THE PUBLIC ACCESS WE HAVEN'T
MADE IT MEMBERS OF THE PUBLIC
TO TWO HEARING ROOMS TO THE
EXTENT THAT SOCIAL DISTANCING
REQUIREMENTS ALLOW AND WILL BE
USING TELECONFERENCE SERVICES
FOR THOSE INDIVIDUALS WHO WISH
TO TESTIFY TODAY. FOR ALL
INDIVIDUALS WISHING TO PROVIDE
PUBLIC COMMENT THE PARTICIPANT.
TOLL FREE NUMBER AND ACCESS
CODE IS POSTED ON COMMITTEE
WEBSITE. IT WILL BE DISPLAYED
ON THE SCREEN AND I WILL
ANNOUNCE IT NOW. THE
PARTICIPANT. NUMBER IS.
844-291-6364. EIGHT FOUR FOUR
TWO NINE ONE SIX THREE. SIX
FOUR AN X. ACCESS COLD IS.
SEVEN FOUR ZERO SEVEN FOUR
EIGHT NINE ONCE AGAIN THE
ACCESS CODE IS SEVEN FOUR ZERO.
SEVEN FOUR EIGHT NINE FOR
DETAILED INSTRUCTIONS ON HOW TO
TELECONFERENCE SYSTEM WORKS
PLEASE REFER TO THE SENATE
FOREIGN COMMITTEE WEBSITE. WHEN
WE MOVED PUBLIC COMMENT YOU
WILL BE PROMPTED BY THE
MODERATOR TO DIAL ONE THEN
ZERO. FOR THE SUPPORT THE
OPPOSITION. PRESS THIS ONLY ONE
TIME AND WAIT PATIENTLY FOR THE
OPERATOR TO ASSIGN YOU A LINE
NUMBER THIS CAN BE A SHORT WAIT
ONE TO YOUR LINE NUMBER YOU
WILL WAIT IN QUEUE FOR THE
MODERATOR TO CALL YOUR LINE
NUMBER. AT THAT TIME YOU WILL
BE MUTED I NEEDED I SHOULD SAY
AND YOU ARE NOW READY TO
ADDRESS THE COMMITTEE. PLEASE
NOTE THAT IN ORDER FOR US TO
HEAR YOU CLEARLY. AND TO AVOID
ACOUSTIC FEEDBACK YOU MUCH MEET
YOUR DEVICE. YOU'RE WATCHING
THE HEARING ON PRIOR TO GIVING
TESTIMONY OVER THE PHONE. IT IS
IMPORTANT THAT WE HEAR YOU FROM
I HEAR FROM YOU AND WE THANK
YOU FOR YOUR PATIENCE. I WILL
MAINTAINED CHROME DURING THE
HEARING AS IS CUSTOMARY AND ANY
INDIVIDUAL WHO IS DISRUPTIVE
MAY BE REMOVED FROM THE REMOTE
MEETING SERVICES ARE HAVE THEIR
CONNECTION MUTED. EVERY YEAR
HAS BEEN MADE TO STREAMLINING
HEARING PROCESS AND CONDUCT OUR
HEARINGS AND I HOLES. TO SAME
MANNER AS POSSIBLE IT'S
CUSTOMARY THERE MAY BE SOME LAG
TIME FOR PARTICIPANTS WHO ARE
ADJUSTING TO THE NEW USE OF
ONLINE TOOLS AND TECHNOLOGIES.
PLEASE BE RESPECTFUL AND
PATIENT SO ALL ENTERED BEEN
ARRESTED PARTIES CAN BE HEARD.
ALL RIGHT- WE HAVE SEVEN BILLS
ON THE AGENDA TODAY THROUGH
WHAT'S WRONG CONSENT BEFORE WE
HEAR BILL PRESENTATIONS BROWN
SECRETARY LET'S JUST OUT OF
SUPPORT. BRADFORD BRADFORD HERE
CHANG CHANG HERE KIRBY AUTO
DELLY DELLY HERE THEY'RE ALSO.
HUESO QUESTOR HERE PORTENT
PORTANTINO HERE YOU HAVE A CAR.
MEMBERS REFORM HAS BEEN
ESTABLISHED. BEFORE WE TAKE OUR
FIRST AUTHOR LET'S DISPENSE OF
THE CONSENT CALENDAR AS STATED
WE HAVE THREE ITEMS ON THE
CONSENT CALENDAR. IT INCLUDES-
ITEM NUMBER FOUR AB TWENTY ONE
FIFTY BY ASSEMBLY MEMBER
CALDERON ITEM SIX AB TWENTY
FIVE TWENTY FOUR ASSEMBLY
MEMBER WORKS. IN ITEM SEVEN AB
TWENTY FIVE FIFTY NINE BY FAR
QUEZON. IS THERE A MOTION FOR
CONSENT CALENDAR BEEN MOVED BY.
SENATOR CHIANG MADAM SECRETARY
PLEASE EFFORT BEFORE WE TAKE
THE FOLK I MAKE A QUICK
STATEMENT YES- I'M OBVIOUSLY
GOING TO BE VOTING ON THE
CONSENT CALENDAR TODAY AND-
FOLLOWING THE CHAIR AND SOME OF
THE OTHER BILLS BEFORE US- MOST
OF THESE ARE GOING TO BE COMING
TO THE APPROPRIATIONS COMMITTEE
SO TODAY I'M- VOTING. ON THE
POLICY BUT CERTAINLY AS THESE
BILLS TO APPROPRIATIONS WILL BE
LOOKING AT THE FISCAL SO
DOESN'T NECESSARILY MEAN THE
SAME OUTCOME- WHEN THEY GO TO
COMMITTEE SO JUST WANNA MAKE
THAT CLEAR TO EVERYBODY THAT
WE'RE SEPARATING THE POLICIES
IN THE FISCAL TODAY. AND I'LL
BE VOTING ON ON THE KANNST
CALENDARS SOME BILLS SO THAT
WILL APPLY TO ALL THE BILL SIR
THANK YOU THANK YOU. MMHM
SECTOR PLEASE CALL THE ROLL ON
OUR CONCERN CALENDAR THE MOTION
IS DUE PASSED TO CONSENT
BRADFORD ALL RIGHT RDFORD ALL
RIGHT CHIANG RAI CHIANG HI.
CABALLERO DALY. DALY I DID
ALSO. HUESO ALL RIGHT. RESERVED
BY PORTANTINO. PORTANTINO HI
CONSENT CALENDARS OUT. BECAUSE
CALIBERS OUT FIVE ZERO WILL
LEAVE THE ROLE OPEN FOR ANY
ADDITIONAL MEMBERS WHO WILL ON.
OUR FIRST AUTHORED. TODAY IS A
CINNAMON HOLDEN I SEEN HIM IN
THE ROOM HE'S PRESENTING AB
NINE SEVEN NINE. WHEN YOU'RE
READY MISTER HOLDING YOU MAYBE
AGAIN. THANK YOU MISTER CHAIR
AND MEMBERS I APPRECIATE THE
OPPORTUNITY FOR ALLOWING ME TO
PRESENT ASSEMBLY BILL NINE
SEVEN NINE TO YOU TODAY. I
WOULD ALSO LIKE TO THANK
ASSEMBLYMEMBERS CRISTINA GARCIA
AND DAVID CHIU FOR JOINT
OFFERING THIS IMPORTANT PIECE
OF LEGISLATION. AB NINE SEVEN
NINE HAS BEEN A PART OF A
LARGER EFFORT TO ENSURE PEOPLE
OF COLOR HAVE EQUITABLE ACCESS
TO UPWARD MOBILITY AND AMERICAN
CORP SOCIETY. IN TWO THOUSAND
EIGHTEEN I INTRODUCED ASSEMBLY
BILL TWENTY EIGHT NINETEEN
WHICH REQUIRED THE UCLA BUNCHE
CENTER TO CONDUCT A BI ANNUAL
STUDY ON RACIAL ETHNIC GENDER.
AND LGBT DIVERSITY OF THE BOARD
OF DIRECTORS AND EMPLOYEES OF
AMERICAN HIGH TECH COMPANIES.
AB NINE SEVENTY NINE HAS NOT
AB TWENTY EIGHT NINETEEN BUT
FURTHER THESE EFFORTS BY
FOLLOWING THE POLICY MODEL OF
SENATOR JACKSON'S S. B. EIGHT
TWENTY SIX. WHICH REQUIRE
GENDER DIVERSITY ON CORPORATE
BOARDS. EIGHTY NINE SEVENTY
NINE REQUIRES A MINIMUM OF ONE
DIRECTOR FROM AN
UNDERREPRESENTED COMMUNITY ON
ALL BOARDS OF PUBLICLY TRADED
CORPORATIONS HEADQUARTERED IN
CALIFORNIA BY THE END OF TWENTY
TWENTY ONE. THE BILL WILL ALSO
REQUIRE A MINIMUM OF TWO
DIRECTORS FROM UNDERREPRESENTED
COMMUNITIES FOR BOARDS THAT
HAVE FIVE TO EIGHT DIRECTORS.
AND THREE DIRECTORS FOR BOARDS
WITH MORE THAN NINE DIRECTORS
BY THE END OF TWENTY TWENTY TWO.
US DEPARTMENT OF LABOR SYSTEM
TO CYSTIC HAS REPORTED THAT IN
20001890% OF CHIEF EXECUTIVES
AND UNITED STATES WERE WHITE.
WHAT CALIFORNIA PRIDES ITSELF
ON BEING A MINORITY MAJORITY
MINORITY STATE CORPORATIONS DO
NOT REFLECT THE VAST CULTURAL
WELLS OF THE STATE. FOR EXAMPLE
THE TOP TEN CALIFORNIA BANKS
ONLY 30% OF DIRECTORS OR PEOPLE
OF COLOR. THIS IS TO STICK
PALES IN COMPARISON TO THE 67%
OF CALIFORNIA'S POPULATION
BETTER PEOPLE OF COLOR. WE CAN
ALSO LOOK TO SILICON VALLEY FOR
EXAMPLES OF UNDER
REPRESENTATION. ON AVERAGE
BLACK AND LATINO TECH EMPLOYEES
MAKE UP LESS THAN 10% OF THE
WORKERS AT PREMIER COMPANIES
SUCH AS GOOGLE APPLE MICROSOFT
FACEBOOK AND LINKEDIN. THIS
PERCENTAGE IS DISPROPORTIONATE
TO THE ROUGHLY 20% OF COMPUTER
SCIENCE GRADUATES THAT ARE
BLACK OR LATINO. ASIAN AND
PACIFIC ISLANDERS MAKE UP A
GREATER PERCENTAGE OF THE WHITE
COLLAR WORKFORCE WHAT ARE THE
LEAST LIKELY TO BE PROMOTED AND
MOVED UP THE LADDER. THE LIGHT
OF RECENT SOCIAL AND RACIAL
INJUSTICE JUSTICE PROTESTS
CORPORATIONS ACROSS THE COUNTRY
HAVE CONDUCTED REVIEWS OF THE
WORK FORCE AND HAVE MADE
PROMISES. TO INCREASE DIVERSITY.
MANY TECH GIANTS BEGAN IN TWO
THOUSAND FOURTEEN YET THE
PERCENTAGE OF PEOPLE OF COLOR
BEING HIRED AND PROMOTED HAS
NOT CHANGED. A RECENT REPORT BY
MCKINSEY AND COMPANY SHOWS THAT
COMPANIES WITH A DIVERSE WORK
FORCE AND A DIVERSE CORPORATE
BOARD PERFORM BETTER THAN
BOARDS WITHOUT DIVERSITY. YET
THE FACE OF THE WHITE COLLAR
EMPLOYEE REMAINS UNCHANGED. BY
CHANGING THE CORPORATE BOARD TO
CHANGE THE COMPANY'S CULTURE. A
DIVERSE BOARD CONTRIBUTES TO A
COMPANY THAT VALUES DIVERSITY
THANK TO READILY ADAPT TO THE
CHANGING NEEDS OF ITS WORKFORCE
AND CUSTOMER BASE. WE'RE GOING
TO ADDRESS THE RACIAL INJUSTICE
AND INEQUALITY IN OUR SOCIETY
PEOPLE OF COLOR MUST HAVE A
SEAT AT THE TABLE WORK
OVERWHELMINGLY AMOUNT OF WEALTH
IS BASED. ESPECIALLY IN A STATE
AS DIVERSE AS CALIFORNIA. WHEN
MANY CORPORATIONS HAVE NOT BEEN
ABLE TO OR WILLING TO MAKE
MEANINGFUL CHANGE. HEWLETT
PACKARD AND BLOOM ENERGY HAVE
MADE STRIDES IN DIVERSIFYING
THE CORPORATE LANDSCAPE. PLEASE
CUT TO CUT TO THESE TWO GROUPS
SHOW THAT THE INTENT OF EIGHTY
NINE SEVENTY NINE IS NOT
IMPOSSIBLE BUT A TENABLE.
EIGHTY NINE SEVENTY NINE WILL
WILL BE AMENDED AND SENATE
APPROPRIATIONS TO ADDRESS A
TECHNICAL CONCERN RAISED BY THE
SECRETARY OF STATE. MY
COLLEAGUES ASSEMBLY MEMBER
CRISTINA GARCIA AND DAVID CHIU
HAVE JOINED ME TO SPEAK ON THE
IMPORTANCE OF THIS LEGISLATION.
FOLLOWING THEIR PRESENTATION
KIM RIVERA STRATEGY AND
BUSINESS MANAGEMENT PRESIDENT
OF H. P. AND BUCK G. DIRECTOR
OF THE CORPORATE EXECUTIVE
INITIATIVE. AN EXECUTIVE
ADVISOR TO SEND YOUR PRIVATE
PROVIDE TESTIMONY. I THANK YOU
RESPECTFULLY ASK RIVAL. THANK
YOU ASSEMBLY MEMBERSHIP. THANK
YOU MR CHAIRMAN AND MEMBERS.
EMERITI TODAY AS A PROUD JOIN
AUTHOR OF AB NINE SEVEN NINE
WHEN WE FIRST GOT ELECTED A
NUMBER OF US INCLUDING MR
HOLDEN AND I HAVE BEEN URGING
CORPORATIONS ESPECIALLY IN THE
TECH INDUSTRY TO DIVERSIFY
THEIR MORE THAN THEIR WORK
FORCE. I AM PROMISES WERE MADE
IN TWO THOUSAND FOURTEEN BUT I
STUDIES HAVE SHOWN LITTLE
PROGRESS HAS BEEN MADE. HELLO
39% OF LATINOS. I MEAN 39% OF
THE POPULATION ARE LATINOS. BUT
WE ONLY HOLD TWO POINT 3% OF
THE DIRECTORS. OF THE FORTUNE
ONE THOUSAND COMPANIES
HEADQUARTERED IN CALIFORNIA.
ASIAN AND PACIFIC ISLANDERS
MAKE UP A COMBINED 60% OF THE
POPULATION HERE IN CALIFORNIA.
YET ONLY MAKE THREE POINT 7% OF
THE VECTORS OF FORTUNE FIVE
HUNDRED COMPANIES IN CALIFORNIA.
AND EVERYTHING US AT USC REYES
AND EQUITIES- CENTER CITY SHOWS
THAT BLACKS TEND TO BE EMPLOYED
IN THE LOWEST PAYING THESE
POWERFUL POSITIONS. LEAST
LIKELY TO SHOW UP ON A BOARD.
WE MUST DO BETTER THAN THAT.
THIRTY SEVEN SHOWN THEIR
PREPARATIONS WITH THE MORE
THEIR BIRTH AN EQUITABLE BOARD
IMPROVE COMPANY GOVERNANCE AND
A BETTER DECISION MAKING WHICH
LEADS TO A MORE SUCCESSFUL
COMPANY. DIVERSITY AND EQUITY
ON CORPORATE BOARDS AS
NECESSARY FOR THE HEALTH OF THE
COMPANY WHILE ALSO PROVIDING
OPPORTUNITIES TO THOSE
EXPERIENCED RACISM. AND MICRO
AGGRESSIONS ON A DAILY BASIS.
CALIFORNIA'S UNDER REPRESENTED
GROUPS THE SERVICE SEAT AT THE
TABLE. THE ONE QUESTION I HAVE
AN ANSWER IS WHY WHY NOW WHY
NOT WAIT A LITTLE BIT LONGER
WHEN I GIVE THESE COMPANIES A
LITTLE MORE TIME. OVER THE LAST
FEW MONTHS WE HAVE SEEN RACIAL
THE RACIAL RECKONING TRIGGERED
BY THE KILLING OF GEORGE FLOYD.
THE PUBLIC CONTINUES TO
PROTEST. DEMANDING THAT WE TURN
THAT RACIAL BIAS IS STARTING
WITH OUR POLICE DEPARTMENTS.
FOR REALLY DEMANDING THAT
RACIAL BIASES BE TURNED ON AND
ALL OUR SYSTEMS. THE MESSAGE IS
CLEAR AND THE LEGISLATURE MUST
DO ALL THEY CAN TO PART IT'S TO
PRIORITIZE EQUALITY AND EQUITY
NOW. WE CN NO LONGER WAIT TO
ANSWER THE CRIES FOR JUSTICE
FOR JUSTICE WITH MEANINGFUL
LEGISLATION LIKE AB NINE SEVEN
NINE. HIS FRIEND FOR THIS
REASON I RESPECTFULLY ASK FOR
AN AYE VOTE. THANK YOU ANY
ADDITIONAL. COOPERATION
THRILLED NOW. OKAY I WILL MOVE
TO YOUR- PRINCIPLES SUPPORT
WITNESSES SHAUNA WE'RE GONNA
LIMIT EACH SIDE TO FOR MANAGER
TO MANAGE FOR OUR PRIMARY
WITNESS I SEE YOU HAVE KIßM
RIVERA FROM H. P. SHE ON THE
LINE PREPARE TO TESTIFY.
MODERATOR. WE DO NOT HAVE- OF
RIVERO LISTED AS ONE OF THE
WITNESSES THAT IS ON THE LINE.
YOU DO NOT. ARE YOU DO. THEY
HAVE NOT DIALED IN AND DID NOT
DOWNTURN STILL. EXERT ANY
WITNESSES AND THIS FROM FORTY
TWO OLD THREE WHICH SHE
TESTIFIED. SEEN NINE ISER ANY
WITNESSES AND TWENTY FORTY. WHO
SHEEN NINE. MISTER MODERATOR
CAN WE GO TO THE PHONE LINES
ARE THERE ARE WITNESSES IN
SUPPORT ON THE PHONE LINES.
OKAY LET IN GERMAN PLEASE PRESS
ONE BUTTON ZERO IF YOU WISH TO
SHOW SUPPORT. FIRST WE'RE GONNA
GO TO THE LINE SIXTY THREE LINE
SIXTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. THANK YOU- MR
CHEER GEAR ALEUTIAN HERE ARE
TESTIFYING IN STRONG SUPPORT OF
THE MEASURE ON BEHALF OF OR A
FINANCIAL. Q. NEXT WE'LL GO TO
LINE SIXTY EIGHT PLEASE GO
AHEAD YOUR LINE IS OPEN. THANK
YOU MEDICARE MEMBERS MARINO
YOSHIHARU WHAT THE CALIFORNIA
EMPLOYMENT LAWYERS ASSOCIATION
AND SUPPORT AS EIGHTY NINE
SEVENTY NINE THANK YOU. NEXT IS
LINE FIFTY EIGHT TO PLEASE GO
AHEAD YOUR OPEN. HI I'M DONE
SHE REPRESENTATIVE PAPA EIGHT I
LOOK AT THE PLAYERS I
NONPARTISAN NONPROFIT WORKING
TO CREATE A PLAY LEADERSHIP IN
THE CIVIC AND PRIVATE SECTOR.
I'M HERE SPEAKING ON BEHALF OF
YOUR WE'RE WE'RE JUST TAKING.
YOUR NAME AND ORGANIZATION IN
YOUR SUPPORT AT THE START. HOW
DOES YOUR PRIMARY WITNESS I'M
SORRY THANK YOU ALL RIGHT. AND
WHO DO WE HAVE AGAIN CHECK.
YEAH I'M BUT G. REPRESENTING A
POP UP ART. SO I CAN'T OKAY I'M
HERE SPEAKING ON BEHALF OF
NEARLY TWENTY ASIAN AMERICAN
BUSINESS COMMUNITY GROUPS
SUPPORTING AB NINE SEVEN NINE.
I COUPLE SILICON VALLEY WAY
WORK FOR THIRTY FIVE YEARS
BEFORE RETIRING AND LYFT
PRESENT AT CISCO SYSTEMS. SINCE
THEN I'VE SPENT MUCH OF MY TIME
RESEARCHING THE CORPORATE GLASS
CEILING FOR MINORITY MEN AND
BUNDLE THE WEB. MY RESEARCH HAS
FOUND THAT YOU VERY LITTLE
PROGRESS HAS BEEN MADE FIRST
HARLEM. WE SHIPPED IN THE PAST
DECADE. DESPITE THE BEST
EFFORTS IN CORPORATE STRUCTURE.
A REVIEW OF THE EOC DATING
CALIFORNIA SHOWS THAT WHITE MEN
AND WOMEN ARE NOT ONLY 46% OF
PROTECTION WORKFORCE. RESORT
PRISON 71% OF ALL EXECUTIVES IN
CALIFORNIA TWENTY. THE DATA IS
CLEAR IT ISN'T STRATEGIES TO
DIVERSIFY LEADERSHIP HAVE
FAILED. THAT'S WHY TIME FOR NEW
APPROACH TOOK CELEBRATE
LEADERSHIP CHANGES AT THE
HIGHEST LEVELS. IT IS CRIME
CALIFORNIA REQUIRES SEATS IN
THE BORDERS ARE UNDER SUPPORT
UNDER REPRESENTED COMMUNITIES.
