Transcript Highlights:

• </c> getting the results out to the public getting the results out to the public again<00:40:39.240><
• </c> 483 B1 and two is the assessment of land 483 B1 and two is the assessment of land value<00:47:29.280
• I'm Matt Ley, the public policy director for the Forest Society.
• We are a private nonprofit land trust, so we protect land either by ownership or through holding conservation
• easements on other private land.

Committee: Senate Election Law and Municipal Affairs

Transcript Highlights:

• County Public Works.
• Our organization is a nationally accredited not-for-profit land trust founded in 1971.
• , of degraded lands into parkland.
• We just can't go in and acquire land.
• But getting this land—I mean, the fact that it took 30 years in Carson to get that land remediated and

Committee: Senate Natural Resources and Water

Transcript Highlights:

• sort of in trust, and as federal trust Native American land would be exempt.
• sort of in trust, and as federal trust Native American land would be exempt.
• As part of that proposal, there was a change to Community Land Trust property.
• Prior to this change, Community Land Trust property was classified as a residential homestead.
• </c><01:32:17.560><c> trust</c> Board of assessors promotes public trust Board of assessors promotes

Committee: Senate Taxes

Transcript Highlights:

• Assembly Bill 1579 by Assembly Member Ramos, relating to public social services.
• This is not about trust or confidence and enhancing that.
• Assembly Bill 1802 by Assembly Member Stephanie and an act relating to land use.
• and the endowments to care for those lands.
• It gives land trusts and other qualified entities the financial stability they need to maintain important

Summary: The Assembly convened, initially lacked a quorum, then completed the roll call and prayer, adopted routine procedural motions, and moved through the daily file with many bills passed and retained or passed outright. Early measures included AB 2417 on community college faculty retirement information, AB 1579 expanding the Children’s Crisis Pilot Program, AB 2041 on emergency medical services reporting, AB 1547 on a UC medical school feasibility study in Kern County, and AB 1552 directing higher education segments to report on civic engagement and democracy education. The body also took up SB 73, an urgency elections-security bill, where supporters argued it would protect ballots, voting systems, and election workers from interference, while opponents said it could be unconstitutional, partisan, and overly restrictive of local and federal investigations. SB 73 passed with urgency and immediate transmittal to the Senate. The Assembly then approved a long series of policy bills, many with unanimous or near-unanimous votes, including AB 1554 on California Earthquake Authority transparency, AB 1584 on civil rights duties at the Air Resources Board, AB 1592 on the California Indian Cultural Center, AB 1629 on direct payment to dentists, AB 1645 on prison visitation physical-contact rules, AB 1688 on foster care notice and accountability, AB 1699 on prescribed and cultural burns, AB 1738 on virtual final inspections for single-family homes, AB 1741 on charging sexual battery during a residential break-in as a wobbler, AB 1802 on mitigation lands endowments, AB 1813 on community renewable energy program changes, AB 1899 creating a youth homelessness prevention office, AB 1904 on a credentialing apprenticeship program, AB 1941 on organized metal theft, AB 2043 on drone-attack prevention for mass gatherings and critical infrastructure, AB 2054 on paid family leave for military relatives, AB 2081 on home-based Medi-Cal care, AB 2116 on predatory lending, AB 2122 limiting bench warrants for vehicle-code infractions, AB 2176 on student housing coordination, AB 2187 on tribal public-contract exemptions, AB 2221 on charitable fundraising processing deadlines, AB 2232 on advance parole hearing reporting, AB 2235 on confidentiality of judges’ home addresses, AB 2250 on cannabis/hemp enforcement cleanup, and AB 2266 on electricity. Most measures were described as support or bipartisan bills and passed with little or no opposition. A few bills drew notable debate or recorded opposition, including AB 1813, AB 2122, and SB 73, though all ultimately passed. After finishing 35 items, the Assembly announced it would return the following week with a much larger file, noted upcoming floor amendment deadlines, and adjourned until Tuesday, May 26 at 1 p.m. A post-adjournment vote change was also recorded, changing Assembly Member Dixon’s vote on AB 2041 from aye to no.

Transcript Highlights:

• charging infrastructure. ...public charging infrastructure.
• And on top of this, and finally, Tesla and others can be on tribal land.
• They provide trusted relationships.
• On tribal land. Okay, I didn't know that, and I think that's interesting.
• The Water Trust Board has a lot of money.

