Transcript Highlights:

• . >> I rise in strong support of H.R. 1450, the OFAC Ensurance for Investigators Act.
• </c><06:28:37.600><c> OFAC</c> licenses envisioned by this bill.
• OFAC licenses envisioned by this bill.
• Again, OFAC would be limited practices.
• </c> OFAC monthly to to on their findings. OFAC monthly to to on their findings.

Bills: HB3351 , HB3095 , HB1450 , HB1716 , HB1764 , HB3395 , HB2384 , HB3357 , HB3339 , HB1469 , HB3343 , HB3382 , HR1043 , HR131 , HR183 , HR672 , HB2625 , HB2170 , SB201 , SB423

Keywords: small business, capital formation, financial regulation, Securities Exchange Act, Paperwork Reduction Act, ZIP Code, postal service, community designation, local governance, postal infrastructure, OFAC, Office of Foreign Assets Control, sanctions, licensing, investigators, private sector firms, nominal transactions, financial transactions, pilot program, FinCEN

Bills: HB151 , HB152 , HB138 , SB221 , SB190 , SB69 , SB225 , SB272 , HB151 , HB152 , HB138 , SB221 , SB190 , SB69 , SB225 , SB272

Committee: Senate Finance and Taxation Education

Keywords: fire chaplains, distinctive license plate, firefighter, volunteer service, criminal penalties, sales tax exemption, baby supplies, baby formula, maternity clothing, menstrual hygiene products, pregnancy, pregnant defendant, incarceration, jail intake, pregnancy test, bail, pre-incarceration probation, supervised probation, electronic monitoring, electronic supervision

Transcript Highlights:

• In West Virginia, it is overseen by OFAC, the Office of Health, Licensure, and Certification, which is
• In West Virginia, it is overseen by OFAC, the Office of Health, Licensure, and Certification, which is
• CMS contracts with OFAC to do surveys and oversight.
• So OFAC is doing oversight of both nursing homes and of assisted livings in West Virginia.
• And then they get stuck with what the OFAC will come in. They'll say this person poses a threat.

Summary: The committee met with a quorum present and heard a presentation from Marty Wright, CEO of the West Virginia Healthcare Association, on the state’s long-term care system. He described the continuum from home care to assisted living to skilled nursing facilities, emphasizing that these settings increasingly serve short-term rehab-to-home patients as well as older adults needing round-the-clock care. He also outlined the number of facilities in West Virginia, the predominance of Medicaid as the payer for long-term nursing home care, the private-pay nature of assisted living, and the role of OFAC/CMS in regulation. A major focus of the presentation was workforce shortages and turnover, especially for CNAs, LPNs, and RNs, along with declining interest in nursing careers and the impact of regulatory burden and burnout. Wright said the system is also struggling to serve younger patients with substance use disorder, mental illness, or other behavioral needs, who are often not well suited for traditional nursing home placement but have limited alternatives. Senators raised concerns about where such patients are being housed, the long-term effects of opioid and behavioral health issues, and the gap between school-age special needs populations and adult care needs. Wright said Medicaid can cover long-term nursing home care for those who meet financial and medical eligibility requirements, but affordability and spend-down requirements remain major barriers. He also warned that Medicare Advantage can create confusion and shorter covered stays for rehab patients, and he urged early planning around long-term care insurance and estate planning. No votes were taken on the presentation, and the committee adjourned after questions and discussion.

Transcript Highlights:

• We perform OFAC checks.
• We follow the US Patriot Act.<00:36:39.040><c> We</c><00:36:39.200><c> perform</c><00:36:39.680><c> OFAC
• We perform OFAC checks. Um so one Act. We perform OFAC checks.

Committee: House Banking & Insurance

Transcript Highlights:

• revealed, some that are completely public record, like court cases that identified if they've been on an OFAC
• revealed, some that are completely public record, like court cases that identified if they've been on an OFAC

Summary: The subcommittee heard a panel on Florida’s IT procurement process from the Florida Digital Service, the Department of Management Services, and the Department of Financial Services. Witnesses walked through the procurement lifecycle, including planning, market research, solicitation, evaluation, award, implementation, and closeout, and emphasized the role of budget timing, contract managers, and subject matter experts. DMS described the state’s enterprise contracting system, noting more than 1,100 active vendor agreements, over 800 involving IT services, and the statutory requirement to request 25 quotes for certain IT purchases. DFS demonstrated the Florida Accountability Contract Tracking System (FACS), explaining how agencies upload contract and payment data and how the public can search contracts and related documents online. Members focused on accountability, transparency, and whether the state is getting the best products and vendors. Questions addressed how contracts are vetted, how technical evaluations are performed, how financial consequences are used for missed deliverables, how public records and confidential information are handled, and how the state screens vendors for foreign-concern or bad-actor issues. Witnesses said agencies rely on technical experts for evaluations, that contract terms should include measurable deliverables and meaningful financial consequences, and that agencies—not procurement staff—generally manage performance, though Florida Digital Service oversees large IT projects of $10 million or more. The committee then shifted to broader policy discussion, including Senate Bill 7026 and proposals to reorganize state IT governance. Several members argued for stronger centralization under a state CIO or similar enterprise authority, while others cautioned against abrupt restructuring and stressed the need for a transition plan. Members also raised concerns about workforce retention, consulting services, recurring project overruns, and the need for better planning and periodic monitoring. No votes were taken; the meeting ended with the chair thanking members and staff and adjourning the subcommittee.