THOSE COMMUNITIES REPRESENT 67%
OF CALIFORNIA POPULATION BUT
HOLD ONLY 14% OF FORTUNE ONE
THOUSAND BOARD SEATS IN
CALIFORNIA. MY ANALYSIS FOUND
THAT EIGHTY NINE SEVENTY NINE
WILL DOUBLE THAT NUMBER. AND AT
A HUNDRED FIFTY FIVE MINORITY
BOARD MEMBERS TO FORTUNE ONE
THOUSAND BOARDS. SOME WORRY
THAT FINDING QUALIFIED MINORITY
RECORDS WILL BE HARD. BUT I
REFUSE TO BELIEVE THAT YOU
CAN'T FIND A HARDER FIVE HIGHLY
QUALIFIED CANDIDATES. FOR THE
TWENTY EIGHT THOUSAND MINORITY
CORRECTIVE CALIFORNIA. IT IS
STILL ONLY 28% OF CALIFORNIANS
FORTUNE ONE THOUSAND BOARD
SEATS. WE DO NOT THINK THAT 20%
IS TOO MUCH TO ASK OF CORPORATE
LEADERS TO BETTER REPRESENT.
THOSE 67% OF ALL CALIFORNIANS
IN UNDERTAKEN MINORITIES THANK
YOU. YOU. WILL MOVE ON TO THE
STAR WITNESSES ONLINE AND
SUPPORTERS STATING YOUR NAME
AND ORGANIZATION. WILL MOVE THE
LINE THIRTY NINE PLEASE GO
AHEAD YOUR LINE IS OPEN. HELLO
CLINTON LEVACK HERE WITH A LOT
OF JOSIAH YOUNG REPRESENTING
THE CALIFORNIA BLACK CHAMBER OF
COMMERCE IN SUPPORT THANK YOU.
PATRONAGE NEXT WE'LL GO TO LINE
SIXTY PLEASE GO AHEAD YOUR LINE
IS OPEN. BLIND SIXTY POSSIBLY
YOU HAVE YOUR MUTE BUTTON ON.
IT MIGHT BEING HEARD. HEARD
GREAT THANK YOU MY NAME IS CARL
GUARDINO EXECUTIVE VICE
PRESIDENT OF BLOOM ENERGY IN
SAN JOSE CALIFORNIA AND WE
PROBABLY SUPPORT THE BILL THANK
YOU NEXT WITNESS. NEXT IN LINE
THIRTY SIX PLEASE GO AHEAD YOUR
LINE IS OPEN. KNOW WHAT HOWARD
ON BEHALF OF THE ACLU
CALIFORNIA IN SUPPORT THANK YOU
THANK YOU. PICTURE THIS. NEXT
IS ONLINE SEVENTY PLEASE GO
AHEAD YOUR LINE IS OPEN. GOOD
MORNING MARKED OUT ABOUT IT ON
BEHALF OF SACRAMENTO LATINO
LEADERS NETWORK SUPPORT. THANK
YOU. WE HAVE NO FURTHER IN
QUEUE AT THIS TIME OKAY BEFORE
WE MOVED OPPOSITION I SEE
SOMEONE CHIU HAS ARRIVED TO
WORK ON A LOT OF YOUNG GUYS
OPPORTUNITY- PRESENT MAKE HIS
PRESENTATION ON SUPPORT OF AB
NINE SEVEN NINE. SEVEN INCHES.
THANK YOU MISTER CHAIR
APOLOGIES- LITTLE CONFUSION
ABOUT WHERE I WAS SUPPOSED TO
BE THIS MORNING BUT- APPRECIATE
YOU ALLOWING ME AND OTHERS TO
TESTIFY IN SUPPORT OF AB NINE
SEVEN NINE. I'M TESTIFYING AS
THE CHAIR OF THE API
LEGISLATIVE CAUCUS AND ALSO AS
A JOINT AUTHORS OF THIS BILL.
TO URGE YOU TO SUPPORT THIS
MEASURE TO ENSURE THAT OUR
CALIFORNIA CORPORATE BOARDS
REFLECT THE DIVERSITY OF OUR
STATE. ASIAN AMERICANS ARE THE
FASTEST GROWING ETHNIC GROUP IN
OUR COUNTRY. NATIONALLY WE ARE
6% OF THE POPULATION. BUT HOLD
A LITTLE OVER 3% OF ALL FORTUNE
FIVE HUNDRED BOARD SEATS. THE
MODEL MINORITY MYTH THAT ASIAN
AMERICANS PERFORM WELL HAS
SERVED TO MASK. THE CHALLENGES
THAT OUR COMMUNITIES HAVE FACED
IN CORPORATE AMERICA. FOR
EXAMPLE. IN SILICON VALLEY.
WHAT ASIAN AMERICANS HAVE BEEN
ABLE TO OBTAIN POSITIONS.
WITHIN THE RANK AND FILE OF OUR
WORKFORCE. IF YOU LOOK AT THE
PERCENTAGE OF EXECUTIVES. THOSE
NUMBERS ARE CUT IN HALF. THIS
REPRESENTS THE LARGEST NEGATIVE
DISPARITY BETWEEN
REPRESENTATION OF EXECUTIVES
AND THE WORK FORCE AMONG ALL
RACIAL GROUPS. IN CALIFORNIA A
RECENT STUDY BY THE SUN
FOUNDATION FOUND THAT ASIAN
AMERICANS ARE LEAST LIKELY TO
BE PROMOTED TO MANAGEMENT AND
EXECUTIVE POSITIONS AND THIS IS
WHY THE BILL IS SUPPORTED BY A
SEND AND MANY APR ORGANIZATIONS
INCLUDING A POP UP LEAGUE OF
CITIES API CAUCUS THE ASIAN LAW
CAUCUS. THE NATIONAL A. P. BAR
CESSATION AND MORE. OUR
LEGISLATIVE CAUCUS ALONG WITH
OUR COUNTERPARTS HAVE
PRIORITIZE DIVERSITY IN
EXECUTIVE MANAGEMENT AND
LEADERSHIP IN RECENT YEARS. IN
RECENT MONTHS A BRIGHT LIGHT
HAS ILLUMINATED THE DISPARITIES
IN ALL ASPECTS OF OUR SOCIETY
REVIEW THE SYSTEMATIC BARRIERS
THAT HAVE PREVENTED US FROM
ACHIEVING. REAL EQUITY THIS IS
A BILL THAT RECOGNIZES THE
LEADERSHIP ON OUR CORPORATE
BOARDS MUST BE DIVERSE THE GUY
CALIFORNIA COMPANIES TO MAKE
THE STRATEGIC DECISIONS THAT
ARE INNOVATIVE. AND BEST FOR
THE ORGANIZATION TO SERVE OUR
STATE AND WITH THAT I ALSO
REALLY WANT TO THANK- THE
AUTHOR OF THIS BILL SO LONG AS
OUR AS WELL AS OUR COLLEAGUE
CRISTINA GARCIA. FOR THEIR WORK
ON THIS AND THE RESPECTFULLY
ASK YOUR SUPPORT. THANK YOU
THANK YOU FOR YOUR TESTIMONY.
WHILE WE'VE BEEN NOW INFORMED
THAT ON A CAMERA HERE WITH H.
P. IS ON A LONG SHOW WE WILL.
ALLOW HER TO MANY TESTIMONY IN
SUPPORT OF. AB NINE SEVEN NINE
MATHIS REVERE YOUR BILL. THANK
YOU ARE CHAIRMAN BRADFORD AND
MEMBERS OF THE COMMITTEE CAN
YOU HEAR ME OK FONG. TO RESPECT.
OUT SORRY FOR PARILLI THERE'S A
PROBLEM WITH THE LINE. THANK
YOU FOR THE OPPORTUNITY TO
TESTIFY TODAY ON THE IMPORTANT
ISSUE OF DIVERSITY ON CORPORATE
BOARDS OF DIRECTORS. AND H. P.
WE'RE PROUD TO HAVE THE MOST
DIVERSE BOARD OF DIRECTORS IN
THE US TECHNOLOGY INDUSTRY WITH
58% MINORITY 42% WOMEN AND 33%
MEMBERS FROM UNDERREPRESENTED
COMMUNITIES INCLUDING. AFRICAN
AMERICAN LATIN ACT AND ASIAN
MEMBERS WE UNDERSTAND ONE OF
THE GOALS OF AB NINE SEVEN NINE
IT ENCOURAGE BOARD MAKE UP THAT
IS AS DIVERSE AS POSSIBLE
RATHER THAN INCLUDING ONLY ONE
UNDER REPRESENTED COMMUNITY AND
THAT H. P. WE- THAT INTENT AND
WE ENDEAVOR TO MEET THAT GOAL.
WE RECOGNIZE THAT EACH PIECE TO
BOARD ANY US TO BETTER SERVE
OUR CUSTOMERS AND TO POSITION
OUR BUSINESS FOR FUTURE SUCCESS
WE BELIEVE IT'S IMPORTANT TO
ENCOURAGE HIGH STANDARDS FOR
CORPORATE BOARD DIVERSITY AND
FOR THIS REASON WE SUPPORT AB
NINE SEVEN NINE WHICH WILL
ENCOURAGE CALIFORNIA TO LEAD
THE NATION. IN BRINGING
UNDERREPRESENTED. COMMUNITIES
TO CORPORATE BOARDS. EVERYONE
BY WHEN LEADERSHIP REFLECTS THE
DEMOGRAPHICS OF OUR DIVERSE
STATE AND NATION. SIMPLY SAYING
WE SUPPORT DIVERSITY IS NOT AND
NOW WE MUST LEAD BY PUTTING THE
DEVALUED INTO ACTION EVERY DAY.
OUR FOUNDERS BILL HEWLETT AND
DAVE PACKARD WUDI H. PECAN TO
DIVERSITY AND INCLUSION IN THE
H. P. WAIT FIRST PRINCIPLE IN
TRUST AND RESPECT INDIVIDUALS
TODAY DIVERSITY AND INCLUSION
ARE EMBEDDED IN ALL WE DO.
EVERY H. P. EMPLOYEE PLAYED A
PART IN ENSURING THAT WE BELONG
INNOVATE AND GROW TOGETHER IN
201963% OF OUR US TIRES WERE
FROM UNDERREPRESENTED GROUPS
AND WE RECOGNIZE THAT THE MOST
INNOVATIVE SOLUTION COP.
CULTURE LUCIEN COME FROM
ASSEMBLING TEAMS WITH DIVERSE.
VIEWPOINTS AND BACKGROUNDS. WE
CHALLENGED SERVICE PROVIDERS IN
BOTH LEGAL AND MARKETING TO
ENSURE DIVERSE STAFFING ALL OUR
ACCOUNTS AT THE MOST SENIOR
LEVELS AND ITS CHIEF LEGAL
OFFICER I AM ESPECIALLY PLEASED
TO REPORT THAT 94% OF OUR LAW
FIRM. MATT OUR DIVERSITY
REQUIREMENT IN TWENTY NINETEEN
UP FROM 46% WHEN WE STARTED THE
PROGRAM WELL WE'RE PROUD OF OUR
PROGRESS TO DATE WE ALSO. IS
THAT THERE IS LOT MORE DOT
WORRY WE PLEDGE DOUBLE OUR
NUMBER OF BLACK AND AFRICAN
AMERICAN INTERNATIONAL. INCLUDE
YOUR TESTIMONY AS SOON AS AS
POSSIBLE PLEASE. SURE I'LL
CONCLUDE BY SAYING DIVORCE
DIVERSITY BEEN AN IMPORTANT
PART OF H. P. D. N. A. SINCE
OUR COMPANY'S EARLY ESTATE AND
WE BELIEVE IT WILL CONTINUE TO
BE A SOURCE OF STRENGTH IN THE
FUTURE WE- SUPPORT THIS BILL
AND WE THANK YOU FOR THE
OPPORTUNITY TO TESTIFY ON THIS
IMPORTANT TOPIC. READERS THE
MONEY I'VE ALSO BEEN MADE AWARE
THAT SOME WOMEN ARAMBULA WOULD
LIKE TO SPEAK. IN SUPPORT OF
THIS BILL SO WE CAN DO THAT AT
THIS POINT. I WAS HERE TO BE A
THIRD AND FINAL ORDER BUT I'M
HAPPY TO SPEAK IN SUPPORT OF
THIS BILL BECAUSE I BELIEVE OUR
BOARDS NEED TO BE LIKE. PEOPLE
WHO ARE ON THIS DIET RIGHT NOW.
OUR BOARD THREE TO REFLECT OUR
COMMUNITIES WHERE WE HAVE WOMEN
AND PEOPLE OF COLOR. I'M PROUD
TO STAND HERE IN SUPPORT OF
ASSEMBLY MEMBER HOLDEN. THANK
YOU. ALL RIGHT WE'LL GO BACK TO
THE PHONE LINES JUST IN CASE
THERE WAS ANYONE ELSE IN Q.
THAT WANTED TO SPEAK IN SUPPORT
WE WILL CHECK THAT ONE MORE
TIME BEFORE WE GOT OPPOSITION.
AND AS A REMINDER PRESS ONE
ZERO IF YOU WOULD LIKE TO SHOW
SUPPORT. WE DO HAVE- ONE DOLLAR
IN Q. JUST A MOMENT WE GIVE
THEM THEIR LINE NUMBER.
AND WE
WILL GO TO THAT LINE ITS LINE
SEVENTY FIVE PLEASE GO AHEAD
YOUR OPEN. THANK YOU SO MUCH OF
IT I'M GRATEFUL BEFORE THIS
COMMITTEE MY NAME IS ISAAC
BRYANT I'M THE DIRECTOR OF
PUBLIC POLICY FOR THE ROUTED BY
CENTER UCLA. I WILL BE LOOKING
AT DIVERSITY AND HIGH
TECHNOLOGY COMPANIES AND
ADVERSITY IN THE PRIVATE SECTOR
ACROSS THE STATE OF CALIFORNIA
AND ONE THING THAT WE'VE
NOTICED IS THE RESEARCH IS
ABUNDANTLY CLEAR THINKING ON.
IN ORDER TO DISPERSE WE JUST
NEED YOUR NAME AND ORGANIZATION
TO SUPPORT AND THAT YOU'RE IN
SUPPORT. I REMIND YOU ROCK
BUNCH OF. SUPPORT THANK YOU.
ANY ADDITIONAL IN THE AND SOME.
WE HAVE NO FURTHER IN QUEUE AT
THIS TIME THANK YOU THEN WE'RE
GOING TO MOVE TO OPPOSITION I
UNDERSTAND LEAD WITNESS IN
OPPOSITION IS KEITH BISHOP IS
KEITH BISHOP PREPARED TO
TESTIFY HE WILL HAVE TWO
MINUTES. YES THANK YOU GOOD
MORNING I'M KEITH BISHOP
TESTIFYING IN OPPOSITION TO AB
NINE SEVEN NINE. BY WAY
BACKGROUND I'VE BEEN PRACTICING
CORPORATE AND SECURITIES LAW IN
CALIFORNIA FOR NEARLY FORTY
YEARS. I PREVIOUSLY SERVED AS
CALIFORNIA'S COMMISSIONER OF
CORPORATIONS AND I CURRENTLY
TEACH SECURITIES REGULATION AT
THE UNIVERSITY OF CALIFORNIA
IRVINE SCHOOL OF LAW. I AM CO
AUTHOR OF THE LEADING TREATISES
ON CALIFORNIA AND NEVADA
CORPORATE LAW AND A PRACTICE
CONSULTANT TO THE LEADING
TREATISE ON CALIFORNIA'S
SECURITIES LAW. I'M SPEAKING
THIS MORNING IN MY INDIVIDUAL
CAPACITY. AND. AND IT AB NINE
SEVEN NINE WILL HAVE A
SIGNIFICANT. UNINTENDED
CONSEQUENCE IT WILL
DISCRIMINATE AGAINST MALE AND
NON BINARY BOARD CANDIDATES IN
FAVOR OF FEMALE MINORITY BOARD
CANDIDATES. IN MY OPINION AB
NINE SEVEN NINE ALSO VIOLATES
THE EQUAL PROTECTION CLAUSES OF
THE U. S. IN CALIFORNIA
CONSTITUTIONS. NOTABLY THE
LEGISLATIVE FINDINGS IN THE
BILL SITE THIRD PARTY DATA
ABOUT MINORITY REPRESENTATION.
IN THE CATEGORY OF EMPLOYMENT
NOT IN THE CATEGORY OF
DIRECTORSHIPS IN ADDITION THE
DATA WITH RESPECT TO DIRECTORS
ARE LIMITED TO FORTUNE FIVE
HUNDRED COMPANIES WELL THE BILL
WOULD APPLY TO PUBLICLY HELD
CORPORATIONS. AND MUCH LARGER
CLASS OF COMPANIES. NONE OF
THESE FINDINGS RELATE
SPECIFICALLY TO PUBLICLY HELD
CORPORATIONS WITH THEIR
PRINCIPAL EXECUTIVE OFFICES. IN
CALIFORNIA THEREFORE NONE OF
THESE FINDINGS SUPPORT- PROVIDE
A STRONG BASIS IN EVIDENCE FOR
THE CONCLUSION THAT REMEDIAL
ACTION IS NECESSARY AS IS
REQUIRED BY U. S. SUPREME COURT
PRECEDENT. I ALSO BELIEVE THAT
THE BILL WOULD VIOLATE THE
COMMERCE CLAUSE OF THE U. S.
CONSTITUTION THE COMMITTEE
ANALYSIS OF THE BILL REFERS TO
SECTION TWENTY ONE FIFTEEN OF
THE CALIFORNIA CORPORATIONS
CODE. THAT STATUTE HOWEVER
REQUIRES A MUCH HIGHER NEXUS TO
CALIFORNIA THEN DOES AB NINE
SEVEN NINE. MORE IMPORTANTLY
SECTION TWENTY ONE FIFTEEN DOES
NOT EVEN APPLY TO THE VERY
CORPORATIONS THAT WOULD BE
SEVENTY TWO AB NINE SEVEN NINE.
THE BILL RELIES ON NAY DIRECTOR
SELF IDENTIFICATION AS A MEMBER
OF AN UNDERREPRESENTED
COMMUNITY WHICH IS DEFINED BY
RACE OR ETHNICITY. THIS IS
PROBLEMATICAL FOR A NUMBER OF
REASONS FOR EXAMPLE CANNOT SELF
IDENTIFICATION BE ENTIRELY
SUBJECTIVE WE ARE ALL FAMILIAR
WITH RECENT HIGHLY PUBLICIZED
CONTROVERSIES INVOLVING
CHALLENGES TO INDIVIDUALS
CLAIMING TO BE AFRICAN
AMERICAN. OR NATIVE AMERICAN
WITH ALLEGEDLY LITTLE OR NO
EVIDENCE TO SUBSTANTIATE THOSE
CLAIMS. THE RACIAL ETHNIC
CATEGORIES IN THE BILL ARE ALSO
CONSERVING ENERGY TO CONCLUDE
YOUR PRESENTATION AS OUR YOU'VE
EXCEEDED YOUR TWO MINUTES OKAY.
I'M JUST ABOUT DONE FOR EXAMPLE
COULD SOMEONE OF ARMENIAN
DESCENT SELF IDENTIFY AS ASIAN
COULD FORMER U. S. SUPREME
COURT JUSTICE BENJAMIN CARDOZO
SELF IDENTIFY AS HISPANIC
BECAUSE HE WAS A SEPHARDIC TO.
THE REQUIREMENT OF SELF
IDENTIFICATION ALSO RAISES
FIRST AMENDMENT ISSUE BECAUSE
IT INVOLVES GOVERNMENT
COMPELLED SPEECH FOR THESE
REASONS I RESPECTFULLY OPPOSE
AB NINE SEVEN NINE MORE
IMPORTANTLY I DO NOT BELIEVE
THE YOU CAN END DISCRIMINATION
BY PRACTICING DISCRIMINATION.
THANK YOU. ALL RIGHT WE'RE
GONNA MOVE TO. THE HEARING ROOM
HERE IS OR ANYONE IS AN
OPPOSITION AND ROOM FORTY TWO
OLD THREE. SHANE NINE WILL MOVE
TO OUR OVERFLOW ROOM OF TWENTY
FORTY IS OR ANYONE IN THE ROOM
TWENTY FORTY IN OPPOSITION.
SEEN ON THERE ARE WE WILL NOW
MOVE TO OUR PHONE LINES MISTER
MODERATORS DO WE HAVE- CALLERS.
IN Q. AND OPPOSITION OF AB NINE
SEVEN NINE. AND IF YOU WOULD
LIKE TO SHOW OPPOSITION PLEASE
PRESS ONE AND THEN ZERO AT THIS
TIME. FOLLOWING A FEW MOMENTS
HERE WE HAVE NO WARNING Q. WE
HAVE NO ONE SHOWING UP FOR
CURRENTLY THEN WE WILL MOVE ON
WILL BRING IT BACK TO COMMITTEE
AND ARE THERE ANY QUESTIONS-
BYE COMMITTEE MEMBERS. COUNT.
SENATOR GLORIA YES YOUR- THANK.