Bills: SB22 , SB310

Committee: Senate Senate Conservation

Summary: The committee first heard Senate Bill 22, which would allow certain motor vehicle manufacturers, including electric vehicle companies, to be licensed as dealers in New Mexico and sell/service directly to consumers. Supporters, including the sponsor’s office, Taxation and Revenue, Rivian, and clean-energy advocates, argued the bill would expand consumer choice, lower prices, improve EV access and service in-state, and bring new investment and jobs without eliminating existing franchise dealers. Opponents, including auto dealer associations, chambers of commerce, and franchise owners, argued the measure would weaken the franchise system, harm local businesses and jobs, reduce community reinvestment, and could disadvantage rural and tribal communities. After questions about trade-ins, tribal land sales, tax effects, and economic impacts, the committee voted to table SB 22 by a vote of 7-2. The committee then took up Senate Bill 310, which appropriates $1.1 million to the New Mexico Environment Department for planning, design, and construction improvements to the Mora mutual domestic water system. Supporters described aging water and wastewater infrastructure, an AOC related to discharge into the Mora River, flood and fire impacts, and heavy-metal contamination concerns in private wells. They said the project is part of a larger effort to address inflow and infiltration, improve treatment capacity, and protect public health, with additional funding already sought through the Clean Water State Revolving Loan Fund and the Water Trust Board. Some senators questioned whether the request should instead go through existing water funding programs and raised concerns about piecemeal financing and the Environment Department’s role, but others supported the need for the project. The committee approved SB 310 on a 5-3 due-pass vote.

Transcript Highlights:

• for public comment.
• It's just that trust is not there.
• safety and public health issue.
• trust that trust chairman before about or the distrust but let's not talk about the trust the trust
• This program is gaining trust.

Summary: The hearing focused on the Missing and Murdered Indigenous People (MMIP) grant program under the Board of State and Community Corrections and related Department of Justice efforts. BSCC reported that it now administers 36 MMIP grants across three cohorts, with awards ranging from $436,000 to $1 million, plus five collaborative grants at $2 million each, totaling $35.4 million awarded to federally recognized tribes. Testimony from tribal leaders and grantees described how the funding supports prevention, family advocacy, domestic violence services, law enforcement coordination, youth programming, culturally grounded healing, and new tribal public safety positions such as investigators, social workers, and drone operators. Speakers repeatedly emphasized that the crisis is longstanding, tied to generational trauma, and that the grant has helped build trust and infrastructure in tribal communities. Several witnesses and committee members urged continued and preferably ongoing funding, noting that demand now exceeds available one-time money. BSCC and tribal representatives described outreach efforts that increased participation from four applicants in cohort one to 20 in cohort two and more applicants than funding in cohort three. Tribes also raised implementation concerns, especially the burden of quarterly narrative reporting, limited staff capacity, and the need for flexible administration. BSCC said it uses steering committees, separate small- and large-project categories, orientations, monitoring visits, and technical assistance to support grantees. Tribal leaders and advocates stressed that the program should remain accessible without requiring a waiver of tribal sovereignty. The second major topic was DOJ’s update on AB 3099, the Tribal Assistance Program, and the tribal police pilot under AB 134. DOJ officials said the Office of Native American Affairs and the Division of Law Enforcement have been conducting outreach, trainings, listening sessions, and coordination with tribal, local, state, and federal partners to address Public Law 280 jurisdictional issues, improve reporting and data, and support Feather Alert and MMIP-related resources. DOJ said the AB 3099 report is in internal review and that the tribal police pilot is moving forward with the Yurok Tribe as a participant, with a July 1, 2026 start date. DOJ and tribal witnesses said the pilot’s main barriers are cost and, for some tribes, the waiver of sovereign immunity. No votes were taken, and the hearing ended with broad support for expanding and sustaining MMIP-related funding and infrastructure.

Transcript Highlights:

• And for me, public service at the local level meant..."
• They are looking at local land use and zoning requirements.
• safety and public, you know, and local.
• The new RO must have an office of public participation.
• New RO must have an office of public participation.

