Transcript Highlights:

• cumulative inflation has stripped cumulative inflation has stripped $250<00:43:07.680> per
• We have to budget to take care of inflation because inflation does impact the expenditure.
• <00:44:15.680> has particularly because of inflation has particularly because of inflation
• inflation does impact the because inflation does impact the expenditure.<00:45:27.920> So<00:
• <00:58:58.400> costs, state cope with these inflated costs, state cope with these inflated

Keywords: 1187, senate, all

Transcript Highlights:

• We've got To bring inflation down to the ground without a crash.
• When you again take into account inflation, it could be actually negative.
• And when you account for inflation that retail trade spending might actually be negative.
• On the next slide, inflation.
• Well, we're going to be inflating the total percent of reserves.

Keywords: 996, all

Transcript Highlights:

• may reflect uncertainty about inflation may reflect uncertainty about inflation or<00:09:35.200>
• In this forecast, the rate of inflation In this forecast, the rate of inflation is<00:10:25.839>
• ,<00:18:48.880> forecast discretionary inflation, forecast discretionary inflation, forecast
• I think this putting in inflation.
• Consumer spending is down and inflation Consumer spending is down and inflation is<01:34:38.880>

Keywords: 1187, senate, all

Transcript Highlights:

• annually for inflation. annually for inflation.
• Act that aren't adjusted by inflation.
• > adjustment<00:37:50.800> to 73 includes an inflation adjustment to 73 includes an inflation
• <00:43:00.880> measure be one, there is an inflation measure be one, there is an inflation
• So, he mentioned the inflation adjustment, the recalibration.

Keywords: 926, house, all

Summary: The meeting was a high-level walkthrough of Act 73, with staff from Legislative Council and the Joint Fiscal Office summarizing major education policy, governance, tax, and fiscal changes. The presentation covered class-size minimums and related enforcement, creation of a state aid for school construction program, narrowed tuition eligibility for approved independent schools, changes to State Board of Education appointments, special education reporting and staffing, and a new report on standards for schools deemed small or sparse by necessity. It also noted that some provisions take effect immediately or in 2025, while the major funding and tax changes are contingent on new school districts being operational and a foundation formula report being received, with most of those changes targeted for July 1, 2028. The central fiscal change described was a move from the current locally voted budget and varying homestead tax system to a foundation formula. Under that model, districts would receive an educational opportunity payment based on a base amount per pupil, adjusted by student weights for factors such as pre-K, economic disadvantage, English learner status, and special education, with small-school and sparsity weights replaced by support grants. Districts could still seek limited supplemental district spending above the foundation amount, subject to a cap and a uniform method for raising the funds, with excess collections recaptured at the state level. The presenters also described transition mechanisms to phase in the new system over several years. The tax section explained that Act 73 would replace the current property tax credit with a homestead exemption and create a new non-homestead residential classification intended for second homes and short-term rentals, though further statutory or regulatory work would still be needed to implement it. The JFO presentation emphasized that the act also creates regional assessment districts for reappraisals and includes a transition to smooth changes in education tax rates. No committee vote or formal action was taken during the presentation; it was informational only.

Transcript Highlights:

• the continued damaging effects of record-high inflation.
• Because of inflation.
• Although the amount of inflation is dropping down, the inflated cost is still there, is staying up.
• There's challenges due to rising costs and inflation.
• There's challenges due to rising costs and inflation.

