Transcript Highlights:

• And lastly, fund type, so if you just want to see general fund versus service tax funds.
• interesting because we deal with so many different kinds of entities and some. of them are social service
• It's investing in an ecosystem that drives human population up.
• So I'm just going to speak very briefly about how the labs Are an enabling part of this ecosystem.
• You've added all the ancillary things we need to feed the system or the ecosystem, right?

Bills: HB1

Keywords: feed bill, legislative appropriations, legislative branch, New Mexico Legislature, general fund, legislative council service, legislative finance committee, legislative education study committee, house chief clerk, senate chief clerk, per diem, mileage, session expenses, interim committees, district staff, capitol complex, capital outlay data system, legislative processing system, redistricting, census redistricting

Transcript Highlights:

• We want to start a conversation to understand what island ecosystem restoration actually means.
• Secondly, we're one of only two departments to go through service-based budgeting.
• Secondly, we're one of only two departments to go through service-based budgeting.
• Fish and Wildlife Service, National Park Service, Corps of Engineers—these are all agencies we are working
• And also thank you for your service to our state. I'm Peter Fisk.

Summary: The Assembly Budget Subcommittee on water and coastal resilience heard an overview of the governor’s Proposition 4 spending plan, with presentations from the Department of Finance, the State Water Resources Control Board, the Department of Water Resources, the Legislative Analyst’s Office, and later coastal agencies. Members discussed the water chapter’s major allocations for drinking water and wastewater, recycled water, tribal water infrastructure, groundwater recharge and SGMA implementation, dam safety, flood protection, integrated regional water management, Salton Sea projects, and water data/stream gauges. The LAO noted that many programs are established and have clear funding processes, but some newer or less-defined programs may warrant more detailed future budget requests and reporting. No votes were taken on the agenda items. Members raised concerns about groundwater subsidence, water deliveries from the Delta, the pace of water storage investments, instream flows, and whether bond dollars were being used to backfill General Fund reductions. Administration witnesses said groundwater recharge spending is being paced because prior years already funded substantial SGMA work, that Delta operations are governed by water quality, salinity, and species requirements, and that Proposition 1 storage projects have moved slowly because they are locally led and require permitting and financing. The Water Board and DWR said they use public needs assessments, annual plans, and existing grant processes to prioritize projects, and Finance said some General Fund programs were shifted to Proposition 4 to help balance the budget. Members also asked for clearer public tracking of bond spending and more concise future reporting. In the coastal resilience portion, the Ocean Protection Council and Coastal Conservancy described Proposition 4 funding for sea level rise adaptation, coastal flood management, habitat restoration, public access, and San Francisco Bay projects, with a multi-year rollout based on project readiness and recent large state investments. The Conservancy said it would use its existing rolling grant process, while OPC said its sea level rise grants would build on existing programs and new technical assistance. The Department of Fish and Wildlife explained its proposed use of bond funds for climate-ready fisheries, hatchery modernization, salmon monitoring, whale- and turtle-safe fishing gear, and a specific hatchery operations request tied to the Friant settlement. The LAO said the coastal chapter’s proposed first-year spending is relatively modest but generally reasonable given staffing and project readiness, while members emphasized oversight, transparency, and coordination across agencies and jurisdictions.

Transcript Highlights:

• It is Massachusetts' technology ecosystem that provides a fertile ground for innovation in the technology
• Center for Industrial Research and Service.
• Number two, streamline the ecosystem.
• Yet, our defense and commercial technology ecosystems continue to operate in parallel universes.
• I was... at an armed services hearing subcommittee, so that's why you weren't there, Senator Ernst.

Keywords: SBIR, STTR, Innovate Act, small business, innovation, legislative reforms, economic growth, funding, technology transfer

Summary: The meeting focused on the Small Business Innovation Research and Small Business Technology Transfer Programs (SBIR-STTR), emphasizing the critical reforms necessary to enhance their effectiveness. Chair Ernst introduced the Innovate Act to streamline processes, ensuring funding is awarded based on merit and addressing existing abuses within the system. The discussion was robust, with numerous members expressing concerns about phase transitions and the need for targeted funding to support impactful technological innovations. The conversation also highlighted the program's importance in fostering economic growth, particularly for small businesses in rural areas, and the urgency for legislative changes as the program's authorization approaches expiration.

