Transcript Highlights:

• Senator Woods, is this liability insurance under our self-insurance plan? Mr.
• So there would be future out-year liabilities. And there will be.
• So these expenses are currently being paid out of the Public Liability Fund.
• I mean, businesses—especially businesses who have exactly the kind of talent that this industry is going
• But when you're building a business model, everything has to work.

Committee: Senate Senate Finance

Keywords: 996, all

Transcript Highlights:

• So I do think that a bespoke approach to the liability issue is best.
• Primarily, as you know, unfortunately, the GMA is very liability-driven. It's legal-risk-driven.
• You know, unfortunately, the GMA is very liability-driven, it's legal-risk-driven.
• You mentioned small business pavers.
• For the record, Ken Short with the Association of Washington Business.

Summary: The House Local Government Committee held public hearings on four bills. HB 2174 would allow counties, cities, towns, or the Department of Transportation to designate accident risk zones on roads with repeated crashes, hold a public hearing, conduct engineering and traffic studies, increase enforcement, and use half of traffic fine revenue for safety improvements. The sponsor and local officials from Pasco and Colotis described serious crashes and fatalities on U.S. 12 and U.S. 395 and said the bill could provide a temporary safety tool while long-term fixes are pursued. Testifiers generally supported the concept but raised concerns about liability, implementation, youth penalties, and possible targeted enforcement, especially for motorcyclists; several suggested amendments and the committee discussed possible alignment with safe system practices. HB 2267 would direct the Department of Commerce to create a model urban forest management ordinance, update it every 10 years, provide guidance on tree retention and mitigation, and create a grant program for local governments that adopt or substantially adopt the model. Supporters from Washington Conservation Action, The Nature Conservancy, FutureWise, and the Puget Sound Partnership said trees are important for stormwater, heat reduction, air quality, public health, and climate resilience, and argued the bill could help balance housing growth with canopy protection. Opposition from the Building Industry Association of Washington and the Master Builders Association focused on the grant condition tied to adoption of the model ordinance, concerns that the bill would effectively mandate local policy, and worries that prioritizing tree retention could constrain housing production and increase legal risk. HB 2183 would require counties planning under the Growth Management Act to adopt extreme heat response plans by July 1, 2027, covering immediate response, long-term mitigation, protection of high-risk populations, tribal coordination, and public education. The sponsor and physicians from Washington Physicians for Social Responsibility cited the 2021 heat dome as a deadly disaster that overwhelmed emergency services and killed many people in their homes, arguing counties need coordinated planning for future heat events. Local public health officials supported the goal but asked for amendments to reduce duplication with existing emergency and mitigation plans and to clarify leadership roles; L&I requested that the bill reference existing worker-protection rules for outdoor workers. HB 1529 would let counties perform city roadway striping and paving work without counting it against city public works limits or bidding thresholds, if the county can do the work more cheaply or no bids are received. Supporters from Pasco and the Association of Counties said it would help cities use existing county equipment and crews more efficiently, while contractors and labor groups opposed it, warning about reduced competition, quality and oversight concerns, and the loss of prevailing-wage and small-business opportunities. No votes were taken on any of the bills, and the committee adjourned after the hearings.

Transcript Highlights:

• Their liability insurance will go up. Their liability insurance will go up.
• So make it clear, this bill adds liability to physicians.
• So this bill is necessary because under the auto-business, Thank you.
• So this bill is necessary because under the auto-business, as Mr.
• Business on the President's desk: appointments by the President.

Summary: The Senate convened with prayer, the Pledge of Allegiance, roll call, journal approval, guest introductions, and recognition of doctors and other visitors. The chamber then moved through multiple Committee of the Whole calendars, considering a large number of bills on topics including public schools and curricula, transportation, health care, child welfare, municipal and county governance, homeowners’ associations, speech, and election-related matters. Several measures were retained on the calendar, while many others were advanced with committee or floor amendments. Among the more notable debates, senators discussed SB 1094, which would impose civil liability related to gender reassignment surgery on minors; supporters said it would compensate minors harmed by such procedures, while opponents argued it would discriminate against transgender youth, raise malpractice costs, and chill access to care. SB 1813, concerning the state hospital governing board and Maricopa County bed limits, drew concern about litigation and the need to expand capacity for people with serious mental illness, while supporters said the bill would remove a legal cap and allow more beds to be used. SB 1496 on Department of Child Safety procedures was amended to clarify representative payee requirements and received generally favorable comments, though some members raised concerns about child safety and DCS discretion. The Senate also advanced SCR 1004, a photo radar ballot referral, after an amendment requiring voter approval in jurisdictions that use photo radar; Senator Leach thanked the sponsor for the change. Other bills moved forward included measures on school firearm safety instruction, civics instruction, chiropractic claims, behavioral health prior authorization, psychiatric evaluations, DCS procedures, AHCCCS procurement contracting, county recorder and HOA-related issues, and legislative qualifications. The chamber adopted the Committee of the Whole reports and properly assigned the bills after each calendar was completed.