Bills: SB 1

Keywords: campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards

Summary: The Senate Finance Committee held its first hearing of the 89th regular session, adopted nearly identical committee rules from the previous legislature by a 15-0 vote, and began review of Senate Bill 1, the state budget for fiscal years 2026-27. Chair Huffman outlined the budget framework, emphasizing conservative spending, a $332.9 billion all-funds budget, and major priorities including property tax relief, public education, border security, health and human services, transportation, energy, and water infrastructure. She also introduced committee and leadership staff and described the hearing schedule and public testimony procedures. Comptroller Glenn Hager presented the biennial revenue estimate, saying the state has $194.6 billion available for general-purpose spending, including a $23.8 billion ending balance, but warned that revenue growth is returning to more normal levels and that lawmakers should avoid using temporary spikes for ongoing commitments. Senators questioned him extensively about the Economic Stabilization Fund cap, sales tax trends, inflation, and whether the state should consider raising the cap or using severance-tax revenues differently. Hager said the Rainy Day Fund is expected to hit its cap, which would leave more severance-tax revenue in general revenue, and he stressed that infrastructure needs remain significant. The Legislative Budget Board then gave a detailed overview of SB 1 and the budget’s major components. LBB staff explained that the bill includes continued funding for the Foundation School Program, $850 million for the Texas State Technical College endowment, $1.3 billion for the Texas University Fund, $6.5 billion for border security, salary increases for correctional officers and state troopers, $3 billion for dementia research, higher community attendant wages, expanded community-based care, $5 billion for the Texas Energy Fund, and funding to clear volunteer fire department grant backlogs. They also outlined supplemental priorities such as water infrastructure, retirement legacy payments, rail grade separations, wildfire aircraft, and emergency facilities, and said the current controlling budget limit is the tax spending limit. A major portion of the hearing focused on property tax relief. LBB explained that prior-session relief grew from an expected $18 billion to $22.7 billion because of higher-than-anticipated property values and interactions among hold-harmless provisions, and that SB 1 continues and expands relief with $51 billion in total property tax relief, including $3 billion more for compression, $3 billion to raise the homestead exemption from $100,000 to $140,000, and a $500 million placeholder for business tax relief. Senators discussed the automatic nature of some of these costs, the effect of the non-homestead circuit breaker, the role of federal COVID funds, and the need to maintain school finance commitments if the state continues to compress school tax rates.

Transcript Highlights:

• Inflation is the next set of bars. We're just below sort of normal.
• Inflation, I mentioned, is certainly one of the concerns.
• So there's a lot of focus on what's going on with inflation.
• As far as inflation goes, I've already sort of mentioned this. We expect to see higher inflation.
• High interest rates were in place because we had to get inflation under control.

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:

• But as as the dollar has eroded and inflation has eaten up the purchasing power of the dollar gold has
• Probably most importantly, inflation, which the treasurer had mentioned, we've had a 90% decline in the
• Inflation hurts the poor the most.
• It's the cruelest of tax because the wealthy can actually profit from inflation.
• And so the liquid, but do not keep up with inflation very well.

Keywords: 999, senate, all

Transcript Highlights:

• He said that in 2020 inflation was 1 percent, and Social Security COLA was 1.3 percent, so under this
• bill the maximum increase would be 0.3 percent when inflation overall was 1 percent.
• The next year, he said, inflation was 9.1 percent, and the maximum under this bill permitted would be
• was going to the next year inflation was going to the next year inflation was 5.4%<01:13:33.120
• increase and then in 24 the inflation increase and then in 24 the inflation was<01:13:59.639>

Keywords: 1187, senate, all

Transcript Highlights:

• , inflation.
• As long as we have inflation, inflation.
• , adjusted for inflation, adjusted for inflation, we<00:52:18.400> are<00:52:18.640> spending
• If you adjust this for<00:52:29.280> inflation, for inflation, for inflation, we<00:52:31.040>
• ,<00:55:28.559> that If you adjust that for inflation, that If you adjust that for inflation

Keywords: 958, all

Summary: The Senate convened with an invocation, Pledge of Allegiance, roll call, and a quorum established. The journal was approved, absent senators were excused, and new bills and resolutions were introduced, including measures on housing districts, calorie information, alcohol beverage control, county clerk filings, vital records, and a resolution honoring Dr. Samantha Shaver. The chamber also received notice that the House had passed House Bills 384, 144, and 290 and requested concurrence. The Senate then recessed briefly for party caucuses before reconvening. The main floor action centered on Senate Bill 3, relating to school district finances. The bill, as amended by Senate Committee Amendment 1 and Senate Floor Amendment 2, was described as strengthening financial transparency for school districts by requiring public access to budgeting information, monthly credit card statements, superintendent contracts and compensation, audits, and final working budgets. Supporters argued it would improve fiscal responsibility and accountability in response to concerns about spending practices in large districts. The Senate adopted both amendments and passed SB 3 by a vote of 35-1, with one senator explaining a no vote while acknowledging the need for transparency. The Senate then took up Senate Bill 1, relating to education and the governance structure of a large school district. Supporters said the bill responds to a recent court ruling by adding detailed findings to justify treating the district differently and by clarifying that the superintendent handles day-to-day operations while the board focuses on strategic planning, budget approval, audits, and hiring or firing the superintendent. Proponents cited the district’s size, share of state education funding, number of students, and concentration of low-performing schools as reasons for the change. Opponents argued the bill would reduce elected board accountability, questioned whether the structure would improve outcomes, and emphasized broader funding and achievement challenges. After extended debate, the Senate proceeded to a vote on SB 1; the transcript shows a brief proponent statement and a lengthy opposing explanation, but the final vote result is not included in the provided text.

