Video & Transcript : 'fiduciary' :
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WA
Washington 2025-2026 Regular Session
House Agriculture & Natural Resources Jan 28th, 2026
Transcript Highlights:
- The chair asked how this alternative revenue generation proposal could meet the department's fiduciary
- The chair asked how this alternative revenue generation proposal could meet the department's fiduciary
- . ...the fiduciary duties that are in place when it in fact reaffirmed those.
- There's no dual fiduciary responsibility that was somehow found in Conservation Northwest versus the
- The fiduciary responsibility remains as undivided loyalty to the beneficiaries.
Summary:
The committee held public hearings on House Bill 2170, which would authorize DNR to enter ecosystem service and carbon contracts on state trust lands, and House Bill 2578, which would add tribal members and alternates to the Fish and Wildlife Commission. For HB 2170, the Department of Natural Resources and supporters said the bill would diversify revenue, help meet climate goals, and allow DNR to participate in emerging carbon and ecosystem markets without necessarily eliminating timber harvest. Opponents, including counties, school districts, timber companies, loggers, and forest industry groups, argued the bill could reduce harvest levels, harm rural jobs and mill supply, and lower revenues for schools and other trust beneficiaries; several said any new authority should be limited to additive projects with stronger safeguards. Supporters included environmental groups and some local officials who said the bill would provide a more stable revenue stream and better align land management with climate and watershed benefits. The chair noted there are two related vehicles in committee, HB 1508 as the negotiated version and HB 2170 as the department version, and the public hearing on HB 2170 was closed after extensive testimony.
For HB 2578, staff explained that the bill would add four tribal commissioner positions and four alternates to the Fish and Wildlife Commission, with representation from federally recognized tribes on both sides of the Cascades and staggered terms. Prime sponsor Rep. Deborah Lekanoff said the measure would strengthen co-management and the state’s government-to-government relationship with tribes, while acknowledging there are other related bills and ongoing legal issues involving WDFW. The chair asked whether the bill would affect existing tribal consultation obligations, and Lekanoff said it would not replace government-to-government consultation; she also said she would follow up on how the governor would make appointments. The hearing on HB 2578 was then suspended so the committee could return to HB 2170 testimony.
The committee also heard staff briefing and sponsor testimony on House Bill 2544, which would create a pilot process for the Upper Columbia River water rights adjudication. Staff said the bill would require Ecology to run the adjudication in two phases, starting with tribal and federal claimants and allowing time for settlement before bringing in other claims, with a report due by June 2035. Rep. Larry Springer said the bill is intended to establish a baseline of water use more efficiently in a process that can otherwise take decades. After the briefing and sponsor remarks, the committee began public testimony on the bill, with tribal representatives and other stakeholders queued to testify.
WA
Washington 2025-2026 Regular Session
House Agriculture & Natural Resources Jan 28th, 2026 at 08:00 am
Agriculture & Natural Resources
Transcript Highlights:
- alternative revenue generation proposal would be able to meet the obligation of maintaining its fiduciary
- alternative revenue generation proposal would be able to meet the obligation of maintaining its fiduciary
- This bill lets DNR convert working state trust lands, which are subject to fiduciary obligations, into
- There's no dual fiduciary responsibility that was somehow found in Conservation Northwest versus the
- The fiduciary responsibility remains as undivided loyalty to the beneficiaries.
Committee:
House Agriculture & Natural Resources
MN
Minnesota 2025-2026 Regular Session
House environment, natural resources committee considers HF1425 3/11/25
Transcript Highlights:
- it requires the office to secure the long-term maximum return from those lands, consistent with fiduciary
- We hold the fiduciary responsibility to the school trust, and that's what Aaron does.
- we hold the government are fiduciaries we hold the fiduciary<00:13:23.399><c> responsibility</c><00:
- 13:24.120><c> to</c><00:13:24.279><c> the</c><00:13:24.399><c> school</c> fiduciary responsibility to
- to the school children of fiduciary to the school children of Minnesota<00:17:32.919><c> so</c><00:17
Summary:
The committee took up HF 1425, which would prohibit the sale of state-owned school trust lands in the Boundary Waters Canoe Area Wilderness to the federal government and instead require a land trade. Representative Skraba argued the federal wilderness law requires an exchange, not a sale, and said the state should trade Boundary Waters school trust lands for federal lands elsewhere, citing potential benefits for logging, mining, and school trust revenue. He said the current proposed sale price was too low and moved to lay the bill over for possible inclusion in a future bill. Later, he withdrew a DE1 amendment and instead moved to re-refer the bill to the Education Finance Committee, but that motion failed.
