Transcript Highlights:

• Borrowing money creates inflation.
• What is it called when the government permanently borrows money and doesn't borrow it back?
• What is it called when the government permanently borrows money and doesn't borrow it back?
• What is it called when the government permanently borrows money and doesn't borrow it back?
• borrow it back? borrow it back?

Keywords: 981, all

Transcript Highlights:

• You know, there's a certain level below which a lot of entities cannot borrow.
• It is far better than the securities that TWIA currently is borrowing from bond houses in New York. .
• Currently, policyholders are paying for these borrowing costs via premiums.
• The surcharge is 1.6% of a premium, but the term of that depends on how much is borrowed.
• So, in essence, what it does is it saves the cost of borrowing.

Bills: HB 106, HB144, HB145, HB252, HB1732, HB2221, HB2467, HB2468, HB2517, HB2518, HB2963, HB3016, HB3689, HB3960, HB4386, HB4490, HB4751, HB5247, HJR175, HB2213

Keywords: HB 106, oil and gas, Railroad Commission of Texas, overhead electrical lines, electrical distribution system, power line maintenance, administrative penalty, Natural Resources Code, oil and gas lease, well operator, energy safety, utility infrastructure, regulatory compliance, cleanup fund, oil and gas regulation and cleanup fund, production safety, leasehold operations, electric utility, distribution poles, inspection

Summary: The committee first handled pending business, including reconsidering a failed vote on SB 715 and then reporting several measures favorably. SB 1978 was reported from committee on a committee substitute, and a series of House bills — including HB 431, HB 1522, HB 1922, HB 3228, HB 3229, HB 3803, HB 3804, HB 3805, HB 3806, HB 4219, HB 4238, HB 434, HB 1584, and HB 4739 — were moved out of committee, most to the local and uncontested calendar. The votes on these items were overwhelmingly or unanimously in favor, with committee substitutes adopted where applicable. The committee then heard HB 2963, a right-to-repair bill for consumer electronics. The author said the bill would require manufacturers to provide parts, tools, and documentation on fair and reasonable terms while preserving trade secrets and excluding certain categories such as medical devices, motor vehicles covered by an MOU, critical infrastructure, and commercial-only transactions. Supporters from the Texas Public Policy Foundation and Environment Texas argued it would strengthen property rights, help small businesses, and reduce e-waste. Opponents, including representatives of SafeLight Auto Glass and LKQ, said they supported right-to-repair in principle but objected to the bill’s automotive MOU exemption and broader scope, warning it could create uncertainty and leave some manufacturers and repair shops outside the framework. The bill was left pending after testimony. Members also heard HB 2467 on salary parity for State Fire Marshal investigators, HB 252 on allowing some state agencies to pay certain employees twice monthly, HB 2468 on public improvement district notice and a buyer’s right to terminate, HB 4386 on annuity contract exchanges and surrender timelines, HB 4751 creating a Texas Quantum Initiative and related fund, and HJR 175 proposing a constitutional amendment protecting Texans’ ability to use mutually agreed-upon mediums of exchange, including cash, bullion, and digital currency. Testimony on HB 4751 was largely supportive but included questions about whether the state needs a new coordinating structure and funding mechanism for quantum research and commercialization. HJR 175 drew discussion about barter, taxes, and concerns over central bank digital currency. Each of these items was left pending after hearing testimony. The committee also heard HB 2221, which would update insurance anti-rebating laws to allow more wellness and value-added services in life and health insurance, with supporters saying it would encourage healthier behavior without requiring data monitoring. Finally, the committee took up a package of utility and wildfire-related bills from Chairman King’s portfolio: HB 106, requiring oil and gas operators to maintain certain overhead electrical lines; HB 144, requiring utilities to submit pole inspection and management plans to the PUC; and HB 145, requiring wildfire mitigation plans and allowing utilities to self-insure under certain conditions. Utility, co-op, and insurance representatives generally supported the safety and resiliency goals of HB 144, while asking for clarifications and less frequent reporting; HB 145 was introduced as a broader wildfire-risk and liability measure. These bills were also left pending after testimony.

