Transcript Highlights:

• This is an ecosystem where all things are related in housing.
• Speaker, renters are part of our housing ecosystem. They're important and they deserve support.
• Renters are part of our housing ecosystem. They're important, and they deserve support.
• the perverse effect of actually driving up rents in that broad category because the market is an ecosystem

Bills: HB2720 , HB2073 , HB2487 , SB5816 , SB5919 , SB5995 , SB5831 , SB6134 , SB6136 , SB6137 , HB2689 , SB5922 , SB5944 , SB5957 , SB5988 , SB5994 , SB6011 , SB6065 , SB6103 , SB6151 , SB6244 , SB5420 , SB5868 , SB6044 , SB6132 , SJM8002 , HB2720 , HB2073 , HB2487 , SB5816 , SB5919 , SB5831 , SB6137 , SB6244 , SB5420 , SB5868 , SB6044 , SB6132 , SJM8002

Keywords: behavioral health, emergency services, health insurance, provider access, mental health funding, premium assistance, funding, healthcare, subsidies, insurance tax, state regulation, insurers, taxation, budget impact, juice grapes, agriculture, commerce, market access, fire safety, insurance incentives

Transcript Highlights:

• children and grandchildren continue to have access to clean water, healthy forests, and thriving ecosystems
• children and grandchildren continue to have access to clean water, healthy forests, and thriving ecosystems
• children and grandchildren continue to have access to clean water, healthy forests, and thriving ecosystems
• children and grandchildren continue to have access to clean water, healthy forests, and thriving ecosystems

Keywords: 910, house, all

Transcript Highlights:

• So what we've done is we've created an ecosystem that allows people to get digitally authenticated, and
• So what we've done is we've created an ecosystem that allows people will get digitally authenticated
• Well, Australia figured out that if they take a whole-of-government approach, a whole-of-ecosystem approach
• But to what extent do you think—I was interested in your ecosystem of all players needing to be at the
• But to what extent do you think, I was interested in your ecosystem of all players needing to be at the

Summary: The committee began with a work session on the Joint Legislative Audit and Review Committee’s cannabis market study, presented by JLARC staff member Susanna Pratt. The report found Washington’s cannabis production in 2023 was likely two to three times higher than retail sales, with production estimated at 292,000 to 443,000 pounds of THC versus 139,000 pounds sold. Pratt explained that canopy data are inconsistent and that the Liquor and Cannabis Board’s traceability system is incomplete and unreliable, limiting data-driven regulation, tax verification, recall tracking, and diversion enforcement. JLARC recommended that LCB submit a plan by the end of 2025 for obtaining accurate licensee data by the end of 2026; LCB partially concurred and said a 2027 timeline may be more realistic. JLARC also concluded that the social equity producer licenses would likely have only a minimal effect on statewide production capacity, and suggested the legislature consider broader ways to increase equity in the industry. Members asked about the slow issuance of social equity licenses and about comparable traceability systems in other states. The committee then heard a series of presentations on fraud and scam prevention. Paul Benda of the American Bankers Association described the scale of fraud losses, the role of telecom spoofing, social media scam ads, SIM farms, and crypto ATMs, and argued for a shared-responsibility approach involving banks, telecoms, and platforms. Katie Clark of IQ Credit Union described member-to-member fraud, romance scams, and the operational and financial impacts on credit unions, and recommended better information sharing, safe harbors for returning scam-related funds, and stronger fraud education. Kyle Innes of SIFMA highlighted investor fraud and Washington’s 2009 report-and-hold law, which he said helped shape similar protections in most states, and emphasized the need for better communication among financial firms, APS, and law enforcement. Brian Gerard and Ali Higgs from the Department of Financial Institutions discussed “pig butchering” and other investment scams, focusing on how scammers build trust through social media, dating apps, fake websites, and crypto schemes before extracting funds. Across the fraud presentations, witnesses repeatedly stressed consumer education, interagency information sharing, and stronger controls on telecom, social media, and crypto ATM activity. Members asked about model laws from other states, the role of financial education in schools, and whether crypto ATMs should be regulated or banned. No votes or formal committee actions were taken during the meeting.

