Video & Transcript : 'fiduciary' :

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TX

Texas 89th Regular

89th Legislative Session Apr 7th, 2025

Texas House Floor Meeting

Transcript Highlights:
  • designee for the juvenile court in certain counties, is referred to the Subcommittee on Family and Fiduciary
  • Family and Protective Services for certain purposes, is referred to the Subcommittee on Family and Fiduciary
  • of a child in a suit affecting the parent-child relationship for the Subcommittee on Family and Fiduciary
  • death deed in certain residential real property transactions for the Subcommittee on Family and Fiduciary
  • death deed in certain residential real property transactions for the Subcommittee on Family and Fiduciary
NH

New Hampshire 2025 Regular Session

Senate Commerce (01/23/2025)

Commerce

Transcript Highlights:
  • </c> and legal investment tax and fiduciary and legal investment tax and fiduciary Concepts<00:33:44.120
  • Senate Bill 52 would clarify that a fiduciary with discretionary power over a trust, such as a trust
  • So in fact, you could have a pleading that would say fiduciary here and trustee here and mean exactly
  • here and trustee would say fiduciary here and trustee here<00:37:49.440><c> and</c><00:37:49.599><c>
  • the entire statute does not fiduciaries the entire statute does not by by by all<00:38:28.119><c> of
Committee: Senate Commerce
MN

Minnesota 2025-2026 Regular Session

Committee on Rules and Administration - 05/12/25

Rules and Administration

Transcript Highlights:
  • They have been in our bill before, and it seemed to me to be my fiduciary responsibility to talk about
  • They have been in our bill before, and it seemed to me to be my fiduciary responsibility to talk about
  • They have been in our bill before, and it seemed to me to be my fiduciary responsibility to talk about
  • They have been in our bill before, and it seemed to me to be my fiduciary responsibility to talk about
  • They have been in our bill before, and it seemed to me to be my fiduciary responsibility to talk about
OK
Transcript Highlights:
  • of the adjustments towards minority shareholders, I believe, in this bill, and to be clear, all fiduciary
  • The fiduciary protections are still there. But I... The fiduciary protections are still there.
Summary: The committee took up a long list of Senate bills covering business regulation, professional licensing, transportation, tourism, consumer credit, and other policy areas. Among the measures discussed were SB 378 on bail bondsmen regulation and capital requirements, SB 1061 on brokered loans and renewal assessments, SB 1534 on charity enforcement, SB 1684 on liability insurance for highway remediation contractors, SB 1826 eliminating a sunset on the Oklahoma Enterprise Zone Incentive Leverage Act, SB 1217 on real estate touring contracts, SB 1948 on fireworks sales, SB 540 joining a dental compact, SB 1035 on utility contractors working near private property, SB 1475 renaming a bridge as the Toby Keith Interchange, SB 1327 giving the Oklahoma Tourism and Recreation Board more authority, SB 2159 designating wheat as the official crop, SB 2049 requiring Transportation Commission review before ODOT bond claims, SB 1447 on prescription drug plan procurement, SB 1443 on anesthesiologist compensation, SB 1641 requiring LLC articles to include an email address, SB 1873 on continuing education dates and hours, SB 265 creating pollinator state designations, SB 1521 on safeguards for conversational AI systems, SB 1326 on self-storage operations, SB 2155 on Route 66 Commission MOUs, SB 1531 on UAS/AAM governance and FAA Part 108 readiness, SB 1824 on corporate code modernization, SB 1653 joining the Occupational Therapy Licensure Compact, SB 1920 raising the auto salvage threshold, and SB 1277 on OESC job-search practices. Several bills were amended before passage, including SB 1948, SB 1521, SB 1326, and SB 1531. Testimony and questions focused on practical effects and committee jurisdiction. On SB 378, members pressed for a plain-language explanation of why bail bondsmen’s capital requirements should increase; the author clarified that the bill affects bondsmen’s regulatory capacity, not the amount criminal defendants must post. On SB 1327, members asked why the tourism board had been advisory and whether the change would add expertise and gubernatorial appointment authority. SB 1824 drew concern about impacts on minority stockholders, with the author saying fiduciary protections remain and that the bill is intended to reduce frivolous lawsuits while preserving flexibility. SB 1521 was described as a light-touch child protection bill for conversational AI, adding suicide-prevention protections, parental controls, and transparency requirements. A young FFA ambassador, Lucille Morehouse, presented SB 265 in support of pollinator designations, describing her pollinator project and the importance of pollinators to agriculture and ecosystems. Most measures advanced with little or no opposition, though several recorded dissenting votes. SB 378, SB 1061, SB 1534, SB 1684, SB 1217, SB 1948, SB 1035, SB 1475, SB 1327, SB 2049, SB 1447, SB 1443, SB 1641, SB 1873, SB 265, SB 1521, SB 1326, SB 2155, SB 1531, SB 1824, SB 1653, SB 1920, and SB 1277 were all declared out of committee, with vote totals generally ranging from 11-0 to 15-0 and some split votes such as 12-2, 13-1, 14-1, or 11-2. One bill, SB 1966, was laid over at the sponsor’s request. The chair closed by noting additional bills were still being negotiated, including one involving the Oklahoma Turnpike Authority.
MO