Transcript Highlights:

• Under this bill, borrowers can request an initial forbearance on their mortgage payments for up to 180
• While we fully support the intent of this measure to provide relief to borrowers in need, the bill as
• While we fully support the intent of this measure to provide relief to borrowers in need, the bill as
• Recent amendments to allow the servicers to have check-ins with the borrowers and seek documentation
• amendments to align the bill with GSE guidelines and clarify that a mortgage servicer may offer borrowers

Summary: The Assembly Appropriations Committee met on March 19, 2025, adopted its committee rules unanimously, and then heard a series of housing, insurance, and disaster-recovery bills. Early bills focused on wildfire relief and insurance issues, including AB 238 on mortgage forbearance for Los Angeles County wildfire survivors, AB 493 on insurance payout interest for homeowners, AB 597 on consumer protections after disasters, and AB 226 on strengthening the California FAIR Plan’s liquidity tools. Supporters generally framed these measures as necessary protections for disaster survivors and market stability, while opponents and concerned witnesses raised issues such as investor guidelines, compliance conflicts, and market disruption. Several members also noted equity concerns and the need to balance relief with consistency across the state. The committee also heard a cluster of housing-production bills. AB 306 proposed a six-year pause on new state building code updates affecting residential construction and limits on local code modifications, drawing strong support from housing and building industry groups who argued it would reduce costs and improve predictability. It also drew opposition from code, environmental, and clean-energy advocates, who warned about safety, local control, and the loss of important code updates. AB 253 would allow licensed third-party professionals to perform plan checks if local review takes 30 days or more, and AB 301 would impose state-agency permitting timelines similar to those already applied to local governments; both were presented as ways to reduce delays and speed housing development. AB 462 would exempt ADU construction from coastal development permit requirements in Los Angeles County, especially to aid fire recovery and expand housing supply. After hearing testimony and brief member discussion on each measure, the committee placed the bills on suspense or advanced them as appropriate. In the suspense hearing at the end of the meeting, the committee took up the suspense-file bills and reported AB 226, AB 238, AB 301, and AB 306 out with due pass recommendations on roll call votes. The meeting then adjourned.

Transcript Highlights:

• For borrowers, the barriers are equally challenging.
• Guaranteeing a borrower at the time that they take out a construction loan that they can get a certain
• The first is the impact and benefit for borrowers and lenders.
• We want to make sure that our borrowers are very well taken care of.
• And so we will have a very robust... ...our borrowers are very well taken care of.

Keywords: 987, senate, all

Transcript Highlights:

• Certainly, mortgage rates continue 18 months, but still very challenging for borrowers to qualify with
• So you know, to see what markets are doing and what's providing the best rate for its borrowers. production
• And And the loans made by Housing New Mexico are below that red line and borrowed at the gray line.
• We would think that we are wiser now. and borrowers alike are being more judicious.
• I wonder. we're allowing them to borrow.

Transcript Highlights:

• It is not that a country is entering a loan, borrowing...
• Borrowers and debtors don't repudiate debt without knowing the consequences.
• That's made up by the overall interest rate that they charge on all of the borrowers.
• THAT'S MADE UP BY THE OVERALL INTEREST RATE THAT THEY CHARGE ON ALL OF THE BORROWERS.
• They are borrowing millions and millions and millions of dollars.

Keywords: 993, senate, all

Summary: The Senate convened, approved the prior day’s journal, and then processed a large number of motions to discharge bills from committees and substitute identical Senate or Assembly versions for third reading. The chamber also adopted the resolution calendar with exceptions and took up several resolutions and ceremonial recognitions, including a resolution mourning Hudson Talbott, a Dairy Month resolution highlighting New York’s dairy industry, and introductions honoring Niskayuna academic teams, Gabriella Scheer for receiving the Liberty Medal, the Hartstein family’s civic engagement, and Diana Cochran’s advocacy for safe firearm storage. The Senate then moved through the calendar and passed many bills on topics including insurance, public health, education, labor, social services, banking, local government, veterans, public service, consumer protection, criminal procedure, cannabis, parks, taxation, election law, and highway matters. Several members explained votes on notable measures: support for acupuncture insurance coverage, consumer protections for doorbell-camera data sharing, expanded protections in debt collection cases, trauma-informed procedures for sexual assault survivors, a Legionnaires’ disease awareness program, changes to mandatory minimum sentencing, and universal safe storage of firearms. A number of home rule and local authorization bills were also approved, including parkland alienation measures and local tax exemption authorizations. Most measures passed with broad bipartisan support, though some drew recorded opposition. Notable roll calls included the consumer debt uniformity bill, the mandatory minimum sentencing bill, the safe storage/firearms bill, and the public housing and public health measures, each with more divided votes. The chamber also accepted a lengthy Rules Committee report sending many additional bills directly to third reading, and then began the supplemental calendar, passing at least the first items before the transcript ended.