Transcript Highlights:

• What has inflation done to building roads in the past 10 years, Mr. Chairman, Mr. Secretary?
• When we put dollars and cents in the tax code, it does not go with inflation.
• I think with inflation, I think it's maybe 37 cents today.
• And then over the following months we didn't see that inflation.
• Um, as you are aware, the cost of everything has gone up due to inflation, the cost of.

Transcript Highlights:

• Discretionary inflation is included in Discretionary inflation is included in the<00:07:07.759> forecast
• , we don't count discretionary inflation, we don't count discretionary inflation, which<00:07:16.560
• Equity inflation and exchange rates.
• We estimate discretionary inflation.
• And that's a big improvement. include discretionary inflation. include discretionary inflation.

Keywords: 1187, senate, all

Transcript Highlights:

• Simply put, our pensions are not keeping up with inflation.
• Simply put, our pensions are not keeping up with inflation.
• But that does not keep up with inflation, as we know it.
• I'll, if you turn the page here, I already talked about inflation a bit.
• <04:56:31.760> risks solely deal with the inflation risks solely deal with the inflation risks

Keywords: 928, house, all

Summary: The committee first took up House Bill 622, but after the sponsor said further research raised concerns, he asked that the bill be tabled. The committee then moved in executive session and voted unanimously to find the bill inexpedient to legislate, sending it to consent. The committee also retained House Bill 349, the ophthalmologic laser bill, after members said more time was needed for the professions involved to work out training standards and provide additional information; that motion also passed unanimously. The committee then discussed House Bill 244, a municipal building/fire code recodification measure. Members said the bill needed more review and careful scrutiny because of its length and possible unintended effects, and they voted unanimously to retain it as well. House Bill 534 was then heard; the sponsor said the bill did not do what was intended because of a misunderstanding about current processing, and the committee voted inexpedient to legislate and placed it on consent. The committee next considered House Bill 233, with an amendment to remove a requirement affecting the New Hampshire Vaccine Association. Supporters argued the bill would reduce an unnecessary burden and improve transparency, while opponents said the committee should not single out one private 501(c)(3) organization. The amendment was adopted 8-5, and the bill as amended then passed 7-6; a minority report was requested. Finally, the committee opened House Bill 536, a proposed 1.5% cost-of-living adjustment for certain state retirees. The sponsor and supporters argued retirees had not received adequate COLAs and that the bill would help offset inflation, while the retirement system testified that the proposal would add significant costs, including an estimated $1.5 million for the state, $6.6 million for political subdivisions, and about $100.7 million in present-value unfunded liability, with the impact reflected in future employer contribution rates.

Transcript Highlights:

• If the personal needs allowance had kept up with inflation when it was last increased, it would be at
• If it had kept up with inflation when it was last increased, it would be at least $113.42 today.
• And there doesn't seem to be any quick fix for inflation, yet people have to make much more difficult
• amount of $113 and then adjust further for inflation after that.
• And indexing it to inflation means that the legislature won't need to revisit this each year.

Keywords: 995, all

Summary: The Joint Committee on Health Care Financing held a public hearing focused largely on senior long-term care issues, family caregiving, post-acute care access, and direct care workforce pay. Testimony strongly supported bills to raise the personal needs allowance for nursing home and rest home residents (including H. 1411, S. 482, and related bills), with speakers from Mass Senior Action, Dignity Alliance, nursing home residents, providers, and former state officials arguing that the current $72.80 monthly allowance has been unchanged since 2008 and is inadequate for basic items like clothing, toiletries, haircuts, and transportation. Witnesses also backed bills to increase MassHealth asset and income limits for seniors and to stop counting life insurance as cash, describing the current rules as outdated and harmful to low-income elders. The committee also heard testimony on bills allowing family members, including spouses and guardians, to be paid caregivers (H. 1394/S. 886), with supporters saying this would help families keep loved ones at home and reduce reliance on costly institutional care. Another set of bills (H. 1412/S. 903) drew support from a physician who said clearer MassHealth communication and improved post-acute care determination processes would help reduce delays and backlogs for patients awaiting skilled nursing, rehabilitation, or other post-acute placement. Several speakers emphasized that better home- and community-based care can prevent hospital readmissions and support independence. A major portion of the hearing focused on S. 877, which would establish an enhanced care worker minimum wage of $25 per hour, indexed to inflation, for certain home care and human services workers. Union representatives and direct care workers from SEIU Local 509, 1199 SEIU, and the AFL-CIO described severe staffing shortages, burnout, low wages, and high turnover across home care, mental health, disability services, and crisis response. They argued that higher pay is necessary to recruit and retain workers and to stabilize services for vulnerable residents. Committee members asked about costs, comparisons with other states, and whether non-wage incentives could help, but witnesses repeatedly said wages were the central issue. The hearing concluded after all registered testimony was heard, with the committee noting it would continue accepting written testimony and then adjourning.

