CALIFORNIA STATE SENATE
COMMITTEE IN GOVERNANCE AND
FINANCE WE WELCOME YOU AT
TODAY'S HEARING NAY IS GONNA
LOOK A BIT DIFFERENT. TODAY'S
HEARING IS GOING TO FEATURE TWO
BILLS AB THREE TEN WHICH IS A
PROPOSAL ON PUBLIC BANKING AND
THEN WE'RE GOING TO HEAR AB
TWELVE FIFTY THREE WHICH IS A
PROPOSAL TO IMPOSE A TAX ON.
INCOME EARNERS DUE TO TIME
CONSTRAINTS ASSOCIATED TO
ADDITIONAL COMMITTEE HEARINGS
TODAY CLEANING PROTOCOLS AND
SENATE FLOOR SESSION BOTH BILLS
WILL BE ALLOTTED NINETY MINUTES
FOR HEARING. THIS NINETY MINUTE
IT WILL BE STRICTLY TO. BOTH
BILLS WILL BE TESTIMONY ONLY
THIS MORNING NO BUT WILL BE
TAKEN IN EITHER BILL. EACH SIDE
WILL BE GIVEN THE FOLLOWING
TIME ALLOTMENTS FOR A. B. THREE
TEN. ON AB THREE TEN WE'RE
GOING TO HEAR FROM TWO
DIFFERENT AUTHORS GRATEFUL FOR
THEIR WORK AND THEIR ENGAGEMENT
THROUGHOUT THIS PROCESS. WE'RE
HERE FROM SOME NUMBER TIMES
IAGO IN ASSEMBLY MEMBER CHIU.
EACH WILL BE GIVEN A TOTAL OF
TEN MINUTES FOR CUMULATIVE
TOTAL OF TWENTY. DON'T USE
THEIR ENTIRE TIME THAT'S EIGHT
WILL MOVE ON TO OUR PRINCIPAL A
PUT. AUTHORS WHO ARE IN
OPPOSITION. TO THE WAY WE WORK
IT IS WE'RE GONNA HEAR FROM THE
TWO AUTHORS OF AB THREE TEN. IN
REGARD TO THE TWO PRINCIPAL
WHAT IS WHO ARE IN SUPPORT OF
THREE TEN THOSE BUT MISSES WITH
A TOTAL OF THREE MINUTES EACH.
WHEN WE HEAR FROM THOSE TWO
WITNESSES IN SUPPORT. AND THEN
GET TRANSITION TO THOSE WHO
OPPOSE WE'LL BE HEARING FROM
BOTH CONTROL HE- CONTROL IT.
FATHER THOSE TWO CONTROLLER II
AND TREASURER MON HAVE
COMPLETED THEIR STRICT
TESTIMONY FOR THEN GOING TO GO
TO PUBLIC COMMENT WILL TAKE
PUBLIC COMMENT IN THREE WAYS ON
THE TELEPHONE LINES RIGHT HERE
IN FORTY TWO OR THREE AS WELL
AS ROOM TWENTY FORTY PUBLIC
COMMENT WILL BE LIMITED TO
ABOUT TWENTY MINUTES WE'RE
GOING TO IT INDIVIDUALS WHO ARE
CUED UP AND WE WELCOME YOU. WHO
ARE CUED UP TO BE ABLE TO
PROVIDE THEIR FIRST AND LAST
NAME IN THEIR POSITION ON THE
BILL WILL TAKE BOTH SUPPORT IN
OPPOSE AT THE SAME TIME TODAY
WELL THEN LEAVE ABOUT ANOTHER
TWENTY MINUTES UP FOR MEMBER
DISCUSSION. I NOW WOULD LIKE TO
TRANSITION TO THE FOR MY FORMAT
FOR AB TWELVE FIFTY THREE AGAIN
WE'RE LOOKING AT EQUITY SO
FIRST AND FOREMOST WE'RE GONNA
HEAR FROM THE TWO PRIMARY
AUTHORS OF AB TWELVE FIFTY
THREE THAT'S GOING TO BE
SOMEONE MEMBER SANTIAGO INTO
SOMEONE NUMBER BONTA EACH WILL
BE GIVING TEN MINUTES AFTER
THOSE ASSEMBLY MEMBERS HAVE
COMPLETED THEIR TESTIMONY WE'RE
GOING TO HEAR FROM TWO PRIMARY
WITNESSES IN SUPPORT. THOSE TWO
INDIVIDUALS WILL BE GIVEN A
TOTAL OF THREE MINUTES EACH
ONCE THE PRIMARY WITNESSES IN
SUPPORT OF COMPLETED THEIR
TESTIMONY WE'RE THEN GOING TO
GO TO THE LEAD OPPOSITION
WITNESSES EACH OF THOSE TO LEAD
OPPOSITION WITNESSES WILL BE
GIVEN THREE MINUTES EACH. WHEN
THE OPPOSITION WITNESSES HAVE
COMPLETED THEIR TESTIMONY WERE
THEN GOING TO GO TO PUBLIC
COMMENT WILL TAKE PUBLIC
COMMENT IN THREE WAYS ON OUR
PHONE LINES IN ROOM FORTY TWO
OR THREE AND RIGHT HERE IN
RETAIN A AS WELL AS ROOM TWENTY
FORTY. WELCOME YOUR COMMENTS
VIA PHONE TODAY HERE'S THE
PHONE NUMBER OF THE BILL TO
HEAR FROM YOU. EIGHT FOUR FOUR.