Missouri 2026 Regular Session

Joint Committee on Public Employee Retirement Apr 28th, 2026 at 08:30 am

Joint Committee on Public Employee Retirement

Transcript Highlights:
  • Moving to page five, key responsibilities of the board: they serve as fiduciaries to the members and
  • MOSERS filed a lawsuit in 2020, claiming breach of fiduciary duty, breach of contract, and fraud, among
  • And basically, asset allocation is the most important decision that fiduciaries make.
  • And basically, asset allocation is the most important decision that fiduciaries make.
OK
Transcript Highlights:
  • That fiduciary standard that you're trying to extend in this bill to all agents, that the law...
  • This bill to all agents that the law already provides that if there is a fiduciary responsibility to
  • This makes it, doesn't it, across the board, everyone has a fiduciary duty.
  • So on the agent piece, I mean, we already have essentially a fiduciary responsibility to all parties,
Committee: House Insurance
WA

Washington 2025-2026 Regular Session

House Agriculture & Natural Resources Jan 23rd, 2026 at 10:30 am

Agriculture & Natural Resources

Transcript Highlights:
  • And I think that's so important to remember: you all put your fiduciary hats on.
  • You are the fiduciary trustees over an asset that's worth billions of dollars that, on average, generates
  • And I think that's so important to remember you all put your fiduciary hats on.
  • You are the fiduciary trustees over an asset that's worth billions of dollars that on average, generate
Bills: HB2104 , HB2348 , HB2454
OK

Oklahoma 2026 Regular Session

Retirement and Government Resources Apr 14th, 2026

Retirement and Government Resources

Transcript Highlights:
  • So my understanding is, as written, nothing in this bill would overshadow fiduciary duties, right?
  • I am carrying another bill that deals more specifically with just fiduciary duty, but...
  • I am carrying another bill that deals more specifically with just fiduciary duty, but this has to do
Bills: HB3057 , HB3279 , HB4428 , HB3420
Summary: The Senate Committee on Retirement and Insurance met and first passed House Bill 3057, which removes obsolete statutorily required reports identified in a Loft review to streamline agency reporting requirements. Senator Kirt asked whether any agency functions were being eliminated, and Senator Rader said some reporting-related functions would no longer be required, citing the organized retail crime task force final report as an example. The bill passed 7-0. The committee then unanimously confirmed Marla Tharp to another four-year term on the Board of Trustees of the Teachers’ Retirement System of Oklahoma, with members discussing her service, the system’s unfunded liability, and her long career in school administration. After that, House Bill 3279 passed 9-0. That measure raises the conflict-of-interest certification threshold to contracts of $25,000 or more, bars involved officers or employees from taking jobs with the winning contractor for one year, and clarifies that another person may sign for a director. Senators asked how broadly the restriction applies and whether the change addressed existing loopholes. House Bill 4428 also passed, 7-2, after debate and amendment. The bill directs pension boards and proxy advisors to focus on pecuniary factors in investment and proxy voting decisions, while limiting reliance on non-pecuniary considerations unless they affect financial risk or return. Amendments added language requiring entities to be headquartered and operate in the United States and aligned the bill’s investment-purpose language with existing statute. Senator Kirt opposed the measure, arguing it could unduly limit long-term considerations and proxy voting. Finally, House Bill 3420 passed 8-0. Described as part of a bipartisan effort informed by the state auditor and Loft, it makes several changes to the Oklahoma Central Purchasing Act, including limiting pilot procurement testing to one year, removing flex benefit plan acquisitions from certain bidding exemptions, clarifying that professional services need not be bid, and posting sole-source and sole-brand reports on the OMES website instead of sending them to legislative leadership. Senators questioned several deletions and additions, and the author said the bill was intended to clean up procurement rules and reduce opportunities for waste or abuse.
MO