Transcript Highlights:

• Sovereign debt refers to money that a country’s government borrows to finance its spending beyond its
• Historically, borrowing countries have often chosen to issue this debt under the law of New York.
• Sovereign debt refers to money that a country's government borrows to finance its spending beyond its
• This continued uncertainty as legal uncertainty for lenders and borrowers alike.
• Otherwise, bonds are more volatile and issuers have difficulty borrowing cheaply.

Bills: SB483, SB522, SB783, SB1239, SB1254, SB1255, SB1259, SB1341, SB1664, SB1762, SB1856, SB1877, SB1977

Keywords: utility, proprietary information, customer data, data protection, electric service, customer information, emergency communication, electric utility, privacy, certification, public accountants, interstate licensing, accounting, regulatory amendment, energy efficiency, construction regulations, building codes, Texas, sustainability, cost-effectiveness

Summary: The Senate Business and Commerce Committee met with a quorum and first took up pending business, voting out several bills. Senate Bills 1697, 1569, 1202 as substituted, 1029, 1364, 1185, 924, 1008 as substituted, 264, 1376, and 1358 as substituted were reported favorably, with some sent to the local and uncontested calendar. The committee also adopted a substitute for SB 1202 and later corrected votes on several measures. SB 924 and SB 1376 drew some opposition, while the rest of the pending bills were reported without dissent or with limited nays. The committee then heard testimony on SB 1856, which would create an annual capacity-cost recovery rider for Entergy Texas customers in the MISO region. The author and Entergy argued the bill would better match rates to actual capacity costs and improve transparency, while the Texas Association of Manufacturers and the Public Utility Commission raised concerns about the short 10-day review period, rider proliferation, and the preference for full rate cases over piecemeal adjustments. The bill was left pending. The committee also heard and left pending SB 522 on CPA reciprocity, SB 1664 requiring TDUs to provide clearer, standalone rate-change disclosures, SB 1877 expanding OPUC’s access to market data, SB 1254 and SB 1255 as TDLR cleanup bills on professional employer organizations and mold assessors, SB 1341 updating manufactured housing rules, SB 1239 on sovereign debt and Texas governing law, and SB 1259 streamlining the surveyor-in-training licensing process. Additional bills discussed included SB 1977, which would cap recoverable legal expenses in electric, water, and sewer rate cases; OPUC and some consumer advocates supported the idea as a way to reduce ratepayer costs, while utility representatives warned it could discourage participation and increase rate shock. The committee also heard SB 1762 clarifying that geothermal energy conservation wells are not battery resources, and SB 783 allowing SECO to proceed with future energy-code rulemaking for state-funded buildings. Both drew supportive testimony from industry and environmental groups. All remaining bills heard during the meeting were left pending, and the committee recessed subject to the call of the chair.

Transcript Highlights:

• This helps ensure our statutes are clear, predictable, and provide certainty to borrowers, lenders, and
• It provides options to borrowers, and I would also appreciate your green vote on this.
• ,<00:30:13.360> lenders, provide certainty to borrowers, lenders, provide certainty to borrowers
• Um, we have a bill that allows easier access to loans but protects borrowers' homes so that they're not
• um homes so that they're not borrowers um homes so that they're not not<00:31:34.320> able<00