YOU VERY MUCH MR CARE I WANT TO
THANK THE AUTHORS FOR BRINGING
IT FOR BRINGING THIS. THIS BILL
FORWARD. YOU KNOW I'D LIKE TO
I'D LIKE TO THINK THAT. THE
PEOPLE AND COMPANIES ARE GOING
TO DO THE RIGHT THING. THAT
THEY'RE GOING TO RECOGNIZE THE
INHERENT VALUE IN DIVERSITY. AT
THE HIGHEST LEVEL BECAUSE IF
THEY'RE SELLING A PRODUCT OR
THEIR- ENGAGING IN SOME KIND OF
COMMERCE WHICH THEY ALL ARE.
IT'S BETTER TO KNOW WHAT WHAT
TO OUT IN THE COMMUNITY AND
IT'S BETTER TO KNOW WHAT THE
NEEDS ARE AND- AND FRANKLY.
IT'S IMPORTANT TO HAVE PEOPLE
AT THE TABLE SO THAT THE KINDS
OF THINGS LIKE IT'S SAID AND
DONE DON'T HAPPEN- AND SO I AM
I REALLY APPRECIATE THIS BILL
BECAUSE IT STARTS TO MOVE IS TO
WORK IN A DIRECTION THAT SAYS
LOOK IT IS IMPORTANT DIVERSITY
IS IMPORTANT IN CALIFORNIA- AND
WE NEED TO HAVE PEOPLE AT THE
TABLE A THE HIGHEST LEVEL IN
ORDER TO. BE ABLE TO MAKE
REALLY GOOD DECISIONS ON BEHALF
OF ALL OF OUR COMMUNITY AND
HOPEFULLY WE SERVE AS A MODEL
FOR THE REST OF THE COUNTRY ON
AND ALL YOU HAVE TO DO IS LOOK
AT. WHAT'S HAPPENING ON THE
STREETS TO RECOGNIZE THAT WE
NEED HOPE. A WE NEED ACTION
AND- AND THIS IS THE TIME SO I
WANT TO THANK YOU I INTEND TO
VOTE I AND I'M WANTING COURAGE
EVERYBODY ELSE TO DO SO AS WELL.
SENATOR CENTER HUESO. THANK YOU
VERY MUCH AND I JUST WANT TO
THANK THE AUTHOR FOR BRINGING
THIS ISSUE FORWARD THIS IS A
HARD BILL MOVE UNDERSTAND WE
STARTED OUR EFFORT WHEN YOU
WERE THE CHAIRMAN OF THE BLACK
CAUCUS HOUSE CHAIRMAN LATINO
CAUCUS WE WENT OUT TO AND
ENGAGE SILICON VALLEY ABOUT
HOW. THEY COULD DO MUCH MUCH
BETTER AND DIVERSE FIND THEIR
BOARDS AND DIVERSE THE
WORKFORCE FRANKLY AND SO GLAD
TO SEE THIS BILL IS FINALLY
HERE AND WE'RE MOVING FORWARD
WITH SOMETHING LIKE THIS YOU
KNOW I HAVE SHIPBUILDING
COMPANY AND- IN MY TRICKLED
MASS. THEY'VE BEEN THERE FOR
SEVERAL YEARS AND THEY ALSO
HAVE A- ANOTHER OF YARD IN IN
IN THE EASTERN UNITED STATES
AND THEY HAVE ANOTHER YARD. IN
ASIA. AND THEY'VE ALWAYS FOUND
THAT THE- THE SAN DIEGO
LOCATION OUTPERFORMS. EVERY
OTHER SHIP YARD THEY HAVE LOWER
LIABILITIES THEY HAVE HIGHER
PRODUCTIVITY AND SO THEY CAN
COMMISSION TO STUDY TO FIND OUT
WHY THAT THE LOCATION WAS MORE
PRODUCTIVE AND THEIR CONCLUSION
WAS THAT THEY HAD A MORE
DIVERSE WORKFORCE. AND BECAUSE
OF THAT THAT THAT THERE WAS OF
A- THE DIVERSITY OF IDEAS THAT
LEAD TO BETTER PROBLEM SOLVING.
AND I THINK THAT IS THE
CALIFORNIA SUCCESS STORY WHY
CALIFORNIA HAS SO MUCH SUCCESS
AND WHY IT HASN'T TRICKLED UP
TO THE LEADERSHIP POSITIONS I
THINK HAS. REQUIRES SOME
INVOLVEMENT TO MAKE THAT HAPPEN.
I READ A OF US- STORY RIGHT
RIGHT BEFORE A REGARDING TO
REGARDING THAT THE NAS. HOLDING
STAGGERINGLY LOW NUMBER OF
BOARD SEATS IN ASSURING BY TONY
SHOULD TARNISH APOLOGISTS WANT
TO CLARIFY FOR THE PURPOSES OF
MESSAGING AND- BECAUSE I WAS A
LITTLE BIT- TAKEN ABACK. BY
WHAT I READ. BUT I JUST WANTED
TO CLARIFY AND GIVE THE
OPPORTUNITY CLARIFIED YOUR
COMMENT. REGARDING THE LATINO
COMMUNITY AND YOU HAD SAID THAT
THE LEFT A QUOTE IN QUOTES THE
LATINO COMMUNITY. IN THE LATINO
COMMUNITY IN THIS IS WITHIN THE
CONTEXT OF THE- OF THE
NEWSPAPER I'M NOT HI I CAN
EXPLAIN THE CONTEXT BUT
GENERALLY I JUST WANTED TO ASK
YOU. OF YOUR COMMENT RELATEDTO
LIFTING COMMUNITY IN THE LATINO
COMMUNITY THERE MAY BE A
LANGUAGE AND CULTURAL ISSUE.
AND GETTING EDUCATIONAL
OPPORTUNITIES. BY JUST GETTING
INTO THE CALIFORNIA PUBLIC
SCHOOL A UNIVERSITY SO I ASSUME
BY THAT STATEMENT YOU MET. THECALIFORNIA. LATINO COMMUNITY
THERE MAY BE. A LANGUAGE AND
CULTURAL ISSUE IN GETTING-
EDUCATIONAL OPPORTUNITIES. BY A
OR AN EXPERT BY GETTING INTO
THE CALIFORNIA PUBLIC SCHOOL
SYSTEM SO YOU'RE SAYING THAT.
ARE YOU WERE YOU SEND THAT.
LATINOS HAVE A CULTURAL DATE
ARE NOT GETTING INTO THE
UNIVERSITY SYSTEM BECAUSE OF A
LANGUAGE A CULTURAL ISSUE. WHEN
YOUGO ON TO SAY ASIANS ARE IN
A FIELD FAIRLY DISTANT PUT
DECENT POSITION IN MIDDLE OF
MIDDLE LEVEL MANAGEMENT
POSITIONS ARE CORPORATIONS. FOR
THE MOST PART THERE ARE THEY
ARE NOT BREAKING INTO THE C.
SUITES AND GETTING INTO BOARDS.
SO IT'S A DIFFERENT. ISSUE
RELATIONS AND BUT I JUST WANTED
TO ASK YOU TO CLARIFY YOUR
COMMENTS OF WHAT YOU MEANT BY
THAT. I'M REFLECTING ON THE
FACT THAT. OVER 20% OF BLACK
AND LATINO YOUNG PEOPLE ARE
GRADUATING WITH. THE ABILITY TO
STEP INTO THESE POSITIONS WITH
SCIENCE AND TECHNOLOGY
BACKGROUNDS BUT IN TERMS OF THE
REPRESENTATION WITHIN THESE
COMPANIES IT'S WELL BELOW. THE
NUMBERS WERE AVAILABLE SO IT'S
MAKING THE ARGUMENT THAT THERE
IS TALENT THERE TO DRAW FROM IT
IS NOT BEING DRAWN TO I THINK
THAT WOULD HAVE BEEN A BETTER
STATEMENT TO SAY BECAUSE I
THAT'S I AGREE WITH TWENTY WHEN
YOU WHEN YOUR OUR STATE.
PRODUCED AS A POOL 20% LEFT IN
PLACE YET WE DON'T HAVE. NAY
ANYWHERE NEAR THAT NOT EVEN 10%
ARM BARS NOT EVEN 5% ON BOARDS.
I THINK THAT THAT IS A MUCH
MORE COMPELLING FIGURE BECAUSE
I HAVE TO SAY- OF. MAYBE
GETTING IN TROUBLE. ACTUATED
FROM COLLEGE MAY NOT BE. A
REQUIREMENT FOR BEING ON THE
CORPORATE BOARD. AND FOR MANY
OTHER WHITE PEOPLE IT HASN'T
BEEN A REQUIREMENT WAS A
REQUIREMENT FOR MIKE MARK
ZUCKERBERG ARRAY KRAKOUER BILL
GATES OR STEVE JOBS OR STEVE
WOZNIAK OR MICHAEL DELL OR JUST
A WHOLE LITANY OF PEOPLE THAT
DIDN'T HAVE A COLLEGE EDUCATION
IS SERVED ON A- ON BOARD. BUT
HAD BUSINESS ACT HUMAN AND
RUNNING A CORPORATE GREAT
CORPORATION REQUIRES SPECIAL
SKILLS BUSINESS ACUMEN AND
OTHER THINGS AND- SO I JUST
WANNA MAKE SURE THAT WASN'T
LOST IN THE MESSAGING BUT THAT.
THIS IS ABOUT. THIS IS REALLY
ABOUT MAKING OUR BUSINESSES
MORE COMPETITIVE AND IF THERE
IS- CERTAIN ELEMENT HAPPENING
AT A VERY HIGH LEVEL THAT IS.
BE MORE CONCERNED ABOUT HOLDING
ON TO POWER NOT NECESSARILY-
WORKING IN THE BEST INTERESTS
OF CALIFORNIA CORPORATIONS TO
FUNCTION AT THEIR HIGHEST LEVEL
I THINK THIS BILL. MAKES HIS
BEST CASE ARGUING THAT OUR OUR
CORPORATIONS ARE GOING TO PROVE
WHICH I BELIEVE THEY WILL
ESPECIALLY WHEN. OF THE OF THE
POPULATION THE CONSUMER BASE OF
NOT ONLY. THE OUR STATE PART OF
THE WORLD IS DIVERSE AND IT
REQUIRES PEOPLE OF DIVERSE
LANGUAGE AND CULTURE AND IDEAS
TO COMMUNICATE WITH THE OUR OWN
STATE AND THE REST OF THE WORLD
THANK YOU VERY MUCH FOR YOUR
WORK I'LL BE SUPPORTING THIS
BILL MISTER CHAIRMAN THANK YOU
FOR YOUR HARD WORK IN BRINGING
A FOUR. AND IF I IF I COULD
MISTER. I JUST WANTED TO
ACKNOWLEDGE CENTER HUESOS. CAN
TO THE ISSUE AND WE WERE AS YOU
POINTED OUT IN TWO THOUSAND
SIXTEEN IN THE SILICON VALLEY
WITH A GROUP OF.
REPRESENTATIVES ARE COMPANIES
BUT DID NOT BRING. DID NOT SHOW
THE RESPECT OR COURTESY TO THE
ISSUE TO BRING THOSE AT THE TOP
WERE IN THAT CORPORATE LEVEL.
BOARD ROOM TO SIT AND VISIT AND
UNDERSTAND. HOW IMPORTANT IT IS
FOR CULTURE CHANGE TO HAPPEN.
AND THAT HAPPENS AT THE TOP OF
THE DISSEMINATES THROUGHOUT THE
ORGANIZATION. SO I THANK YOU
FOR YOUR- PARTICIPATION THIS
YEAR YOU'RE FINGERPRINTS ARE
ALL OVER THIS BILL AS WELL
THANK YOU. AN THE KEY CENTER
DORADO. THANK YOU AND I AGREE
WITH ALL OF THE PREVIOUS
REMARKS IN TESTIMONY THAT THAT
HAS BEEN GIVEN AND THAT IS THAT
OBVIOUSLY THE MORE DIVERSE
EVERYWHERE IN SOCIETY WE ARE.
BETTER HEALTHIER BETTER
HEALTHIER SOCIETY BECAUSE IF
YOU CAN SEE YOURSELF BOBBY IN
THE CORPORATE BOARDROOM OR
BEING WHERE EVER YOU WANT TO BE
A DOCTOR OR A FARM WORKER IT
DOESN'T MATTER WHAT WE HAVE IS
AN INTEGRATED SOCIETY AT ALL
LEVELS AND I THINK THAT'S THE
VALUE OF THIS. SECOND THING I
WANT TO ADD. IS THAT I'M HOPING
THAT THAT DIVERSITY LEADS TO A
MUCH MORE ETHICAL AND SENSITIVE
AW. OF LEADERSHIP BOARDS THAT
REALLY CARE ABOUT THEIR
COMMUNITIES AND I HOPE. THAT WE
CAN LOOK FORWARD TO THAT AS
WELL THERE ARE SO MANY NEEDS
THROUGHOUT OUR SOCIETY DROP
COMMITTEE. ARE IN OUR WHOLE
HOPE IS THAT BY HAVING A MORE
DIVERSE AS ONE PIECE OF
INTEGRATION. THAT BY DOING THIS
IN THE CORPORATE BOARDS THEY
WILL SEE NOT ONLY HOW TO SELL
MORE PRODUCTS BUT HOW TO CARE
ABOUT THE COMMUNITY THAT'S
BINDER PRODUCTS. AND THAT'S ON
ALL LOW WHETHER THEY DO. ALL
WHAT WHAT HEALTHCARE EVERYTHING
TOM SO THAT'S WHAT I'M HOPING
THAT DODD THAT COMES OUT OF
THIS ALL I'M HOPING THAT IT
DOESN'T BECOME JUST A STEPPING
STONE FOR A- A BROWN OR
BLACKER. API PERSON TO SAY I
MADE IT IN THE WORLD HOPEFULLY
THAT THE PEOPLE THAT DO GET
THESE POSITIONS. ARE MUCH MORE
CONNECTED TO OUR COMMUNITY SO
THANK YOU BONTA THE OFFICE
THANK YOU SENATOR PORTANTINO I
HAVE A QUESTION- IN THE LIST OF
UNDER REPRESENTED COMMUNITIES I
DON'T SEE L. G. T. WAS A REASON
WHY- THEY WERE THE- VIBRANT TO.
AJ BEAUTY COMMUNITY IN
CALIFORNIA WHICH IS ALSO. A
STRONG CONSUMER BASE AND I'VE
OBVIOUSLY HAVING A BROTHER WHO
WAS A- VERY SUCCESSFUL- GAVE
BUSINESS LEADER CORIS WHETHER
OR NOT INCLUDED AS AN UNDER
REPRESENTED. GROUP WELL WORLD
BANK QUESTIONS. WHAT DID. BACK
IN TWO SIXTEEN IT WAS ALL
INCLUDES. AND BECAUSE WE WANT
TO TEXT IN UNDER. WHAT THE
IMPACTS WERE FOR A VARIETY OF
GROUPS- CERTAINLY- CENTER
JACKSON'S BILL THAT CAME OUT OF
THAT. ARE FOCUSED ON WOMEN
BECAUSE IT LANDED IN A TIME OF
ME TOO. BECAUSE THERE IS A
CLEAR UNDERSTANDING THAT WHAT
WAS HAPPENING IN SOCIETY WAS
HITTING HARD- AT THE ISSUE OF
WOMEN AND THEIR ABILITY TO HAVE
A STRONG VOICE AND TO BE HEARD
IN THE RIVER ARE REPRESENTED- I
THINK THAT THAT WAS
APPROPRIATE. THIS BILL.
EMERGENCE AT A TIME WHERE WE
SEE RACIAL TENSION. AND DISCORD
AND RACISM IT'S
INSTITUTIONALIZED. IN OUR
COUNTRY. AND SO THIS BILL WAS
DESIGNED TO ADDRESS AT THE
WOMEN'S BILL ADDRESSED WOMEN'S
ISSUES. AND CONCERNS THIS BILL
WAS DESIGNED TO ADDRESS RACIAL
ISSUES AS IT IMPACTS ON OUR-
PERSPECTIVE I HAVE. SUSAN IT'S
HARD TO BREATHE THE SLICK. HI
MY PACKED COMMUNICATIONS WITH
BILL B. T. A G. TO OUR
COMMUNITY AND LEADERSHIP THE
CAUCUS SENATOR WINNER. AND
WE'RE GONNA WORK TOGETHER ON A
DRESSING THE ISSUE GOING
FORWARD- BUT I THINK THE TIME
IS. SINGULARLY FOCUSED AT THIS
MOMENT ON RACE IN AMERICA NOW
WE CAN GET OUR ARMS AROUND. IT
CONCERNS ME IN IN THE
DEFINITION OF UNDER REPRESENTED
IN DIVERSITY AND INCLUSION SO I
DO HAVE THAT RESERVATION- BUT
THANK YOU FOR. BUT THAT I THINK
THIS WOULD BE IMPROVED IF IT
WAS BROADER NOT. NOT NARROW
THAT'S JUST MIKE MIKE POSITION.
ANY OTHER CONSEQUENCES FOR
COMMITTEE MEMBERS IN CHINA I
WANT TO THANK THE AUTHOR FOR
THIS MEASURE- THE ISSUE OF THE
ISSUE I SHOULD SAY- DIVERSITY
HAS BEEN SOMETHING THAT I'VE
BEEN CHAMPIONING SINCE I'VE
BEEN IN THE LEGISLATURE OR EVEN
SINCE I'VE BEEN ELECTED ON. LOW
ON THE LOCAL LEVEL SET LOCAL
CITY COUNCIL AND IT'S- A GREAT
IMPORT TO ME. A SPECIALIZED OF
BEAN THE VICE CHAIR OF THE
LEGISLATIVE BLACK CAUCUS BUT
ALSO. THE WORK ACT- OUR
FURNITURE MR HOLDEN IS DONE AS
WELL AND AS A PERSON WHO SPENT.
TWENTY YEARS IN CORPORATE
AMERICA I WAS ALWAYS AMAZED AT
THE LACK OF DIVERSITY DESPITE.
WARNING THAT DIVERSE CUSTOMERBASE TO BUY YOUR PRODUCT OR
SUPPORT YOUR PRODUCT BUT- IN
THESE CORPORATIONS YOU VERY
RARELY SAW. THE RICH DIVERSITY
AND TAPESTRY OF THE STATE OR
THIS NATION EVEN HERE IN THIS
BUILDING- THAT LOOKS LIKE A
BLACK OFFICE A FEW YEARS AGO.
HOSTED A HEARING AND WE INVITED
CORPORATE CALIFORNIA
CORPORATIONS TO TALK ABOUT
DIVERSITY ONLY TWO SHOWED UP.
ONLY TWO SHOWED UP ARE THE
BROAD INVITATION. AND WE
APPRECIATE THOSE TWO THAT
SHOWED UP- BECAUSE IT SHOWED A
COMMITMENT TO DIVERSITY FOR FAR
TOO LONG CORPORATIONS OF SIMPLY
CHECK THE BOX. AS IT RELATES TO
DIVERSITY AND I'M HAPPY TO HEAR
THAT. H. P. STATED IT'S PART OF
THEIR DNA AND IT HAS TO BE PART
OF THEIR DNA IF IT'S REALLY
GONNA WORK BECAUSE A I THINK
OUR DIVERSITY IS OUR STRENGTH
NOT ONLY AS A- STATE BUT AS A
NATION AND I WAS SOMEWHAT TAKEN.
BY MR BISHOP'S COMMENTS THAT HE
WAS FEARFUL THAT THIS WOULD
DISCRIMINATE AGAINST MEN WELL
MEN HAVE BEEN DISCRIMINATING
AGAINST WOMEN FOR FOUR HUNDRED
YEARS IN THIS COUNTRY SO I IT'S
TIME TO. LEVEL THE PLAYING AND
ALLOW FOLKS. I UNDERSTAND THE
CONCERNS THAT A SENATOR
PORTANTINO'S REYES BECAUSE
AGAIN I'VE DONE PLENTY
LEGISLATION WITH THE INSURANCE
INDUSTRY AND WE'VE INCLUDED
LGBT. AND MUCH OF WHAT WE'VE
DONE HERE BUT- IT'S FAR EASIER
TO IDENTIFY ONE'S RACE AND
GENDER AND DISCRIMINATE AGAINST
THAT VERSUS. THE ASSET RANGE.
SO I UNDERSTAND THE GOAL THAT
MR HOLDEN IS TRYING TO ACHIEVE
HERE BECAUSE IT'S NO DOUBT WHEN
YOU WALK IN A ROOM THEY KNOW
YOUR BLOCK THEY KNOW YOU'RE A
WOMAN. SOMETIMES WE DO NOT NO
ONE'S. SEXUAL ORIENTATION SO I
UNDERSTAND YOU'RE TRYING TO
ACHIEVE HERE BUT WE HAVE
INCLUDED IT IN ALMOST. EVERY
BILL I WORKED ON A SAY WITH.
ASSURANCE COMMITTEE LAW AND
WITH. IT OR ONE FIFTY WITH THE
UTILITY MAKING L. G. B. EVEN AN
ECONOMY BILL THAT I DID. SB
TWELVE NINETY FOUR OF SOCIAL
EQUITY WE HAVE INCLUDED IT TILL
IT IS BANNED IN JUST ABOUT
EVERYTHING BUT I UNDERSTAND
WHAT WE'RE DOING BECAUSE- FAR
TOO OFTEN WE SEE FOLKS. BEING
EXCLUDED SIMPLY BECAUSE OF
THEIR CALLER. SIMPLY BECAUSE WE
NEVER GET TO ANYTHING ELSE
SIMPLY BECAUSE OF THEIR GENDER
AND FAR TOO OFTEN THEY OFTEN
SAY WE CAN'T FINE. I'M ALWAYS
BLOWN AWAY WHEN THEY SEE BLACK
ENGINEERS THEY SAID WE CAN'T
FONG BLOCKING DINNER IS A WORK
AT SOME OF THESE HIGH TECH
CONSTRUCTION COMPANIES WHEN.