Transcript Highlights:

• He<00:04:03.920> said<00:04:04.239> inflation<00:04:04.959> was<00:04:05.200>
• at<00:04:05.439> record<00:04:05.680> highs He said inflation was at record highs
• ,<00:08:13.919> I<00:08:14.240> think<00:08:14.879> this putting in inflation
• , I think this putting in inflation, I think this suggestion<00:08:15.680> of<00:08:15.919>
• > over<00:19:05.200> the adding in inflation, going over the adding in inflation, going

Keywords: 919, house, all

Summary: The meeting centered on Minnesota’s budget outlook, with the governor and budget officials saying the state remains in a stronger fiscal position than expected despite national economic uncertainty. He emphasized that Minnesota has a surplus, historic rainy-day funds, and continued economic growth, and said the administration plans to continue budgeting over the horizon, using inflation assumptions and long-term planning to avoid abrupt cuts. He also defended last year’s budget compromises and said another budget proposal would be released early next year. A major theme was the governor’s criticism of President Trump and federal actions, which he said were creating economic chaos and harming Minnesotans. He condemned Trump’s comments about Somali Minnesotans and the state, called them racist and dangerous, and argued that elected officials should denounce such rhetoric. He also raised concerns about federal immigration enforcement operations in Minnesota, saying masked agents were causing fear and confusion and that state and local law enforcement lacked communication from federal authorities. The governor and commissioners also discussed fraud in state programs, saying the state has paused certain programs for 90 days and brought in independent forensic auditors to determine the scope of losses. He said the administration is using new stop-payment authority and referrals to the Bureau of Criminal Apprehension to prevent and prosecute fraud, while avoiding broad cuts to programs that help children, families, and vulnerable Minnesotans. In response to questions, he said the fraud total is not yet known, the audit should conclude around the end of January, and the state will use the findings to add safeguards and address program growth and health care cost pressures in the upcoming session.

Transcript Highlights:

• Federal funds are excluded in population times inflation. That would be one change we'd suggest.
• But, you know, if you take your population increase times inflation...
• It's going to surely outpace inflation plus population growth over the next few years.
• I know there's inflation, I know, but man, the costs are skyrocketing.
• Okay, all right, so there's really nothing, just the typical inflation, but I mean.

Bills: HB386, HB1449, HB1701, HB2142, HB2675, HB2857, HB3063, HB3171, HB3641, HB3732, HB4045, HB4370, HB4491, HB4505, HB4626, HB5267, HB5356

Keywords: construction contracts, change orders, local government, budget limits, Texas legislation, HB 1449, mobile food vendors, food trucks, mobile food service establishments, permits, county health permit, municipal permitting, Health and Safety Code Chapter 437A, Chapter 437, inspection agreements, permit reciprocity, fee cap, preemption, large counties, population over one million

Transcript Highlights:

• Mainly, our insurance premiums are up basically because of inflation and the things that we can't do
• suddenly, as soon as an insurance claim is filed, that amount multiplies four or five times to an inflated
• and the things that because of inflation and the things that we<00:08:07.879> can't<00:08:08.120
• unscrupulous actors who go and inflate unscrupulous actors who go and inflate bills<00:09:37.160
• four or five times um to an inflated four or five times um to an inflated amount<00:09:48.640>