Keywords: 1183, house

Summary: The House convened with prayer, the Pledge of Allegiance, a roll call establishing a quorum, and approval of the previous day’s journal. The body then moved through routine business including committee reports, second readings, first readings of a large batch of House files, and receipt of Senate File 3958 for comparison with a House companion. Several noncontroversial motions were adopted without objection, including referral and re-referral motions later in the day. The chamber then took up a series of bills, many of them veterans, commerce, mortgage, liquor, elections, and financial institutions measures. House File 3544, a veterans housekeeping bill updating state law to conform with federal standards and clarifying benefit forfeiture language, passed 133-0. House File 3467, authorizing MDVA to use nonmonetary support to collaborate on veteran services such as food insecurity, homelessness, and suicide prevention, also passed 133-0. House File 3437, clarifying that certain mortgage lending protections apply to consumer home loans rather than commercial loans, passed 133-0. House File 3479, clarifying homeowners’ rights to postpone foreclosure sales in several edge cases, passed 128-5. The annual liquor bill, Senate File 2511, drew the most discussion. Members described provisions addressing the so-called “Granny Happy Hour” in senior facilities, University of Minnesota liquor-related flexibility, and other local liquor-law changes. An author’s amendment was adopted, and the bill passed 129-1. House File 4118, allowing state-chartered credit unions to use private deposit share insurance subject to state oversight, passed 131-2. House File 4241, a local government/elections omnibus addressing disclosure rules, Hennepin County medical examiner appointment procedures, and Rochester School Board election structure, passed 124-9. House File 3699, changing a license plate contest to feature the Lake Superior agate and requiring a Minnesota artist, passed 110-22. Later, the House adopted motions to send House File 4668, an Explore Minnesota film tax credit bill, and House File 4319, a Lake City port authority bill affecting local taxing authority, to the Taxes Committee. The chamber also approved a motion to recall House File 1234, the payment transparency bill, from Ways and Means and place it on the General Register after a zero-cost fiscal note was reported.

Transcript Highlights:

• Borrow and be paying back. We would borrow and pay back, borrow and pay back.
• To borrow money would reflect poorly on the credit score.
• Similar to a credit card, if you never borrow, you don't have a great credit score, but if you borrow
• And then because that's the reluctance: why are we borrowing when we have $32 billion in cash reserves
• And so, not only did we not raise the gas tax, we borrowed... over a billion dollars. Then, Mr.

Transcript Highlights:

• Inter-borrowing status report from the Treasurer's Office. I think you just have to be presented.
• The General Fund cash position has increased since December, and then the state's interfund borrowing
• Your interfund borrowing base also comparing 2025 and 2026.
• There's the monthly interfund borrowing base for fiscal year 2026.
• And the level of interfund borrowing, and will apprise you of any significant changes.

Keywords: 965, house, all

Summary: The Revenue Estimating Conference met with four members present and first approved the December 11, 2025 minutes. Members then recognized the FYI end-of-balance of $577,077,871 as non-recurring revenue. The main business was revising the state revenue forecast for FY 2026, with the Division of Administration recommending a reduction of about $113 million, driven primarily by weaker individual income tax collections, softer general sales tax receipts, and a substantial cut to corporate income tax forecasts. The Legislative Fiscal Office presented a somewhat different but still cautious outlook, and members discussed withholding rates, refund growth, corporate collections, and the effects of the franchise tax repeal and tax reform changes. After questions to the Department of Revenue about collections, refunds, enforcement, and settlements, the conference adopted the Division of Administration’s FY 2026 forecast. The conference then reviewed the FY 2027 recurring forecast. The Division of Administration again recommended a reduction, this time about $104 million, citing continued caution on individual income and corporate taxes, while the Legislative Fiscal Office projected a net increase of about $127 million, largely from sales tax, severance, royalties, vehicle sales tax, and other revenue streams. Members discussed the practical budget impact of the revised forecasts, including the need to reduce spending and the difficulty of funding a possible teacher stipend if a constitutional amendment fails. The FY 2027 recurring forecast was adopted. Members also adopted the long-range forecast, the proposed inflation rates for the Millennium Trust and parish severance allocation, and the incentive expenditure forecast. The incentive discussion noted that reported incentive costs reduce available revenue before appropriations, and members raised the possibility of reviewing or capping such incentives. The Treasurer’s Office then reported that the General Fund cash balance was $404.1 million as of May 5, 2026, and the interfund borrowing base was about $9.18 billion, with cash positions generally similar to the prior year. The meeting ended with a note that another REC meeting might be needed after the May 16 election, followed by adjournment.

Transcript Highlights:

• ,<00:41:41.680> a legal director at Protect Borrowers, a legal director at Protect Borrowers
• <00:42:43.599> more students who will have to borrow more students who will have to borrow
• c> the<00:43:10.480> groundwork protect borrowers in the groundwork protect borrowers in the
• Now borrowers have no option.
• Protect borrowers.