Transcript Highlights:

• Assembly Member Hart: Well, the obvious question of the day is the liability one.
• And obviously the liability issue would have to be dealt with.
• The owners of the CCA, just like you, should have to put up and cover any liability.
• But I do think the liability issues are important, and I'm hoping that you'll work...
• And it is not—these bills are not an attempt to squash your business model.

Committee: House Utilities and Energy

Keywords: 988, house, all

Transcript Highlights:

• ><c> if</c><01:00:17.960><c> they</c> in terms of the liability pay if they in terms of the liability
• </c><01:02:29.000><c> that</c> you know avoid those liabilities that you know avoid those liabilities
• </c> compensation property and liability compensation property and liability claims<01:18:23.280><c>
• </c><02:21:45.960><c> coverage</c> PLT was primary liability coverage and went out of business, and when
• </c> state be on the hook for the liability state be on the hook for the liability this<02:26:51.240>

Committee: Senate Finance

Keywords: 1191, senate, all

Transcript Highlights:

• From number three, the limits established in Section 41, 4A-6 is the civil liability, civil rights liability
• Chair, I'm not sure about the general liability one.
• Yeah, but what about general liability? When was the last time general liability was raised?
• For a general liability claim in almost 35 years.
• I don't understand your business.

Committee: Senate Senate Judiciary

Transcript Highlights:

• Steve Frisch on behalf of Sierra Business Council. Blue. Good morning.
• I'm the president of the Sierra Business Council, and our organization also works as the Small Business
• As a result, there has been no decrease to the state's liability.
• It's offloading of liabilities.
• They're offloading their liabilities. Please.

Summary: The committee heard a series of natural resources bills, with several measures accepted on committee amendments and moved forward on party-line or near-unanimous votes. AB 2461 on oil and gas bonding and well-closure financial assurance drew strong support from environmental groups and some legislators, while an industry representative was neutral and warned about unintended consequences and reduced transfers. Senators Laird and Cabaldon supported the bill as a clarification of AB 1167, and the committee voted do pass as amended to Appropriations, with the bill placed on call. The committee also approved a consent calendar of 10 bills, which was moved and held on call. AB 53 by Assemblymember Ramos, as amended, would expand tribal eligibility for conservation grants and loans and express legislative intent to create a process for returning ancestral lands to federally recognized tribes. Tribal and environmental supporters argued the bill recognizes tribal stewardship and helps remove barriers to conservation participation, while county, farm bureau, and habitat league witnesses raised concerns about long-term land management, public accountability, easements, and jurisdiction if lands are transferred. Committee members emphasized the importance of preserving conservation protections and continuing work on the land-return framework; the bill was moved do pass as amended to Appropriations and held on call. AB 2679 on Lake Tahoe corridor safety and access was supported by local officials and the Tahoe Regional Planning Agency, who described dangerous parking, pedestrian conflicts, and a successful shuttle pilot, and the bill was moved do pass as amended to Appropriations. AB 1666, creating biomass innovation parks and other incentives for non-combustion uses of forest and agricultural biomass, received broad support from business, conservation, and local government witnesses, with senators framing it as a way to address wildfire debris and create rural jobs; it also advanced do pass as amended to Appropriations. AB 2494, which would modernize the demonstration state forest system and elevate biodiversity, recreation, carbon storage, and tribal stewardship over maximum sustained production, drew strong support from environmental and tribal advocates but significant opposition from forest industry, county, and research witnesses who warned it could undermine research, sustainable forestry, and local economies; the author said he would continue negotiations, and the bill was moved do pass to Appropriations. The committee also heard AB 2234, which updates the definition of geothermal exploratory projects, and AB 2521, which seeks to use the California Council on Science and Technology for watershed-wide water availability analyses to help identify excess water for groundwater recharge. Both bills had support from sponsors and some stakeholders, while AB 2521 drew concerns from agricultural water interests about agency reliance, public trust considerations, and funding. Both measures were moved do pass as amended to Appropriations. Finally, AB 2410 would extend a CEQA exemption for certain fuels-reduction projects in high fire-risk areas; local government groups supported it as a wildfire-prevention tool, while environmental and other opponents argued the remaining exemption still weakens habitat protections and public review, and one witness sought to remove conventional herbicides from the exemption.