Missouri 2026 Regular Session

Legislative Review Feb 17th, 2026

Legislative Review

Transcript Highlights:
  • What's very important in this language is the fiduciary requirement that if you are an attorney and that
  • Attorneys already have that fiduciary obligation.
  • And by there being an absence of a fiduciary obligation or duty, either on the lender to, again, put
Summary: The Committee on Legislative Review met in executive session and voted House Bill 2408 due pass by an 8-0 roll call. It then considered House Bill 3092, where a House Committee amendment was adopted and rolled into a House Committee substitute despite objections that the amendment had not received a public hearing and would repeal significant insurance-related provisions. The substitute for HB 3092 was then approved 6-3. The committee also adopted an amendment and House Committee substitute for House Bill 3004, which passed unanimously 9-0. In open hearing, Representative Hausman presented House Bill 3090 as a transparency measure requiring the state treasurer to report annually on special treasury funds that have had no spending for five years and whether those funds were moved to general revenue. She said the bill would help lawmakers identify inactive accounts and unused money. Members asked how the reporting would work, what funds might be affected, and whether the bill would move unused balances into GR after five years; the sponsor said it would. No witnesses testified for or against, and the hearing closed. The committee then heard House Bill 3205 from Representative Castile, which would regulate third-party litigation funding, require disclosure of outside and foreign-linked funders, restrict funding from foreign adversaries, and give enforcement authority to the Attorney General. Members questioned the bill’s scope, including whether the foreign-terrorist language could be read too broadly and how liability and funding-risk provisions would work. Testimony in support came from Associated Industries of Missouri, the Missouri Insurance Coalition/Missouri Civil Justice Coalition, and medical associations, all arguing that litigation funding can distort lawsuits, hide outside influence, and expose businesses and plaintiffs to abusive or foreign-backed financing. No opposition testimony was offered, and the hearing concluded.
HI

Hawaii 2025 Regular Session

WTL Public Hearing 03-20-2025

Transcript Highlights:
  • public lands constitute a trust and that government actors are accountable as trustees to uphold fiduciary
  • She concluded that eliminating necessary conditions such as surveys fails the state's fiduciary obligation
  • She also said that under Article 12, Section 7, the state bears a fiduciary duty as trustee of crown
Summary: The Committee on Water and Land heard HB 511, House Draft 1, relating to public lands. The bill would remove the requirement that a land survey be completed before public lands are set aside to a state department or agency. Testimony from the Department of Agriculture and the Department of Land and Natural Resources was generally supportive of the bill’s intent, with requests for clarification. The Hawaii Cattlemen’s Council and Hawaii Farm Bureau supported the measure, arguing that surveys are costly and time-consuming and can delay transfers needed for agricultural use and land stewardship. One member of the public testified in strong opposition, arguing that eliminating surveys would weaken due process, transparency, and the state’s fiduciary duties over public lands. The chair then proposed amendments to narrow the bill’s effect. The amendments would create tiered survey requirements based on land risk: high-risk lands would still require a survey before transfer, while low-risk state agricultural lands with clear historical records could defer surveys if sufficient mapping or GIS data exists. If a survey is deferred, the recipient agency would have to complete one within five years unless exempted by the Board of Land and Natural Resources. The amendments would also allow GIS and related mapping tools for approximate administrative boundaries, require a centralized digital registry of public land transfers, and establish a mediation process for boundary disputes before litigation. Senator McKelvey said he had concerns about the original bill but would support it with the amendments. The committee chair recommended passage with amendments, noting the bill would also go to the Judiciary Committee. The committee adopted the recommendation by vote, with the chair and vice chair voting aye and Senator Dort voting no.
LA

Louisiana 2026 Regular Session

Ways and Means Mar 17th, 2026

Ways & Means

Transcript Highlights:
  • And I think to myself, you know, I'm doing a good job being a fiduciary steward for the taxpayer.
  • So if you're on that board and you have any type of fiduciary responsibility, you understand that.
  • So if you're on that board and you have any type of fiduciary responsibility, you understand that, and
  • I'm trying to put the burden on the taxing authority to be a better fiduciary steward of the taxpayer
  • The last thing I would say is, I think that fiduciary responsibility belongs to those members on those
Bills: HB287 , HB340 , HB412 , HB440 , HB514 , HB515 , HB521 , HB543 , HB553 , HB570 , HB961
Committee: House Ways & Means
MO