Keywords: 1187, senate, all

Transcript Highlights:

• you how much we've actually borrowed you how much we've actually borrowed because<08:29:16.878><
• If you do the borrowing we did from the trust funds last fiscal year, we borrowed almost 7.2, 7.3% of
• > 7.2 last fiscal year, we borrowed almost 7.2 last fiscal year, we borrowed almost 7.2 7.3%<08
• We borrow over 7% but see the problem?
• <08:47:34.638> 6 But remember in 2025 we were borrowing 6 But remember in 2025 we were borrowing

Keywords: U.S. House of Representatives Floor Proceedings on Wednesday, December 3, 2025, 1012, house, all

Transcript Highlights:

• The historic increase in funding for municipal roads and bridges is made possible by the expanded borrowing
• That led to the expansion of the borrowing capacity to $3.47 billion over the next several years.
• 4307 is a fiscally responsible proposal that builds upon our strategic appropriations to expand our borrowing
• Second, it protects our broader borrowing capacity by having the option to bond through the CTF, we preserve

Keywords: 995, all

Summary: The House opened with the Pledge of Allegiance and first took up a Rules Committee report recommending adoption of a resolution honoring the 200th anniversary of the Bethel African Methodist Episcopal Church in New Bedford. The House suspended the rules and adopted the resolution. The Steering, Policy and Scheduling Committee then reported a series of local bills for consideration, including measures on legal notices, charter changes for Chicopee, Bridgewater, Wellesley, Weston, Somerville, and Watertown, as well as bills on firefighter residency, a checkout bag fee in Sudbury, senior tax exemption eligibility in Williamstown, and liquor licenses in Lexington. The House suspended Rule 7A, gave the bills second reading, and ordered them to a third reading. The House also considered a Ways and Means report on H. 4257, financing long-term improvements to municipal roads and bridges. The committee recommended an amendment in the form of a substitute bill, H. 4307, authorizing $1.185 billion in general obligation bonds. After suspension of the rules, the House adopted the amendment and ordered the bill to a third reading. Later, during floor debate on H. 4307, members spoke in support of the bill as a major transportation funding package, emphasizing Chapter 90 aid, road mileage-based distribution, culvert and small bridge repairs, congestion relief projects, and the bill’s fiscal and credit-rating benefits. A roll call was ordered, and the bill passed to be engrossed 156-0. The House also passed to be engrossed a bill validating the results of a special election in Hardwick. In addition, the House adopted an order to meet the next day at 11 a.m. and agreed to adjourn in memory of former Representative and Senator Matthew C. Patrick of Falmouth. The session included several guest introductions, including Mandela Fellows studying at Bridgewater State University, former legislator Vincent Dimacido, Bellingham Council on Aging guests, and interns in Representative Linsky’s office.

Transcript Highlights:

• We're on the verge of having our interest rate, or our correction, our borrowing power, improve because
• Not that we need to borrow more, but it's just a matter of having financial status. as borrowing and
• We're on the as borrowing and such.
• power to improve because of borrowing power to improve because of our<00:40:14.000> credit<00
• /c><00:40:32.960> more,<00:40:33.359> but<00:40:33.680> it's that we need to borrow

Bills: SB344, SB344

Keywords: Alabama Memorial Preservation Act, monuments, historic preservation, memorial buildings, memorial schools, memorial streets, architecturally significant buildings, public property, waiver process, Committee on Alabama Monument Protection, Attorney General, civil penalty, historic marker, renaming, relocation, removal, public memorials, heritage preservation, state historic preservation fund, governmental entity

Transcript Highlights:

• It means a lot for the state It means that our borrowing costs will probably be lower going forward.
• If that's not the interest rate that we borrow yet. It is, Mr. Chair. That's a great question.
• Or is this business borrowing money at low rates? I don't see the connection between the two.
• If your credit was very worthy, you could borrow against prime and half, right?
• But if you're a high volume borrower With a low risk, then you can borrow at less than six.