Transcript Highlights:

• The cost of entry, these companies will come and experience the ecosystem that we provide, the market
• One of the ecosystems, if I may call it that, that we are trying to implement is bringing in a company
• So we are putting this ecosystem together and bringing all these three or four companies together in
• We are looking at the ecosystem of rural communities as we speak.
• The last initiative I want to bring attention to is our ecosystem development work, which is crucial

Committee: House Economic & Rural Development & Policy Committee

Transcript Highlights:

• He earned his bachelor's degree from Southeastern and then enlisted in the United States Marine Corps
• bravery under heavy enemy fire while flying helicopters during the Vietnam War, he rescued other Marines
• He earned his bachelor's degree from Southeastern and then enlisted in the United States Marine Corps
• His courage, leadership, and devotion to duty helped save the lives of four fellow Marines and reflected
• the highest traditions of the United States Marine Corps.

Bills: HR39 , HR40 , HR41 , HCR19 , HCR20 , HCR21 , HB2 , HB3 , HB15 , HB441 , HB976 , HB977 , HB978 , HB979 , HB980 , HB981 , HB982 , HR19 , HR20 , HR21 , HR22 , HR23 , HR24 , HR25 , HR26 , HR27 , HR28 , HR29 , HR30 , HR31 , HR32 , HR33 , HR34 , HR35 , HR36 , HR37 , HR38 , HCR15 , HCR16 , HCR17 , HCR18 , SCR10 , HB115 , HB208 , HB465 , HB964 , HB965 , HB966 , HB967 , HB968 , HB969 , HB970 , HB971 , HB972 , HB973 , HB974 , HB975 , HB474 , HB487 , HB503 , HB606 , HB633 , HB707 , HB720 , HB728 , HB733 , HB846 , HB852 , HB856 , HB868 , HB875 , HB78 , HB112 , HB148 , HB149 , HB190 , HB221 , HB346 , HB354 , HB355 , HB356 , HB358 , HB384 , HB427 , HB657 , HB675 , HB716 , HB207 , HB300 , HB331 , HB428 , HB464 , HB587 , HB618 , HB629 , HB801 , HB853 , HB891 , HB901

Keywords: St. Joseph's Day, Saint Joseph's Day, St. Joseph's Altar, Italian American, Italian heritage, Italian immigrants, Louisiana culture, New Orleans, Sicilian heritage, Catholic, Feast of Saint Joseph, cultural resolution, heritage caucus, legislative caucus, ethnic heritage, jazz history, Italian Louisiana, immigrant contributions, cultural recognition, House Resolution 40

Transcript Highlights:

• My name is Caitlin Birch, marine scientist with Oceana.
• I was asked to convey the strong support of Environmental Action Committee of West Marin, Monterey Bay
• I was asked to convey the strong support of the Environmental Action Committee of West Marin, Monterey
• Jewish Community Federation Endowment Fund, Jewish Council for Public Affairs, Jewish Democratic Club Marin
• Long Beach and Orange County, Jewish Family and Children's Services of San Francisco, the Peninsula, Marin

Summary: The Assembly Appropriations Committee met on May 21, 2025, with 86 bills on the agenda. The committee first approved two consent motions covering a group of bills eligible for the Assembly floor consent calendar and another group of unanimous bills not eligible for floor consent. Several bills were then heard individually, with authors and supporters emphasizing that many had no or minimal state costs and were aimed at climate, health, or regulatory improvements. Among the bills discussed were AB 39 on local planning for electrification and EV charging infrastructure; AB 1129 allowing local health jurisdictions to opt into reporting birth defects and early-life health conditions; AB 1332 to allow narrow direct shipment of medicinal cannabis to seriously ill patients; AB 1056 phasing out transfer of certain gillnet permits except for a one-time family transfer; AB 408 creating a new Medical Board health and wellness program for physicians; AB 546 requiring health plans to cover portable HEPA air purifiers for vulnerable people during wildfire emergencies; AB 942 revising rooftop solar subsidy rules to reduce costs for non-solar ratepayers; and AB 967 expediting licensure for out-of-state physicians. Supporters generally framed these bills as improving access, equity, public health, or affordability, while opponents on AB 942 and AB 967 raised concerns about implementation, workload, contract issues, and impacts on existing programs. The committee took action on each bill after testimony and questions. AB 39, AB 1129, AB 1332, AB 1056, AB 408, AB 546, AB 942, and AB 967 were all moved out of committee on roll call votes, with some members voting no or not voting on certain measures. The suspense calendar was then read and deemed approved, and the committee opened general public comment, where speakers voiced support for bills including AB 715, AB 1138, AB 782, AB 98, AB 53, AB 258, AB 330, AB 650, AB 649, AB 1048, and AB 425. The meeting adjourned after public comment.

