Jim Guthrie — Was selected by seniority to second the motion on the minutes.
Jim Guthrie — Seconded the motion on Hyatt Erstad's reappointment.
Jim Guthrie — Seconded the motion on Janice Folkerson's reappointment.
Jim Guthrie — Senator Guthrie questioned Mr. Cruz about what he plans to do differently or improve in the future, referencing his experience in the department and asking what is on his radar for improvement. Guthrie then noted Cruz’s recent appearance before the State Affairs Committee on the Treasurer’s Investment Advisory Board and continued the exchange in a similar vein. The discussion culminated in Cruz acknowledging Guthrie’s tough questioning.
Carrie Semmelroth — Responded to the chair and prepared to make a motion on the reappointment.
Carrie Semmelroth — Made the motion to send Hyatt Erstad's appointment to the floor with a recommendation for confirmation.
Carrie Semmelroth — Made the motion on Hyatt Erstad's reappointment.
Carrie Semmelroth — Indicated he would make a motion on Cynthia Fairfax's appointment.
Carrie Semmelroth — Made the motion to send Cynthia Fairfax's appointment to the Senate floor for confirmation.
Carrie Semmelroth — Made the motion on Cynthia Fairfax's appointment.
Carrie Semmelroth — Addressed the witness and noted the vote would generally occur at the next meeting.
Carrie Semmelroth — Made a friendly comment to Nora Carpenter about her prior work with the Better Business Bureau.
Salvador Cruz — Salvador Cruz gives a continuous introductory testimony covering his professional background in bank supervision and crisis-era asset valuation, his move from South Dakota to Boise and current leadership roles in Idaho’s Department of Finance, and his qualifications as an examiner and subject-matter expert. He then describes the department’s statutory responsibilities, the industries it regulates, and its dedicated funding structure, noting its relationship with federal counterparts and its practice of returning excess revenues to the state. Cruz emphasizes the department’s strong relationships with regulated industries while highlighting major consumer protection challenges, especially scams such as romance scams and pig-butchering schemes, identity theft, and check fraud. He also notes Idaho’s rapid growth and the resulting expansion in financial services oversight, including large numbers of investment advisers, securities registrations, money transmitters, collection agencies, and mortgage-related licensees. He concludes by stressing that the department does more with less, remains committed to defending Idaho’s interests, and stands ready for questions.
Todd Lakey — Todd Lakey questions Mr. Cruz about what brought him to Idaho from the 'Jackrabbit State,' following up to ask whether he came for a job or simply moved there to look for work. Later in the exchange, Lakey is acknowledged by Mr. Cruz as part of the same discussion.
Mr. Cruz — Mr. Cruz was thanked for his service and discussed his transition into leadership. He explained that when first asked about his vision, he did not yet have a clear path, but was beginning to develop one. He then described himself as a process-oriented person who values working through procedures and said he has moved on from his past work, though he is still not fond of that earlier version of himself.
Gregory Danaka — His gubernatorial reappointment to the Idaho Health Insurance Exchange Board was announced.
Greg Donica — Introduced himself and said he has lived in Idaho for a little more than 25 years.
Treg Bernt — Thanked for serving on the board and finance committee; likely a transcription error for Senator Bernt.