Transcript Highlights:

• By the time that we, OFAC or the Treasury, would go ahead and identify one of those vessels, by the time
• If the United States or OFAC would come and say that this Iranian vessel is avoiding sanctions, now we

Committee: Senate Commerce, Science, and Transportation Committee

Transcript Highlights:

• to apply some of the restrictions in our export control regimes, the entity list that BIS has, the OFAC

Committee: Senate Foreign Relations Committee

Transcript Highlights:

• That means we are by default OFAC compliant.
• /c><01:33:43.520><c> are</c><01:33:43.679><c> by</c><01:33:43.920><c> default</c><01:33:44.639><c> OFAC
• </c> means we are by default OFAC compliant. means we are by default OFAC compliant.

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

Transcript Highlights:

• Look, also you'd be overseeing OFAC, and a lot that we're trying to gather in terms of our ability to

Committee: Senate Banking, Housing, and Urban Affairs Committee

Keywords: legislation, housing affordability, financial regulation, public testimony, accountability, oversight

Summary: The meeting involved significant discussions around key legislative proposals, primarily focusing on various bills such as HB2 and SB5. The committee examined the implications of these bills on issues like housing affordability and financial regulation. Notable members engaged in debates, providing differing perspectives on the potential economic impacts of the proposed bills. The meeting witnessed public testimony, which included a call for accountability in government actions and oversight of current financial policies. Members echoed concerns about following through on commitments to address critical issues affecting everyday Americans.

Transcript Highlights:

• activities, that's the kind of stuff that is, that's the kind of thing you see in countries that appear on OFAC

Committee: Senate Banking, Housing, and Urban Affairs Committee

Transcript Highlights:

• amongst holders and is freely transferable to any kind of wallet, typically outside of screening or OFAC
• among holders and is freely transferable to any kind of wallet, typically outside of screening or OFAC
• among holders and is freely transferable to any kind of wallet, typically outside of screening or OFAC

Summary: The meeting began with roll call and introductions of commission members and guests, followed by approval of the agenda and a motion to approve the February 10 minutes with a correction clarifying that one quoted statement was misattributed. The commission then moved into presentations. The main presentation came from the Conference of State Bank Supervisors on implementation of the federal GENIUS Act for stablecoins. The speaker reviewed the OCC’s recent 367-page proposed rule, noting it raises many open questions and design choices for states, and discussed expected upcoming rulemaking from the FDIC, Federal Reserve, and Treasury. The presentation focused on six areas: permissible issuer activities, reserve assets and redemption, risk management and supervision, treatment of state-qualified issuers, capital/operational backstops, and foreign issuers. It also flagged unresolved issues around Bank Secrecy Act/AML requirements and the meaning of “digital asset service provider” activities. A substantial portion of the discussion addressed yield restrictions, with the presenter explaining the OCC’s broad definition of yield and its rebuttable presumption against issuer-affiliated or related third-party yield arrangements. The speaker said this likely forecloses many existing white-label structures but leaves some room for third-party payments depending on distance from the issuer, and noted ongoing Senate debate over similar provisions. The presentation also covered reserve valuation, liquidity and diversification requirements, redemption timing, and supervisory expectations such as third-party oversight, IT security, exam cycles, and reporting. No additional votes or formal actions were taken beyond approving the amended minutes.

Transcript Highlights:

• We check you against the OFAC list and other sanctions lists to ensure that we're not... money laundering

Bills: HB1453 , HB1718 , HB2043 , HB2207 , HB2798

Committee: House Pensions, Investments & Financial Services

Keywords: local governments, anticipation notes, certificates of obligation, public works, flood control, financial management, local government, municipal financing, private activity bonds, closing definition, real estate finance, bond issuance, government regulation, bond election, general obligation bonds, GO bonds, political subdivision, city bonds, county bonds, school district bonds

Transcript Highlights:

• We follow the OFAC standards for wallet checks.

Bills: HB0075 , HB0128

Committee: House Minerals, Business & Economic Development