Transcript Highlights:

• I am a volunteer member and representing the Marine Trawler Owners Association and the America's Great
• I am a volunteer member and representing the Marine Trawler Owners Association and the America's Great
• My read of Senate Bill 594 is that it's not written by mariners, for mariners, who are knowledgeable
• But don't ask me; ask people like Phil Purcell of the Marine Industries Association of South Florida,
• You've heard from the Marine Trawlers Owners Association.

Committee: Senate Transportation

Summary: The Transportation Committee took up several bills and agency priorities. SB 44, as amended, increased penalties for operating a vehicle with unauthorized red or blue lights and for obscuring a license plate, including new penalties for using, possessing, manufacturing, or selling license-plate obscuring devices. The sponsor and supporting law enforcement witnesses said the bill addresses widespread plate obstruction and enforcement problems; the committee adopted the amendment and reported the bill favorably. The committee also passed SB 654, designating a railroad overpass in Starke as the Heroes Memorial Overpass, and SB 620, creating a Miami-Dade College specialty license plate with proceeds supporting scholarships and limited administrative/marketing costs. The committee then considered SB 594, which would allow Florida deep-water ports to seek Fish and Wildlife Commission approval for no-anchoring/no-mooring buffer zones adjacent to port channels and turning basins. An amendment clarified the application process, review timeline, rulemaking, and enforcement. Port representatives supported the bill as a way to protect channels and commerce, while several boating and cruising advocates opposed it, arguing the 5,000-foot buffer was excessive, could create safety issues, and would displace anchored vessels without adequate alternative dockage. Despite the opposition, the committee adopted the amendment and reported the bill favorably. The committee also heard a presentation from the Department of Highway Safety and Motor Vehicles on its 2025 legislative priorities, including stricter proof-of-address and identification requirements for vehicle registration, changes to tank vehicle and IFTA rules, a higher crash-report damage threshold, and electronic notice options. Secretary Perdue then outlined FDOT priorities focused on workforce development, research, rural road funding, small business participation, consistent traffic-control standards, modal infrastructure, transit accountability, spaceport support, advanced air mobility, and shifting some power-consumption revenues to the Transportation Trust Fund to offset electric vehicle impacts. No votes were taken on the agency priorities, and the meeting adjourned after members recorded additional affirmative votes on SB 44 and SB 654.

Transcript Highlights:

• One, right now, marine mammals... Please don't speak to the members across the aisle.
• Speaker, and remind you that under federal law, marine mammals in the state of Washington are... ...and
• remind you that under federal law, marine mammals in the state of Washington are currently protected
• Speaker, there was an amendment to the Marine Mammal Protection Act ...would allow them to manage pinnipeds
• , in this case sea lions, for the benefit of their marine waterways.

Keywords: 904, all

Summary: The House convened with a quorum, recited the Pledge of Allegiance, and heard a prayer before moving through introductions, caucuses, and messages from the Senate. Several bills were taken up under third reading, with the chamber suspending rules to advance them to final passage. The day also included recognition of Colville Tribal Business Council members and the adoption of prior minutes without objection. Members approved House Bill 1269, which raises pawnbroker interest rates and fees, with supporters arguing the changes are modest and needed to help small businesses serve unbanked customers; it passed 83-14. Substitute House Bill 2123, dealing with foreign national participation in Washington elections, passed 68-29 after debate over whether the bill appropriately reduces burdens on candidate campaigns while preserving restrictions for initiative campaigns. Substitute House Bill 2178, a technical court-rules bill aligning statutes with court procedures, passed 89-8, and House Bill 2120, which reduces or eliminates certain JLARC reports to free staff time for higher-value audits, passed unanimously 97-0. The House also passed House Bill 2309, eliminating postgraduate degree requirements for some state jobs to reduce barriers to state employment, by a 97-0 vote. Substitute House Bill 2158, authorizing electronic remote notarization of physical documents, passed 96-0 with bipartisan support focused on access in rural areas. Substitute House Bill 2411, expanding shared leave eligibility to include employees affected by hate crimes or immigration enforcement actions, passed 60-36 amid concerns about cost and scope. House Joint Memorial 4004, a nonbinding request to Congress related to tribal management of sea lions to protect salmon, passed 80-16, and Substitute House Joint Memorial 4001, honoring Russell Blount by naming the East 34th Street overpass over I-5, passed 96-0. The House then adjourned until the following Friday morning.