Transcript Highlights:

• communities lack the resources to access alternative water supplies and offer water conservation services
• future resilience will require California to adopt new strategies to ensure reliable water for ecosystems
• According to the service-based budget review by the Legislature, CDFW is able to meet only 40% of their
• Oceana has been long committed to protecting coastal and offshore ecosystems in Southern California,
• I would estimate approximately 200 calls for service last year.

Summary: The committee heard a long agenda of water, parks, transportation, species protection, and fisheries bills. AB 430 would require the State Water Resources Control Board to publish an economic and environmental impact study when emergency water regulations are extended over multiple years; the author and supporters from agricultural and water groups said it would add transparency without limiting emergency authority. AB 1139 would expand a CEQA exemption to let county park agencies open existing roads and trails for non-motorized recreation, with supporters emphasizing access to nature and opponents warning about impacts to sensitive habitat, tribal resources, and fire risk. AB 929 would temporarily exempt small community water systems and managed wetlands from certain SGMA pumping reductions and fines; supporters said it would protect vulnerable communities and wetlands, while farm and water coalition opponents argued it would undermine basin-wide groundwater management and shift burdens to other users. AB 1225, creating an Accessibility Advisory Committee for State Parks, drew broad support and passed unanimously. The committee also heard AB 514, which would encourage local water suppliers to develop emergency water supplies for drought and service interruptions; it passed with broad support, though one member cautioned against using scientific research as a loophole. AB 550 would let developers seek incidental take permits for species under consideration for listing, aimed at reducing delays for clean energy projects; environmental groups supported the goal but asked for clearer standards, limits on using research as mitigation, and a fee provision, and the bill passed as amended. AB 697 would authorize an incidental take permit for the State Route 37 interim project in Solano and Marin counties, balancing congestion relief and habitat restoration; supporters stressed long commutes and urgent restoration deadlines, while opponents raised climate, sea-level-rise, and tribal concerns. The bill passed, with some members noting they would continue to work on the measure. Other measures discussed included AB 975, which would give Sutter County a narrow, temporary exemption from streambed alteration agreements for certain damaged small bridges and culverts; county officials described repeated flood damage and long permitting delays, and the bill passed as amended. AB 1056 would phase out transferability of set gillnet permits after 2027, allowing only a final family transfer; supporters framed it as a gradual response to bycatch concerns, while fishing industry opponents said it would unfairly target an existing fishery and set a bad precedent. The committee also took up AB 1146, described by the author as a response to politically motivated water releases; supporters from conservation and water organizations backed the bill. Several bills were voted out to Appropriations, some were left open for later action or add-ons, and the committee repeatedly noted it was working through the agenda without a quorum early in the hearing.

Transcript Highlights:

• of County Clerk Council services of County Clerk Council services division<00:07:03.440> uh
• > on<00:09:26.519> SB ecosystem ecosystem Health okay on SB ecosystem ecosystem Health okay
• Department of Human Service Department of Human Service okay<01:26:56.719> either<01:26:57.280
• adopted so for Health and Human Services adopted so for Health and Human Services same<01:34:15.560
• Okay, for Health and Human Services, same recommendation: pass with amendment.