THE DOOR IN THE ORGANIZATION AS
WE NATIONAL SOCIETY OF BLACK
ENGINEERS. THAT. MISTER BLACK
COLLEGES GRADUATE. THOUSANDS OF
ENGINEERS EVERY YEAR THEY
CONTINUE TO SAY THEY CAN'T FIND
A CAT FONG BECAUSE I'M NOT
LOOKING SO I COMMEND THIS BILL
I'M COME IN THIS AUTHORED FOR
THIS BILL AND THE- SUPPORTERS
OF IT. AND I WAS STRONGLY
SUPPORTED AND WE'RE LOOKING FOR
MOTIONHERE. I WOULD NOTE THAT
MISTER CALDERON TO LIKE CLOSE.
IT'S BEEN MOVED BY SEN WHAT
MISS HOLDEN ELECTRICAL. GERMAN
I DON'T I COULD DO A BETTER
CLOSING WHICH SHE WAS. LAID ON
THE RECORD I JUST SAY THAT IT
DOES TAKE INTENTIONALITY. TO
ADDRESS. REYES AND IT'S A
STRATEGIC IMPERATIVE. AND WE
NEED TO MOVE FORWARD AND I
THINK THAT A. B. NINE SEVEN
NINE BUT SETS THE FRAMEWORK FOR
CALIFORNIA ANNOUNCER ARRIVAL.
THANK YOU WE HAVE A MOTION
MOTION AWAY SO WE HAVE TO DO
PASSED WITH AMENDMENTS TO BE
TAKEN IN APPROPRIATIONS ON
MOUNT SECTOR PLEASE CALL THE
ROLL. MOTIONS TO PASS TO
APPROPRIATIONS AMENDMENTS TO BE
TAKEN APPROPRIATIONS BRADFORD
HI REDFORD HI CHENG. CHANG HI
CABALLERO HI CABALLERO HI DALY.
DALY NOT VOTING TO IT ALSO TO
WRESTLE I HUESO QUIZ SO I
PORTANTINO AYE BUT WITH THE
CONCERN ABOUT THE LACK OF THE
LGBT INCLUSION SO WE'LL BE
HAVING THAT CONVERSATION
THANK YOU. PORTANTINO THE BILL
HAS SIX VOTES IT IS OUT. THANK
YOU THANK YOU MR HOLDEN THANK
YOU SOMEONE AND GARCIA. NEXT UP
IS AB TWELVE ME FIFTEEN TWENTY
FIVE BY A CINNAMON JONES SAWYER.
SEARCHABLE IF. THANK YOU THANK
YOU MISTER CHAIR AND MEMBERS AB
THIRTEEN TWENTY FIVE WOULD
EXPAND ACCESS TO BANKING AND
OTHER FINANCIAL SERVICES FOR
THE CANNABIS BUSINESSES THIS
WILL HELP BANKS BETTER COMPLY
WITH FEDERAL REPORTING
REQUIREMENTS IT ALSO CODIFIES
PROTECTIONS UNDER STATE LAW FOR
FINANCIAL INSTITUTIONS THAT
SERVE THE INDUSTRY. DESPITE THE
CONFLICT BETWEEN THE FEDERAL
AND STATE ON CANNABIS IT IS
POSSIBLE FOR FINANCIAL
INSTITUTIONS TO PROVIDE
SERVICES TO THE INDUSTRY. ONLY
SEVEN HUNDRED AND TEN BANKS AND
CREDIT UNIONS IN THE NATION ARE
CURRENTLY BANKING TO CANNABIS
BUSINESSES. INSTITUTIONS THAT
CHOOSE TO BANK FOR CANNABIS
BUSINESSES MUST COMPLY WITH
RIGOROUS MONITORING AND
REPORTING REQUIREMENTS IN
ACCEPTED SIGNIFICANT AMOUNT OF
RISK. THE FINANCIAL CRIMES
ENFORCEMENT NETWORK ALSO KNOWN
AS CONSENT. REQUIRES THAT BANKS
SERVING THE INDUSTRY FILE
SUSPICIOUS ACTIVITY REPORTS TO
ENSURE THAT THE BUSINESS DOES
NOT VIOLATE ANY STATE LAW. OR
IS NOT ENGAGED IN OTHER
ACTIVITIES. THESE REQUIREMENTS
ARE BURDENSOME AND DEMANDING ON
STAFF AND RESOURCES AT
FINANCIAL INSTITUTIONS. AB
THIRTEEN TWENTY FIVE WOULD
ALLOW STATE AND LOCAL
AUTHORITIES TO SHARE A BUSINESS
TRACK AND TRACE INFORMATION AND
OTHER REGULATORY INFORMATION
WITH THE BUSINESS BANKS. ONLY
AT THE REQUEST AGAIN ONLY AT
THE REQUEST OF THE BUSINESS TO
TRACK AND TRACE SYSTEM TRACKS
ALL CANNABIS PRODUCTS FROM
CULTIVATION TO FAIL. THIS
INFORMATION ALONG WITH OTHER
REGULATORY INFORMATION CAN BE
USED BY THE FINANCIAL
INSTITUTION TO VERIFY THAT
TRANSACTIONS ASSOCIATED WITH
THE BUSINESS PRODUCT IS LEGAL
UNDER STATE LAW AND EASE THE
BURDEN IN COMPLYING WITH PINSON
REPORTING REQUIREMENTS. BASED
ON THE SENATE BANKING AND
FINANCE COMMITTEE ANALYSIS
ABOUT ONE IN EVERY FOR CANNABIS
BUSINESSES NATIONALLY ARE
DENIED ACCESS TO BANKING DUE TO
INCONSISTENCIES BETWEEN FEDERAL
AND STATE LAW AS RELATES TO
CANNABIS. THE COMMITTEE
ANALYSIS RESULTS TAX
INFORMATION THAT IS THAT THIS
BILL WILL AUTHORIZE STATE AND
LOCAL AGENCIES TO SHARE WITH
FINANCIAL INSTITUTIONS IS
INTENDED TO HELP FINANCIAL
INSTITUTIONS. PERFORM THE
REQUIRED DUE DILIGENCE MORE
READILY THAN THEY CAN AT
PRESENT. ADDITIONALLY AB
THIRTEEN TWENTY FIVE WRITTEN
SIMILAR TO LEGISLATION PASSED
IN WASHINGTON STATE WILL CREATE
A SAFE HARBOR UNDER STATE LAW
TO PROTECT FINANCIAL
INSTITUTIONS. AND ACCOUNTANTS
THAT PROVIDE FINANCIAL.
SERVICES TO THE INDUSTRYANY LOCAL LICENSING AUTHORITY
CAN REQUIRE A CANNABIS BUSINESS
IN A JURISDICTION TO SHARED A
TRACK AND TRACE DATA. TWO AB
THIRTEEN TWENTY FIVE DOES NOT
REQUIRE ANY BUSINESS TO TURN
OVER THEIR TRACK AND TRACE
INFORMATION TO ANYONE. THIS
BILL IS 1100% VOLUNTARY AND IS
ACTIVATED ONLY AT THE EXPLICIT
REQUEST OF A CANNABIS BUSINESS.
THREE AB THIRTEEN TWENTY FIVE
DOES NOT GIVE FINANCIAL
INSTITUTIONS ACCESS TO
FINANCING INFORMATION WITHOUT
LIMITS ACCORDING TO THE
COMMITTEE ANALYSIS FINANCIAL
INSTITUTIONS ONLY HAVE ACCESS
TO INFORMATION THAT IS
REASONABLY NECESSARILY
NECESSARY TO FACILITATE THE
PROVISION OF FINANCIAL SERVICES
FOR THE LICENSEE. MAKING A
REQUEST FOR THAT BANG TO ACCESS
TO TRACK AND TRACE DATA. AB
FIFTEEN TWENTY FIVE DOES NOT
GIVE FINANCIAL INSTITUTIONS THE
ABILITY TO DIVULGE STEEL A
PROFIT OFF OF TRADE SECRETS OR
RECIPES. EIGHTY FIFTEEN TWENTY
FIVE DOES NOT EMPOWER CANNABIS
BUSINESSES. BY GIVING THEM THE
OPTION TO SHARE TO TRACK AND
TRACE DATA WITH A FINANCIAL
INSTITUTION OF THEIR CHOICE FOR
THE SOLE PURPOSE OF
FACILITATING FINANCIAL
SERVICES. AND FINALLY AB
FIFTEEN TWENTY FIVE IS
NECESSARY BECAUSE ENFORCING
CANNABIS BUSINESSES TO RELY ON
A ON A CASH ONLY SYSTEM. IS A
PUBLIC SAFETY RISK THIS BILL
WILL POP UP ILLEGAL CANNABIS
BUSINESS MAKE IT EASIER FOR
BUSINESS TO RUN AND PAID THEIR
TAXES THIS BILL SUPPORTED BY
INDUSTRY GROUPS AND FINANCIAL
INSTITUTIONS ALIKE. READ THE
NECESSARY OF THIS LEGISLATION
TO PROVIDE ACCESS TO FINANCIAL
SERVICES WITH ME TO SPEAK IN
SUPPORT OF THIS BILL IS ROBERT
RECOGNITION FROM THE CALIFORNIA
CREDIT UNION LEAGUE. MEMBERS
ARE RESPECTFULLY ASK FOR YOUR
VOTE. OUR MODERATOR CAN USE
FIFTH MISTER WILSON IS PREPARED
TO TESTIFY. OF COURSE OF THE
MORNING AND WE WILL PROVIDE HIM
TWO MINUTES OF TESTIMONY ON
BEHALF OF. AB FIFTEEN TWENTY
FIVE. THE MORNING CARE NUMBERS
MY NAME IS ROBERT WILSON ON THE
V. P. OF STATE GOVERNMENT
PAYERS CALIFORNIA CREDIT UNION
LEAGUE THANK YOU FOR THE
OPPORTUNITY SPEAK IMPORT EXPORT
AB FIFTEEN TWENTY FIVE AB FIFTY
TWENTY FIVE WILL INCREASE THE
NUMBER OF BANKING RELATIONSHIPS
BETWEEN CREDIT UNIONS IN CAMPUS
PLACEMENTS WITHIN THE STATE
AUTOMATED DIFFICULT AND COSLY.
BANK CAN EXPECT BECAUSE WHICH
IS CREATING HARDSHIP FOR THE
LEGAL INDUSTRY. THANK COMMUNITY
BASED FINANCIAL INSTITUTIONS. I
DON'T THINK CANNABIS BUSINESSES
TO HELP OUR COMMUNITIES AND TO
KEEP THEM SAFE BY KEEPING LARGE
AMOUNTS OF CASH OFF THE STREET.
WE ARE RESTRICTED FROM DOING SO
BECAUSE DIFFICULT TO ACCESS
FINANCIAL INFORMATION WE NEED
TO MEET FEDERAL BANKING
GUIDELINES. AB FIFTEEN TWENTY
FIVE CRITICS SAY FARTHER UNDER
STATE LAW TO PROTECT FINANCIAL
INSTITUTION THAT PROVIDES
FINANCIAL SERVICES TO THE
INDUSTRY. BILL ALSO GIVES
CANNABIS BUSINESSES THE ABILITY
TO SHARE THEIR TRACK AND TRACE
IT UP WITH A BANK OR CREDIT
UNION OF THEIR CHOICE SO THAT
THEIR FINANCIAL SERVICE
PROVIDER IS ABLE TO COMPLY WITH
KANSEN REPORTING REQUIREMENTS.
THE ONLY BE DONE AT THE EXPRESS
REQUEST OF THE LIGHT COMPETE.
SEE YOU PROBABLY BELIEVE THIS
BILL WILL LEAD TO AN INCREASED
NUMBER OF CANNABIS BUSINESSES
BIG BANK IN THE STATE. YOU FOR
THE OPPORTUNITY TESTIFIED TODAY
AND THANK YOU ASSEMBLY MEMBER
JOHN CIRCLE CARRYING SUPPORT
PIECE OF LEGISLATION. THANK YOU
MISS WILSON ARE NOW WILL GO TO
ANY ADDITIONAL WITNESSES AND
SUPPORT IN THE ROOM HERE AND
FORTY TWO OLD THREE. SHEEN NINE
WILL NOW MOVE TO ROOM TWENTY
FORTY ARE THERE ANY WITNESSES
IN SUPPORT. OF FIFTEEN TWENTY
FIVE IN ROOM TWENTY FORTY.
SCENE NINE. WE NOW WILL GO TO
OUR MODERATOR OR THEIR
WITNESSES IN SUPPORT ON THE
PHONE LINE AND SUPPORT OF AB
FIFTEEN TWENTY FIVE MISTER
MODERATOR. YOU LIKE TO OUR- YOU
MAY HIT ONE ON A PERSON'S MIND
EIGHTY SIX PLEASE GO AHEAD. YES
THANK YOU MISTER CHILDREN
ATTENDED INDUSTRY ASSOCIATION
AND THE INTERNATIONAL CANADA
PHARMACY POSITION HERE IN
SUPPORT OF A FELON THANK THE
AUTHOR FOR HIS LEADERSHIP ON
THIS ISSUE THANK YOU THANK YOU.
FOR THIS. MEXICO GO AHEAD.
EIGHT HUNDRED AND MEMBERS.
MEMBERS GOOD MORNING SYLVIA
TILLY SHOCKLEY HAPPENED CITY OF
LOS ANGELES MAYOR ERIC GARCETTI
EACH PART OF THE MEASURE THANK
YOU THANK YOU NEXT WITNESS.
EIGHTY FIVE PLEASE GO AHEAD.
YOUR NUMBERS NOW ANYWAY THAT'S
ON BEHALF OF THE CALIFORNIA
BANKERS ASSOCIATION ALSO AT THE
PARK THANK YOU THANK YOU.
PATRONAGE. WE DON'T FEEL LIKE
IF THE ONE RIGHT. HI GOOD
MORNING MISTER TURNER MEMBERS
KAREN LAYING UNDER THE
CALIFORNIA ASSOCIATION OF
COUNTY TREASURERS AND TAX
COLLECTORS. GREAT DAHLE I.
THINK YOU. THANK YOU NEXT
WITNESS.THIRTY SEVEN PLEASE
CALL. TRICKLE THE COMPANY
STARTED CERTIFIED PUBLIC
ACCOUNTANT. IN SUPPORT. CAN SHE
CHAMBER DRAMA QUICKEN HER.
PUBLIC ACCOUNTANT. I'M SORRY BY
PUBLIC ACCOUNTANT AND REPORT
POLITICS. LET'S MOVE ON TURN
EXCELLENT TEMPERATURE ON RECORD
CLEARLY. THIS MODERATOR THERE
ANYMORE IN SUPPORT. AT THE TIME
THAT. NO OTHER THAN Q. NO
OTHERS IN Q. OKAY NOW WE'RE
GONNA MOVE ON TO OUR
OPPOSITION- OF THIS MEASURE ARE
YOUR WE HAVE MARVIN PANETTA
FROM UNITED CANNABIS BUSINESS
ASSOCIATION AND JOHNNY SAGE
FROM CAMAS EQUITY RETAILERS
ASSOCIATION WILL START. WITH MR
PANETTA. IT'S A MEMBERS. J.
MEMBERS- MARVIN PINERA ON
BEHALF OF THE UNITED CANNOT
CONSERVE EACH IN OPPOSITION TO
AB FIFTEEN TWENTY FIVE.
CURRENTLY BANKS CREDIT UNIONS
AND I. ARE FRIENDS PROVIDE
FINANCIAL SERVICES TO CANADA
BUSINESS. THE TYPE OF
INFORMATION DISCLOSED IS WORKED
OUT BETWEEN THAT. FINANCIAL
INCLUSION IN THE CANNONBALL
TRADER ON OCTOBER THIRD TWO
THOUSAND NINETEEN CAN'T FIND A
POINT OF DIFFERENCE OVERSIGHT.
IT SHOULD CAN WITH BANKING
GUIDANCE. TO BANKS AND CREDIT
UNIONS SAID THE CANNABIS
BUSINESS THE CALIFORNIA THE
GUIDANCE WAS PROVIDED IN ORDER
TO HELP FINISH KITCHENS MAKE A
POPULIST ASSESSMENTS AND COMPLY
WITH FEDERAL- K. LINES. STATE
AGENCIES ARE CRIMINAL BANKS. OR
FINANCIAL INSTITUTIONS FOR.
ANALYST THANK YOU FOR TO CANADA
TRADERS. EDUCATION BANKS FOR
OPT FOR THANK YOU SEVEN ONLY AT
THE TRACK THERE IS OVER TO. JOE
POWER METAL FOR THE LOCAL GUY.
THERE WILL BE NO OTHER CHOI AT
GENERAL DOT GREATEST HAVE NO OP
BUT THE SCHOOLS TRACKING SHE
THAT WHICH INCLUDES PATIENT
NAMES CONSUMER NAMES PRODUCTS.
DATA THE ONLY RELATE TO FRAME
SERVICES SHOULD BE REQUIRED NOT
THE WHOLE TRACK INTRIGUED THE
THAT WHICH IS ACROSS. ONE SHAPE
EXCESSIVE CAL. THAT WILL
BENEFIT BECAUSE THIS ENTITY IS
THE DENNIS IS IN THE BUSINESS
OF COLLECTING DATA AT THE LOCAL
LEVEL CANNABIS OPERATORS ARE
BEING FORCED TO TRAIN AND A.
POINT OF SALE DATA AND OTHER
DATA. EIGHT EIGHT I IT'S- MAKE
I A PROFIT FOR A. B. TEN THAT
SIMILAR TRANSCEND COUNTY OF A
IF I DR ROBERT BURKE HUNDRED
MEN AND THE COST FOR THIS TYPE
OF ACTIVITY WOULD BE AT LEAST
ONE POINT TWO FIVE MILLION THE
BILL REQUIRES THAT THE OTHER
PROBLEM IS THE DEMOCRATS
CANNABIS OUTRAGE TO A
CONFIDENTIALITY REQUIREMENTS.
WHICH IS A BIG CONCERN. HELLO
WE CHECK EACH THEIR DISCUSS.
WILL COST ADDITIONAL COST TO
OPERATORS IT IS IT DOES NOT
COST COM AT A FREE. THAT FOR
FREE THE CANNABIS INDUSTRY YOU
KNOW THE BUSINESS THAT ANALYSTS
CATCH WHEN THAT REALITY IS THAT
THE BUSINESSES ARE STARTING TO
TRIED TO INTO DIFFICULT
CLEMENTINE. THERE'S CONFLICTS
GOING ON AT THE LOCAL LEVEL
ABOUT Y. D. S. U. P. CHEN AND
WHAT THE ISSUE HOW TO TURN IT.
THERE IS NO CONFIDENTIALITY
CONFIDENTIALLY I THINK THE WAY.
REASONABLY NECESSARY IT'S ALSO
VERY BROAD WE SHOULD CONCLUDE
ENGINE TESTIMONY YESTERDAY. I
WILL BE ASKED FOR A NOTEBOOK
THANK YOU THANK YOU. NEXT
WITNESS. GOOD MORNING MR NUMBER
MY NAME IS JOHN IS PRESIDENT OF
THE- EQUITY RETAILERS. AND WE
OPPOSE SB FIFTEEN FIVE. OUR
MEMBERSHIP CONSISTS OF SOCIAL
EQUITY CANNABIS OPERATORS. WE
HAVE TO COMPLY WITH EXTENSIVE
REGULATIONS HEY I STATE AND
LOCAL LICENSE LICENSING FEES
AND HIGH TAXES TO COMPLY WITH
THE STATE OF CALIFORNIANS TRACK
AND TRACE PROGRAM. CAMOS
OPERATORS CURRENTLY CAN WORK
FOR THE BANK TO OBTAIN
FINANCIAL SERVICES I'M PROVIDE
LIMITED INFORMATION THAT IS
NEEDED TO ENSURE COMPLIANCE.
THE PASSAGE OF AB FIFTEEN
TWENTY FIVE A PLACE OUR MEMBERS
A DIFFICULT SITUATION BECAUSE
BANKS WILL NOW REQUIRE THAT
WOULD PROVIDE PERMISSION TO ALL
OUR TRACK AND TRACE DATA IN
ORDER TO OBTAIN. SERVICES AB
FIFTEEN TWENTY FIVE CLEARLY
STATES THAT WE MUST WAIVE ANY
CONFIDENTIALITY OR PRIVILEGE
THAT APPLIES TO THIS
INFORMATION. FOR THE MARKET AB
FIFTEEN TWENTY FIVE WILL HAVE
UNINTENDED EFFECTS ON OTHER
LAWS AND REGULATIONS INCLUDING
BUT NOT LIMITED TO THE
CALIFORNIA CONSUMER PRIVACY ACT.