Transcript Highlights:

• One, right now, marine mammals... Please don't speak to the members across the aisle.
• Speaker, and remind you that under federal law, marine mammals in the state of Washington are... and
• remind you that under federal law, marine mammals in the state of Washington are currently protected.
• Speaker, there was an amendment to the Marine Mammal Protection Act would allow them to manage pinnipeds
• , in this case sea lions, for the benefit of their marine waterways.

Summary: The House convened with a quorum, offered the Pledge of Allegiance and prayer, approved the prior day’s minutes, recognized visitors from the Colville Tribal Business Council, and then caucused briefly before taking up bills. The chamber also received a Senate message announcing passage of Substitute Senate Bill 5000. Members advanced and passed several bills. House Bill 1269, raising pawnbroker interest rates and fees modestly, passed 83-14 after supporters said it would help small businesses serving unbanked customers and maintain operations amid inflation. Substitute House Bill 2123, changing foreign national campaign contribution reporting rules, passed 68-29 amid debate over whether it appropriately reduced burdens on candidate campaigns while still protecting initiative campaigns. Substitute House Bill 2178, a technical court-rules and procedure cleanup bill, passed 89-8; House Bill 2120, which removes two duplicative JLARC reports to free staff for higher-value audits, passed unanimously 97-0; House Bill 2309, eliminating postgraduate degree requirements for certain state jobs to reduce employment barriers, passed 97-0; and Substitute House Bill 2158, allowing electronic remote notarization of physical documents, passed 96-0. The House also passed Substitute House Bill 2411, expanding shared leave eligibility to include absences related to hate crimes and immigration enforcement actions, by a vote of 60-36 after supporters framed it as support for public employees and opponents raised cost and policy concerns. House Joint Memorial 4004, a nonbinding request to Congress concerning sea lion management to protect salmon and treaty fishing rights, passed 80-16 after debate focused on salmon restoration and tribal rights. Finally, Substitute House Joint Memorial 4001, honoring Russell Blount by naming the future East 34th Street overpass over I-5, passed 96-0. The House then adjourned until the next scheduled session.

Transcript Highlights:

• And I would stress that the ecosystem of health care across the state is under incredible stress, and
• So the entire ecosystem, and obviously I represent the hospitals, we are one of the backbones of that
• ecosystem, and the stress that we're feeling is incredible.
• </c><00:50:56.359><c> of</c> would stress that the ecosystem of would stress that the ecosystem of health
• of that ecosystem and the stress<00:51:39.319><c> that</c><00:51:39.440><c> we're</c><00:51:39.599><

Committee: House Human Services Finance and Policy

Keywords: 1183, house

Transcript Highlights:

• crypto exchanges with clear guidelines about staking, a consumer tool that enhances the blockchain ecosystem
• It's founded on consumer safety while maintaining some flexibility for the blockchain ecosystem to continue
• Ecosystem to continue to grow in a nourishing and healthy manner.
• This, however, is a specific tool within that ecosystem that allows for the enhancement of the good technologies
• by providing security to those ecosystems, which in essence is the providing security to those ecosystems

Keywords: 988, house, all

Transcript Highlights:

• . ecosystem. ecosystem.
• And there is language in here that simply allows nuclear ecosystem development projects, including but
• They're actually building a generator, I think, in Virginia right now. nuclear ecosystem development
• projects nuclear ecosystem development projects included<00:14:25.680><c> but</c><00:14:25.920><c> not
• </c> nuclear ecosystem. nuclear ecosystem.