Missouri 2026 Regular Session

Health and Mental Health Feb 12th, 2026

Health and Mental Health

Transcript Highlights:
  • We basically need fiduciary responsibility. That's what we're fighting for more than anything else.
  • That's why we need fiduciary responsibility. All this money on the table.
  • You buy a house, you've got fiduciary responsibility.
  • You buy a house, you've got fiduciary responsibility.
  • There's no fiduciary responsibility in pharmacy.
Summary: The committee first took testimony on House Bill 1681, which would require health carriers and pharmacy benefit managers to count amounts paid by or on behalf of an enrollee for certain medications toward out-of-pocket maximums when no generic substitute is available. The sponsor described the bill as helping patients with serious illnesses afford needed drugs. The committee then adopted a substitute that rolled HB 1681 together with House Bills 1941 and 2279, including an ERISA-related labor exemption, and passed the combined committee substitute by a vote of 15-2. The committee next heard House Bill 2365, which was also combined with related bills through a substitute that changed terminology to “delivery systems.” That substitute was adopted by voice vote, and the House Committee substitute for House Bills 2365, 2490, and 2249 was then approved unanimously, 18-0. After that, the committee heard House Bill 2149, the dementia care coordinator bill. The sponsor and supporters from the Alzheimer’s Association and family caregivers argued the state needs a central point person to coordinate resources, improve early detection, support caregivers, and connect rural residents to services. Members raised concerns about the fiscal note, whether the work duplicates existing Area Agencies on Aging and Alzheimer’s Association services, and whether two FTEs would be effective statewide. No vote was taken on HB 2149 during the portion provided. The committee also heard House Bill 2309, which would prohibit Missouri insurance coverage for organ transplants or related services involving organs taken from prisoners of conscience in China. The sponsor and supporters framed the bill as a human-rights measure aimed at condemning organ harvesting and abuse of Falun Gong practitioners and other prisoners of conscience. Members asked whether there was documentation of such transplants in Missouri and whether federal oversight exists; the sponsor said there is no reporting mechanism and no known opposition. No action was taken on the bill in the excerpt. Finally, the committee began testimony on House Bills 1975 and 1850, pharmacy benefit manager reform bills. The sponsors said the measures are intended to protect local pharmacies, improve transparency, limit harmful audit practices, and create a critical access pharmacy program. Supporters, including a pharmacy business group, argued PBM practices drive up drug costs and close pharmacies. Opponents, including a carpenters’ health plan representative, warned the bills could increase costs for self-funded plans, limit network and mail-order arrangements, and shift more administrative burden onto plan sponsors. The hearing continued with questions and testimony, but no final vote is shown in the provided transcript.
CA
Transcript Highlights:
  • This is why our fiduciary responsibility is so important.
  • So as we move forward, let us remain committed to protecting CalPERS, honoring our fiduciary duty, and
  • So as we move forward, let us remain committed to protecting CalPERS, honoring our fiduciary duty, and
Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Opening remarks emphasized CalPERS’ role in providing retirement security for about two million members and the importance of pension funding to the state budget, especially amid economic uncertainty, market volatility, federal policy changes, and concerns about future fiscal pressure. Scott Tarando, CalPERS chief actuary and a CAP member, presented on the statutory disclosure requirements in Government Code Section 2029. He explained that CalPERS’ current discount rate is 6.8%, that lower investment returns increase contribution rates and unfunded liabilities, and that the plan uses a 20-year amortization period for new unfunded liabilities. He said CAP has recommended a reasonable amortization range of 15 to 20 years and that CalPERS’ longer smoothing period helps reduce volatility in employer contributions. He also explained the timing of actuarial data: the valuation used for current contribution rates is based on the prior fiscal year’s audited data, with the next year’s rates developed later in the annual cycle. Members asked about the relationship between average employee service life and amortization, whether current market and AI-related changes could justify using more current data, whether pension benefits change when valuations are updated, and how CalPERS’ funded status has changed over time. Tarando said retiree benefits do not change based on annual valuations, that the system’s funded status has improved from roughly the mid-60% range about a decade ago to around 80% or higher more recently, and that CalPERS is monitoring possible long-term workforce effects from AI but sees no immediate need to change assumptions. Michael Cohen of CalPERS said the system complies with information requests and is independently audited annually, but there has been no formal federal review released. In public comment, a representative of county governments praised the improved funded status and PEPRA reforms. The hearing concluded with remarks reaffirming fiduciary responsibility and the importance of protecting CalPERS beneficiaries.
CA
Transcript Highlights:
  • This is why our fiduciary responsibility is so important.
  • So as we move forward, let us remain committed to protecting CalPERS, honoring our fiduciary duty, and
  • So as we move forward, let us remain committed to protecting CalPERS, honoring our fiduciary duty, and
Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Opening remarks emphasized CalPERS’ role in providing retirement security for roughly two million members and the importance of actuarial assumptions to state budgeting and long-term pension health. Scott Tarando, CalPERS chief actuary and a CAP member, presented the report with Michael Cohen of CalPERS’ investment office available for questions. Tarando explained the statutory disclosure requirements under Government Code Section 2029, including sensitivity analysis around CalPERS’ 6.8% discount rate, and discussed how investment return assumptions and the 20-year amortization period affect contribution rates, unfunded liabilities, and budget volatility. He said shorter amortization periods would raise near-term costs but reduce long-term interest costs, and noted that CalPERS’ current approach is intended to smooth contribution changes over time. He also described the timing of the annual valuation process, explaining that contribution rates for a given fiscal year are based on the most recently audited year-end data and are approved by the board before being used in the budget process. Members asked about the relationship between average employee service life and amortization, whether more current data could be used, the effect of AI and labor-market changes on future assumptions, whether retirees’ benefits change with annual valuations, and CalPERS’ funded status. Tarando said the average expected working lifetime is about 11 to 12 years, while CalPERS uses a 20-year amortization period; he also said retiree benefits are set at retirement and do not change based on later valuations. He estimated CalPERS’ funded status had risen from the mid-60% range about 10 years ago to around 79% at June 30 and above 80% more recently. Cohen said CalPERS had complied with federal information requests and that no formal federal review had been released. During public comment, a county association representative praised the improved funded status and PEPRA reforms. The chairs closed by reiterating fiduciary responsibility and the need to protect CalPERS’ long-term stability, and the meeting adjourned.
MO

