to address the hospital within the context of the statewide hospital delivery system. He also said the Senate has not yet taken a position on a proposed tax related to fraud restitution, but emphasized support for fraud prevention, an independent inspector general, and more resources for the Attorney General. School safety was another major topic. He said Senate Democrats plan to bring a comprehensive package to the floor that includes school safety funding, mental health care, and measures addressing weapons of war, and he expressed hope that some Republicans will support it. He said the Senate education finance bill already includes more school safety funding than the House GOP version, less funding for private school safety, and no weapons-of-war language, but that a broader package will come through the Finance Committee soon. He also said the Senate expects to take up a stand-alone building security package to cover ongoing screening and staffing costs, and he supported creating a special security response unit for threats against lawmakers. Other issues mentioned included support for banning NDAs for local governments, continued attention to public safety and accountability in response to federal immigration enforcement actions, and interest in a bill affecting Minneapolis sports-related taxes and PGA funding, though he said those proposals are still being worked on and may not pass this year.

Transcript Highlights:

• Some charter schools may actually own their assets, and so at that point, if the charter school closed
• So it would just become a state asset at that point, and we would go through that normal divestiture
• schools in my discussions with charter School leaders has been, is really their ability to access capital
• assets that they need to grow and serve kids, and so I think this is a really unique way for us to do
• just don't want you to be surprised that I will be asking for money to put a small amount of seed capital

Bills: HB2210 , HB2398 , HB2959 , HB3006 , HB3026 , HB3151 , HB3315 , HB3372 , HB3467 , HB3590 , HB4268 , HB4359 , HB4427

Committee: Senate Education

Keywords: youth apprenticeship, career education, workforce development, high school programs, mentorship, vocational training, state oversight, credential of value, education, labor market, government reporting, school abuse reporting, child abuse, neglect, mandatory reporting, student safety, school employee misconduct, administrator reporting, superintendent, law enforcement notification

Transcript Highlights:

• </c> missiondriven capital partners come in. missiondriven capital partners come in.
• ><c> viable</c> Fortish Capital ensures that viable Fortish Capital ensures that viable Minnesota<00:
• </c> the ecosystem of responsible capital the ecosystem of responsible capital available<00:02:59.680
• </c> access capital, jobs are not created. access capital, jobs are not created.
• So<00:09:04.880><c> Fortis</c><00:09:05.440><c> capital</c> So Fortis capital So Fortis capital is<00

Bills: HF3707 , HF3732 , HF2581 , HF3731

Committee: House Workforce, Labor, and Economic Development Finance and Policy

Summary: The committee first adopted the minutes from February 26 and then heard House File 2581, authored by Representative Frazier, which sought $1 million for Fortis Capital, a nonprofit economic development lender. Frazier and Fortis CEO Brian Smith described Fortis as a gap-financing lender that helps underserved entrepreneurs who cannot meet traditional bank underwriting standards. They said the organization has made 37 loans totaling more than $4 million since 2021, leveraged another $29.5 million, and created 314 jobs. Smith said Fortis typically charges around 6.5% interest, has had two defaults, and uses a revolving loan fund model that recycles repayments; members discussed how the proposal fits with other state economic development programs and whether Fortis should instead be part of a competitive grant process. The chair laid HF 2581 over for possible inclusion in a budget bill. The committee then heard House File 3707, brought by Representative Berg, which would extend confidentiality protections to unemployment insurance and paid leave judges and related staff by adding them to the definition of judges for purposes of protecting personal information. Berg and testifiers from the Department of Economic Development and MAPE said the bill responds to harassment and safety concerns, including threats, doxxing, and an attack near an office, and is intended to protect people making sensitive determinations. MAPE supported the bill as an update to existing protections for similar workers. Members raised concerns that the bill’s language was too broad, especially the reference to the paid leave division, and questioned whether it should cover only judges or also call-center and other staff. Department and committee members agreed the language likely needed narrowing and discussed possible amendments and whether to move the bill to Judiciary and then revisit it. No final vote was taken on HF 3707 during the discussion, and the bill remained under consideration for further language work.