THE GRAMM LEACH BLILEY ACT OF
NINETEEN NINETY NINE THE FAIR
CREDIT REPORTING ACT THE RIGHT
TO FINANCIAL PRIVACY ACT AND
THOSE UPON WHICH THE BUREAU OF
CANNABIS CONTROL CURRENTLY
RESTING OPPOSING. FEDERAL DRUG
ENFORCEMENT ADMINISTRATION WHAT
LICENSEE INFORMATION SOMETHING
THAT SUBPOENAS AND- THE UNITED
STATES FIRST BILL CANNABIS
CONTROL CASE NUMBER. THREE TWO
ZERO DASH C. B. DASH ZERO ONE
THREE SEVEN FIVE. BUT
DATACENTER VISIONS IN FIFTEEN
TWENTY FIVE ASSEMBLY HINDER OUR
COLLECTIVEEFFORTS TO PROTECT
SENSITIVE CONSUMER IN LICENSING
DATA FROM FISHING EXPEDITIONS.
WELL ACCESS TO SPECIFIED
FINANCIAL INFORMATION IS
NECESSARY TO MAINTAIN
COMPLIANCE WITH CONTENT
GUIDELINES BROADCOM RESTRICTED
ACCESS TO AN OPERATOR'S
TRACKING TRACE DATA. IS
UNNECESSARY AND UNWARRANTED
CURRENTLY CANNABIS OPERATORS
ARE WORKING ON TECHNOLOGY
COMPANIES PROVIDING DATA THAT
IS THEN RECORDED THE BANKS
THERE IS NO NEED FOR THE DATA
TO BE SENT TO AN ENTITY. THAT
IS IN THE BUSINESS OF
COLLECTING DATA THE DATA
PROVIDED TO LOCAL GOVERNMENTS
AND JOINT POWER AUTHORITIES
COMES AT A COST TO PROCESS THE
DATA THAT WILL BE PASSED ON TO
CANNABIS OPERATORS AND
CONSUMERS. THE LEGISLATION DOES
NOT PROTECT OPERATORS
CONFIDENTIALITY INFORMATION.
ASSOCIATED WITH THE OPERATE AS
SOCIAL EQUITY OPERATORS MANY
FINANCIAL SOLUTIONS OUT
NARROWLY TAILORED I WOULD NOT
CAUSE REPETITIVE REGULATION
ALRIGHT JEOPARDIZE OUR BUSINESS
OPERATIONS RESPECTFULLY. ASK
FOR NO ABOUT. THANK YOU.
KNOWLEDGE MOVED BY TO THE OTHER
ANY WITNESS AND ALL AND FORTY
TO HOLD THREE. SHEEN NINE AND
WE WILL GO TO OUR OVERFLOW ROOM
OF TWENTY FORTY. THERE ARE NO
WITNESSES THERE AS WELL NOW
WILL GO TO OUR PHONE LINES
MISTER MODERATOR DO WE HAVE
ANY. FOLKS IN Q. WANT TO
TESTIFY IN OPPOSITION OF. AB
FIFTEEN TWENTY FIVE. W. I. TWO
FIVE ADDITION OF AB EIGHTEEN
TWENTY FIVE PLEASE PRESS ONE
ZERO NOW. JUST A MOMENT. THIRTY
THREE PLEASE GO AHEAD. POLITICS
PRESIDENT OF LA CANNABIS
COMPANY AND I STRONGLY BELIEVE
THAT EIGHTEEN FIFTEEN TO FIVE.
AB FIFTY TWO FIVE FOR NAMING
YOUR POSITION PLEASE PRESS.
THANKS FOR THIS. THANKS TO THE
COMBINED TWENTY SIX PLEASE GO
AHEAD. GOOD MORNING MY NAME IS
JOHN WITH BUCKLE MY MATERNAL
FAMILY AND I OPPOSE THIS BILL.
THANK YOU. MEXICO LINE EIGHTY
TWO PLEASE GO AHEAD. COBRAM
PAULOS RELIEF BECAUSE HE CAN I
OPPOSE THIS BILL. THANK YOU
METRICUS. THE EIGHTY THREE
PLEASE GO AHEAD. HI JENNY
JOHNSON FIRSTRAND BALBOA CARE
GIVERS AYE OPPOSED TO THEM.
THANK YOU NEXT WITNESS. THANKS
SEVENTEEN PLEASE GO AHEAD. GOOD
MORNING THIS IS A EVEN THE OLD
EXECUTIVE DIRECTOR OF THE LONG
AND WE'D LIKE TO THANK THE
AUTHOR INTO THE TRAIL BUT WE
OPPOSE THIS BILL. THANK YOU
MCGEORGE. MEXICO TO LINE SIXTY
TWO PLEASE GO AHEAD. GOOD
MORNING MY NAME IS LARA DECARO
I AM HELPFUL FOR BERKELEY
PATIENTS GROUP- WE HAVE BEEN
DESIGNATED AS IN SUPPORT OF
THIS BALL BY HAVE SHIFTED TO
OPPOSITION I'M NOT BY MANDATED
TO CONCERNED. MEDIA
CONFIDENTIALITY PROVISIONS AND
THANK YOU SHARE THANK YOU FOR
YOUR AFTER. TO THIS. THANKS TO
GOD. PLEASE GO AHEAD. THIS IS
MICHAEL LONG WITH CENTRO AND I
STRONGLY OPPOSE THIS BILL.
THANK YOU NEXT WITNESS. THANKS
AGAIN THE NINE EIGHTEEN PLEASE.
MY NAME'S DIANA THOUGH AMERICAN
BEAUTY COLLECTIVE IN AYE
OPPOSED FIFTEEN TWENTY FIVE.
THANK YOU. TO ADDRESS. NEXT
NINE EIGHTY SEVEN PLEASE CALL.
MY NAME IS KAREN KYLO THE
PRESIDENT THE UNITED CANADA
BUSINESS ASSOCIATION AND OWNER
OF THE HIGHER PASSED IN
OPPOSITION OF AB TWENTY FIVE.
THANK YOU. THE QUICKNESS.
THANKS WE'VE GOT ONE NINETY
HE'S GOT. YOUR LINE IS OPEN
NINETY. WITNESS. NEXT TO NINE
THIRTY THREE PLEASE GO AHEAD.
HELLO MY NAME JANET PREMIUM
PRESIDENT ABOUT A CANNABIS
COMPANY EXTEND THE OF THE STATE
THANK YOU THANK YOU FOR THIS.
PLEASE GO AHEAD. NINETY ONE
LIKE OPEN NINE ONE HELLO- THIS
IS ARGUMENT IS OWNER OPERATOR
OF DELTA NINE THC AN OPPOSITION
OF THIS BILL THANK YOU THE
CLOSENESS. THANK YOU. EIGHTY
THREE PLEASE CALL. HELLO THIS
IS MICHAEL SALLY- THE EXECUTIVE
BOARD OF THE CANNABIS CHAMBER
OF COMMERCE AS WELL AS OWNER
OPERATOR SEVEN LEAF AND WE
OPPOSE THIS. THANK YOU FOR THIS.
NEXT DO NOT BE THREE PLEASE GO
AHEAD.
ONE TO HIM ANYMORE
WITNESSES IN Q. N OPPOSITION
YEAH MORE. NINE NINE SEVENTY
FOUR YOUR LINE IS OPEN. HELLO
THIS IS CARLOS DELLA TORY OWNER
OPERATOR OF CORNERSTONE
RESEARCH COLLECTIVE ALTHOUGH I
CERTAINLY APPRECIATE THE EFFORT
I OPPOSE THIS BILL IN ITS
CURRENT FORM THANK YOU TO THIS.
THIS TIME THERE ARE NO MORE IN
Q. K. WILL BRING IT BACK TO THE
COMMITTEE ANY QUESTIONS OR
CONCERNS FROM OUR COMMITTEE
MEMBERS. MMHM SHE ACCESS CENTER
GLORIA. I JUST HAVE A QUESTION
ASSEMBLY MEMBER COULD YOU TALK
A LITTLE BIT ABOUT THE
CONFIDENTIALITY IT AND THAT
SEEMS TO BE THE MAJOR ISSUE IN
TERMS OF THE OPPOSITION BY
COULD YOU TALK A LITTLE BIT
ABOUT ABOUT THAT THANK YOU
SENATOR THAT'S A VERY GOOD
QUESTION AND I THINK PART OF
THE- THE DIFFICULTY WITH THIS
BILL INTERPRETATION OF WHAT.
THE LANGUAGE IN THE BILL SAYS
AND I'M COMMITTED TO WORKING
WITH THE OPPOSITION BUT TO GET
TO A PLACE TO RETIRE BOTH
COMFORTABLE ON THE
CONFIDENTIALITY ESPECIALLY HIP.
IT'S FEDERAL LAW HE CAN. REVEAL
HIPPEL. INFORMATION TO ANYONE.
NOT EVEN GIVE EVEN IF IT'S
BANKS AND I THINK I CAN GET
MORE PEOPLE ON IF I COULD MAKE
SURE I TYPED UP THE LANGUAGE.
BECAUSE I COULDN'T FIND WITH A
CONFIDENTIALITY. TOM
UNDERSTANDING WAS AND SO I'M
COMMITTED TO MAKING SURE THAT
WE AT LEAST ON. ON THAT POINT
WE HAVE CLARITY BECAUSE WE
DEFINITELY DO NOT WANT ANYONE.
OKAY MEET OF TRAINING-
CONFIDENTIAL INFORMATION THERE
IS SOME INFORMATION YOU NEED IF
YOU KNOW WE ALL HAVE A CHECKING
ACCOUNT. YOU GOT TO HAVE
CERTAIN INFORMATION YOU NEED
AND IF THEY'RE CONSIDERING. YOU
KNOW I NEED YOU. WANT TO GIVE
UP THEIR ADDRESS OR WHERE THE
CANNABIS CAME FROM ORDER
TRACKING TRACING. THE SOURCE OF
LARGE SUMS OF CASH THAT'S A
DIFFERENT DISCUSSION SITE I
NEED TO GET INTO THE MEAT. OVER
THERE TALKING ABOUT AND I AM
COMMITTED TO DO THAT SO THAT WE
CAN GET THIS DONE. WELL I
APPRECIATE THAT THAT ANSWER
BECAUSE I DIDN'T SEE IT MYSELF
EXACTLY WHERE IT WHERE IT WAS
THAT THAT THAT THAT THE CONCERN.
LIVE IN AN MY I'LL BE MIND TO
WHAT THEIR TOP ABOUT WELL I
THINK THAT THE MOST IMPORTANT
THING IS THAT- AS WE BRING THIS
INDUSTRY. FROM THE BACK ROOM TO
THE FRONT ROOM WE WANT TO MAKE
SURE WE'RE DOING EVERYTHING
POSSIBLE TO PROTECT THE PRIVACY
OF INDIVIDUALS THAT ARE
INVOLVED AND- MAKE SURE THAT
WE'RE DOING EVERYTHING RIGHT
AND SO I. I SUPPORT THIS BILL
IT'S LONG OVERDUE WE SHOULD TO
TAKEN THIS STEP WHEN WE SET UP
THAT. THE PROPOSITION- BECAUSE
WE DON'T WANT THIS TO CONTINUE
TO BE A CASH. A CASH. PART OF
THE ECONOMY IT THERE'S ALL
KINDS OF FRAUD IN THE STATE
THIS THAT'S POTENTIALLY THERE
AND SO I DO I DO SUPPORT THE
BILL I'M GLAD TO HEAR YOU'RE
WILLING TO HAVE THE
CONVERSATION ABOUT WHAT THE
CONCERNS ARE- IN TERMS OF
CONFIDENTIAL AND HAVE FULL FULL
CONFIDENT YOU'LL GET THERE SO
THANK YOU VERY MUCH FOR YOUR-
YOUR- EXPLANATION. THANK YOU
SENATE. THE DALLAS. THANK YOU
SHARE A GOOD TO SEE YOU
ASSEMBLY MEMBER I SAT ON THE
COMMITTEE WITH YOU A LONG TIME
WORKING ON THESE ISSUES AND I
APPRECIATE WHAT YOU'RE DOING
I'M GONNA VOTE FOR YOUR BILL
TODAY I THINK IT'S TOLD ME ON
THE RIGHT TRACK I DO WANNA LET
YOU KNOW THOUGH I THINK THAT WE
SHOULD TO. I'M CONCERNED ABOUT
THE- PALACES NOT ONLY JUST-
RECREATIONAL THERE'S ALSO
MEDICINE INVOLVED HERE. AND SO
THE HIP OF FILE YOU KNOW IF
PEOPLE DIDN'T WANT TO BE.
KEEPING THEIR- MEDICAL RECORDS-
AND THE REASONS FOR THEIR
MEDICINE. CONFIDENTIAL SO- I'LL
BE WATCHING THAT IF YOU GO TO
OPEN THAT YOU CAN FIGURE THAT
OUT- I DIDN'T CATCH THAT HE-
EITHER BUT OBVIOUSLY. SOME
FOLKS ARE CONCERNED ABOUT IT
SO. IN MAY. I COMMEND YOU ON.
ON GETTING THIS FAR IT'S A-
IT'S BEEN A LONG TIME TRYING TO
FIGURE OUT HOW WE CAN. THE M.
B. A. K. TO THE LAW SUMS OF
CASH THAT ARE OUT AND MAKE IT
SAFE FOR PEOPLE AND I KNOW
THAT- WE WORKED ON THAT OVER
YEARS- HE NOTED THAT- BROWN
ADMINISTRATION WITH THE- WITH
THOSE FOLKS APPRECIATED THANK
YOU. AND I. COMMITTEE EVEN IF
WE HAVE TO ADD LIKE A TO ENSURE
WE PROTECT IT BUT- I'M WILLING
TO DO THAT. THANK YOU ANY
ADDITIONAL MEMBERS WOULD
CONCEPT INSURANCE. NOT THANK
YOU A CINNAMON JONES ARE YOU
FOR THIS MAJOR ART WHICH
COAUTHOR WISH CENTER HERTZBERG
A NUMBER OF YEARS AGO ON TRYING
TO DO JUST WHAT. YOU'RE
TEMPTING HERE AND IT'S
DEFINITELY LONG OVERDUE AND AS
OUR SENATOR CAFIERO STATED IT
SHOULD HAVE BEEN SOMETHING THAT
WAS DONE ON THE FRONT END.%
BECAUSE IN ORDER TO REALLY HAVE
THE SUCCESS THAT WE'VE ALL HOPE
FOR IN THIS KIND OF THIS
INDUSTRY. IT HAS TO BE BANKED
AND I'VE TALKED TO MANY
FINANCIAL INSTITUTIONS WHO ARE
DOES. OF BANKING THIS INDUSTRY
BUT THOSE ARE MANY CHALLENGES
THAT STILL EXIST AND- CENTER
HERTZBERG AND I EVEN LOOK THAT
BIT COIN AND OTHER KINDS OF-
ELECTRONICS TRANSFERRED TO.
WORK IN EXCHANGE OF CASH TO
HELP FACILITATE THIS BUT ON.
IT'S A MEASURE THAT AT SOME
POINT WE- RIGHT MEAN A ISSUE
THAT WE NEED TO ADDRESS- IS SO
OFTEN SAYS WHY DO YOU ROB BANKS
THAT'S WHERE THE CASH ISTHAT
FOR THE MONEY AS WELL THAT'S
THE SAME REASON WHY MANY OF
THESE. BUSINESS OF BEING ROBBED
BECAUSE EVERYBODY KNOWS THERE'S
CASHIERS SO IT WE TALK ABOUT
MAKING THIS INDUSTRY MELANIE
SAFE FOR THE CONSUMER BUT SAY
FOR THE OPERATORS AS WELL WE
HAVE TO. FIND A WAY TO
INCORPORATE- ON FINANCIAL
INSTITUTIONS INTO THIS PROCESS
SO- I WILL BE SUPPORTING THIS
MEASURE TODAY SO ON THAT NOTE.
MR JOHNSON WHICH LIKE TO CLOSE.
IT OUT I'LL JUST CLOSE WITH
THIS. AND THANK YOU FOR YOUR
PROMISED. MISTER CHAIR THIS IS
EXTREMELY PERSONAL TO ME IN
ADDITION BOB I THOUGHT ABOUT
NAMING THIS DVD MATTHEW
BOETTCHER LAW. BECAUSE IN
TWENTY TEN- AND SEIU LEADER
NINETY LITERATURE HER SON WAS
BRUTALLY MURDERED AT A MEDICAL
MARIJUANA DISPENSARY. SHOT
EXECUTION STYLE IN THE MEDICAL
DISPENSARY IN THE BACK AND I
GET ALONG WITH ANOTHER
EMPLOYEE. WHICH SHOWED HOW
DANGEROUS IT IS TO HAPPEN THESE
LARGE SUMS OF CASH. IN THESE
DISPENSARIES AND WE NEED TO GET
TO ME TO SAFE PLACES LIKE BANKS
THE SHOW FOR ME IT'S NOT ONLY
AN MISTER PREPPER KNOWS WHO I'M
TALKING ABOUT. CENTER
PORTANTINO AND I KNOW. MARILYN
A TORONTO SENATOR LAWS- KNOWS
HOW IMPORTANT IT IS THAT WE GET
THIS DONE AND WE MAKE THESE
PLACES MUCH SAFER. THAN THEY
ARE RIGHT NOW SO THANK YOU FOR
YOUR COMMENTS MISTER. AND ASK
AYE VOTE. OKAY WE'RE LOOKING
FOR MOTION INTO TO PASS
PERFORATION SO MOVED. BEEN
MOVED BY SENATOR CAFIERO. MA'AM
SECRETARY PLEASE ALL THE ROLL.
THE MOTION IS TO PASS TO
APPROPRIATIONS BRADFORD AYE
REDFORD AYE CHANG. CHANG HI
CABALLERO HI CABALLERO HI DALY.
DELHI I DID ALSO. HUESO HUESO
ONLINE PORTANTINO PORTANTINO I
MEASURES SIX VOTES ITSELF.
MEASURE AT WILL LEAVE IT OPEN
FOR ABSENT MEMBERS THANK YOU
MISTER JONES OR IN OUR MOVING
ON TO SOME WOMAN. ARAMBULA
FOLLOWING THREE AB. FIFTEEN
FIFTY ONE. ARTICLE. THANK YOU
CHAIRMAN MEMBERS. AB FIFTEEN
FIFTY ONE IS A BIPARTISAN BILL
WITH NARY A NO VOTE WITH A RIDE
WIDE RANGE OF SUPPORT FROM
ADVOCACY GROUPS AND
ASSOCIATIONS AB FIFTEEN FIFTY
ONE PROPOSES MAKING THREE
CHANGES TO THE PROPERTY
ASSESSMENT CLEAN ENERGY PROGRAM
KNOWN AS PACE FINANCING. FIRST
IT REQUIRES PEACE
ADMINISTRATORS TO PROVIDE
CONSUMERS WITH A HARD COPY OF
THE CONTRACT PRIOR TO ANY WORK
COMMENCING. REQUIRING A PAPER
COPY OF THE DISCLOSURE WILL
PROVIDE CONSUMERS WITH
INFORMATION ABOUT THE
CONDITIONS OF THE PACE CONTRACT
IMPORTANTLY AHARD COPY WILL
ALLOW THE PROPERTY OWNER TO
IDENTIFY TO READILY SHARE THE
DISCLOSURE WITH TRUSTED FRIENDS
AND RELATIVES. SECOND THIS BILL
PROVIDES PROHIBITS PACE
ADMINISTRATORS FROM CHARGING
CONSUMERS A PENALTY FOR PAYING
OFF THEIR ASSESSMENTS EARLY.
THE EARLY PAYOFF PENALTIES
INCREASES THE COST OF THE
FINANCING AND ROBS HOMEOWNERS
OF THE HARD EARNED EQUITY IN
THEIR HOMES. FINALLY THIS BILL
WILL PROHIBIT PACE
ADMINISTRATORS FROM CONTRACTING
WITH HOMEOWNERS WHO HAVE
REVERSE MORTGAGES. AS HOME
IMPROVEMENTS QUALIFY AS SUPER
LEANS AGAINST A HOME RESIDENTS
MAY FIND THEMSELVES IN DEBT
LOSING HOME EQUITY AND I'M ABLE
TO SELL THEIR HOME. THIS BILL
WILL ENSURE THAT THIS PRACTICE
IS ENDED. THERE IS A DIGITAL
DIVIDE IN OUR STATE. OLDER AND
LOW INCOME RESIDENTS SOME OF
WHOM. MAY NOT BE NON ENGLISH
SPEAKING. AT LIVE PREDOMINATELY
IN DISTRICTS LIKE MINE CANNOT
ACCESS ELECTRONIC DISCLOSURES
FROM THEIR HOMES. THIS IS
ESPECIALLY TROUBLING DURING THE
STAY AT HOME PROTOCOLS. IT IS
MY HOPE THAT THIS BILL WILL
MAKE PACE A BETTER PRODUCT BY
PROVIDING HOMEOWNERS WITH THE
KNOWLEDGE AND TRANSPARENCY
NECESSARY BEFORE ENTERING INTO
PACE ASSESSMENT CONTRACTS. WELL
I BELIEVE THAT A HARD COPY OF
THE PIECE DISCLOSURE IS
NECESSARY FOR THE PROTECTION OF
VULNERABLE CONSUMERS I THANK
THE COMMITTEE FOR THEIR
SUGGESTED AND MOMENTS AND WILL
ACCEPT EITHER VERSION HERE
TODAY. THANK YOU AND I URGED
HER AYE VOTE HERE TO TESTIFY
VIA PHONE OR STACY L. PART
DIRECTOR OF THE CONSUMER LAW
CLINIC AT UC IRVINE AND LULU
LEAVE A COMMUNITY ORGANIZER
WITH THE DELORES HUERTA
FOUNDATION. AND A BOX WITH THE
BILL'S SPONSOR THE CALIFORNIA
ASSOCIATION OF REALTORS IS ALSO
ON THE LINE AND AVAILABLE TO
ANSWER ANY QUESTIONS FROM THE
MEMBERS. THANK YOU A FEW
PRIMARY WITNESS MISSED CUT OR A
LEVERAGE PREPARED WE WILL HEAR
FROM THEM WE ARE EACH BE GIVEN
TO MANAGE TESTIMONY. MODERATOR
THERE ARE THE CUTE. THEY ARE
BOTH OF THEIR LINES ARE OPEN.