Keywords: 912, senate, all

Summary: The Water and Land Committee heard several measures related to DLNR, coastal management, and public lands. SB 561, which appropriates funds for conservation enforcement equipment for the Oʻahu branch of DOCARE, drew broad support from DLNR and multiple organizations, with the chair noting 18 supporters and no opposition. SB 465 would require DLNR to study the carrying capacity of Kīkiʻola Small Boat Harbor on Kauaʻi and report to the Legislature; DLNR supported the intent but suggested the study be timed with an ongoing $41 million capital improvement project. Senator Kouchi explained the bill was meant to close a permit loophole that has allowed operators to increase passenger capacity without additional approval, while one testifier opposed the measure as unnecessary and late. Supporters included county and community representatives, while some written testimony opposed it. The committee also heard SB 1456, which broadens the definition of beach restoration to include work on eroded beaches and degraded dune systems, including sand management, native vegetation, and removal of abandoned materials. DLNR, the University of Hawaiʻi, and other testifiers supported the measure as an administrative update. SB 1460 would require BLNR lease extensions to use updated forms reflecting current leasing practices; DLNR supported it as an administrative bill. SB 1517 would authorize public land leases for recreational residential use by public lottery limited to county residents. DLNR supported the bill, and Chipper Wiman and others testified that it would help preserve Kauaʻi’s historic recreational cabins and create fairness for local families; the committee also heard concerns about older cabins, market-based auction prices, and the need to keep these leases affordable for residents. The committee then heard SB 1511, which would prohibit vessels longer than 75 feet from entering Honoliʻi Bay, with an exemption for government vessels; DLNR and at least one additional testifier supported it. SB 1019 would allow the Ocean Stewardship Special Fund to be used for beach restoration planning and grants to nonprofits for cleanup, but DLNR said that purpose fit better under the separate Beach Restoration Special Fund, and the Ocean Tourism Coalition opposed the bill on that basis. Finally, SB 1457 would authorize DLNR to issue interim rules on commercial and recreational water sports equipment use for up to two years; DLNR described it as an adaptive-management tool for changing conditions, while multiple water-sports operators and residents opposed it, arguing it would reduce public participation, expand agency power, and target the foiling community. The hearing closed with the chair noting heavy opposition to SB 1457, including 88 written testimonies against it and only a few in support.

Transcript Highlights:

• <01:02:18.680> another that we can in in the ecosystem another that we can in in the ecosystem
• Thank you. ...part of the whole housing ecosystem.
• Wish number one: invest in the health of the ecosystem.
• Wish number one: invest in the health of the ecosystem.
• Wish number one: invest in the health of the ecosystem.

Keywords: 1183, house

Summary: The committee met for an agency overview from Minnesota Housing Commissioner Jennifer Ho. After member and staff introductions, Ho described Minnesota Housing’s mission, structure, and role as a mission-driven financial institution that issues bonds, uses earnings to support operations, and works across the housing continuum from homelessness prevention to homeownership and preservation. She emphasized that the agency is not a builder or regulator, but funds and partners with developers, local governments, nonprofits, and lenders. She also noted the agency’s four divisions, including a new local government housing programs division created after the 2023 legislative session expanded the agency’s responsibilities. Ho reviewed funding and program activity, saying Minnesota Housing spent $1.96 billion in fiscal year 2024 and helped more than 73,000 households. She highlighted that the agency’s work is heavily competitive and often oversubscribed, with many projects selected through RFPs and grants but more applications than available resources. She discussed 2023 and 2024 investments, including homeownership, rental, and manufactured housing projects, and said roughly half of competitive dollars have gone to Greater Minnesota over the last several years. She also explained the difference between funds committed and funds actually disbursed, noting that construction and rehabilitation projects can take many months to close and draw down funds. The commissioner also updated members on new programs created in 2023 and 2024, including first-generation down payment assistance, the Greater Minnesota Workforce Housing Development Program, public housing rehabilitation, state housing tax credits, and other local and regional initiatives. She said some programs are already closed out, while others remain in early implementation or are still accepting applications. Ho mentioned a forthcoming technical amendment to adjust a high-rise sprinkler program after eligibility issues limited participation. She closed with examples of projects preserved or funded, including a St. Louis Park preservation deal, public housing preservation in Greater Minnesota, a St. Cloud challenge project, and the first-generation down payment assistance program, which distributed $50 million to about 1,450 first-time buyers, most of whom were Black, Indigenous, or people of color. No votes or formal committee actions were taken.