Committee: House Utilities and Energy

Summary: The Assembly Committee on Utilities and Energy first heard SB 254, a major utility affordability and wildfire-liability package authored by Senator Becker and coauthored by Assembly Member Petrie-Norris. The bill combines wildfire mitigation oversight, $6 billion in securitized financing for future fire-mitigation capital work, a public ownership/transmission accelerator program, tighter scrutiny of utility profits, clean energy permitting streamlining, and a successor wildfire fund to replace the current fund after the January Southern California fires. Supporters, including the Governor’s office, TURN, labor, clean energy groups, utilities, and fire victim advocates, said the measure would lower bills, stabilize utilities, protect victims, and speed grid upgrades. Opponents from large energy users and agricultural interests argued the bill did not go far enough on affordability and that the wildfire fund’s volumetric charge would disproportionately burden business customers; counties also raised local-control concerns about permitting provisions. Committee members focused heavily on the wildfire fund structure, the role of ratepayers versus shareholders, and whether the bill creates enough incentive for utilities to reduce future wildfire risk. Authors and supporters said California’s inverse condemnation framework leaves ratepayers exposed without a fund, that the new continuation account would be split roughly 50/50 between ratepayers and shareholders, and that the bill includes a report on long-term sustainability. Members also discussed the clean energy permitting provisions and local consultation, with authors emphasizing that local land-use review and consultation remain in place. The committee then voted 16-0 to pass SB 254 to the floor. The hearing then shifted to an informational hearing on AB 825, which would enable California to participate in a West-wide electricity market. The authors and supporters said the regional market could save ratepayers up to $1 billion annually, improve reliability by widening access to wind and solar across the West, reduce curtailment, and lower greenhouse gas emissions. Support came from environmental groups, labor, utilities, community choice aggregators, large energy users, and business groups. TURN opposed the measure, warning that last-minute changes removed safeguards against California ratepayers subsidizing out-of-state coal plants and other costly fossil generation. Committee discussion on AB 825 centered on governance, exit rights, and legislative oversight. The authors described safeguards including market rules protecting California policies, consumer advocacy and market monitoring requirements, annual reporting to the Legislature, a delayed 2028 start date, and the ability for California or other members to exit without penalties. Members also raised concerns about the CPUC’s constitutional independence and local consultation, but the authors said the bill preserves local input and gives the Legislature ongoing oversight. No vote was taken because the hearing was informational only.

Transcript Highlights:

• Public trust matters.
• Public trust matters.
• Public trust matters.
• Public trust matters.
• </c> values, and to protect public trust. values, and to protect public trust.

Transcript Highlights:

• , and then your testimony is public.
• for a hundred years, the Massachusetts Land Court had said all these lands were entitled to what they
• An easement to the land. And there wasn't any.
• The Norwood property is owned by a real estate investment trust company known as Medical Properties Trust
• requirement of Article 97 and the Public Lands Protection Act.

Committee: Joint Joint Committee on State Administration and Regulatory Oversight

Summary: The committee heard testimony on H. 3599, a bill concerning access to landlocked Indian lands in Massachusetts. Witnesses, including members of the Mashpee Wampanoag and Herring Pond communities, described long-standing family land access problems, tax assessments they said treated inaccessible parcels as buildable, and a 2016 Supreme Judicial Court ruling that denied easements by necessity on the basis of tribal custom. They said the bill would restore equal treatment under the law and noted support from the Mashpee Wampanoag Tribe and conditional support from the Aquinnah Wampanoag Tribe, with possible language changes still under discussion. Members asked about the tax impacts and the status of tribal support, and the chair said the committee would review the conditions and written letters before proceeding. The committee then took up H. 5047, authorizing the Commonwealth to take the Norwood Hospital property by eminent domain so the site can be restored as a hospital. Sponsors Rep. Rogers, Sen. Rush, and Rep. Lynch argued that the closure of Norwood Hospital after the 2020 flood and Steward bankruptcy left a regional medical gap affecting more than a dozen towns, major venues, and emergency responders. They said the site should be returned to a not-for-profit operator, that the state would not be asked to fund the hospital itself, and that eminent domain would allow an independent valuation and move the project forward. Several committee members voiced support, while Rep. Davis asked about timing, cost, and whether negotiations with the current owner could still resolve the issue; sponsors said the private owner had delayed too long and that the state needed a contingency path. Testimony from local officials, chamber representatives, nurses, firefighters, EMS leaders, and residents emphasized the hospital’s regional role, the strain on ambulance and emergency room capacity, longer transport times, boarding at other hospitals, and added costs to towns for ambulances and staffing. Speakers also described personal experiences with delayed care and said the hospital had been profitable before the flood. The Massachusetts Nurses Association and the Professional Fire Fighters of Massachusetts supported the bill, stressing the need for inpatient beds, emergency preparedness, and a stable regional health care system. The committee also briefly heard and accepted testimony on S. 2922, an Eversource-backed bill authorizing an underground easement at Magazine Beach in Cambridge for the Greater Cambridge Energy Project, before returning to the Norwood Hospital bill; no votes were taken during the hearing.