TWO NINE ONE SIX THREE SIX
FOUR. THE PHONE NUMBER IS WELL
AS THE CODE THAT YOU'RE GOING
TO NEED TO USE IT IS CURRENTLY
ON YOUR TELEVISION SCREEN NOW.
WE ALSO WELCOME EACH AND
EVERYONE OF YOU TO BE TO
PROVIDE TESTIMONY RIGHT HERE IN
ROOM FORTY TWO OF THREE. YOU
CAN ALSO PROVIDE TESTIMONY VIA
VIDEO IN ROOM TWENTY FORTY.
AGAIN WE'RE GONNA ASK FOR JUST
A LITTLE BIT OF PATIENCE TODAY.
WILL GO SLOW AND STEADY MAKING
SURE THAT ALL VOICES ARE HEARD.
BY FINAL KNOWLEDGE MEANT WANT
TO TAKE A MOMENT IT AGAIN SAY
THANK YOU TO ASSEMBLY MEMBER
SANTIAGO AND SOME NUMBER TWO.
FOR THEIR SINCERE ENGAGEMENT ON
THIS ISSUE AS WELL AS OUR
LEADERSHIP. I WANTED KNOWLEDGE
THE VICE CHAIR. THE VICE CHAIR
AND I HAVE WORKED. HAND IN HAND
THROUGHOUT THIS YEAR MISTER
VICE CHAIR THANK YOU SO MUCH
FOR ALL OF YOUR WORKING TO THIS
COMMITTEE. FOR THEIR WORK IS
WELL. SO WITHOUT FURTHER ADO
WE'RE NOW GOING TO START. THE
CLOCK HERE ON AB THREE TEN.
WHICH IS THE PUBLIC BANKING
PROPOSAL TESTIMONY ONLY.
ASSEMBLYMEMBER THE FLOOR IS
YOURS THANK YOU SO MUCH FOR
BEING HERE TODAY. THANK YOU
MISTER CHAIR FOR HAVING US HERE
TODAY AND I WANT TO THANK US.
THE GOOD CENTERS FOR HAVING
THIS CONVERSATION AND WE'RE
EXTREMELY GRATEFUL. TO BE TODAY
AT AND EVEN MORE GRATEFUL. FOR
YOUR THOUGHTFUL ENGAGEMENT AND
OUT OF THAT OF YOUR COMMITTEE.
ARE WE KNOW THIS IS A
COMPLICATED THE VERY NECESSARY
PROPOSAL. AND WARREN COURAGE-
BUYER LEADERSHIP TO CONTINUE
THIS CONVERSATION THROUGHOUT
THE FALL- AND ENGAGE IN A
ROBUST ANSWERS WAY NEXT YEAR- I
THE- BUT PROPONENTS OF THIS
BILL ALSO ARE GREAT FOR. THAT
AND LOOK I CAN'T SAY ENOUGH
ABOUT ABOUT THE THOUGHTFUL
APPROACH. FRAZIER MALL. AND
CONTROLLER HE- IS PUT INTO THE
CONVERSATION. BUT THIS IS THE
FALL AS A SERIES PAUL PROPOSAL
SO WE WANT TO ENGAGE. EVERYONE
POSSIBLE TO MAKE SURE THE DONE
RIGHT- AND THAT WE HAVE THE
OUTCOMES THAT WERE- THAT WE
DESIRE STATE AND SETTING UP A
PUBLIC BANK. UP TO THE STATE.