Keywords: Meeting Start: 00:00 Roll Call: 00:20 SB18 Discussion: 01:36 SB18 Vote: 05:07 SB24 Discussion: 06:37 SB24 Vote: 10:50 HB524 Discussion: 12:03 HB524 Vote: 13:55 HB421 Discussion: 15:13 HB421 Vote: 20:50 HB236 Discussion: 21:53 HB236 Vote: 23:34 HB210 Discussion: 25:40 HB210 Vote: 29:56, 958, all

Summary: The committee met with a quorum and took up several insurance and health-related bills, beginning with Senate Bill 18, which was presented by Senator Girdler and insurance witness Adam Sheridan. The bill was described as addressing a shortage of garage liability insurance for used auto dealers in Kentucky, which has left many small dealers with only one or two coverage options and, in some cases, unable to obtain the insurance needed for a dealer license. The committee adopted a motion and second, then passed SB 18 unanimously and reported it favorably with the recommendation that it pass on the House floor. The committee then considered Senate Bill 24, also presented by Senator Girdler with testimony from Eric DeCampo of the National Insurance Crime Bureau. The bill was framed as an anti-fraud measure that would expand the definition of a fraudulent insurance act to cover misrepresentations about property damage and repair costs in property insurance claims. Testimony emphasized that insurance fraud raises premiums for consumers and that the bill would help deter inflated or fabricated claims. After a brief question about whether the bill created new felonies, the committee voted to pass SB 24 unanimously and report it favorably. House Bill 524, presented by Rep. Aaron Thompson with officials from the Office of the Controller and State Risk, would extend reinsurance requirements for the state’s fire and tornado/self-insurance fund from July 1 of this year to July 1, 2030, and rename the fund the Commonwealth’s Property and Casualty Insurance Fund. The bill was moved, seconded, and passed unanimously. House Bill 421, presented by Rep. Amy Neighbors, would require full coverage of FDA-approved bowel preps without out-of-pocket cost or prior authorization issues and update colorectal cancer screening coverage rules for high-risk patients by incorporating multisociety task force guidelines. Members discussed the bill’s personal importance and its minimal fiscal impact; it passed unanimously with a committee substitute. House Bill 236, presented by Rep. Adam Moore and Commissioner Sharon Clark, would cap annual out-of-pocket costs for epinephrine at $100. Members spoke in support, including personal remarks about the importance of access to epinephrine, and the bill passed unanimously with a favorable recommendation. Finally, House Bill 210, presented by Rep. Michael “Sarge” Pollock and Dr. Steve Robertson of the Kentucky Dental Association, addressed dental limited benefit plans and direct payment to dentists. Members asked whether the bill also affected vision/hearing arrangements or third-party administrators; the witness said it was intended for non-ERISA dental plans in Kentucky and suggested follow-up with the commissioner for further clarification. The committee adopted the committee substitute and then passed HB 210 favorably, with 15 yes votes and no votes against. The meeting then adjourned, with a reminder about the Banking and Insurance dinner later that evening.

Transcript Highlights:

• We suffered the worst inflation in 48 years, but perhaps even in the history of our country.
• <01:08:08.039> in<01:08:08.240> 48 we suffered the worst inflation in 48 we suffered
• the worst inflation in 48 years<01:08:09.240> but<01:08:09.480> perhaps<01:08:09.920><
• A major focus of our fight to defeat inflation is rapidly reducing the cost of energy.
• We are opening up many of those plants right now. inflation is rapidly reducing the cost inflation is

Keywords: Presidential address to the Joint Session of the United States Congress on Tuesday, March 4, 2025, 1012, house, all

Transcript Highlights:

• So, we suggest that for inflation reasons, raising the tax credit to about $170 would be what the inflation
• it doesn't even account for inflation. it doesn't even account for inflation.
• So, we suggest that for inflation So, we suggest that for inflation reasons<00:46:55.119> to<
• about $170 would be what the inflation about $170 would be what the inflation would<00:46:59.920
• <01:47:38.480> every tied to uh a adjusted to inflation every tied to uh a adjusted to inflation

Bills: HB2410, HB2235, HB1904, HB2201, HB2349, HB1972, HB2007, HB2385, HB2444, HB2391, HB2575

Keywords: Hawaii Technology Development Corporation, economic diversification, small business, innovation, manufacturing assistance, grants, technology programs, advanced manufacturing, military, community relations, economic development, defense-related programs, workforce development, local business readiness, in-state manufacturing, federal investment, space operations, orbital sustainability, aerospace, space traffic management