Transcript Highlights:

• ><c> exist</c> public lands which predominantly exist public lands which predominantly exist in<00:36
• > and</c> much of the public lands in northern and much of the public lands in northern and central<00
• </c><00:37:00.640><c> lands</c> right um it's not just public lands right um it's not just public lands
• </c><00:37:49.040><c> account</c> other public lands and that we account other public lands and that
• lands</c> forfeited lands and school trust lands forfeited lands and school trust lands located<00:44

Committee: Senate Taxes

Transcript Highlights:

• County Public Works.
• So trust and believe that the experts saw this, you know, multiple times.
• Why are we taking away the power of public agencies to make their decisions?
• Our organization is a nationally accredited not-for-profit land trust founded in 1971.
• We just can't go in and acquire land.

Summary: The Senate Natural Resources and Water Committee heard several measures focused on conservation, coastal protection, water supply, and invasive species. AB 1987 by Assemblymember Aguiar-Curry would direct fees and lease revenues generated by state wildlife areas back to those areas for operation and maintenance; the author accepted committee amendments, and Audubon California testified in support with no opposition. AB 1448 by Assemblymember Hart would strengthen California’s restrictions on offshore oil and gas development by limiting the use of existing infrastructure for new offshore drilling and adding review requirements for lease transfers and related actions; it drew broad support from coastal governments and environmental groups and no opposition, and was sent to Appropriations. AB 1894 by Assemblymember Rubio addressed imported water deliveries for groundwater recharge in the context of golden mussel control plans, aiming to prevent local restrictions from blocking deliveries that comply with state-approved invasive species plans; supporters said it protects groundwater reliability, while opposition argued it could weaken local authority and liability protections. After discussion, the committee approved the bill 6-0 and sent it to Appropriations. The committee also considered ACR 107 by Assemblymember Bauer-Kahan, a resolution recognizing the Diablo Range as a major conservation priority and highlighting its habitat, watershed, and 30 by 30 value. Support came from Save Mount Diablo, and members emphasized the range’s ecological importance and regional reach; the resolution was adopted on a 7-0 vote. Finally, AB 1946 by Assemblymember Bryan sought to elevate investment in urban conservation and park creation in historically underserved communities as part of California’s 30 by 30 goals. Testimony from Los Angeles County Parks and Recreation and park/recreation organizations stressed the need to reduce “nature poverty,” improve access, and remediate degraded urban lands; members discussed equity, biodiversity, and park maintenance, and the bill passed 7-0 to Appropriations. Several items, including AB 1987 and the consent calendar, were also approved on unanimous or near-unanimous votes, with some measures held on call before final roll calls were completed.

Transcript Highlights:

• Bottom line is let's keep the public trust and these public lands as they were intended.
• Bottom line is let's keep the public trust and these public lands as they were intended.
• He argued that the public trust should be protected and that these lands should be harvested appropriately
• The public trust argument that was made earlier, when these lands were purchased, the expectation is
• I know the Southeast Land Trust.

Committee: House Municipal and County Government

Transcript Highlights:

• Over the last year, my office and I worked closely with the Trust for Public Land and more than 25 different
• Rika Mastradinato, with the Trust for Public Land. Good afternoon, members and staff.
• Rico Mostradinado, with the Trust for Public Land, is testifying on behalf of the California Marine Sanctuary
• Juan Lamedano, with the Trust for Public Land, is testifying on behalf of the Resource Conservation District
• Vanessa Flores, on behalf of the Trust for Public Land, said the organization is a proud sponsor and

Committee: House Local Government

Transcript Highlights:

• </c> forth to redo our entire you know land forth to redo our entire you know land use<00:27:02.480><
• Public safety.
• </c><00:41:45.839><c> safety</c> there's understaffing in public safety there's understaffing in public
• </c><01:06:30.559><c> Fund</c> those into a local Housing Trust Fund those into a local Housing Trust
• </c> I actually started a rof trust I actually started a rof trust manufacturing<01:10:31.679><c> business

Committee: House Housing Finance and Policy

Transcript Highlights:

• have to manage those lands anymore.
• Senate Bill 7014 simply terminates the mediation and arbitration trust fund within the state court trust
• trust fund and eliminated all statutory references to the mediation and arbitration trust fund.
• arbitration trust fund.
• From my perspective, if a child is going to traditional public school, public charter, or a private school

Summary: The Senate opened with prayer, the Pledge of Allegiance, and several gallery introductions before taking up Committee Substitute for Senate Bill 168, the Tristan Murphy Act, on mental health. Senator Bradley explained that the bill is intended to divert clinically appropriate defendants with mental illness from jail to treatment, create pretrial mental health diversion programs, expand grant uses for mental health and substance abuse reinvestment, require evaluations and treatment follow-up in certain probation and prison settings, add Hillsborough County to a forensic hospital diversion pilot, and establish a Florida Behavioral Health Data Repository. Senators from both parties spoke in support, emphasizing treatment over incarceration, public safety, and the Murphy family’s role in the bill. The Senate passed the bill 37-0 and then recorded 37 co-sponsors. The chamber then moved into presentations on SB 2500, the 2025-26 General Appropriations Act. Chair Hooper said the Senate budget totals $117.4 billion, reduces overall spending from the prior year, maintains reserves, keeps employee health contributions level, and includes major investments in water quality, transportation, education infrastructure, and nearly $1 billion in education capital outlay. Committee chairs outlined their portions of the budget, including increased funding for K-12 schools and scholarships, higher education workforce programs, Medicaid and health services, corrections and courts, transportation and housing, and environmental restoration such as Everglades and water quality projects. Members then asked extensive questions, especially about education funding, school choice, AP/IB and accelerated programs, the Family Empowerment Scholarship, and the FEFP calculations. Senator Burgess repeatedly explained that scholarship funding is being moved “below the line” to improve tracking and that the Senate position is to preserve funding while giving districts more flexibility. Senators also questioned the APD wait list for disability services, opioid settlement spending, arts funding, the My Safe Florida Home condo pilot, and proposed IT and agency restructuring. Several chairs said some issues would be resolved in conference, and no final vote on the budget was taken in the portion provided.

Transcript Highlights:

• today's public comment.
• Of that forest land is in private land ownership.
• A little over half is in public land, primarily national forest.
• We need to invest in partnerships like our prescribed burn associations, our land trusts, and many others
• We need to have the public truly trust us and understand the value of fire so that we can, again, recognize

Transcript Highlights:

• A lot of our lands are drying up, wells are drying up.
• We also have Chip from Great Florida Riverway Trust wishing to appear.
• Is there public testimony on the bill?
• Public testimony on the amendment? Debate on the amendment?
• Public testimony on the bill?

Transcript Highlights:

• </c><00:24:41.760><c> lands</c> commercial foraging on our public lands commercial foraging on our public
• </c> onto public onto public lands lands lands so<00:25:09.320><c> there's</c> so there's so there's
• public public lands um<00:25:26.039><c> and</c><00:25:26.360><c> and</c><00:25:26.600><c> repres</c>
• this</c><00:26:19.679><c> is</c> on our public lands and maybe this is on our public lands and maybe
• ><c> lands</c><00:26:21.279><c> how</c><00:26:21.480><c> they're</c> overall on our public lands how

Transcript Highlights:

• For public comment, we are going to welcome public comment.
• For public comment, we are going to welcome public comment.
• onto private lands, which has been a transition in the recent couple of years. ...of public onto private
• It's open to the public.
• It's open to the public.