SEVEN THAT. IT AB FOR IT'S BEEN
A IS A PRETTY SIMPLE CONCEPT
AND THAT IS TO TAKE THE AYE
BANKING CREATE A STATE PUBLIC
BANK- CURRENTLY THE WAY
DRAFTED. WE ARE LOOKING TOWARD
USING PM HI A MONIES. ARE 10%
OF IT TO BE ABLE TO ACTUALLY
HELP CALIFORNIA'S RECOVERY. TO
LOOK INTO IT IT'S NOT A SECRET
RIGHT I DID THAT DID BIG BANKS
HAVE NOT HELPED THE ALL THE
SMALL BUSINESSES THAT WE DESIRE
OF THEM TURNED HELPED. FOR
LOOKING FOR ALTERNATE I THINK
COMMUNITY BANKS HAVE DONE AND
HAVE THAT DONE AND A VERY GOOD
JOB. AT A CREDIT UNIONS HAVE
HELPED LEAD THE EFFORT.
ECONOMIC RECOVERY BUT WE NEED A
LITTLE BIT MORE AND SO STATE
BANK WOULD ALLOW TO COMPLEMENT
THE WORK OF COMMUNITY BANKS AND
CREDIT UNIONS. ARE IN THEIR
EFFORTS TO HELP. OUR CALIFORNIA
WE COVER. AND SO WHAT WE'RE
WHAT WE'RE LOOKING AT IS THE
POTENTIAL FOR A STATE BANK THE
BE ABLE TO HELP FURTHER- THE
RECOVERY. OR IT COULD INVEST IN
SMALL BUSINESSES OR CAN INVEST.
NO INTEREST LOOK LOW TO OF
MINUTES OF HOW WHERE WE CAN.
DOWN THE LAW. HI INVESTING IN
THE END OF HOUSING AND THAT'S
REALLY THE REASON WE'RE DOING
THIS AND- AND I'M GONNA BE A
LITTLE BIT BRIEFER- BECAUSE I
KNOW WE'RE GONNA GO BACK AND
FORTH ON THIS BUT ALSO TO
ACCOMMODATE- MISTER CHAIR- FOR
WITNESSES- WHO. ARE EAGER TO
CALL AND- I'M SURE. THANK YOU
MISTER CHAIR AND I WANT TO
INTRODUCE- MISTER CHU WHO. HAS
REALLY BEEN- A LEADER IN THIS
AREA. AND REALLY PUSH FORWARD A
LAST YEAR'S. PUBLIC BANKING
BILL I WENT ALONG FOR THE RIDE.
I NOW LIKE TO INTRODUCE AND A
FIVE STEP A LITTLE BIT AYE THE
KNOW HE'S GOING TO FOR. HEAD
COACH I SEE COMEDIAN PANTS FOR
THAT THANK YOU YOU'RE GOOD YOU
SO MUCH. MISTER SOMEONE NUMBER
WE'RE GONNA WELCOME SENT OVER
TO THE PODIUM. AND AS A AS A
MEMBER SANTIAGO I JUST
MENTIONED. WE MADE A COMMITMENT
TO SOMEONE OR SANTIAGO INNOCENT
NUMBER TWO THAT WILL BE HAVING.
AT LEAST ONE IN TERM HEARING ON
THIS. IMPORTANT ISSUE OF PUBLIC
BANKING. AND YOU HAVE OUR
COMMITMENT 1100% THAT WILL BE
DANCING AT A WORKING WITH EACH
AND EVERYONE OF YOU. AS WELL AS
THOSE WHO HAVE CONCERNS IN HOPE
OF MAYBE A POWER. TO BE ABLE TO
CONTINUE CONVERSATION SO THANK
YOU SO MUCH ASSEMBLY MEMBER.