Committee: Senate Natural Resources & Energy

Keywords: Meeting Start 00:00 Attendance Roll Call 03:09 SB 57 Discussion 04:03 SB 57 Roll Call Vote 38:37 SB 172 Discussion 41:27 SB 172 Roll Call Vote 50:23, 958, all

Transcript Highlights:

• Scholarship had honorably served our country as a Marine, including tour in Afghanistan.
• He went on to serve as an officer in the Marine Corps.
• He remains in the Marine Corps Reserve, where he holds the rank of Major.
• Rice, you were being a Marine and a major in the Marines and your service.
• Marine Corps, but what I have seen you do for Senator Cruz firsthand.

Committee: Senate Senate Judiciary

Keywords: Department of Justice, nominations, Assistant Attorney General, civil rights, enforcement, committee discussion

Summary: The meeting covered important discussions surrounding key nominations in the Department of Justice, specifically for the roles of Assistant Attorney General for Civil Rights and the Office of Legal Policy. Various committee members took turns to express their views on the nominees, emphasizing the implications of their potential confirmation on civil rights enforcement in the country. Alongside the committee discussion, the nominees provided insights into their professional backgrounds and how their experiences align with the responsibilities of the positions for which they have been nominated.

Transcript Highlights:

• Lisa Bennett, interim executive director of the Multicultural Center of Marin, and thank you for your
• My organization, Multicultural Center of Marin, is a nonprofit in Assemblymember Connolly's district.
• Aaliyoshev with the Multicultural Center of Marin in support. Thank you.
• Aaliyoshev with the Multicultural Center of Marin in support. Thank you.
• Rio with the Multicultural Center of Marin in support. Kristen Brown with the CFT in support.

Summary: The Assembly Education Committee heard several education bills, with AB 887 by Assemblymember Berman proposing that every school district and charter school adopt a plan so all high schools offer at least one computer science course by 2029-30. Supporters, including a teacher and student, argued California is falling behind other states and that computer science is essential for student opportunity and workforce readiness. ACSA opposed the bill, citing the shortage of qualified computer science teachers and administrative burden. The bill passed the committee on a 6-0 vote and was sent to Appropriations. The committee also heard AB 1390 by Assemblymember Solache, which would allow local and county school boards to raise trustee compensation above long-standing statutory minimums that have not changed in decades. Supporters said the current stipends are too low to make board service accessible to working families and younger community members. There was no opposition testimony, and the bill passed with five votes, with the roll left open for additional members. AB 865 by Assemblymember Gonzalez would create a $5 million, three-year grant program for dual-language immersion instructional materials, split between high-demand languages and other languages. Supporters said districts often lack standards-aligned materials in languages beyond Spanish, forcing teachers to create their own. The bill passed 7-0 to Appropriations. AB 857 by Assemblymember Gibson, requiring annual cultural competency training for K-12 staff, also passed 5-1 after supporters linked it to the state reparations task force report and argued it would improve trust and student outcomes. The committee additionally approved AB 677 by Assemblymember Bryan, which would make it easier for unhoused students to access school-based vision and dental screenings by allowing directory information to be used for that purpose with an opt-out process; it passed 8-0. AB 903 by Assemblymember Avila Farias, directing the Department of Education to develop best practices on education technology and digital equity, passed after amendments and with some opponents indicating they would remove opposition once the amendments were in print. Finally, AB 917 by Assemblymember Avila Farias, extending permanent-status protections to certain educators in small districts and county programs, drew significant opposition from small districts and regional occupational programs over flexibility and funding concerns; the bill still passed 5-2 with the roll held open for additional votes.

Transcript Highlights:

• California State Legislature, it is my distinct honor to present SCR 110, along with my colleague and Marine
• that the individual that is not here with us today, as Senator Menjivar served in the United States Marine
• she is an incredible advocate for military personnel, all branches, and even though she's in the Marines
• that the individual that is not here with us today, as Senator Menjivar served in the United States Marine
• she is an incredible advocate for military personnel, all branches, and even though she's in the Marines