Testimony was largely opposed to the bill. Aaron Vandal of the Office of School Trust Lands said the exchange option was no longer viable, that the lands have produced no revenue for education for decades, and that selling them is the trust’s last opportunity to generate returns for schoolchildren. Bob Meyer of the DNR supported Vandal’s position and said the agency could not negotiate mineral rights in the way suggested. Aon Clems of the Minnesota Center for Environmental Advocacy and Amanda Hefner of Save the Boundary Waters both opposed HF 1425, though they emphasized different reasons: Clems argued a sale best fulfills the state’s fiduciary duty to maximize long-term returns for education, while Hefner said a sale would harm public education funding, align with the trust’s original purpose, and help consolidate federal ownership in the wilderness.
Members then questioned the valuation and the practical differences between a sale and an exchange. Representative Jacob challenged the low per-acre price and asked about the federal government’s set-aside amount, while Representative Fischer asked how the appraisal was determined. DNR lands and minerals director Joe Henderson explained the valuation came from an independent appraiser, was based on the wilderness restrictions and lack of development potential, and was from a 2020 appraisal that is now being updated. Representative Schultz supported the sale approach and said the state should not transfer the land at such a low price. The committee did not advance the bill to the Education Finance Committee.
TX
Transcript Highlights:
- court ordered financial support of parents or a child with or for the subcommittee on family and fiduciary
- marriage license to county clerk by a federal or state judge who can subcommittee on family and fiduciary
- child of the suits affecting the parent-child relationship referred the subcommittee and family fiduciary
- Subcommittee on Family and Fiduciary Relationships, HB 4806 by Bonin relating to the recovery of damages
- It'd be 4870 by eight if it's a. , d also have a committee on family and fiduciary relationships.
Keywords:
property tax, ad valorem tax, tangible personal property, income-producing property, business personal property, tax exemption, local government finance, appraisal district, chief appraiser, rendition statement, property tax relief, small business, commercial property, leased property, related business entity, unified business enterprise, tax situs, Texas Tax Code, local taxing unit, constitutional amendment
OK
Transcript Highlights:
- I would ask you, General Fund focuses only on the pension systems managed by professional fiduciaries
- But I would hope that our pension systems, and we trust those who have the fiduciary knowledge...
- But I would hope that our pension systems, and we trust those who have the fiduciary knowledge to make
- I think that we can support this, a lot of those options, but I want our fiduciaries to make sure that
- It's about flexibility and fiduciary discretion. I respectfully ask for your support.
Committee:
Senate Revenue and Taxation
Summary:
The Revenue and Taxation Committee met and considered several bills. Senate Bill 1776, by Senator Pugh, would create a $10,000 refundable tax credit for teachers with seven consecutive years of service, as part of a teacher retention strategy; after questions about the seven-year threshold, it passed 8-3. Senate Bill 1858, by Senator Frix, would create a new TIF district financing option allowing developers, rather than cities or counties, to borrow against projected TIF revenues; the committee adopted an amendment changing a filing provision from “may” to “shall,” and the bill passed 7-4. Senate Bill 1985, by Senator Guthrie, would let state retirement systems consider limited investments in regulated digital assets, capped at 5% and narrowed to large-market-cap assets; the committee added an amendment inserting “in” to clarify the language, and the bill passed 9-2.
The committee then rejected Senate Bill 1302, by Senator Kirt, which would repeal the “path to zero” trigger tied to future income tax cuts; it failed 2-9 after debate over fiscal stability and tax relief. Senate Bill 1809, by Senator Hamilton, would raise the homestead exemption from $1,000 to $5,000; members debated its impact on local governments and school funding, but it passed 9-2. Senate Bill 1401, by Senator Rader, was amended to adjust the insurance premium tax rate from 1.96% to 2.16% and eliminate the home office premium tax credit; the bill was laid over after concerns about its fiscal impact.
Finally, Senate Bill 2053, also by Senator Rader, would allow cities and counties to impose up to a 10% excise tax on medical marijuana dispensaries by local vote, with OTC handling collections and enforcement; supporters framed it as local control and a way to offset public safety costs, while opponents argued it unfairly targeted dispensaries and consumers. The bill passed 7-3. The committee then adjourned and announced it would meet again the following Monday after floor activity.
KY
Kentucky 2026 Regular Session
Senate Standing Committee on Economic Development, Tourism, and Labor (2-5-26)
Economic Development, Tourism, & Labor
Transcript Highlights:
- A company’s independent board has a fiduciary responsibility to the company and its shareholders.