Transcript Highlights:

• other services. other services.
• is a vital finances, and health services is a vital step<00:20:01.840> toward<00:20:02.240>
• in an ecosystem to be supportive<00:31:25.760> of<00:31:26.559> religious<00:31:27.520
• So if like say they vehemently do not want to go to a religious service, what is then can the parent
• So if like say they vehemently do not want to go to a religious service, what is then can the parent

Keywords: 1183, house

Transcript Highlights:

• Approving this process for California establishes the state as a leader in surf ecosystem conservation
• These chemicals can leach into ecosystems and accumulate in living tissue, contributing to widespread
• What we are ostensibly doing is extending that service for three months. It is long overdue.
• I respectfully ask for to continue their service in full-time professional roles.
• Good afternoon, Michael Caprio on behalf of Republic Services here in strong support.

Summary: The committee heard a long agenda of natural resources and related bills, with several measures taken up as the committee reached quorum and many others moving on consent or with due-pass recommendations. Early items included AB 80 on carpet recycling, AB 452 creating a local process for state surf reserves, and AB 823 restricting microplastics in personal care and cleaning products. AB 80 drew broad support from recycling, labor, and environmental groups and was described as a follow-up to earlier carpet recycling reforms. AB 452 was backed by surf, tourism, environmental, and local government interests as a voluntary, community-driven way to recognize and protect surf breaks. AB 823 generated the most extensive debate, with supporters citing public health and environmental harms from microplastics and opponents warning the bill’s language could sweep in products such as sunscreens, cosmetics, and fragrance-encapsulation materials; the committee discussed possible ambiguity and EU comparisons before voting the bill out on a due-pass-as-amended basis to Environmental Safety and Toxic Materials. The committee also advanced AB 1046, which would create a narrow exemption from SB 1383 organic-waste requirements for certain crop preparers and tree nut processors that do not send organic waste to landfills. Agricultural witnesses said the bill would clarify that their operations already reuse byproducts and should not face duplicative reporting, and the measure passed with support from agricultural and rural county representatives. AB 252, the “Stop Laying Off Firefighters Act,” proposed year-round Cal Fire staffing; the author and Cal Fire supporters argued that wildfire conditions are now year-round and that maintaining trained crews would improve response and prevention, and the bill was sent to Appropriations. AB 571, a targeted CEQA exemption for the Southern California Veterans Cemetery in Anaheim, drew strong bipartisan and veterans’ support and also passed out. Later, the committee approved AB 1455, which would authorize emergency rulemaking and streamline future updates for ember-resistant building regulations after recent wildfire emergencies, and AB 687, which would let public agencies use forest-practice rules and timber-harvest plans for certain publicly funded fuel-reduction projects; AB 687 drew some opposition over scope and enforceability concerns but was still advanced. The committee also moved AB 652, allowing alternate members on the San Diego County Air Pollution Control District board to prevent quorum problems, and AB 317, a first-time homebuyer housing bill that would exempt certain small, lower-cost homes from CEQA and defer some property taxes; AB 317 prompted discussion about guardrails to avoid unintended use on larger subdivisions. Finally, AB 900, requiring the Natural Resources Agency to develop a stewardship plan for 30-by-30 lands, was heard with broad support from land trusts and conservation groups and advanced on a due-pass recommendation, and AB 738, a wildfire-rebuild bill easing solar requirements for certain disaster survivors, was introduced and discussed with questions about its narrow scope and the number of homes affected.

Transcript Highlights:

• For services, Lloyd's and also Nick Soy. Pardon me, he's the president.
• I'm Brad Davis, president of Service Lloyd's. ...insurance company.
• So, Service Lloyd's Insurance Company pays retaliatory tax in 33 states.
• So this is almost like a health and human services bill.
• Thank you for your service to our country. I really appreciate that.

Bills: SB458, SB819, SB1238, SB1642, SB1643, SB1644, SB1791, SB1810, SB1824, SB1825, SB758, SB1455, SB1706

Keywords: insurance appraisal, property insurance, auto insurance, homeowners insurance, residential property, disputed loss, loss valuation, appraisal clause, appraiser, umpire, Texas Department of Insurance, TDI, insurance dispute resolution, claims adjustment, total loss, windstorm insurance, FAIR Plan, surplus lines insurance, policyholder, insurer

Transcript Highlights:

• The demand for health care services continues to go up, driven in large part by demographic shifts.
• Fourth, we're fostering a thriving health ecosystem.
• My training is as a lawyer and a health services researcher.
• And as a lawyer, you would advise your client as well, right, to put this into your terms of service
• Now, all sides in this ecosystem face an enormous amount of uncertainty.