Summary: The Senate convened with a quorum, offered prayer and the Pledge of Allegiance, and recognized several guests, including representatives of the National Council of Negro Women, students from Santa Clarita Christian School, and the Coachella Valley High School girls soccer team. The chamber then moved to confirmations and resolutions. Andy Nakahata was confirmed as executive director of the California Infrastructure and Economic Development Bank by a 32-0 vote, Richard Stein was confirmed to the California Arts Council by a 33-0 vote, and Nick Hardiman was confirmed to the California Housing Finance Agency Board of Directors by a 33-0 vote. The Senate adopted SCR 127, recognizing December as Multi-Faith Heritage Month, by unanimous roll call. Members also adopted SCR 110, designating March 16–22, 2026 as Women’s Military History Week, after remarks highlighting women veterans and military leaders, and SCR 137, proclaiming March 15 as Justice Ruth Bader Ginsburg Day, with several senators speaking in support of Ginsburg’s legacy and the importance of women’s equality. SR 85, recognizing March 8–14, 2026 as Multiple Sclerosis Awareness Week, was also adopted unanimously. The Senate then approved the special consent calendar, including Assembly Concurrent Resolutions 127, 128, 132, and 134, by a 33-0 vote. Committee announcements followed, with several budget subcommittees and the Select Committee on California’s Wine Industry announcing upcoming meetings. The session concluded with an adjournment in memory of Dr. William Ma, offered by Senator Wiener, and the Senate announced it would reconvene on Monday, March 16, 2026.

Transcript Highlights:

• Marine Hinojosa and the non-Marine Hinojosa. Maybe, is that the way to go? Okay, okay.
• Senator Hinojosa of Hidalgo as our marine representative and then as the other colonel that's on the
• The Marine Senator. Thank you, Mr. Chairman. I'm always happy to be back with border security.
• I use this one analogy: when I was in Iraq and the Army came in and took over, and the Marines out of

Committee: Senate Border Security

Keywords: 1185, senate, all

Transcript Highlights:

• I'm a sheet metal worker by trade, and I am a Marine veteran.
• veteran um so I know what I am a marine veteran um so I know what it's<00:07:50.360><c> like</c><00:
• platoon we were able to have a my Marine platoon we were able to have a good<00:10:26.839><c> time</
• You see, I served honorably in the Marines for 10 years. I was trained as a scout sniper.
• You see, I served honorably in the Marines for 10 years. I was trained as a scout sniper.

Bills: HF1439 , HF1004 , HF498 , HF1326

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

Keywords: HF1439, Minnesota Grocers Association Foundation, Carts to Careers, workforce development fund, DEED, Department of Employment and Economic Development, grocery industry, food industry, food retail, retail workforce, job training, career pathways, scholarships, certifications, workforce pipeline, one-time appropriation, industry training, labor shortage, youth employment, apprenticeship

Transcript Highlights:

• I wasn't in the military myself, but we grow Marines in our household.
• My first three sons joined the Marine Corps.
• President, if I may: Ain't ready for Marines yet.
• So maybe someday, Senator Banke, might be ready for the Marine Corps.
• So maybe someday, Senator Banky might be ready for the Marine Corps.

Bills: SCR8410 , SCR8410

Keywords: returning bills to house of origin, sine die, end of session, legislative procedure, Rules Committee, third reading, unfinished business, pending bills, joint resolutions, concurrent resolutions, joint memorials, special session, bill numbering, legislative records, House of Representatives, Senate, Washington Legislature, session adjournment, procedural resolution, 904

Transcript Highlights:

• all know that Apple has had an enormous amount of success, because once you get inside the Apple ecosystem
• So when we looked, when we looked three years ago, at the in-state ecosystem for economic development
• He said the ecosystem is getting built, and the state is signaling that it will invite more investment
• He said the difference in the ecosystem and who shows up is striking, with institutional investors from
• He added that, as Jim said earlier, ecosystem development in North Dakota over the last five years is

Committee: Joint Legacy and Budget Stabilization Fund Advisory Board

Keywords: 908, all

Transcript Highlights:

• all know that Apple has had an enormous amount of success, because once you get inside the Apple ecosystem
• So when we looked, when we looked three years ago, at the in-state ecosystem for economic development
• And so that ecosystem now is really getting built.
• And just seeing the difference in terms of that ecosystem and who all’s showing up—it’s institutional
• But I think to Jim’s point in his slides earlier, the ecosystem development that we’ve seen in North

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.