YEAH GO FIRST THE THIRTY
MILLION ON MY SALUTE YOU MAY GO
FIRST. THANK YOU AND GOOD
MORNING. MY NAME IS LIEUTENANT
BELIEVE THAT AN ORGANIZED WITH
AT THE MOMENT WHERE THE
FOUNDATION AND IT IS HERE IN
SUPPORT THAT I GO FOR A B. ONE
FIVE FIVE ONE. I'M HERE AT THE
WITNESS OF THE PAIN THIS.
PAPERS THAT HAVE DONE TO OUR
FAMILIES I HAVE PERSONALLY SEEN
HOW THEY HAVE SUFFERED MENTAL
DISTRESS ECONOMICAL CRISIS AND
EVEN DEATH BECAUSE THEY DID NOT
FEEL UNDERSTOOD FOR HELP. THEY
WERE HELPLESS AND VULNERABLE
ALL BECAUSE OF THE PACE WITH
THAT. THEY DID NOT KNOW OR
UNDERSTAND. A HARD COPY WITH
NEVER IS. OR EVEN AT THE COPY
BECAUSE THEY HAD NO PROPER
DOCUMENTS TO TELL THEM HOW THEY
GOT INTO A PROPERTY TAX BILL
INCREASE OR WIDE THEIR HOME
MORTGAGE BILL WENT UP. ALL
BECAUSE OF THIS SUPER LEAN.
THIS BILL IS MINIMAL BUT WILL
SAVE LIVES. RED MEAT BEING THE
FAMILIES WHO ARE IMMIGRANTS
FIRST TIME HOMEOWNERS AND MAYBE
THE ONLY TIME TO BUY A HOME AND
KNOWING THAT THEY WOULD BE THIS
TO THEIR CHILDREN AND NOW THIS
WAS IN. TROUBLE BASED LOAN
ASSESSMENT. THEY CALL THEM HAVE
NOT DISCLOSED FAIRLY TO ALL. IT
IS NOW THAT WE CAN TAKE THIS
ACTION AND I ASKED YOUR
AVAILABLE ALL RIGHT BECAUSE WE
CAN HELP AMERICA AND WE COULD
HAVE HEALTH. GOOD BUT- IF YOU.
AB FIVE FIVE ONE HELP OUR
FAMILY GET STOCKS THAT THEY
NEED IN THEIR HEAD. WE FOR ME
AND ARE GONNA YOU CAN HELP THEM.
PLEASE VOTE I THE BILL THANK
YOU. OUR NEXT WITNESS MISTER.
FIRST I WANT TO THANK THE CHAIR
IN MEMBERS FOR THE OPPORTUNITY
TO TESTIFY HERE TODAY AS THE
DIRECTOR OF UC IRVINE CONSUMER
LAW CLINIC I'M HERE SPEAKING ON
BEHALF OF MY CLIENTS ONLY TWO
YEARS AGO I LAUNCHED THE CLINIC
AND HAD THE OPPORTUNITY TO
ASSESS AND SELECT THE MOST
SALIENT CONSUMER PROBLEM AND
OUR FOCUS. THE ISSUE THAT CAME
UP AGAIN AND AGAIN WERE OLDER
ADULTS FIFTEEN HOMELESSNESS TO
A CASE ASSESSMENT WHY WAS THIS
THE CASE BECAUSE THE OLDER
ADULTS DO NOT HAVE ACCESS TO
TECHNOLOGY AND HAD NO IDEA
GOVERNMENT PROGRAM THEY WERE IN
ROLLING THEN. THEY WERE NEVER
EVEN THEY NEVER EVEN SOUGHT OR
EXECUTED THE CONTRACT FURTHER
COMPLICATING MATTERS OF THE
OVER PRICED FINANCING LEFT
THIRTEEN YEARS ON FIXED INCOME
STRUGGLING TO MAINTAIN THEIR
PROPERTY TAXES AND FACING
FORECLOSURE BY THE REVERSE
MORTGAGE SERVICERS WITHIN A
YEAR AGO THE CLINIC WE HAD THIS
DOWN OUR INTO BECAUSE THE
OVERWHELMING NEED NOW EVERY DAY
WE STRUGGLE TO KEEP SENIORS IN
THEIR HOME. ONE SUCH SENIOR A
SEVENTY FOUR YEAR OLD ALMA
FOSTER MISS FOSTER'S BLACK
NEIGHBORHOODS TARGETED BY PAY
SOLICITORS WHO MADE FALSE
PROMISES AND TURNED HER SIMPLE
SEVENTY FIVE HUNDRED ON THE
ROOF REPAIR INTO AN EIGHTY FOUR
THOUSAND DOLLARS NIGHTMARE
INCREASING HER PROPERTY TAXES
BY ALMOST NINE THOUSAND DOLLARS
A YEAR FOR REPAIRS THAT WERE
NEVER COMPLETED. THIS HAPPENED
BECAUSE SHE RECEIVED NO WRITTEN
DISCLOSURES OUR CONTRACT
INSTEAD THE TRANSACTIONS WERE
DONE USING EMAIL ADDRESS NON AT
HERO FINANCING NOW IN THE
THROES OF A PANDEMIC MISBACH
STAR HAS RECEIVED A NOTICE OF
FORECLOSURE SALE THROUGH
LITIGATION WE HAVE ALSO LEARNED
THAT SPONSOR IS NOT THE ONLY
ONE IN FACT A RECENT
DECLARATION REVEALS THAT THE
NOT A HERO FINANCED EMAIL
ADDRESS WOULD YOU OVER. SIXTY
FIVE. TRANSACTION IT IS THE
NEED FOR BUTTON CLOSURES. NOW
FOR YOU BUT THE MANY AND THERE
ISN'T TO PROTECT OLDER TO A
THREE. MORE EVEN IF HAVE ALL
TAP INTO THE EQUITY IN OUR- TO.
THEIR FIXED INCOME. THEY SHOULD
NOT BE. FOR AND A SEVEN SHOULD
BE FROM. WITH THE REVERSE
MORTGAGE. FOR THESE REASONS I.
YOUR YES OF THE IN OF THIS BILL
THANK YOU. THANK NOW WILL TO
WITNESSES AND SUPPORT AND THE
ROOM HERE AND- FORTY TWO OH
THREE I SEE NINE WE WILL NOW
MOVE TO OUR OVERFLOW ROOM OF
TWENTY FORTY ARE THERE
WITNESSES AND SUPPORT I SEE
NINE MISTER MODERATOR DO WE
HAVE WITNESSES ON THE PHONE
CUED UP TO TESTIFY IN SUPPORT.
OF FIFTEEN FIFTY ONE. AS A
REMINDER TO OUR QUEUE UP IT IS
ONE ZERO. WE DO HAVE A COUPLE
HERE THE FIRST ONE WE'RE GOING
TO GO TO THE LINE FIFTY ONE
PLEASE GO AHEAD YOUR LINE IS
OPEN. YES MORNING MISTER CAN
LANG ON DEATH THANK.
ASSOCIATION COUNTY CHARGERS
IMPACT FACTORS OF THE STUFF.
THEY'RE STILL CONTINUE TO DO A
LOT OF CAN. RAISED BY SOME
MEMBERS OF WHICH STILL GOING ON
ESPECIALLY THE CAN DOWN THERE
AND JUST YESTERDAY THERE WAS
ANOTHER ADD. ON THE INTERNET
STATE CASE IS FREE TO
HOMEOWNERS. EVERY TYPE OF
PROTECTION LIKE THE ONE THAT
THEMSELVES IS IF THE SHAVING
SOMEBODY'S HOME- OR DRIVE OKAY.
THANK YOU. THANK YOU NEXT
WITNESS. THANKS FOR GOING TO
LINE NINETY SIX PLEASE GO AHEAD
YOUR LINE IS OPEN. ROBERT
WILSON WITH A CALIFORNIA CREDIT
UNION LEAGUE IN STRONG SUPPORT
THANK YOU THANK YOU YOUR NEXT
WITNESS. NEXT WE'LL GO TO LINE
ONE HUNDRED TO ONE OH TO PLEASE
GO AHEAD. GOOD MORNING THE
CHAIR AND MEMBERS DANIEL CANDLE
CUTTER ON BEHALF OF THE
CALIFORNIA LOW INCOME CONSUMER
COALITION IN SUPPORT. NEXT
WITNESS. NEXT WE'LL GO TO LINE
NINETY EIGHT PLEASE GO AHEAD.
THANK YOU MR CHAIRMAN MEMBERS
CHANTING HEALTH COMMITTEE
CALIFORNIA LAND TITLE
ASSOCIATION IN SUPPORT. THANK
YOU TO THIS. NEXT WE'LL GO TO
LINE THIRTY EIGHT PLEASE GO
AHEAD YOUR LINE IS OPEN. GOOD
MORNING MR CARE AND MEMBER ANNA
BACK ON BEHALF OF THE
CALIFORNIA ASSOCIATION OF
REALTORS WE ARE THE SPONSOR AND
IN STRONG SUPPORT THANK YOU.
THANK YOU NEXT WITNESS. NEXT
WE'LL GO TO LINE ONE HUNDRED
PLEASE GO AHEAD YOUR LINE IS
OPEN. CAN YOU PLEASE SHARE IS
ON BEHALF OF THE CONSUMER
FEDERATION OF CALIFORNIA IN
SUPPORT. THANK YOU. TO ADDRESS.
AND WE HAVE NO FURTHER IN QUEUE
AT THIS TIME OKAY WE WILL MOVE
TO. WITNESS IN OPPOSITION WE
HAVE MARKET CLOUT STAINED FROM
RENEW FINANCIAL AND COLLIN
BISHOP. FROM PAGE NATION AS
MISS GLAD STEEN QUEUED AND
READY. THEY WILL EACH SHOP TWO
MINUTES TESTIMONY. YES GO RIGHT
AHEAD. HEY DUDE YOU'RE BRED
PRETTY COMMITTEE MEMBERS
MARGARET LATCHING FLORIDIANS
NATURE WHO HAS AN IMPOSING
LESSON EDUCATION AS YOU KNOW
THE PACE PROGRAM STARTED AS A
WAY TO HELP HOMEOWNERS FINANCE
ENERGY EFFICIENCY IMPROVEMENTS
THE PROGRAM NOW ALSO COVERS
WATER CONSERVATION FIRE HARDY
pCUSTOMERS TO REDUCE THEIR
GREENHOUSE GAS EMISSIONS BY
OVER ONE POINT TWO MILLION
METRIC TONS IN SAVED OVER TWO
MILLION GALLONS OF WATER. IN
RECENT YEARS THE LEGISLATURE
HAS PASSED SO FORCING THAT GET
PASTE BILLS THAT REQUIRE
LICENSING IT PROVIDES VERY
STRONG PUSH CONNECTED CONSUMER
PROTECTIONS STRONGER THAN
ALMOST EVERY OTHER FINANCIAL
PRODUCT THIS BILL CONTINUES AN
EFFORT IN REDUCE DOES NOT POSE
A THREAT TO PROHIBITIONS ON
PREPAYMENT PENALTIES WERE INTO
TO CALL WITH PROPERTY OWNERS
WHO HAVE REVERSE MORTGAGES
HOWEVER THE BILL MANDATES THAT
ALL HOMEOWNERS BE PROVIDED
PAPER COPY OF CERTAIN.
DOCUMENTS AS YOU REJECTED
PROVISION AND I PROP OWNERS TO
SEE DOCUMENTS. ELECTRO IF YOU
FACE CHOOSE WE KNEW GIVES
CONSUMER THE BILL TO GET A
PAPER CUT. AND ONLY TROOPERS OF
HOME ARE TO DO SO. WE BELIEVE
BBL HAS IT RIGHT THEIR GROUP
GREG. GOVERNING THE REQUIRED
DISCLOSURE. D. B. O. RECOGNIZES
THE PAPERLESS CONTRACTING IS A
VIABLE OPTION UNLESS THE DISCO
IF YOU WERE ONCE A PAPER COPY.
AND AS POINTED OUT IN THE
COMMITTEES WELL WRITTEN IN THE
HOUSE OF. THEIR REGULATIONS PUT
IN PLENTY OF GUARDRAILS TO
PROTECT CONSUMERS. BECAUSE WITH
NINETEEN WE CAN DEMONSTRATE
JUST HOW IMPORTANT IT IS FOR
CONSUMERS HAVE ACCESS TO
CAPITAL AND TO HAVE CONTACTLESS
IN PAPERLESS FINANCIAL
SERVICES. THE LEGISLATURE
SHOULD NOT PROHIBIT THIS OPTION
ESPECIALLY DURING THESE TIMES
AS IT WILL ONLY SERVE TO HARM
CONSUMERS NOT PROTECTED.
THEREFORE WE STRONGLY URGE
EIGHTY FIFTEEN FIFTY NINE BE
AMENDED DISCUSS ANALYSIS IN
SECTION SEVENTY. FINANCIAL IN
THE TIRE INDUSTRY WILL REMEMBER
OPPOSITION TO THIS AMENDMENT IS
TAKE. ME OFF THE WILL HAVE A
STRONG CONSUMER PROTECTIONS.
THANK YOU. WITH THANK YOU BRAD
AND MEMBER MY NAME IS KHAN
BISHOP I NEED DIRECTOR OF PAY
NATION THE NATIONAL OR THE
REPRESENTS OF LOCAL GOVERNMENTS
AND COMMUNITY STAKEHOLDERS TO
SUPPORT PAGE. A. URGE YOU TO
VOTE NO ON AB FIFTEEN FIFTY ONE
UNLESS A PROVISION REQUIRING
PAPER ONLY DOCUMENTS IS AMENDED
TO ALLOW PAPER DOCUMENTS. AND
ELECTRONIC DOCUMENT ONLY A
HOMEOWNER REQUEST THEM. THIS IS
REFLECTED IN OPTION B. IN THE
COMMITTEE ANNOUNCERS. CASE
NATION SUPPORTS THE CONSUMER
PROTECTION INTENT BEHIND EIGHTY
FIFTEEN FIFTY ONE. HOWEVER AS
CURRENTLY DRAFTED. ONE
PROVISION IN THE BILL WOULD
STRIP AWAY A PROPERTY OWNERS
CURRENT RIGHT TO RECEIVE
CERTAIN PAGE DOCUMENTS IN THE
FORMAT DAY EXPRESSLY AGREE TO
RECEIVE THEM. AND WOULD PREVENT
THEM FROM UTILIZED UTILIZING
CONTACTLESS AND PAPERLESS
ELECTRONIC DOCUMENTS. AB
FIFTEEN FIFTY ONE GET A POLICY
EXACTLY WRONG DURING THE COLD
AT NINETEEN PANDEMIC WHEN
GOVERNMENTS AND BUSINESSES
AROUND THE WORLD ARE MOVING TO
SAFER CONTACTLESS AND PEOPLE'S
TRANSACTIONS. ADDITIONALLY THIS
BILL COMPLEX WITH THE DPO
CURRENT WILL MAKING ON PACE
WHICH ADDRESSES THE CODE
SECTION IT. ESTABLISHES
REGULATIONS FOR HOW DOCUMENTS
CAN BE. PROVIDED ELECTRONICALLY.
THE SENATE BANKING COMMITTEE IN.
RIGHTLY OUT THAT EVEN
RESIDENTIAL MORE THIS DOC MAYBE
PROVIDED ELECTRONICALLY UNDER
FEDERAL LAW. GIVEN THE MUCH
LARGER SIZE AND SIGNIFICANCE OF
HOME MORTGAGE MORTGAGES
COMPARED TO PACE ASSESSMENTS
CALIFORNIA SHOULD FOLLOW THIS
FEDERAL PRECEDENT. THE
COMMITTEE SHOULD ALSO NOTE THAT
SENATE BILL TWO FORTY TWO
ALREADY REQUIRES PROGRAM
ADMINISTRATORS TO GO OVER EACH
KEY TERM OF THE PACE FINANCING
AGREEMENT WITH THE PROPERTY
OWNER ON A LIVE RECORDED PHONE
CALL. IN THE PROPERTY OWNERS
CHOSE THE LANGUAGE PRIOR TO
EXECUTING AN ASSESSMENT
CONTRACT. THE BOTTOM LINE IS AB
FIFTEEN FIFTY ONE WILL LIMIT
ACCESS TO PAY EXTRA FAMILY TO
INCREASINGLY DESIRE CONTACTLESS
AND PAPERLESS SERVICES AND NEED
ACCESS TO CAPITAL CRITICAL
COMPONENTS. REALLY PAY STATION
RECKON AB COULD FIFTEEN BE
AMENDED IN ACCORDANCE WITH THE
OPTION BE TO REINSERT THE RIGHT
OF PROPERTY OWNERS TO RECEIVE
DOCUMENTS IN HARD COPY. OR
ELECTRONIC COPY ONLY IF THEY
CHOOSE TO AND TO ALLOW THE DPO
TO CONTINUE ITS RULE MAKING ON
THIS ISSUE. THANK YOU SO MUCH
FOR THE OPPORTUNITY. THANK YOU
NOW WILL GO TO WITNESSES IN
OPPOSITION THAT MIGHT BE AN-
FORTY TWO OLD THREE AND I SEE
NINE WILL NOW GO TO ROOM TWENTY
FORTY FOUR WITNESSES IN
OPPOSITION THERE ARE NONE THEIR-
MISTER MODERATOR WE WILL GO TO
THE PHONE LINES TO WE HAVE
WITNESSES IN OPPOSITION IN Q.
PLEASE PRESS ONE. THEN ZERO FOR
OPPOSITION AT THIS TIME. OUR
FIRST WILL GO TO THE LINE SIXTY
ONE PLEASE GO AHEAD YOUR LINE
IS OPEN. THANK YOU CAN STONE
AND STONE ADVOCACY ON BEHALF OF
THE CALIFORNIA SOLAR AND
STORAGE ASSOCIATION APOLOGIES
TO THE COMMITTEE FOR THE
OPPOSITION WE HAVE AN OPPOSE
UNLESS AMENDED. POSITION AS TO
THAT PROVISIONS REQUIRING AND
PAPER DOCUMENTS THANKS.
MCGEORGE NEXT WE'LL GO TO THE
LINE ONE HUNDRED FOUR ONE OH
FOUR PLEASE GO AHEAD. DESTIN
RIGHT LIKE A RENOVATE AMERICA-
WE HAVE A POSITION OF OPPONENTS
AND LYFT AMENDED AND AS A
CLARIFICATION BEING DONE AT
YOUR FINANCING ON THE SIXTY
FIVE HUNDRED TRANSACTIONS THAT
WAS APPLIED THE PAPER COPY WAS
PROVIDED AND THE NOT A HERO
FINANCING DOT COM WITH A
PLACEHOLDER ANY TIME A PAPER
COPY IS PROVIDED. YOU HAVE. A
POSITION OF OPPOSE UNLESS
AMENDED. THANK YOU NEXT WITH US.
NEXT WE'RE GOING TO LINE
SEVENTY SEVEN PLEASE GO AHEAD
YOUR LINE IS OPEN. THANK YOU
CHAIR MY NAME IS JUSTIN STRONG
FROM Y. GREEN ENERGY FUND OUR
POSITION A CLOSE. LONG
PROVISION THE MANDATE TO
RESTORE ELECTRONIC DELIVERY
THANK YOU. WOOD. NEXT WE'RE
GOING TO LINE ONE HUNDRED THREE
ONE OH THREE PLEASE GO AHEAD.
THEY DISCONNECTED THE- THEY
DISCONNECTED THEIR LINE WE HAVE
NO FURTHER IN Q. IT THIS TIME.
NO ADDITIONAL WITH US IN A
POSITION OKAY WILL BRING ABOUT
TO THE COMMUNITIES WHERE WE DO
HAVE ONE THAT JUST CARD UP HERE
ONE MOMENT TO GO BACK TO THE
PHONE LINES. ONE OH THREE. ONE
OF THREE PLEASE GO AHEAD. HELLO
THIS IS RACHEL HALL OF PACE
FUNDING GROUP WE OPPOSE THIS
BILL UNLESS THE- A PER COPY
ONLY DISCLOSES PROVISION AS
AMENDED THANK YOU. THANK YOU
MAX WHAT NOW WE HAVE NO FURTHER
IN Q. OKAY CENTER DELEGATE YOUR
QUESTION FIRST I DO THINK YOU
MISTER CHAIR SO. LOOK THERE'S A
GOOD PROGRAM OBVIOUSLY THERE'S
BEEN SOME ABUSES AND WE'VE SEEN
THAT OVER THE TIME AND I AND I.
SHE WAS THE COSPONSORS IN
YOURSELF OR TRYING TO DO YOUR-
JOB BUT I'M LITTLE BIT CONFUSED
ON. THE AMENDMENTS A. N. B.