Summary: The joint informational hearing of the Assembly Health and Privacy Committees focused on generative AI in health care, with opening remarks emphasizing both its potential to improve care and its risks around privacy, bias, liability, workforce impacts, and unequal access. Chair Bauer-Kahan and Chair Bonta framed the discussion around how California can encourage beneficial innovation while protecting patients, especially given the sensitivity of health data and the possibility that AI could worsen existing disparities if not carefully governed. The first panel featured representatives from Cedars-Sinai, Kaiser Permanente, Penguin AI, and Google, who described current uses of AI such as ambient clinical scribes, nursing documentation tools, imaging triage, maternal-fetal risk prediction, and administrative automation. Speakers said these tools can reduce clinician burden, improve patient experience, speed treatment, and in some cases improve outcomes, including a reported mortality benefit from a Kaiser predictive model and faster thrombectomy times at Cedars-Sinai. Members raised concerns about accuracy with accents and multilingual visits, whether predictive tools could reinforce bias or lead to more interventions such as C-sections, and how to ensure a human remains in the loop for important decisions. The second panel, including representatives from the California Health Care Foundation, UC Berkeley, and Stanford, focused on policy and governance challenges. Testimony highlighted examples of AI supporting homelessness outreach and community health work, but also warned that biased algorithms can encode inequities, especially when trained on data that reflect under-treatment of Black, rural, or low-income patients. Witnesses urged clearer standards for trustworthy AI, stronger monitoring and governance structures, better data access for accountability, and attention to the safety net’s limited resources. Several speakers argued that states should require health systems to have AI governance processes, clarify liability between developers and deployers, and regulate downstream uses of AI while preserving access to data for lifesaving research and oversight.

Transcript Highlights:

• and Protective Services.
• And we focus on the oversight. site on five key areas, so that's access to services, service delivery
• has assessed a member, what are their needs, that they've delivered the services that are on the service
• of Aging and Disease. disability services in the Department of Assistive and Rehabilitative Services
• service center.

Bills: HB150, HB869, HB876, HB 1043, HB1494, HB1522, HB150

Keywords: cybersecurity, state command, information resources, data protection, incident response, information technology, classification officer, job descriptions, state positions, competency-based, information sharing, government efficiency, public sector, private sector, distributed ledger, title registry, real estate, property liens, pilot program, healthcare

Transcript Highlights:

• So it was built a learning ecosystem for every stage of the learning journey.
• On the industry side, we are part of the regional innovation ecosystem for the Small Business Development
• have helped create the for you Health Innovation District, which allows us to provide health care services
• That does not enable the faculty and the students to use that you have to build and ecosystem around
• It's the ecosystem that has faculty, students, support, staff culture, that appreciates where we are

Transcript Highlights:

• <01:16:40.080> and um ecological services out of sight. and um ecological services out of
• I'll talk more the ecosystem easily.
• Let's look at land ecosystems and water ecosystems.
• > and<01:52:20.719> water look at land ecosystems and water look at land ecosystems and
• The seed laws or the seed services.

Keywords: 1189, house, all

Transcript Highlights:

• with my local county human services with my local county human services director<00:00:55.280>
• modernization of human services modernization of human services technology<00:12:17.920> systems
• One of County Social Services for years.
• <00:20:02.480> advisory about that the human services advisory about that the human services
• ecosystem in Minnesota. Thank you. ecosystem in Minnesota. Thank you.