Transcript Highlights:

• “Business aside, this issue is very important to me.
• I've been an entrepreneur and a business person in Idaho for 30 years.
• Did you bring up liability and immunity—the... Did you bring up liability and immunity?
• Baker: ...business want to follow the standards.
• helping here in Idaho, and doing good business is what we all want to do.

Committee: Senate Agricultural Affairs

Summary: The committee first approved a motion to reorder the agenda, hearing a presentation from the Idaho Grape Growers and Wine Producers Commission before taking up Senate Bill 1282. Commission representatives reviewed the history and current size of Idaho’s wine industry, noting about 65 wineries, 1,300 acres of vineyards, and three AVAs. They described challenges including county land-use restrictions, water supply concerns in the Treasure Valley, and labor shortages, while also highlighting marketing, education, and specialty crop grant funding. A vineyard owner testified that the industry requires significant upfront investment and manual labor, but said commission-funded education has improved grape quality and supported growers. The committee then heard extensive testimony on S.B. 1282, which would create a kratom consumer protection framework. Senator Nichols and supporters said the bill would preserve access to natural kratom while banning adulterated or synthetically enhanced products, requiring testing, labeling, age restrictions, and clearer supply-chain accountability. Supporters included kratom users, business owners, and industry representatives who said the bill would protect consumers, distinguish natural leaf products from high-potency 7-OH derivatives, and provide needed standards without banning kratom outright. Several witnesses described personal benefits from kratom for pain, recovery, or avoiding opioids, and some said responsible regulation was preferable to prohibition. Opponents, including family members of people who died after using kratom, law enforcement, and addiction medicine professionals, argued that natural kratom itself can be dangerous and addictive and that the bill would not adequately protect the public. They urged either a full ban or broader restrictions, criticized the bill’s low civil penalties and prohibition on private causes of action, and said age limits and labeling would not be enough. Committee members questioned witnesses closely about deaths, testing, liability, and whether the bill should cover natural kratom as well as 7-OH. No vote was taken during the hearing, but Senator Nichols said the bill sponsor was open to amendments, including raising the purchase age, increasing penalties, and revisiting the private right of action provision.

Transcript Highlights:

• Liability insurance for licensees.
• is the actuarial accrued liability?
• Things have been very busy.
• the</c> liability liability divided by the liability liability divided by the Actuarial<04:01:35.319
• ><c> at</c> line reflects the unfunded liability at line reflects the unfunded liability at different

Keywords: 928, house, all

Summary: The committee held an orientation for new and returning members of the House committee on agencies and administration, with introductions from members and staff. Chair Carol Maguire outlined her expectations for hearings: keep questions focused on the bill, be respectful to witnesses, and use the committee’s orientation opportunities to learn about the jail staff, retirement system, and Office of Professional Licensure. Members also discussed related assignments on other bodies, including the Joint Legislative Committee on Administrative Rules and the Joint Committee on Employee Classification, and noted that some members already serve on those panels. A substantial portion of the meeting focused on the State Building Code and the committee’s upcoming workload. Members explained how the state code is intended to provide a common baseline while allowing limited local options, and why municipalities must formally adopt and publish any local amendments. They reviewed several anticipated bills: a consolidation bill to gather building-code enforcement materials in one place, a bill to update the state energy code, a bill to restrict municipal adoption of building-code changes, and a bill to update the electrical code. Members also discussed how building codes apply to older homes and commercial buildings, and why code updates are important for safety and clarity. The chair said the committee had 36 bills currently scheduled, including many early bills that must move by March 6 because they will be heard by two committees. She said the committee would use subcommittees for harder bills, with three subcommittees this year: pensions, licensing, and likely state building code. She also outlined the hearing schedule, including lighter bills on February 12 and the expectation of executive sessions later in the month. No votes were taken during the orientation, but members were told that public hearings do not require a quorum and that hard copies of bills would be distributed by committee staff.