- Proxy advisers do not have that same fiduciary responsibility.
- A company's independent board has a fiduciary<00:09:04.640><c> responsibility</c><00:09:05.360><c> to
- </c><00:09:05.600><c> the</c><00:09:05.839><c> company</c> fiduciary responsibility to the company fiduciary
- </c> not have that same fiduciary not have that same fiduciary responsibility.<00:09:11.279><c> That's
TX
Transcript Highlights:
- Second, these investments very likely run afoul of fiduciary duty.
- Second, on fiduciary duty, fiduciaries have a duty of care to monitor investments, investigate them,
- Our organization, State Armor, conducted an analysis of the fiduciary concerns within China.
- However, they claimed that this was a market decision based on their fiduciary duty to prioritize investor
- It is very difficult to say that they are being true to their fiduciary duties to the state.
Committee:
Senate State Affairs
WV
West Virginia 2026 Regular Session
WV Senate Judiciary Committee in Session Mar 9th, 2026 at 03:12 pm
Judiciary
Transcript Highlights:
- The other system is a fiduciary supervisor system, and they’re different as night and day.
- There would be, and I’ll be honest, I was only familiar with the fiduciary supervisor segment, so yes
- The idea is to help the average West Virginian understand the magnitude of the fiduciary responsibility
- and estates, duties and responsibilities of executors and administrators, including acting as a fiduciary
- I mean, right now it's, yes, administrators would be the primary goal and the fiduciary responsibilities
Committee:
Senate Judiciary
WA
Washington 2025-2026 Regular Session
House Agriculture & Natural Resources Feb 18th, 2026
Transcript Highlights:
- we see at the Board of Natural Resources: continued public comment that does not understand the fiduciary
- ...the influence of tribal members on the board will automatically put at risk or challenge the fiduciary
- So if they already are wavering in their fiduciary obligation, we're just incredibly nervous.
- This is an entity that should be making fiduciary decisions.
- Both of them carry fiduciary responsibilities, but how they can be changed and managed are very different
Summary:
The House Agriculture and Natural Resources Committee heard several Senate bills and a joint memorial, with the chair moving items around to accommodate prime sponsors and public testimony. SB 5838 would add two tribal representatives to the Board of Natural Resources, one from each side of the Cascades, and broaden the nomination pool to include tribes with treaty-ceded lands in Washington. The sponsor and tribal and agency witnesses said the bill would add tribal knowledge and stewardship expertise without changing government-to-government consultation. County and industry witnesses raised concerns about fiduciary duties to trust beneficiaries, the lack of stakeholder consultation, and the effect of expanding the board from one to two tribal seats. Public testimony was mixed, and the committee recorded strong support and opposition on the bill.
SB 5816 would add juice grapes to the state Agricultural Marketing and Fair Practices Act, allowing juice grape producers to use the same marketing and negotiation framework already available to pears, sweet corn, and potatoes. The sponsor said the bill would help juice grape growers facing unfair pricing pressure from processors. The committee took limited public testimony and recorded support and opposition before closing the hearing. SJM 8015 urged Congress to ensure federal wildfire response entities remain capable of protecting communities, infrastructure, watersheds, and firefighter health and safety during federal consolidation of wildfire programs. Testimony from environmental groups, forest industry, and union representatives broadly supported the memorial and emphasized rising wildfire risk, smoke impacts, and the need for strong interagency response capacity.
The committee also heard HB 2737, which would cap certain shellfish regulatory fees, exempt the shellfish program from full fee recovery, and apply the caps retroactively. The sponsor and shellfish growers said the Department of Health’s fee increases would be unsustainable for small family farms and processors, while DOH explained it was following a full cost-recovery model unless the Legislature provides general fund support. Witnesses described large projected fee increases and potential business closures, and DOH said it had reopened rulemaking to consider smaller operators. Because the bill was heard after cutoff, the chair noted it could not advance, but the committee still took testimony and discussed possible amendments and follow-up information before adjourning.
NV
Nevada 2025 Regular Session
Assembly Committee on Commerce and Labor May 31st, 2025 at 11:30 pm
Commerce and Labor
Transcript Highlights:
- Add this with the fiduciary duty component, and patients will be put first.
- And then fiduciary duty, with duty of care, fiduciary duty raises the standard of care.
- And then fiduciary duty with duty of care, fiduciary duty raises the standard of care.
- with the legal and operational challenges that health plans may face as a result of expanding the fiduciary
- Finally, SB 316's expanded fiduciary duty provisions place us...