Keywords: 919, house, all

Summary: The House first took up Senate File 334, a bill to modernize county human services technology used to administer programs such as Medicaid and SNAP. The author and several members described the current systems as outdated “green screen” platforms that are slow, duplicative, and difficult for workers and applicants, and argued modernization would improve service, retention, and fraud prevention. The bill would create a technology modernization fund with about $90 million over time, capped at $50 million, route funds through Minute, establish an interagency group with county representation, create a legislative working group, and provide $15 million for Office of Inspector General technology. Members from several counties spoke in strong support, citing local system failures, cyberattacks, and the need for better tools; one member noted the bill was about 20 years overdue. The bill passed third reading by a vote of 134-0, and a title was agreed to. The House then considered Senate File 4401, the cannabis bill. The author described it as a maintenance and cleanup package developed with more than 80 stakeholders over months of meetings, including business owners, labor, tribal representatives, and medical cannabis interests. The bill was presented as making noncontroversial adjustments to support small businesses, clarify statutes, improve privacy protections, adjust event and transporter rules, address good-faith errors, strengthen enforcement against unlicensed operators, and support local governments and municipal cannabis dispensaries. It also included a first step toward a medical psilocybin program and changes intended to make the medical cannabis market more sustainable, including easing the grow-and-sale ratio issue. The transcript cuts off before final action on this bill, but members speaking in support emphasized collaboration and the need for practical regulatory fixes.

Transcript Highlights:

• facing significant challenges, including higher rates of unemployment and limited access to necessary Services

Bills: SJR39, SJR47, SB227, SB1942, SB1627, SB625, SB1716, SB1303, SB2180, SB504, SB1209, SB1448, SB1597, SB1679, SB2182, SB2112, SB2170, SB2084, SB1496, SB1595, SB1655, SB1876, SB1621, SB1944, SB1266, SB2072, SB2104, SB1769, SB1827

Keywords: property valuation, tax limit, homestead, income threshold, elderly, constitutional amendment, voter ID, elections, Oklahoma, proof of identity, gross production tax, ad valorem tax, property exemption, Oklahoma Tax Commission, oil and gas production, regulatory impact, economic implications, dental insurance, health care, medical necessity

Transcript Highlights:

• Members, today in the North Gallery, we are welcoming members of the Public Service Company of Oklahoma
• As well, because we do need to make these fixes so that we can protect the services for our children
• can be a very expensive, arduous process as you are working to make sure your child receives the services
• federal, if the block grants come down from federal, IEP students are going To lose funding and services
• self-awareness, learn to communicate effectively with their unique voice, discover how leadership requires service

Bills: HB1427, SB1403, SB1448, SB1489, SB1546, SB1557, SB1614, SB1377, SB1990, SB1439, SB1630, SB1632, SB1696, SB1796, SB1824, SB1362, SB1849, SB2066, SB2071, SB2104, SB933, SB1633, SB1224, SB1246, SB1280, SB1303, SB1346

Keywords: tax credit, clean-burning fuel, hydrogen fuel cells, compressed natural gas, liquefied petroleum gas, environmental impact, vehicle modification, renewable energy, job incentives, tax rebates, Oklahoma Quality Jobs Program, employment growth, wage requirements, Oklahoma Consumer Protection Act, consumer protection, unfair trade practices, deceptive practices, exemptions, statutory exemptions, Corporation Commission

Transcript Highlights:

• Application or petition filed with the United States Citizenship and Immigration Services to legalize
• Does the excise tax go completely to plugging orphan wells, or is it split among different services to
• those taxes combined helped us to at least get back to a place where we could begin to fund core services
• Is there research that shows which communities are most in need of these services?

Bills: HB1427, SB1403, SB1448, SB1489, SB1546, SB1557, SB1614, SB1377, SB1990, SB1439, SB1630, SB1632, SB1696, SB1796, SB1824, SB1362, SB1849, SB2066, SB2071, SB2104, SB933, SB1633, SB1224, SB1246, SB1280, SB1303, SB1346

Keywords: tax credit, clean-burning fuel, hydrogen fuel cells, compressed natural gas, liquefied petroleum gas, environmental impact, vehicle modification, renewable energy, job incentives, tax rebates, Oklahoma Quality Jobs Program, employment growth, wage requirements, Oklahoma Consumer Protection Act, consumer protection, unfair trade practices, deceptive practices, exemptions, statutory exemptions, Corporation Commission

Transcript Highlights:

• Department of Health and Human Services Department of Health and Human Services to<00:09:30.880>
• companies<00:54:43.680> in Growing the ecosystem of companies in Growing the ecosystem
• <01:06:51.680> that would also create an ecosystem that would also create an ecosystem that
• And so this is a an ecosystem on. Right? And so this is a an ecosystem play<01:12:51.040> here.
• ecosystem comes from. ecosystem comes from. >> One<01:17:14.400> followup.