Keywords: 996, all

Transcript Highlights:

• One, those cost estimates don't include any borrowing costs, and we know the greenhouse gas reduction
• So there will likely need to be some kind of borrowing. ...operational by 2033.
• So there'll likely need to be some kind of borrowing.
• Also, whether you're comfortable with what's being discussed in terms of borrowing and potentially a
• Also, whether you're comfortable with what's being discussed in terms of borrowing and potentially a

Keywords: 987, senate, all

Transcript Highlights:

• Bonding means that the state borrows money to pay for long-term projects over long periods of time.
• means<00:01:08.320> that<00:01:08.560> the<00:01:08.880> state<00:01:09.360> borrows
• <00:01:10.080> money<00:01:10.960> to means that the state borrows money to means that
• the state borrows money to pay<00:01:11.920> for<00:01:12.240> long-term<00:01:13.200>

Keywords: 1187, senate, all

Transcript Highlights:

• New Hampshire's had to borrow to pay.
• That was the last time New Hampshire borrowed. Hopefully, the only time that we have to borrow.
• And so you'll see states do that. perennial borrowers. Anytime uh there we perennial borrowers.
• .<01:58:49.599> Massachusetts<01:58:50.880> borrows<01:58:51.440> pretty borrowing
• Massachusetts borrows pretty borrowing.

Keywords: 1189, house, all

Transcript Highlights:

• <01:34:07.280> postponement honors a uh a borrower postponement honors a uh a borrower postponement
• <01:34:23.600> It uh borrower postponement affidavit.
• It uh borrower postponement affidavit.
• And fast forward to today with technology, we have borrowers with real time access to information.
• And fast forward to today with technology, we have borrowers with real time access to information.

Bills: SF1750, HF704, HF3479

Keywords: common interest community, CIC, homeowners association, HOA, condominium, planned community, cooperative, unit owner, association board, declarant, declarant control, special declarant rights, assessment lien, foreclosure, late fees, fines, attorney fees, resale disclosure, annual report, maintenance plan

Transcript Highlights:

• So having that local is a very huge benefit to our borrowers.
• So a typical borrower doesn’t need 20% down to get into a home.
• Yeah, we never dropped the ball on anything on the borrowers need.
• Then, in turn, we can relay that savings onto our borrower.
• Some of these borrowers would not be able to purchase a home.

Keywords: 908, all

Summary: The committee met as the Regulatory Division of the budget section and received updates on several Industrial Commission-related agencies and programs. Legislative Council first reviewed base budget materials, then the North Dakota Housing Finance Agency reported on its current appropriation and staffing, noting that its new FTEs were being filled gradually and that it remained largely funded through special and federal funds. Agency leaders described homeownership lending, loan servicing, and housing incentive fund activity, including below-market mortgage rates, down payment assistance, and a growing servicing portfolio that has increased workload but not yet required additional FTEs. Housing Finance also detailed use of the Housing Incentive Fund and homeless grant dollars. Officials said the multifamily HIF round drew more than $73 million in requests and awarded $25 million, while the single-family program supported rural development and community land trusts. Homeless grant funding was split between emergency shelter, prevention, and rapid rehousing, with performance-based scoring used to renew or reallocate awards. Members discussed housing affordability, aging households, rental assistance, and the need to coordinate housing and site-preparation messaging with Commerce. The agency asked that HIF, single-family, and homeless funding be maintained or increased in the next session. The Department of Mineral Resources then presented its budget and operations update. Staff said the agency was on track financially, had filled most of its new reclamation FTEs, and was not expecting major litigation costs beyond normal late-biennium invoices. The director reviewed agency initiatives including Project North Star IT modernization, organizational restructuring, succession planning, rulemaking, and implementation of the development incentive well tax program and critical minerals rules. He also discussed oil and gas activity, explaining that longer laterals, especially three- and four-mile wells and the first five-mile spacing case, are helping keep production relatively flat even as rig counts ease. Members asked about gas capture, hedging, break-even prices, and the effects of Iran and Venezuela on oil markets. The committee also heard about enhanced oil recovery grants and the Pipeline Authority. The EOR program’s $25 million appropriation was fully allocated to six projects, with total awards reaching about $45.1 million when other fund balances were included, subject to a possible 5% reduction if federal DOE money does not materialize. Officials said the projects are public, reimbursement-based, and will produce results over the next several years. Finally, the Pipeline Authority outlined natural gas transmission projects, including the imminent Bakken Express line and the proposed Bakken East project, which WBI was selected to advance after an Industrial Commission RFI process. The project is moving through open season, survey permission, and regulatory work, with in-service dates projected for 2029 and 2030.