Committee:
Assembly Commerce and Labor
NH
New Hampshire 2026 Regular Session
Senate Health and Human Services (01/14/2026)
Health and Human Services
Transcript Highlights:
- As to fiduciary duty in section three, we see a PBM is fundamentally not a fiduciary.
- We do find fiduciary duty, excuse me, fiduciary duty to be incongruous with the definition of a fiduciary
- Um a fiduciary has agency to fiduciary.
- me, we do find fiduciary duty, excuse me, fiduciary<01:46:28.480><c> duty</c><01:46:28.880><c> to</c>
- </c> if if this fiduciary duty were to pass. if if this fiduciary duty were to pass.
Committee:
Senate Health and Human Services
TX
Transcript Highlights:
- child or relationship. and a child's enrollment in school or for the subcommittee on family and fiduciary
- protective order within the commission of the family violence or for the subcommittee on family and fiduciary
- Overcosts and expenses in family law proceedings, referred to the Subcommittee on Family Fiduciary Relationships
- special appointments and suits affecting the Parent-child relationship for the Subcommittee on Family Fiduciary
- of an obligure during the obliger's confinement in jail or prison for the subcommittee on family fiduciary
VT
Vermont 2025-2026 Regular Session
Senate Session - 2026-04-29 - 11:00AM
Vermont Senate Floor Meeting
Transcript Highlights:
- And that is to deal with a fiduciary.
- And that is to deal with a fiduciary.
- And that is to deal with a fiduciary.
- And that is to deal with a fiduciary.
- And that is to deal with a<01:16:17.880><c> fiduciary.</c> a fiduciary. a fiduciary.
MO
Transcript Highlights:
- It's not in a fiduciary relationship with them, and that they may be able to get a better and different
- It's not acting in a fiduciary relationship to them.
- It's not acting in a fiduciary relationship to them.
- And that's where the lack of fiduciary responsibility comes in. So.
- And that's where the lack of fiduciary responsibility comes in.
CA
California 2025-2026 Regular Session
Assembly Public Employment and Retirement Committee Jan 14th, 2026
Transcript Highlights:
- While CalPERS board members and staff have a fiduciary duty to properly invest members' contributions
- Also, I just want to touch briefly on the point of fiduciary duty that was raised.
- Also, I just want to touch briefly on the point of fiduciary duty that was raised, because we have heard
- arguments about how labor standards and fiduciary duty are somehow mutually exclusive.
- And that is what fiduciary duty represents: not being able to invest in things that deliver us the returns
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.
WA
Washington 2025-2026 Regular Session
House Agriculture & Natural Resources Feb 18th, 2026 at 08:00 am
Agriculture & Natural Resources
Transcript Highlights:
- we see at the Board of Natural Resources, continued public comment that does not understand the fiduciary
- So if they already are wavering in their fiduciary obligation, we're just incredibly nervous.
- But yeah, there's some concern that the Board of Natural Resources is moving away from its fiduciary
- This is an entity that should be making fiduciary decisions.
- Both of them carry fiduciary responsibilities, but how they can be changed and managed are very different
Committee:
House Agriculture & Natural Resources
Keywords:
fire safety, insurance incentives, best practices, community protection, voluntary measures, juice grapes, agriculture, commerce, state regulation, market access, federal response, wildfire protection, community safety, infrastructure, natural resources, commercial shellfish, shellfish fees, Department of Health, biotoxin testing, export certificate
HI
Transcript Highlights:
- questions, but just want to highlight that the role of a trustee, especially for the ETF, is a very fiduciary
- questions, but wanted to highlight that the role of a trustee, especially for the ETF, is a very fiduciary
- very very especially for the ETF is is a very very you<00:13:13.399><c> know</c><00:13:14.519><c> fiduciary
- </c><00:13:15.519><c> uh</c><00:13:15.760><c> you</c><00:13:15.880><c> know</c> you know fiduciary uh
- you know you know fiduciary uh you know significant<00:13:17.160><c> role</c><00:13:17.680><c> so</c
Committee:
House Labor
MA
Massachusetts 2025-2026 Regular Session
Informal House Session 108 Jun 21st, 2026 at 11:00 am
Massachusetts House Floor Meeting
Transcript Highlights:
- House bill relative to charter school procurement, House No. 3423, and the House bill for uniform fiduciary
- For uniform fiduciary access to digital assets, House No. 4639. Mr.