WHAT I WHAT I WANT IS THE
OPTION FOR. SOMEONE TO I THINK
WE SHOULD SAY YOU HAVE TO HAVE
IT IN WRITING IN LESS YOU'VE
SIGNED SOMETHING IN AND
UNDERSTAND THAT YOU CAN HAVE
THE OPTION TO HAVE IT IN FULL
PRINT OR ELECTRONIC VERSION AS
WELL. THAT TO ME WOULD MAKE
SENSE THAT THEY KNOW HEY I CAN
HAVE IT IN PAPER OR ITS
MANDATORY PAPER UNLESS THEY ASK
OTHERWISE I THINK THAT WOULD
MAKE MOST PEOPLE HAPPY.
INCLUDING MYSELF I JUST WANNA
MAKE SURE THAT IS YOU KNOW THAT
IS PROVIDED IN THE LANGUAGES
THEY SPEAK AND THOSE BECAUSE I
THINK THERE'S PEOPLE ARE BAR
PREDATORY IN THIS IN THIS AREA
TO PEOPLE WHO DON'T UNDERSTAND
EXACTLY WHAT THEY'RE GETTING
INTO AND THESE ARE LONG TERM
COMMITMENTS. AND THAT'S WHY
WE'VE SEEN LOTS OF LEGISLATION
WE HAVE IT IN OUR ANALYSIS HERE
OF TRYING TO CLEAN UP THOSE BAD
ACTORS BUT THERE THERE IS A LOT
OF. GREAT OPPORTUNITIES AND TO
BE ABLE TO. YOU KNOW WHETHER IS
YOUR HOME AND REDUCE YOUR
HEATING BILL OR YOUR AIR
CONDITIONING BILL UNDER THESE
THESE PROGRAMS I THINK THAT WE
NEED TO TEACH AND ICE I THINK
YOU'RE TRYING TO THREAD THE
NEEDLE THERE SO I. I'M TRYING
TO TRYING TO FIGURE OUT WHICH
ONE OF THESE. WOULD DO THAT AND
I DON'T THINK EITHER ONE OF
THEM ACTUALLY DO THAT I THINK
IT SAYS. UNDER A THAT. THAT
WOULD BE WHAT ARE THE FED IS
BENEFICIAL TO THE CONSUMER AND
INNER B. AT THE AMENDMENTS
WOULD BE- IF THEY OPT OUT SO I
WILL MARK MY PREFERENCE WOULD
BE YOU GET PAPER UNLESS YOU SAY
IN WRITING I DON'T WANT IT I
WANT TO LET TRONG TH SO I DON'T
KNOW WHICH ONES DOES THAT THE
MOVIE CONFUSED IF SOMEONE COULD
HELP ME OUT. THANKS SENATOR
PROBABLY ARE. THE SOUL-
ASSEMBLY MEMBER WANNA THANK YOU
FOR BRINGING THIS BILL FORWARD.
HAVE ALWAYS SET THE PACE
PROGRAM IS AN EXCELLENT WAY TO
CREATE AN OPPORTUNITY FOR
PEOPLE TO- UPGRADE. THE NOT
ONLY THE WEATHER IS WEATHER IS
ATION BUT THEIR KINDS OF IT.
GOOD CLIMATE CHANGE TYPE OF- OF
FEATURES WHETHER IT'S WATER
REDUCTION OR WHETHER IT'S SOLAR
ENERGY- MANY PEOPLE DON'T HAVE
THE CASH UP FRONT AND THEY
DON'T THEY DON'T UNDERSTAND HOW
TO BE ABLE TO DO THIS UNLESS
UNLESS THERE'S A PEACE PROGRAM
BUT THAT HAVING BEEN SAID. WHAT
IS IT WHAT HAS EVOLVED OVER THE
YEARS IS THAT THERE ARE PEOPLE
THAT ARE WILLING TO TAKE
ADVANTAGE. AND MAKE A SALE YEAH
REGARDLESS OF WHETHER THE
INDIVIDUAL UNDERSTANDS WHAT IT
IS THEY'RE PURCHASING
UNDERSTANDS THAT THE LOAN IS
GOING TO END UP GOING ON THEIR
ON THEIR HOME AND THAT IT IS
SOON TO FIRST POSITION WHEN
TAXES ARE PAID AND THAT IT'S
GOING TO INCREASE THE COST AT
THE TIME THAT THEY PAY THEIR
TAXES AND THEY CAN'T JUST PAY
ONE AND THE OTHER. IT GOES IN
IN TO DEFY YOU PAY YOU DEFAULT
ON YOUR TAXES AND ONCE THAT
STARTS HAPPENING IT JUST STARTS
THE SNOWBALL ROLLING AND SO- I
I'M I'M GONNA TELL YOU TODAY
THAT I SUPPORT ANYTHING IN
WRITING BECAUSE I IT'S AN IF
YOU'RE GONNA SELL ME PRODUCT
IT'S GOING TO END UP ON MY
TAXES AND THAT I'M GOING TO
HAVE TO PAY. OR WHOEVER IT IS A
BITES MY HOME- FOR YEARS TO
COME. YOU HAVE TO HAVE A CHANCE
TO REVIEW THAT WITH SOMEBODY
AND TAKING THE PAPER WORK IN
AND SITTING DOWN AND HAVING A
CONVERSATION ABOUT IT IT'S
PROBABLY A REALLY GOOD THING
AND THE IDEA THAT YOU WOULD
ACTUALLY SELL IT TO SOMEONE
WHO'S GOT A REVERSE MORTGAGE.
IS TO ME AND CONSCIONABLE
BECAUSE YOU'RE HERE YOU'VE
TAKEN A REVERSE MORTGAGE. THAT
WILL IGNORE TO THE DETRIMENT OF
YOUR ERRORS. WHEN YOU PASS ON.
THAT DIED- YOU YOU ARE YOU'RE
TAKING MONEY OUT OF YOUR HOME
IN ORDER TO SUPPORT YOURSELF.
AND SO- THAT TO ADD TO THAT
THAT DOESN'T MAKE ANY SENSE TO
ME SO I WANT TO JUST SAY THAT I
REALLY APPRECIATE YOU BRINGING
THIS BILL FORWARD I UNDERSTAND-
YOU KNOW IT'S A LOT EASIER TO
DO THINGS- LIKE CHRONICALLY.
I'M SORRY BUT I'M A HARD PAPER
KIND OF PERSON I WONDER WHEN I
READ SOMETHING ON A COMPUTER
IT'S DIFFERENT THAN WHEN I READ
IT IN WRITING. AND PEOPLE AND
HAVE THE OPPORTUNITY I THINK SO
I'M I I'M I'M I BELIEVE THAT.
IN A. HE SAID. AND IF AGREEABLE
THERE WILL BE ELSE AT THAT'S
THE DIRECTION I'D LIKE TO SEE
IF ON ON THINK IT IS IT EASIER
TO DO THINGS ELECTRON OPS. BUT
I ALSO THINK THAT THERE. IF
WITH THE EDUCATION THAT I HAVE
I LIKE TO READ THINGS IN PAPER
THEN I THINK THAT WE SHOULD
EXTEND IT TO ANYBODY AND- PART
OF THE CHALLENGE. IS THAT. IT
MAY SAY YOU HAVE THE OPTION TO
RECEIVE THIS ELECTRONICALLY OR
NOT BUT THAT'S NOT TOLD PEOPLE.
THAT WOULD THEIR TOLD HERE'S
HOW WE DO THIS PROCESS AND SIGN
RIGHT HERE AND MUCH PUT YOUR
SIGNATURE YEAR YOU'RE OUT OF
LUCK. THANK YOU THANK YOU
SENATE HUESO. THANK YOU OF ALSO.
WELL I GUESS WE'RE ALL OVER THE
PLACE HERE IN TERMS OF HIS
COMMITTEE MAYBE WE COULD GET TO
A POINT THAT MAKES SENSE AND
FIRST OF ALL I THINK THIS IS
IMPORTANT I APPRECIATE YOU
BRINGING THIS BILL FORWARD I
WANT TO SUPPORT IT I JUST WANT
YOU TO ACQUIRE AND CO THE TO
RIDE AND A LOT MORE BUSINESS IS
TAKING. AS THROUGH EMAIL. AND
HI I JUST THINK THAT. IT JUST
MAKES SENSE SAVES A LOT OF
MONEY AND PAPER AND- HASSLE TO
USE THE- EMAIL AND- BUT ALSO.
FOR THOSE PEOPLE. THAT TONE OF.
HAVE EMAIL OR OR A WAY TO PRINT
ANYTHING FROM YOU CAN HAVE A
PHONE OR A COMPUTER NOT HAVE
ANYWAY TO REALLY PRINT THAT AND
I KNOW THAT'S- THAT HAPPENS AS
WELL. PER COPY I THINK IS
APPROPRIATE I PUT AN AIR
CONDITIONER IN MY HOUSE AND
WASN'T AS MUCH AS A- OF THOSE
IS ACTUALLY A SMALL CONTRACT
BUT IF THEY GIVE ME CONTRAI
DIDN'T REQUESTED BUT I SIGNED
ONE THEY GAVE ME A COPY AND IT
WAS A DIFFICULT IF THERE IS A
CONTRACT. HE SHOULD BE. A
CONTRACT THAT'S AVAILABLE TO
REVIEW I JUST DON'T UNDERSTAND
WHY THAT IS. THE CHALLENGE BUT
FIVE I ALSO UNDERSTAND THAT.
MAY BE YOU KNOW WHICH SITS I
LIKE I LIKE A COMBINATION OF
THE AMENDMENTS ONE THAT REPORT
STATED THAT THE IN THE- THE
PERSON IS INFORMED THAT
EXISTING LAW REQUIRES. THAT A
HARD COPY THE STOCK MAY BE
PROVIDED TO BEFORE. ARE
REVIEWING AND SIGNING ON AND
THAT JUST SEEMS VERY REASONABLE
TO ME THAT THAT COULD HAVE A
COPY IN A CHANCE TO READ. WHAT
WHAT YOU'RE GONNA SIGN AND IF
THEY'RE MAKING AVAILABLE SIGN
IT TO YOU I DON'T KNOW. IT JUST
SEEMS FAIR TO ME. BUT ALSO A
PROVISION THAT ALLOWS YOU TO
REQUEST. THAT IT BE SENT TO YOU
BY EMAIL I THINK IS ALSO
REASONABLE AND THAT SHOULD BE.
AND SO THEN WHEN YOU ARE GIVEN
THE CHANCE THAT- THAT THE
DISCLOSURE BE PROVIDED IN
ACCORDANCE WITH THE UNIVERSITY.
YOUTH WITH THE UNIFORM OF THE
CHRONIC TRANSACTIONS ACT ITSELF.
I DON'T KNOW WHY THAT WAS
NECESSARILY STRICKEN I IT BUT-
IN THIS ENVIRONMENT COVE IT- IT
SHOULD BE AN OPTION ESPECIALLY
IF PEOPLE. IF THEY WERE THERE
FOR THE FORCED TO SIGN
SOMETHING- THAT SOMETHING THAT
HAS TO BE DONE YOU PROBABLY
THROUGH THE MAIL. IN THIS
ENVIRONMENT SOME PEOPLE
CONSIGNED THINGS ELECTRONICALLY
NOW. OF THE VALID DOCUMENTS
HAVE BEEN SIGNED ELECTRONICALLY
ALL THE TIME AND A NOTARIZED AS
WELL SO. SO I DON'T KNOW HOW WE
RESOLVE THIS MISTER CHAIR BUT
IF THERE'S A COMBINATION OF
WITH A BALANCE SO WE CAN STRIKE
HERE TO MAKE SENSE FOR BUT I
WOULD LOVE TO SPORT AND I KIND
OF WAS. I KIND OF ASSUME THAT.
THEY WORK THEY WORK TOGETHER
AND MAKE IT HAPPEN SECTION BUT
I'M SURE THERE'S A WAY WE CAN
FIND I CAN SHOW THEM. THAT'S
POSSIBLE WE COULD PROBABLY.
SPLIT THE SPLIT THE BAY HERE.
IS THERE ANY OTHER. WELL THANK
YOU I TO A TACTILE PERSON AND
PSALMS COPIER I LIKE TO READ I
LIKE TO HAVE A DOCUMENT IN
FRONT OF ME I LIKE TO TOUCH AND
FEEL IT. AND BUT I ALSO
UNDERSTANDING THE CHALLENGES
THAT ARE PEOPLE ON THE GO AND
ON THE MOVE AND ELECTRONIC.
DEVICES AND HAVING SOMETHING
LIKE CHRONICALLY ARE PERMITTED-
PROVIDED I SHOULD SAY IS A
GREAT CONVENE FOR SOME WHAT I
WOULD LIKE IF WE CAN HAVE THE
BEST OF BOTH WORLDS IS THAT.
THE PAPER BE THE FIRST OPTION
UNLESS SOMEONE CHOOSES TO OPT
OUT FOR ELECTRONIC COPIES SO IF
WE HAVE AN AMENDMENT. THAT
CLEARLY STATES THAT. PAPER
WOULD BE THE FIRST OPTION ONE.
OTHERWISE STOP ACTING LIKE OPT
OUT CLAUSE IF THEY CAN OPT OUT
OF LUCK THE PAPER ADDED LIKE
TRYING TO CREATE I NEED SOMEONE
TO FIRMLY STATE THAT WE WATER
ELECTRONICALLY AND IF NOT.
THAT'S FINE YEAH. IS MOMMY YEAH
CAN WE ALL AGREE UPON THAT YES
SENATE ALLEN HELLO LET ME BE
CLEAR S. C. ACTS LIKE THINK
WHAT I ASKED IS IT THE FIRST
OPTIONS PAPER AND THEY HAVE TO
SIGN TO THIS IS NOT A ONE PAPER.
I WANTED ELECTRONIC. PERFECT
I'M IN. TRACK ALL RIGHT- CENTER
AMINO CINNAMON OR ARAMBULA
WHICH YOU LIKE TO CLOSE NO I
REALLY WANNA ACTUALLY THANK
SOME OF THE ORGANIZERS WHO
BROUGHT THIS ISSUE UP TO ME I
THINK IT'S OUR RESPONSIBILITY
TO LISTEN TO OUR CONSTITUENTS.
MY HONOR AND PRIVILEGE TO BE
ABLE TO PRESENT THIS BILL HERE
TODAY I THINK WE'RE DOING A LOT
OF GOOD AND WOULD ENCOURAGE AND
I. THANK YOU. CHAU I KNOW THESE
AMENDMENTS WILL BE TAKEN AND
APPROPRIATIONS I WE HAVE THE
REPROACH CARE YEARS SO I. THE
GROUP CLEAR ON WHAT OUR FIRST
PREFERENCES WHAT I HOPPED OUT
TO ELECTRONIC IF ONE HAS TO
STATE A FIRM BELIEVE THEY WANT
ELECTRONICALLY- DO TRANSACTION
SEPARATE. MADAM SECRETARY
CHENEY IF I COULD JUST IT WOULD
BE GOOD TO HAVE THE AMENDMENTS
BY TUESDAY IF WE COULD THANK
YOU. OKAY BURKE. ALL RIGHT IT
TO DO PASS AS AMENDED AND WITH
AN IMAGE TO BE TAKEN IN
APPROPRIATIONS CHAIR- COMMITTEE
AND AMENDMENTS WILL BE PROVIDED
TO OUR CHEER BY TUESDAY- THEM
SECRETARY PLEASE CALL THE ROLL.
MOTIONS TO PASS TO
APPROPRIATIONS AMENDMENTS TO BE
TAKEN APPROPRIATIONS BRADFORD
AYE REDFORD AYE CHIANG RAI
CHIANG CARILLO COLORADO I
DAILY. DAILY I DO IT ALSO.
HUESO I'VE HUESO AYE
PORTANTINO. PORTANTINO HAI
MEASURES SIX VOTES IT'S A-
MEASURE OF SIX VOTERS ARE
WILLING THE ROLE OPEN FOR
ABSENT MEMBERS THANK YOU MR
ARAMBULA. NOW WE'RE TO OUR
LIVES MEASURE FILE ITEM FIVE BY
SENATOR ASSEMBLY INVERSION
GONZALEZ BE PRESENTED BY THAT
FOR THAT PROCEDURE FOR THAT
WHATEVER'S. COMFORTABLE FOR YOU
SENATOR. HAS BILL BE PER ON A.
B. TWENTY ONE NINE SIX ON
BEHALF OF SOME PERSON CONSOL
WHEN YOU'RE READY SENATE HUESO
YOU MAY BEGIN. THANK YOU MISTER
CHAIRMAN COMMITTEE MEMBERS-
IT'S MY PLEASURE TO PRESENT AB
TWENTY ONE NINETY SIX ON BEHALF
OF ASSEMBLY MEMBER OF AND
SALAS. THIS BILL EXTENDS A
SUNSET OF THE PILOT PROGRAM FOR
THE INCREASE ACCESS TO
RESPONSIBLE SMALL DOLLAR LOANS
TO JANUARY TWENTY TWENTY EIGHT.
AND TWENTY TEN THE LEGISLATOR
CREATED A PILOT PROGRAM WITH
THE INTENT OF CRICKET CAN
INCREASING CONSUMER ACCESS TO
SMALL DOLLAR LOANS. WHILE ALSO
ENSURING THAT THESE LOANS HAD
STRONG MEANINGFUL CONSUMER
PROTECTIONS. ACCORDING TO THE
TWENTY TWENTY DEPARTMENT OF
BUSINESS OVERSIGHT REPORT OF A
THREE YEAR PERIOD BETWEEN
TWENTY SEVENTEEN TO TWENTY
NINETEEN. NEARLY SIXTY PERCENT.
OF MULTIPLE LUMBAR SAW THEIR
CREDIT SCORE INCREASE
ADDITIONALLY. THE LOAN
PRINCIPAL. THE TOTAL PRINCIPLE
OF LOANS MADE IN THOSE YEARS
INCREASE FROM TWO HUNDRED SIXTY
MILLION TO FOUR HUNDRED AND
TWENTY EIGHT MILLION.
EMONSTRATING AN INCREASED NEED
FOR CAPITAL HOWEVER THE PILOT
PROGRAM SET TO SUNSET AT THE
END OF TWENTY TWENTY SO THIS IS
EFFECTIVELY- THE YEAR THAT WE
HAVE TO- RESET THE CLOCK SO
THAT. THIS PROGRAM COULD
CONTINUE THE PILOT PROGRAM IS
DEMONSTRATED THAT CAN PRODUCE A
GOOD SAFE CONSUMER LOAN
PRODUCTS THIS BILL WILL PROVIDE
THE DPO WITH AN ADDITIONAL TIME
TO COLLECT DATA. TO MAKE
RECOMMENDATIONS ON WHETHER TO
MAKE THE PROGRAM PERMANENT
ENSURE CONSUMERS CONTINUE TO
HAVE ACCESS TO A LOAN PRODUCT
THAT IS THE GOLD STANDARD IN
COMPUTER. CONSOLE LENDING
FAILING TO TAKE ACTION THIS
YEAR WILL PROVIDE TOO MUCH
UNCERTAINTY FOR BARCELONA
ESPECIALLY AS YOU'RE TRYING TO
ACCESS CONSUMER. PRODUCTS WICKS
THE NINETEENTH IN THE WAKE UP
CALL THE NINETEEN ENVIRONMENT.
OF PLATE IS OF FUNDS WHAT'S
GOING TO HAPPEN NEXT YEAR IN
REGARD TO- THE LEGISLATIVE
ACTIVITY SO THIS THIS BILL.
IT'S A SURGEON THAT WE APPROVE
THIS BILL THIS YEAR. AND TURGID
THAT WE LOOK AT INSURE THAT
THIS PROGRAM IS FUNDED THROUGH
THE NEXT YEAR. BYE BYE GET
GETTING THE INVESTMENT
NECESSARY TO CONTINUE TO FUND
THESE LOANS WITH THAT
BUSINESSES ARE IN DIRE NEED OF
CAPITAL RIGHT NOW DURING THIS
PANDEMIC AND THIS IS A PROGRAM
THAT COULD ASSIST THESE
BUSINESSES SURVIVE DURING A
DIFFICULT TIME. TODAY WE HAVE
TWO WITNESSES AND TO TESTIFY IN
SUPPORT OF THIS MEASURE THEIR
JAMES GUTIERREZ FOUNDER OF THE
ARE A FINANCIAL NETWORK
DIRECTOR OF THE CONSUMER
FINANCE AND FUTURE WILL TRUST
THIS IS THUS FAR RECEIVED
ANONYMOUS BIPARTISAN SUPPORT.