Missouri 2026 Regular Session

Financial Institutions Feb 25th, 2026

Financial Institutions

Transcript Highlights:
  • And so, about two years ago, the fiduciary litigation committee, which is one of the committees that
  • So it's dependent on, good faith exists in almost all fiduciary concepts.
  • So whether it's a trustee or another type of fiduciary in, you know, in the estate planning world, a
Summary: The Committee on Financial Institutions heard House Bill 2863, which would clarify Missouri’s trust “no contest” clause law under the Missouri Uniform Trust Code. Representative Cameron Parker said the bill was brought forward by the Missouri Bar to clean up and clarify existing law without changing its substance. Testimony from trust and estate attorney John Chalas and the Missouri Bar supported the measure, explaining that it would refine procedures for seeking court guidance, protect nominal defendants, preserve beneficiaries’ ability to challenge bad-faith trustee conduct, and clarify the effect of prior rulings. No opposition was offered, and the hearing on HB 2863 was closed. The committee then heard House Bill 2967, which would create the Missouri expungement fund to support technology and system maintenance for expungement-related work, including the statewide court automation system and the Missouri criminal history records system. Representative Parker described the bill as a framework to help handle growing expungement demands, including marijuana-related and clean slate expungements. Committee members asked about funding sources, the one-third allocation among agencies, whether personnel costs could be covered, and whether the fund should include language on interest and biennial sweeps. Eric Cheneings of the Judicial Conference testified in favor, saying the bill is largely a housekeeping measure that recognizes the ongoing, coordinated nature of expungement work and the need for stable funding. He noted that the bill’s proposed dedicated fund would help avoid annual lapses and support continuing maintenance of sealed records, while leaving funding source decisions to the legislature. No one testified in opposition, and the hearing on HB 2967 was also closed.
ID

Idaho 2026 Regular Session

Legislative Session Day 33 Feb 13th, 2026

Idaho Senate Floor Meeting

Transcript Highlights:
  • A conservatorship, it’s a court-supervised fiduciary arrangement...
  • A conservatorship is a court-supervised fiduciary arrangement in which a conservator is appointed to
  • the Idaho Trial Lawyers Association, the Idaho Department of Finance, the Idaho Guardians’ and Fiduciaries
WA

Washington 2025-2026 Regular Session

House Appropriations Mar 2nd, 2026 at 10:30 am

Appropriations

Transcript Highlights:
  • So is there by statute anyone that has fiduciary responsibility the way this bill is constructed?
  • bill is constructed so just to clarify there is a provision saying that the state doesn't have a fiduciary
  • I believe that we do that to ensure fiduciary responsibility, fiscal transparency.
  • There's some fiduciary clean-up language that I think we can get to on the floor that might just make
  • The state says, 'Well, we don't owe you a fiduciary responsibility.'
Bills: HB2689 , SB5420 , SB5868 , SB5877