Transcript Highlights:

• liability, and it's everyone.
• Is this the only Pro-business bill. I do have a quick question.
• And tell me, you said some good things about pro-business.
• I’m not anti-business. I am against frivolous law... HB 804. I’m not anti-business.
• I am in the ready-mix business. My family's previously been in the sand and gravel business.

Summary: The committee first took up HB 804, the Louisiana Energy Protection Act, which was presented as a narrowly focused ban on climate-change damages lawsuits rather than a measure affecting emissions claims, pollution claims, or private property rights. The author and supporters said the bill was intended to stop speculative suits targeting energy producers, farmers, truckers, manufacturers, and other businesses for global climate impacts, while preserving claims for actual legal violations under state or federal environmental and safety laws. After a substitute amendment was adopted to clarify and streamline the bill, the committee heard extensive support from oil and gas, chemical, business, port, and legal reform groups, along with a few opposition speakers who argued the bill could still be read to shield industry too broadly or weaken climate accountability. HB 804 was reported favorably as amended. The committee then considered HB 802, as amended, which creates a watershed conservation fund tied to the Amite River Basin. The author explained that the bill was narrowed from a statewide proposal to a basin-specific program to reduce flood risk and restore watershed areas using existing severance revenue from sand mining, modeled in part on coastal restoration funding. Supporters from the concrete industry, landowners, levee boards, and conservation groups described it as a practical, low-cost, non-government solution to help remediate old sand and gravel pits and improve flood control. With no opposition cards and no objections, HB 802 was reported favorably as amended. Finally, the committee heard HB 934, as substituted, which would allow licensed wildlife rehabilitators to possess white-tailed deer fawns under specific conditions, including disease monitoring, release only within the same management zone, and other handling requirements. The author said the bill was meant to prevent the euthanizing of orphaned fawns that could be rehabilitated and to create a lawful pathway for licensed care. A supporter described her experience rescuing an orphaned fawn that was later confiscated and killed, while the Louisiana Wildlife Federation opposed the measure, warning it could effectively create a captive deer program, undermine wildlife conservation principles, and lead to dangerous or inhumane facilities. The transcript ends during testimony on HB 934, before final committee action is shown.

Transcript Highlights:

• The bill establishes affirmative defenses, exceptions, and exemptions from criminal liability.
• They shut down businesses, which affected commerce, and they did it twice because the first time the
• They shut down businesses, which affected commerce, and they did it twice because the first time the
• I'm a business representative for Local 77 out of the Spokane Union Hall.
• For the record, Peter Godluski with the Association of Washington Business, signed in support.

Committee: House Environment & Energy

Keywords: 904, all

Transcript Highlights:

• to a use tax liability.
• to a use tax liability.
• And so this is a way—the MPU exemption is a way—for businesses to manage that out-of-state tax liability
• That converts the sales tax liability to a use tax liability.
• I mean, we are always getting new questions as people, businesses or nonprofits, whoever, have new business

Summary: The committee first received a presentation from Dr. Reich on the Economic and Revenue Forecast Council (ERFC), including how the council’s joint executive-legislative forecasting process works, the main state revenue sources, and recent economic conditions. He said Washington’s economy is slowing, with weak employment growth, softer taxable sales, and uncertainty from tariffs, federal spending, and the federal shutdown. He also noted that the September forecast was reduced, mainly because of lower sales tax and real estate excise tax collections, and that the state still expects modest growth rather than a recession. Members asked about whether Washington tends to lag national downturns and how forecast information should affect budgeting; Dr. Reich said the forecast is a revenue tool, not a budgeting decision, and that spending choices remain with elected officials. The Department of Revenue then presented on Washington’s sales and use tax structure and the implementation of Senate Bill 5814, which expands retail sales tax to several services effective October 1, 2025. Steve Ewing explained how sales and use tax are sourced, how reseller permits and the multiple points of use exemption work, and how the new law applies to live presentations, temporary staffing, investigations and security services, IT services, custom website development, advertising services, and custom software. He said DOR held listening sessions, issued interim guidance, and set up a centralized landing page and outreach efforts to help taxpayers understand the changes. He also described a six-month grace period for certain pre-existing contracts through March 31, 2026, but said penalties and interest still apply under the statute. Committee members raised concerns about how businesses and individuals will know when a service is taxable, who is responsible for collecting and remitting tax, and how sourcing will work for services delivered across multiple locations or online. DOR staff walked through examples involving accounting services, live lectures, virtual events, advertising campaigns, and search engine marketing, including the use of reasonable allocation and pool codes when exact sourcing data is unavailable. Members also questioned the administrative burden on small businesses and professionals newly subject to tax, and whether additional legislative fixes or relief from penalties and interest may be needed. No votes or formal actions were taken in the work session.