Committee: House Joint Committee on Fisheries and Aquaculture

Summary: The Joint Committee on Fisheries and Aquaculture held its annual State of the Fishery forum, focusing on salmon, Dungeness crab, kelp, ocean conditions, and related aquaculture and committee reports. Opening remarks from committee leadership emphasized climate impacts, reduced federal NOAA support, state investments through Proposition 4, coastal resilience funding, and the importance of fisheries to rural economies and tribal communities. Secretary of Natural Resources Wade Crowfoot described a decade of drought and climate stress, highlighted progress such as Klamath River dam removal, wetland restoration, and the state’s salmon strategy, and warned that federal funding uncertainty and staffing cuts could undermine restoration and fishery recovery efforts. Senator Cortese raised concerns about illegal cannabis cultivation damaging riparian habitat and water flows, and both Crowfoot and Fish and Wildlife Director Bonham said enforcement against illicit grows remains a major environmental priority but is constrained by resources. Director Bonham provided a broad update on California fisheries, reporting encouraging signs for salmon after several difficult years, including improved ocean conditions, stronger returns in some runs, and successful short recreational openings in 2025. He also noted major challenges, including reduced federal hatchery production at Nimbus, ongoing uncertainty around winter-run and spring-run recovery, and the need for continued habitat restoration, monitoring, and hatchery investment. On Dungeness crab, Bonham said the fishery remained valuable but constrained by whale entanglement risk, warming ocean conditions, and domoic acid concerns; he described new marked-line distribution, ropeless and alternative gear trials, and ongoing aerial and vessel monitoring. He also said the department’s unified cannabis enforcement task force had served numerous warrants and seized large amounts of illegal cannabis, but more funding is needed for sustained operations. In the salmon panel, Yurok Tribe fisheries director McCovey said the Klamath still faces low run sizes, climate-driven warming, wildfire impacts, and federal uncertainty, but he pointed to dam removal, restoration work, and AB 263’s river-flow protections as major advances. PCFFA president Bradshaw stressed that the three consecutive salmon closures have devastated coastal communities and argued for major reinvestment in aging Central Valley hatchery infrastructure and better broodstock management at Fall Creek. CalTrout’s Schneider said salmon remain at risk statewide, but cited Prop 4, habitat reconnection, floodplain restoration, improved water management, and monitoring as the main tools for recovery. In the crab panel, CDFW’s Schumann reported that the 2024–25 season produced record prices per pound and about $55 million in value despite delays and trap reductions, but he warned that three confirmed whale entanglements and elevated whale presence could force a conservative opener for 2025–26. PCFFA’s Domrash supported marked line, alternative gear, and a new gear-recovery network, while also criticizing the current ramp system as a response to a problem not fully grounded in science.

Transcript Highlights:

• public land trust revenues increase the public land trust revenues and<05:32:52.240><c> uh</c><05:32:
• That's why we're going through the inventory for the public land trust.
• We could do a lot if we were getting the fair share of the public land trust.
• </c> for the the public land trust so again for the the public land trust so again you<05:51:18.798><
• Should receive from the public lands trust corpus, which is different than the seated lands corpus that's

Summary: The Committee on Finance held its first informational briefing for 2025, beginning with member introductions and then hearing an economic outlook presentation from Dr. Eugene Tian of the Department of Business, Economic Development and Tourism. Dr. Tian said Hawaii’s economy was in relatively good shape in several areas, especially construction, which he described as at a historical high, with construction employment above 40,000 monthly and building permit values and contracting tax base both up sharply. He also noted real estate sales had rebounded in 2024, the labor market had stabilized with unemployment around 2.9%, and initial unemployment claims were below 2019 levels. At the same time, he highlighted challenges including inflation running above the national rate, a shrinking labor force, lower employment compared with 2023, and continued weakness in visitor spending and arrivals. He said future growth would likely come from health care, professional services, construction, tourism recovery, and diversified sectors such as renewable energy, aquaculture, creative industries, and technology. Dr. Tian also discussed Hawaii’s economic structure and recovery, saying the state remains more concentrated in a few industries than the U.S. overall, with government and hospitality making up larger shares of the economy. He said non-tourism sectors had recovered, but tourism-related jobs and output were still below pre-pandemic levels, with Maui and the visitor industry still affected by the wildfire and COVID-19 impacts. He projected tourism and non-agricultural wage and salary jobs would not fully recover until 2027, and said population trends remain a concern because of aging, the likelihood of deaths outpacing births in coming years, and reliance on in-migration. After his presentation, the chair said questions would be taken later and the committee took a short break. After the break, Dr. Carano of the Hawaii Executive Director’s office presented a second outlook, saying Hawaii’s economy in 2025 looked better than 2024 overall, though he emphasized substantial uncertainty tied to the incoming federal administration. He said possible changes to tariffs, tax policy, immigration, and federal spending could raise inflation and keep interest rates higher than previously expected, which would affect housing, consumer debt, the dollar, and Hawaii’s visitor industry. He noted that U.S. visitors account for roughly three-quarters of visitor spending in the state, making federal policy especially important. He also said deregulation could be a long-term positive but would not likely have much effect in 2025 or 2026. As an additional risk, he pointed to bird flu and its effect on livestock, poultry, and egg prices. No votes or formal actions were taken during the briefing.