MISTER CHAIRMAN AT AT- WOULD
THROUGH YOU THROUGH THE
CHAIRMAN I'D LIKE TO ASK- THE
CHAIRMAN FIVE JAMES COULD BE
UNDERSTOOD IN THE CORPORATE
PRESENT ON BEHALF FUND SUPPORT
THE BILL. YEAH FOR WE HAVE TO
PRIMARY WE IN SUPPORT PROVIDE
THEM TO MANAGE. I DON'T KNOW IF
MISTER BORK IS PREPARED TO HER
MISTER COULD CHEERY SHE'S%
PREFERRED REFERS BUT WHENEVER
YOU'RE READY WE'RE- READY FOR
YOU. THE TESTIMONY. MISTER
MARLEY CHAIR BRADFORD AND THANK
YOU SEE. CAN YOU ALL HEAR ME
YEAH OKAY FINE THANK YOU. THANK
YOU SIR BRADFORD THANK YOU
CENTER WHY SO FOR YOUR LONG
STANDING SUPPORT LEADERSHIP I
PROGRAM. ASSEMBLY MEMBER CAN
DOLLARS COMMITTEE MEMBERS MY
NAME IS JAMES COMPUTERS UNDER
OUT A- HOW DOES THE TREASURY
CERTIFIED EDF FIGHTING YOU
COULD TECHNOLOGY. AND THE
FINDER MODEL TO PROVIDE
AFFORDABLE CREDIT BUILDING
LOANS TO WORKING FAMILIES UNDER
THE PILOT PROGRAM OUR BARS HAVE
AN AVERAGE INCOME OF THIRTY
FOUR THOUSAND PER YEAR. 40% DO
NOT HAVE CREDIT SCORES AND 60%
THAT DO YOU HAVE AN AVERAGE
SCORE OF LESS THAN FIVE EIGHTY
FIVE. OUR MISSION IS TO
ERADICATE ECONOMIC INJUSTICE BY
PROVIDING ACCESS TO PORTABLE
CAPITAL AND THIS ISSUE HAS
NEVER BEEN MORE CRITICAL AND
NOW DURING THE PANDEMIC. WE
STRONGLY SUPPORT BILL PERFUMERY
FIRST THE PILOT PROGRAM HAS
ACHIEVED IMPRESSIVE OUTCOMES TO
BE TRYING TO CREATE. A PAYDAY
LOAN AND UNDERBANKED
COMMUNITIES BILL CREDIT. AND
HAS DONE. HELLO A GROUP. FOUR
MILLION 15% OF BAR IMPROVE
THEIR CREDIT AND OVER TWO POINT
AND LAW BEEN VERY LAST SECOND
THE DVO THERE ARE A CONSUMER
COMPLAINT FILE. OUT OF SEVEN
HUNDRED AND TWO LOANS MAY TO
THE SIX TWO THOUSAND EIGHTEEN.
THIS IS A RATIO WHY COME
CRAPPIE NINETY TWO THOUSAND.
YET THE LOW LEVEL COMPLAIN OVER
IS A BUT LACKS YEAR THE BE OKAY
SICK OF OUR FINDER. AND VISITED
SEVENTY EIGHT OF THEIR STORE.
LOCATIONS THIRD THE PILOT GOING
EXTRA INCREASED THE NUMBER
STORES. OFFERING LOW COST
ALTERNATIVES TO PAYDAY LOANS
LARGELY DUE TO FOR. THE RATIO
OF PAYDAY LOAN STORES IN
CALIFORNIA ALONE THE STORAGE
OFFERING PAID A PILOT PROGRAM
LEARN IS NOW TWO POINT FOUR
STORES TO ONE STORE WITHOUT
FINDERS THIS WOULD BE EIGHT TO
WONDER BE A LOT MORE PAYDAY
LOAN STORES. PERSON PILOT
PROGRAMS. THIS IS A BE B.
SPORTS CREDIT SCORE OVER TIME
THERE'S A LOAN DISCOUNT FOR
THOSE THAT 71% I HAVE SEEN
THEIR BY OVER TWO HUNDRED
NINETY FINALLY LAWSUIT BEEN
VERY ACCORDING TO THE BUREAU OF
DELINQUENCY RATES ARE TRYING TO
REACH A LOW. LOSSES ARE ONE IN
THE BIT INCLUDING THE POWER
PROGRAM SHOULD BE BECAUSE ACTS
TO CAP IS MORE NOW THAN EVER
YOU TOO CAN NINETY MANY LENDERS
HAVE STOPPED LENDING ALTOGETHER
AND UNDERSERVED UNDER ME BEING
THE ANSWER TO BE FROM PASTOR IN
CAPITAL PROVIDER AROUND NEEDED.
WHAT ENSURE CONTINUE CARMO
ESSENTIAL WORKERS THIS. THE
CHURCH ONE UNIT U. S. GOVERNOR
BY REPUTABLE TOMORROW YOU'RE
ALL WRAPPED UP THANK THANK YOU
VERY MUCH AND ASK FOR YOUR I
VOTE THANK YOU. OKAY THANK YOU.
SMALL PUREE. ONE MOMENT AND
WE'LL HAVE THEM ON. MISTER
BORDERLINE YOUR LINE IS OPEN
PLEASE GO AHEAD. MR CHAIRMAN
MEMBERS OF THE COMMITTEE THANK
YOU MY NAME IS NICOLE AND I'M
THE DIRECTOR OF CONSUMER
FINANCE THAT THE FUTURE OF THE
CULTURE. GEN TWO THOUSAND
ELEVEN WE HAVE RESEARCHED OF
HATING SMALL DOLLAR LOAN MARKET
EXTENSIVELY. AND WE PUBLISHED
NUMEROUS REPORTS AND ANALYSES
ON THE TOPIC. RESEARCH SHOWS
THAT THE MOST IMPORTANT
CRITERIA FOR CONSUMER SIX UP
WITH SMALL ARMS OF THE
FOLLOWING. ONE HAVING ENOUGH
TIME TO RECALL. Q. SMALL
INSTALLMENT PAYMENTS. THREE
AMORTIZATION THAT IS EACH
PAYMENT REDUCES THE PRINCIPLE
AND FOR FAIR PRICES WHICH MEANS
IN THIS CONTEXT BUT CALL ME A
FRACTION OF WHAT PAID A ANOTHER
SUB PRIME LENDERS CHARGE
SIMILAR CUSTOMERS. A PILOT
PROGRAM MEETS THESE CRITERIA
THEREFORE BASED ON OUR ANALYSIS
Q. SUPPORTS MAKING THE PILOT
PROGRAM COMING. SADLY
CALIFORNIA'S FLOODED WITH
INTEREST RATES TO BORROW MONEY
INCLUDING FEE BASED OVERDRAFT
ON. AND OF COURSE A LOT
CALIFORNIA COULD KERR BARS TWO
HUNDRED FIFTY FIVE DOLLARS.
THREE SEVEN HUNDRED NINETY FIVE
DOLLARS THE LENDER BY THE TIME
THEY FIND THEIR WAY OUT OF
THAT. ABOUT SIX MONTHS LATER.
FIVE HUNDRED FORTY DOLLARS
FINANCE CHARGES. BUT UNDER THE
PILOT PROGRAM THE SAME PERSON
COULD BORROW DOUBLE THE AMOUNT
AND PAY ONLY ABOUT NINETY
DOLLARS TO FINANCE CHARGES SIX
TIMES LAST. THEY GET THE
BENEFIT OF CLEARLY DISCLOSED
PROPERLY AMORTIZING INSTALLMENT
PAYMENTS. ALMOST PAID A LUMP OF
THE YARD AND 310024100% MOST
PILOT LOANS HAVE EIGHT YARDS
LESS THAN 50% THE REPORT SHOW
THE DELINQUENCY TECH REMAINS
LOW AND MOST BORROWERS WERE
INCREASING THEIR CREDIT SCORES.
THE PROGRAM IS NOT PERFECT AND
DOES NOT MEET ALL THE
RECOMMENDATIONS. PUBLISHED BUT
THE PROGRAM IS SOUND.
IRONICALLY ONE OF THE GREATEST
WEAKNESSES MAYBE EXPECT
INTEREST RATE STRUCTURE WHICH
MAY THREATEN THE VIABILITY OVER
TIME ONE POSSIBLE MEASURES
AGREES THE PILOT DURABILITY AND
IMPROVE ACCESS TO AFFORDABLE
CREDIT. WOULD BE TO KEEP THE
CURRENT FEE STRUCTRE BUT
CHANGE THE INTEREST RATE
STRUCTURE TO MATCH AB FIVE
THIRTY NINE THAT FOR CONSUMER
FINANCE LOANS LAST YEAR. THAT
NEWLY ENACTED LAW CAPS CONSUMER
FINANCE LOAN INTEREST AT 36%
WHAT'S THE FEDERAL FUNDS RATE.
IN CONCLUSION CONSIDERING THAT
THESE ARE ON LOAN MADE TO
PEOPLE WITH LOWER NAY CREDIT.
WE FIND THAT THE ONLY RATES ARE
MODEST CREDIT SCORE INCREASES
ARE LARGE AND LOW COST OR LOW
COMPARED TO THE OTHER OPTIONS
ON THE MARKET. BASED ON THIS
ANALYSIS AND THEN YEARS OF
RESEARCH ON STEEL Q. SUPPORT
MAKING THE PILOT PROGRAM.
PERMANENCE THANK YOU. THANK
YOU. NOW WILL GO TO OUR PHONE
LINES IS FOR MODERATE TO HAVE
WITH THIS IS IN SUPPORT. OF AB
TWENTY ONE NINETY SIX. PLEASE
PRESS ONE MIN ZERO IF YOU'D
LIKE TO QUEUE UP FOR SUPPORT.
WE DO HAVE ONE IN Q. AND
CONTROL NINE ONE TEN PLEASE GO
AHEAD YOUR LINE IS OPEN. GOOD
AFTERNOON THIS IS JUSTIN HIGHER
ON BEHALF OF THE SILICON VALLEY
LEADERSHIP GROUP AND WE ARE IN
SUPPORT THANK YOU. THANK YOU.
ANY ADDITIONAL WITNESSES IN
SUPPORT. WE HAVE NO FURTHER IN
Q. ALL RIGHT THEN WILL MOVE TO
MISS TORRES AND OPPOSITION SHE
WILL HAVE. ONE CHARLIE ARE WE-
LET ME CHECK IN ROOM TWENTY
FORTY TO MAKE SURE WE HAVE NO
ONE THERE WHO WANTS TO TESTIFY
IN SUPPORT. GOD WE HAVE NINE AM
HERE IN ASSURING. WELCOME AT
ALL AND SUPPORT CHAU OKAY NOW
WE'RE GONNA MOVE TO OPPOSITION
THANK YOU FOR THAT OUR MOVING
TO MISS TORAH'S- MISTER
MODERATOR SHE'S QUEUED. SHE HAS
TWO MINUTES. BRADFORD AND
MEMBERS OF THE COMMITTEE THANK
YOU FOR THE OPPORTUNITY TO
PROVIDE TESTIMONY ON BEHALF OF
THE CENTER FOR RESPONSIBLE
LENDING IN OPPOSITION OF AB TWO
ONE NINE SIX. ZERO WORK TO
ELIMINATE PREDATORY LENDING THE
TARGET LOW INCOME CONSUMERS
JEFF WALKER MY COMMUNITY
LEGALLY DEFICIENT THE REPORTING
REQUIREMENTS OF HIGHLANDER LEAD
CONSUMER HARM UNEXPOSED WITHOUT
NECESSARY EVIDENCE TO EVALUATE
THE PROGRAM IT IS NOT IN THE
BEST INTERESTS OF CONSUMERS. TO
EXTEND THE DATE OF THE PILOT
TWO YEARS BEFORE IT EXPIRES THE
PILOT PROGRAM WAS CREATED TO
SUPPORT ALL PARTICIPATING LOANS
AND INCREASE ACCESS TO
RESPONSIBLE ON THE WORLD HEALTH
INDIVIDUAL CREDIT AND AVOID
MARK BUT THAT. UNFORTUNATELY
THERE'S LITTLE EVIDENCE SHOWING
THAT THE PROGRAM THAT SHE'D BE
GOAL WITH PROGRAM ALLOWED MODEM
BUT THEY'RE STILL CONSIDERED
HIGH CALL FOR EXAMPLE IF YOU
ABOUT THE. ONLY 30% OR MORE
WITHOUT DOLLARS. COMPARED WITH
ALL FIVE GOVERNOR. EIGHTY WHEN
YOU FIND EIGHTY TO THE SEVEN
AND TWENTY EIGHT. WHICH IS. OUR
AMOUNT OF ONE A LOCAL THE
PROGRAM. THE GOVERNOR STATED
REMAINS. THAT THE ON THE-
WITHOUT. REGULATORY CONCRETE AN
ACCOUNT. PUTTING TO EXTEND THE-
WITHOUT THE VISION RECORDER
ENSURE THAT WILL BORROWERS NOT.
IF BTTER TO PROVIDE A
OVERSIGHT AND BAILEY. THE
PROGRAM. THERE'S NO EVIDENCE
THE KROGER. WILL TRULY
AFFORDABLE COMPETE. YOUR DATA
THE PROGRAM THAT EIGHT PER OF
PILOT LOANS FALLS INTO LOOKING
THE END OF THE- DAYS JUST IN
THERE NOT A- FOR MANY BORROWER.
FURTHER THERE IS NO DATA ON THE
NUMBER OF ONE OF THE END UP AND
COLLECTION. OVER JUNE THE MOST.
PILOT PROGRAM. RECENTLY DID
SUBJECT OF RECORDS REQUIRING IT.
HIGH VOLUME OF COLLECTION
LAWSUIT IN CALIFORNIA TEXAS.
ANOTHER ONE ARE A CLEAN
BORROWER THE PRODUCT THE IN.
CREDIT SCORES BUT THERE LIMITED
DATA. THAT IN FACT THE LATEST
REPORT SHOWS THAT MAJORITY OUR
THE SCORE IN. THERE ARE LENDERS
ARE NOT REQUIRE TO USE THE SAME
CARD REPORTING. THE PROGRAM. IN
ORDER TO KNOW VOTE ON EIGHTY
TWO ONE NINE SIX. THANK YOU.
THANK YOU. OTHER WITNESSES AND
OF FORTY TWO OLD THREE THE
STAFF TO IN OP I SEE NONE LET'S
GO TO ROOM TWENTY FORTY.
ORIGINAL WITNESSES THERE TWO
TYPES. AND OPPOSITION WILL
BRING IT BACK WE'LL GO TO OUR
PHONE LINES MISTER MODERATOR DO
WE HAVE ANY- FOLKS IN Q. AND
OPPOSITION JUNE TWENTY ONE
NINETY SIX. AND PLEASE PRESS
ONE THEN ZERO. OUR FIRST FARM
WHINERS LINE ONE SEVENTEEN
PLEASE GO AHEAD YOUR LINE IS
OPEN. MISTER CHAIRMAN FOR SCOTT
GOVERNOR BEHALF OF THE
CALIFORNIA FINANCIAL SERVICES
ASSOCIATION WE GENERALLY
SUPPORT THE PILOT PROGRAM OUR
CONCERNS WITH THIS MEASURE ARE
THE PILOT PROGRAM DOESN'T
ACTUALLY SUNSET UNTIL JANUARY.
TWENTY THREE. DURING THAT TIME
DURING THE REMAINING TIME DPO
WAS ACTUALLY CHARGED WITH
EVALUATING THE FINDER ELEMENT
OF THE PROGRAM THAT REQUIRE WAS
DONE IN A BILL BY MISS GONZALEZ
PREVIOUSLY- THAT STUDY HAS NOT
BEEN RELEASED YET WE THINK IT'S
PREMATURE TO EXTEND THE SUNSET.
ABSENT REVIEWING ACTUAL STUDY
ON THE FINDER ELEMENT FOR THESE
REASONS WE ARE OPPOSED THANK
YOU THANK YOU NEXT WITNESS
PLEASE. NEXT WE'LL GO TO LINE
ONE THIRTEEN PLEASE GO AHEAD
YOUR LINE IS OPEN. HI THIS IS
LEIF ERIN I AM THE DIRECTOR OF
LITIGATION AND COMBINE IT WITH
THE PUBLIC LAWCENTER IN ORANGE
COUNTY AND WE- ARE IN
OPPOSITION TO TWENTY ONE NINETY
SIX THANK YOU. THANK YOU NEXT
WITNESS. THE NEXT OVER THE LINE
ONE SIXTEEN PLEASE GO AHEAD
YOUR LINE IS OPEN. GOOD
AFTERNOON THAT PROPERTIES LIKE
THE CONTRACT- BEHALF OF GAVE A
DEEPER TURBAN. ENOUGH AND
STRONG ENOUGH TO PUSH ONE OF
THE- TWENTY ONE DEGREES THANK
YOU THANK YOU. THERE TO WITNESS.
NEXT WE'RE TO LINE ONE TWO
PLEASE GO AHEAD LINE IS. ONE
HUNDRED FOURTEEN POSSIBLY YOU
HAVE YOUR MUTE BUTTON ON. FOUR
MOVE ON TO THE NEXT FOR THE
LINE ONE ELEVEN PLEASE GO AHEAD
YOUR LINE IS OPEN. HI MY NAME
THROUGH BY LINE WITH A
CALIFORNIA REINVESTMENT
COALITION WHERE THE MARKETS
UNIFY COLLECTION IN THE
COUNTRY. AND OUR MEMBERS ARE
WORKING WITH THE MOST WONDERFUL
CALIFORNIANS WHO REPEATEDLY
HERE ABOUT- THE PARTICIPATING
LENDERS. PROVIDING DUBIOUS
LOANS WE ARE IN STRONG
OPPOSITION OF THE PROGRAM THE
ENDED. THANK YOU THANK YOU NEXT
WITNESS. WE HAVE NO IN Q. J.
WE'LL BRING YOU BACK TO THE
COMMITTEE AND OTHER COURSE OR
BY ARKHAM MEMBERS AND REGARDS
TO AB. TWENTY ONE NINETY SIX.
SEVEN DOLLARS THANK YOU MISTER
CHAIRMAN SO WHAT IS THE DATE
AND WHAT WHAT IT DOESN'T I'M
LIST OF FROM WHAT I CAN SEE
WHAT IT WHAT IT'S TWENTY TWENTY
THREE IS THAT IS THAT WHAT WITH
THE BIRD IS A COMING EIGHT
TWENTY EIGHT YEAH. IT'S FIVE
YEAR EXTENSION. PUTS KERN
EMPLOYED. ANY ADDITION
QUESTIONS OR CONCERNS REGARDING
THIS MEASURE. SURE SO WHICH
WILL IT CLOSE THANK YOU SIMPLY
S. FOR NINE I VOTE FOR THIS
IMPORTANT MEASURE. THANK YOU WE
HAVE A TO PASS TO A PROBE. WERE
SEEKING A MOST ON THIS MEASURE.
ALL OF THE BILL SPEND VICE KERR.
AND SECRETARY CALL THE ROLL ON
AB TWENTY NINETIES THE MOTION
IS DUE TO APPROPRIATION
BRADFORD HI BRADFORD AYE CHIANG
CHING HAI COVER. COVER YOUR I
DOUBT. DALY I DID ALSO GLAZER I
HUESO AYE PORT. POURTANT I'D
MEASURES SIX IT'S OUT MEASURE
IS JOB MEMBERS THAT CAN CAUSE
OUR BILL FOR WE WILL THE ROLE
PLAN BECAUSE WE SOME APPS
MEMBERS WILL NEED. ADD ON IF
THOSE WHO ARE CURRENTLY HERE OF.
THAT IS FIVE OH YOUR VOTES YEAR.
MORE THAN WELCOME TO. YEAH. NOT
ACCEPT SO YOU HAVEN'T VOTED ON
WILL OPEN THE ROLE THE CAN
CALENDAR ALLOW OUR ABSENT TO ON.
ANNOUNCER TO PLEASE GO THE ROLL
ON THE CONCERN CARE MOTION IS
DUE. CONSENT SO CABALLERO
CABALLERO AYE. YOU. SIX SIX
EVERYONE ELSE IS ON THE CONSENT.
SO THE ONLY ONE.
MANCHESTER
WILL YOU PLEASE CALL THE ROLL
OFF ROLL ON. FILE ITEMS ONE TWO
FIVE AS WELL AS FOR START WITH
CONTENT AND WHILE ARE AT
MEMBERS ONTO THE CONCERNED OKAY
CAN CALENDAR ITEM. FOR SIX
OUNCE. OF ALSO ON THE DRESSER I.
SEVEN OH THE MEASURE OUT HELLO
CAN COUNT.FOR IN OUR MOVING TO
ITEM. ONE AB NINE SEVENTY NINE
DO PASSED TO. WITH MINISTRY TO
UP. THOROUGHLY URUGUAY ON THAT
RECORD THE MEASURES SIX OKAY
SIX. NEXT. BUT FIREARM WORDS
OKAY ITEM TO AB THIRTY TWENTY
FIVE PLEASE CALL BACK TO
MEMPHIS AB FIFTH TWENTY DO
PASSED APPROACH DID AWESOME I
DID ALSO I SEVEN OH THE
MEASURES A LOT SO. OH ON TO. I
THREE AROUND. FIFTEEN TO ONE.
DO PASSED WITH AMENDMENTS TO BE
TAKEN AND- AB FIFTEEN FIFTY ONE
TO PAY TO PER AMENDMENTS TO BE
TAKEN AND APPROPRIATIONS DOCILE
DRESSER I MEASURE AT SOME OO.
THE SEVEN. NOW MORE ON TO. FALL
FALL AB TWO ONE SO FIVE SIMILAR
COULDN'T TO PASS TO. MANCHESTER
AB TWENTY ONE NINETY TO PASS TO
A- TODAY. DRESSER I OF BILL IS
A- MEASURES APPROX. SEVEN ZERO.
INCLUDE ALL BUSINESS FOR THE
DAY TO THANK ALL THE WHO PUT TO
IN PUBLIC. TODAY IF YOU WERE
NAY ABLE TO TEST TODAY PLEASE
SUBMIT YOUR COMMENTS. AND
RIGHT. THE BEST TEAM IN FINANCE.
COMMITTEE OR VISIT OUR WEB.
YOUR COMMENTS AND SUGGESTIONS
ARE IN POOR TO US AND WE TWENTY
YOUR TESTIMONY AND IF. HEARING
OR- THANK YOU AND WE'RE YOUR
PURCHASE A- BY BAKER FOR THE
STAFF AS WE- MEMBERS AND- WE
HAVE CONCLUDED THE OUR GENDER
FORTY DAYS. COMMITTEE ON
BANKING AND FINANCE.
INSTITUTIONS WE STAND A.