Summary: The committee heard testimony on several measures, beginning with HB 2410 relating to the Hawaii Technology Development Corporation. Testifiers from HTDC and the Hawaii Food Industry Association stood on written testimony, and members discussed the funding request, which was described as $1 million each for three programs, for a total of $3 million. The measure appeared to have broad support, with no opposition noted. The committee then took up HB 2235 HD1 on the military and community relations office, where Lori Moore of MACC asked for additional funding to support local businesses and education-to-career initiatives statewide. Members asked about the amount, and the request was identified as $1.3 million total. HB 904 on space operations followed, with three supporters and one opponent, though no substantive testimony was captured beyond the vote counts. HB 2201 on state enterprise zones drew testimony from Georgia Skinner of DBEDT’s Creative Industries division, who said the measure would build on a well-run enterprise zone program and help make Hawaii’s film industry more competitive. Tom Yamashita of the Tax Foundation also provided comments. The committee then considered HB 2349 relating to DCCA and DBEDT coordination; DCCA explained it already provides links and information to DBEDT programs, while DBEDT argued that direct data sharing would allow more proactive outreach. Members raised privacy and cost concerns, and DBEDT said it would consider opt-in collection and acknowledged system changes and possible funding needs. The committee also heard two tax credit bills. HB 1972 HD1, on a caregiver tax credit, received strong support from AARP, the Hawaii Public Health Institute, the Hawaii Children’s Action Network, and others, who described caregivers as an “invisible workforce” and argued the credit would help families keep loved ones at home and reduce financial strain. The Tax Foundation suggested a grant or subsidy program might be more efficient than a tax credit and raised concerns about debarment provisions. HB 20007 HD1, on the household and dependent care services tax credit, also drew strong support from public health and family advocacy groups, who said Hawaii families face some of the nation’s highest child care costs and that the bill would better reflect current expenses; the Tax Foundation again raised technical concerns about complexity and debarment. Members asked about fiscal impacts, and testimony indicated the current credit costs about $6 million, with the bill expected to increase that amount. The committee then moved on to HB 2385 HD1 on housing, where the Deputy Attorney General began presenting written comments on whether the bill limits county authority.

Transcript Highlights:

• The inflation numbers just came out this morning: 3% inflation still currently.
• The inflation numbers just came out this morning: 3% inflation still currently.
• The inflation numbers just came out this morning: 3% inflation still currently.
• That's inflation.
• That's inflation.

Keywords: 928, house, all

Summary: The House Commerce Committee opened a public hearing on House Bill 310, sponsored by Representative Keith Ammon, which would create a study commission to develop a legal framework for stable tokens and tokenized real-world assets. Ammon described stable tokens as blockchain-based digital tokens backed by U.S. dollars or treasuries, and tokenized real-world assets as representations of ownership in items such as gold, real estate, or artwork. He said the bill is intended to help New Hampshire get ahead of emerging financial markets while waiting to see how federal legislation develops. Committee members asked about the purpose of the bill, the difference between this proposal and Bitcoin, whether state regulation could be preempted by federal law, and whether the commission could be balanced and avoid becoming a vehicle for fraud or money laundering. Ammon said the proposal is blockchain-agnostic, could apply to multiple networks, and is meant to regulate asset-backed tokens rather than create a state-issued coin. He emphasized that the state would not be guaranteeing the underlying assets, but would set rules requiring audits, proof of reserves, and honest representation of backing, with the Secretary of State’s securities office involved in oversight. Several members raised concerns about the risks of stablecoins, including money laundering, tax evasion, and possible harm to the dollar or confusion about whether the state was endorsing a new currency. Ammon responded that the bill would not undermine the dollar and argued that tokenization could actually expand demand for U.S. currency by making it easier to use globally. He also said the state would not be in the business of weighing assets or directly valuing them, only ensuring a valid audit trail and one-to-one backing. The discussion ended with general agreement that the subject is complex and that a commission could help develop future legislation, but no vote or final action was taken in the hearing.

Transcript Highlights:

• four years, the inflation will get up to the 25-cent amount mentioned here.
• > if<00:11:25.360> and<00:11:25.920> the inflation index that if and the inflation
• /c><00:11:38.480> we've<00:11:38.959> you years inflation means that we've you years inflation
• <00:34:10.879> after and until adjusted for inflation after and until adjusted for inflation
• Inflation addressed for near 20 years.

Keywords: 1191, senate, all