- No. 2813, an act relative to charter school procurement, House No. 3423, and an act for uniform fiduciary
Summary:
The House convened with the Pledge of Allegiance and first concurred in a Senate petition from Michael O’More seeking legislation to prohibit denials of certain health care payments, which was referred under suspension of Joint Rule 12 to the Committee on Financial Services. The Committee on Steering Policy and Scheduling then recommended several bills for House consideration, including measures on privileged communication between labor organizations and individuals, the Board of Registration of Naturopathy, the fifth member of the public employee retirement systems, charter school procurement, and uniform fiduciary access to digital assets. The House suspended Rule 7A, ordered these bills to a third reading, and later took up engrossed bills on affordable car rentals (Senate 2616) and expanding Marblehead’s Board of Health (House 3912), passing both to be enacted.
The House also considered House 4401, relating to certain special revolving funds in the town of Athol, after it was released by the Committee on Bills in the Third Reading. That bill was passed to be engrossed. No debate or recorded opposition was noted on the measures considered; actions were taken by voice vote with the ayes prevailing throughout.
At the close of business, the House adopted an order to adjourn until 11 a.m. the next day, and then adjourned accordingly. A Democratic caucus was announced for 11 a.m. in rooms A.1 and A.2.
LA
Transcript Highlights:
- In essence, this would move language relative to fiduciary duties.
- It just takes the fiduciary duty out of it, which is a high standard, and it just brings good faith and
- Fiduciary duties are really not applicable to PBMs that do not hold money from their clients for the
- While I've removed the word fiduciary today, obviously it's a sticking point because fiduciary and the
- word fiduciary rewires how PBMs are able to make money and how they are legally exposed.
Committee:
House Health and Welfare
Summary:
The House Committee on Health and Welfare met on April 23 and first disposed of several items without hearing them, including HB 1093 and HB 1145, and voluntarily deferring HB 946. The committee then quickly reported HB 1095 favorably without objection. That bill would require nursing facilities to have fuel or another alternative power generation source to maintain power, and supporters said it preserves existing backup-power safety requirements while giving facilities more flexibility as technology changes.
The committee then took up HB 926, which concerns vaccination status and admission to public buildings and seeks to prohibit medical mandates. After adopting an amendment set and additional changes clarifying exclusions for licensed health care providers and facilities, medical masks, and child welfare/school-related provisions, the committee heard testimony both for and against the bill. Supporters framed it as a civil-liberties measure limiting vaccine-card requirements for public buildings, while opponents warned it could interfere with public health measures, school immunization rules, and the ability of health care facilities to protect patients. The bill was reported favorably on an 8-4 vote.
HB 1220, a cleanup bill for the Louisiana State Board of Medical Examiners, was then reported favorably after a technical amendment set. HB 1227, which would require complaints involving medical judgment to be reviewed by a three-physician panel before formal disciplinary action, drew extensive testimony from a physician sponsor, a doctor describing his disciplinary experience, and the board’s executive director, who said the board already uses practicing physicians, nurses, and experts in its process and warned the proposed panel system could be impractical because physicians are difficult to recruit for such reviews. At the sponsor’s request, the committee voluntarily deferred HB 1227 for further work.
Finally, the committee reported HB 1217 favorably with amendments to a pharmacy benefit manager transparency bill, after supporters said it would expose hidden pricing and rebate practices and opponents argued some provisions were duplicative or unnecessary. HB 1028, setting minimum Medicaid reimbursement rates for non-emergency medical transportation, was reported favorably and referred to Appropriations after supporters described the need for higher rates and members discussed funding. The committee also reported HB 1185 favorably, with amendments preserving the existing Rural Hospital Preservation Act while extending similar protections to additional rural-lookalike hospitals, and adopted HCR 76 to continue the Health Inequities and Disparities in Rural Areas Task Force for another year.
LA
Transcript Highlights:
- In essence, this would move language relative to fiduciary duties.
- It just takes the fiduciary duty out of it, which is a high standard, and it just brings good faith and
- Fiduciary duties are really not applicable to PBMs that do not hold money from their clients for the
- While I've removed the word fiduciary today, obviously it's a sticking point because fiduciary and the
- word fiduciary rewires how PBMs are able to make money and how they are illegally exposed.
Bills:
HB689 , HB742 , HB926 , HB946 , HB948 , HB1028 , HB1095 , HB1114 , HB1121 , HB1155 , HB1185 , HB1217 , HB1220 , HB1227 , HCR76
Committee:
House Health and Welfare
Keywords:
public assistance, child welfare, benefit adjustment, DCFS, LDH, fraud detection, household reporting, Medicaid, immunization, healthcare eligibility, Family Independence Temporary Assistance Program, health policy, vaccination requirements, vaccination status, vaccine mandate, medical freedom, medical autonomy, public buildings, public access, government services