Transcript Highlights:

• I'm wondering... liability and that is a big issue. liability and that is a big issue.
• ><c> 2.1%</c><00:43:19.599><c> of</c> Liability claims accounted for 2.1% of Liability claims accounted
• A small part of it is liability claims.
• </c> merit and that there was liability merit and that there was liability there.<00:58:50.079><c> And
• </c> ones that provide liability insurance. ones that provide liability insurance.

Keywords: 1183, house

Transcript Highlights:

• A quorum is present, and the Senate is ready for business.
• The Senate is at the third order of business.
• There is no further business in the third order, Mr. President.
• There is no further business in the fifth order, Mr. President.
• The Senate will advance to the 15th order of business, miscellaneous business. Thank you, Mr.

Keywords: 989, all

Transcript Highlights:

• But for the entire business community, and it is the entire business community of Texas. that supports
• I want to thank the business members.
• Businesses have to buy a $1 million layer for their auto liability, then they have to place an umbrella
• This bill is critical to our essential business and to all of the essential businesses that form our
• I'm a small business owner here in Texas.

Bills: HB4806

Committee: House Judiciary & Civil Jurisprudence

Keywords: civil action, damages, health care services, noneconomic damages, negligence, legal standards, 1184, house, all

Transcript Highlights:

• Maddie Hyatt, Capital Business Alliance, in support.
• as the California Business Roundtable, in opposition.
• SBA definition, a small business nationally is at 500 employees.
• SBA definition, a small business nationally is at 500 employees.
• Mattie Hyatt, representing the Capital Business Alliance.

Committee: Senate Labor, Public Employment and Retirement

Keywords: 987, senate, all

Transcript Highlights:

• the Department of Transportation, or by a petition of 10% of the property owners, residents, or business
• Primarily, as you know, unfortunately, the GMA is very liability-driven. It's legal-risk-driven.
• You know, unfortunately, the GMA is very liability-driven, it's legal-risk-driven.
• You mentioned small business pavers.
• For the record, Ken Short with the Association of Washington Business.

Bills: HB2267 , HB2183 , HB2174 , HB1529

Committee: House Local Government

Keywords: urban forestry, local government, environmental policy, tree management, community planning, heat response, counties, public health, emergency management, climate action, crash prevention, traffic safety, roadside regulations, emergency zones, public safety, state legislation, infrastructure, county resources, road construction, maintenance

Transcript Highlights:

• from business identity fraud.
• for a business they never owned or for actions their actual business did not take.
• business community strong.
• /c><01:25:48.480><c> never</c> liabilities for a business they never liabilities for a business they
• </c> business did not take. business did not take.

Committee: Senate Judiciary and Public Safety

Keywords: 1187, senate, all

Transcript Highlights:

• </c> broad and the immunity for liability broad and the immunity for liability from<00:21:46.120><c>
• </c><00:23:31.559><c> in</c> proportionate share of liability in proportionate share of liability in
• </c> proportionate share of liability proportionate share of liability sometimes<00:23:47.840><c> millions
• </c><00:54:49.119><c> insurance</c> wants to for liability insurance wants to for liability insurance
• </c> hit by a car um and I think liability hit by a car um and I think liability should<01:14:55.239>