Keywords: 1189, house, all

Transcript Highlights:

• We want to be able to have them pay taxes and state services easily and for us to be able to offramp
• We want to be able to have them pay taxes and state services easily and for us to be able to offramp
• We want to be able to have them pay taxes and state services easily and for us to be able to offramp
• specifically on financial services specifically on financial services adoption.<01:08:08.160>
• trade in business in citizen services trade in business in citizen services and<01:25:06.639>

Keywords: 1189, house, all

Summary: The commission met with a quorum, approved the agenda, and approved the November 12 minutes after a motion, second, and unanimous voice/online consent. The chair said the meeting would include two presentations—one from Noah Herman of Fortress Global and one from John Kicko and team from Hedera—followed by discussion of the commission’s next steps and public comment. The chair also noted he was still seeking a clerk for note-taking. Herman’s presentation focused on stablecoins, blockchain use cases, and operational considerations for states and other institutions. He described Fortress as an enterprise crypto-wallet and treasury platform serving corporates, governments, and nonprofits, and used examples such as Save the Children and a large global commodities firm to illustrate custody and treasury management on blockchain rails. He said stablecoins are designed to maintain a U.S. dollar peg, are increasingly backed by treasuries and subject to greater transparency, and are being adopted by major firms and payment companies because they can improve speed, reduce cost, and simplify payments. He also highlighted market growth, including claims that stablecoins now represent a significant share of on-chain activity and are a major holder of U.S. Treasuries. He identified custody as a key issue for state and institutional use, outlining qualified custody, managed custody, and self-custody models. He said the main practical challenge for the commodities client was moving funds safely and quickly across global time zones and that blockchain rails could solve problems that traditional banking rails could not. He framed the broader trend as one of accelerating institutional adoption, citing recent acquisitions and product launches by Visa, Stripe, Citi, and PayPal as evidence that stablecoin infrastructure is becoming mainstream.

Transcript Highlights:

• vision not by replacing our financial institutions, but by complementing them and expanding the ecosystem
• The ecosystem of responsible capital available to entrepreneurs.
• Fortis Capital partners with community organizations, financial institutions, and ecosystem leaders to
• <00:03:58.480> leaders<00:03:58.799> to<00:03:59.040> deploy and ecosystems
• leaders to deploy and ecosystems leaders to deploy innovative<00:04:00.159> financial<00:04:00.959

Keywords: 1183, house

Summary: House File 2581 was presented as a request for a $1 million state investment in Fortis Capital, a Minnesota nonprofit economic development lender. The bill was described as supporting entrepreneurship and wealth-building by expanding access to capital for businesses that are underserved by traditional lending, especially in rural areas, communities of color, immigrant communities, and low-wealth areas. Testifiers argued that conventional underwriting standards leave viable businesses without financing and that Fortis provides flexible gap financing to help deals close, complementing rather than replacing banks and CDFIs. Brian Smith, co-founder and CEO of Fortis Capital, said the organization was established in 2019 and has deployed 37 loans totaling over $4 million since 2021, leveraging an additional $29.5 million through partnerships. He said Fortis seeks to increase lending capacity, reduce risk in innovative capital structures, expand statewide partnerships, and accelerate small business growth and job creation. In response to questions, he said Fortis typically charges about 6.12% on average, has had two defaults, and operates as a revolving loan fund. He also explained that Fortis already participates in some Department of Employment and Economic Development programs, but is not eligible for certain grant programs because those grants go directly to borrowers. Committee members asked how the proposal fits with existing state economic development efforts and whether competitive grant programs exist for this kind of work. A DED representative said he would need more detail to compare the proposal to agency programs, though he mentioned the emerging entrepreneur loan program as a possible fit. Members also discussed broader concerns about direct appropriations versus competitive grants. No public testimony was offered. Chair Frasier closed by saying the bill addresses a real need and laid House File 2581 over for possible inclusion in a budget bill.