Keywords: 910, house, all

Summary: The House Committee on Transportation heard a 10 a.m. agenda covering a range of transportation, liability, harbor, and bicycle-related bills. Testimony was mixed on several measures: HB 263, which would exempt full-time college students from vehicle weight tax, drew opposition from the Department of Transportation and others; HB 135, authorizing general obligation bonds to purchase property on the North Shore of Oʻahu, had support; HB 860, granting immunity to the state or county for repairs on roads with disputed jurisdiction, drew support from DOT, DLNR, and the City and County of Honolulu but opposition from the Hawaii Association for Justice; and HB 996, which would abolish joint and several liability for government entities in highway-related civil actions, also drew strong opposition from the Hawaii Association for Justice and support from the Attorney General’s office and DOT. The committee also heard HB 1167, an emergency appropriation for motor carrier enforcement, and HB 1259, which would remove the need for an engineering study before reducing speed limits within 10 mph of the current limit; both had support from DOT and related groups. HB 1156 and HB 960, both related to harbor financing and capital advancement contracts, were supported by DOT, with DOT explaining that higher bond and contract ceilings were needed because project costs have increased since the limits were set decades ago. HB 142, exempting certain nonprofit community-based transportation providers from motor carrier regulation, and HB 914, creating a water carrier inflationary cost index mechanism and allowing PUC exemptions, also received support from multiple stakeholders, with the Consumer Advocacy Division noting that the inflationary adjustment issue was already active in a rate case. The committee also took testimony on several electric bicycle and micromobility bills. HB 486 would restrict where electric bicycles may operate, prohibit unsafe operation and removal of speed-limiting devices, and fund a safety education campaign; it drew opposition from the Hawaii Bicycling League and several individuals, with one supporter. HB 435 would redefine and classify electric bicycles, raise the minimum operating age, and add registration and use rules; it was supported by DOT and the Hawaii Bicycling League, with one individual opposing. HB 958 would regulate motorized bicycles and electric micromobility devices, require helmets for minors, and fund a coordinated education campaign; it drew support from the City and County of Honolulu, Council Member Tyler Dos Santos-Tam, and the Hawaii Bicycling League, but opposition from Moped Doctors and others, who argued the bill could harm the moped industry and that more study was needed. After testimony, the committee recessed and then reconvened for decision-making. In decision-making, the committee deferred HB 263 and HB 996. It passed HB 135, HB 860, HB 1167, HB 1259, HB 1156, and HB 960 with amendments, generally adopting HD1 versions, making technical changes, and setting effective dates to July 1, 3000 for the amended measures. The chair explained that HB 263 was deferred because a blanket tax exemption for one class could create inequities and a tax credit might be a better approach. HB 996 was deferred because the chair said the state’s long-standing policy of ensuring safe roads and maintaining accountability for highway design and maintenance remained important. For HB 960, the chair said the current contract caps were too low for modern harbor projects and that higher limits would improve flexibility and efficiency. The committee also noted Representative Cochran was excused for the remaining votes.

Transcript Highlights:

• There are quite a few homeowners and businesses that will never recover or return.
• New businesses and opportunities are coming to our area. I am And so much more.
• New businesses and opportunities are coming to our area.
• I am a small business owner myself for over 25 years.
• We would definitely want to make sure we have zero unfunded actuarial liability.

Summary: The Government Operations Subcommittee met with a quorum and began with member introductions and remarks from the chair emphasizing the committee’s focus on government efficiency, accountability, and oversight of executive branch agencies. Members shared their districts and backgrounds, with several noting hurricane recovery in their communities and a shared interest in reducing bureaucracy and improving service to Floridians. The committee’s only presentation was from Chris Spencer, Executive Director of the State Board of Administration, who gave an overview of the SBA’s governance structure, investment responsibilities, and divestment policies. He explained the SBA’s management of more than $257 billion in assets, including the Florida Retirement System, the Florida Hurricane Catastrophe Fund, and Florida PRIME, and reviewed the Protecting Florida’s Investments Act restrictions covering Northern Ireland, Cuba, Venezuela, Israel, Sudan, Iran, and China. He also described the implementation of HB 7071, including the required divestment from direct holdings in Chinese companies, and said the SBA had reduced its direct Chinese holdings from 33 companies totaling over $172 million to 13 companies totaling about $64 million, with completion expected ahead of the September 1, 2025 deadline. Members asked detailed questions about the Israel boycott list, Morningstar and MSCI, how the SBA gathers information, whether Cuba’s federal designation changes affect Florida law, how companies are removed from scrutinized lists, and whether divestment timing could affect returns. Spencer said the SBA uses public and paid research sources, gives companies a 90-day cure period in some cases, and brings list changes to the trustees for approval. He also explained that the China benchmark change is intended to reduce passive exposure while still allowing active investment decisions, and said the PFIA restrictions have had a modestly positive overall effect on pension performance. The chair also asked about the Florida Retirement System funded ratio and the CAT Fund’s capacity; Spencer said the pension fund is at 80.7% funded, that actuarial assumptions are reviewed regularly, and that the CAT Fund currently has more than $10.5 billion in liquid claims-paying capacity and is expected to remain well positioned for hurricane losses. No votes were taken, and the meeting adjourned after the presentation and questions.