SINCE HER TO THE FLOOR IS YOURS
WE WELCOME YOU HAVE TEN MINUTES
SIR. THANK YOU SURE AND I
PROBABLY WON'T USE ABOUT TWO
MINUTES AND SEE THE REST OF THE
TIME. OUT TO DISCUSS. PUT ME
OFF WITH THE- PART. COMMITTEE
CERTAINLY. AND YOUR STAFF. NOW
ONLY FOR WORKING WITH US ON
THIS BILL. FOURTEEN WITH US
LAST YEAR TO PASS GROUND. LED A
EIGHT FIFTY SEVEN. TO ALLOW
LOCAL JURISDICTIONS TO APPLY
FOR PUBLIC BANK CHARTERS. AS
OUR STATE BECAME THE FIRST
STATE IN A HUNDRED YEARS. TO
ALLOW FOR THIS SORT OF
AUTHORIZATION A PUBLIC BANKS.
AS THE PUBLIC BANK LIKE THE
LOCAL PUBLIC BANKS AUTHORIZED
LAST YEAR WOULD KEEP OUR-
CALIFORNIA'S FINANCIAL POWER IN
OUR STATE. TO HELP JUMP STATE
OUR STATE'S ECONOMY DURING THIS
TIME PERIOD. IT'S A CRITICAL
INVESTMENT IN FINANCIAL
INFRASTRUCTURE TO PROMOTE THE
SOCIAL GOOD BY CREATING A
SHARED INFRASTRUCTURE FROM
WHICH LOCAL FUNDS COULD BE
DIRECTED TO ADDRESS LOCAL
PRIORITIES. LONG WALL STREET.
NORTH DAKOTA HAS BEEN A
COMPLETE CLEAR EXAMPLE OF THIS
THAT BANK HAS CONSISTENTLY
DELIVERED DOUBLE DIGIT RETURNS
ON EQUITY TO OUR STATE TO THEIR
STATE EVEN DURING THE TWO
THOUSAND EIGHT FINANCIAL CRISIS
AND OVER THE PAST TWENTY YEARS
THE BANK HAS RETURNED OVER
BILLION DOLLARS TO THE STATE
CHECK. ON THE STATE PUBLIC BANK
WOULD BRING BACK REVENUES AND
PROFITS TO ALL OF CALIFORNIA.
PARTICULARLY TO THOSE RURAL AND
URBAN COMMUNITIES THAT
REPRESENT VIABLE BANKING
MARKETS THAT HAVE BEEN IGNORED
BY WALL STREET FOR TOO LONG.
PLUS MORE ECONOMIC
OPPORTUNITIES WOULD BE PROVIDED
TO SMALL BUSINESSES AND
UNDERSERVED COMMUNITIES WHICH
WE SO IMPORTANT AS WE LOOK TO
RECOVER. FROM THE ECONOMIC
IMPACTS OF THIS PANDEMIC. I
WANT SIX. A FOUR TRACK GOT
ANOTHER VENT STARTING NINE
THIRTY- BUT- I WANTED TO
EXPRESS THE TRUE RESPECT TO THE
DIFFERENCE OF. THE POINTS ARE
THAT EXIST TODAY ON THIS BILL
SPECIFICALLY TO OUR STATE
CONSTITUTIONAL OFFICERS ARE
CONTROLLER AND OUR TREASURES.
I'VE HAD UP CONVERSATIONS WITH
BOTH OVER THE LAST FEW YEARS
OVER THIS. WHEN I WOULD SAY IS.
WE ALL SUPPORT THE GENERAL
PRINCIPLE OF HOW WE MOVE
FORWARD- WE SUPPORT THE GENERAL
IDEA THAT THE STATE PUBLIC BACK
IS SOMETHING THAT THE CONSUMER.
OBVIOUSLY THE DEVIL'S IN THE
DETAILS AND I VERY MUCH
APPRECIATE. THEIR EXPERTISE AND
THEIR ENGAGEMENT WITH AS YOU
FIGURE THIS OUT I PUT OUT.
CONVERSATION WE WILL. AND THAT
WITHOUT LET ME JUST CONCLUDE
SAYING DURING THE SPEND DOWN IN
RESEARCH WE NEED TO. THAT THE
CONTINUED FAILURE OF WALL
STREET BANKS- PARTICULARLY
DURING THIS TIME PERIOD TO NOT
PREVENT US FROM DOING WHAT WE
NEED TO DO FOR OUR CONSTITUENTS
WE NEED TO ENSURE THAT THE
PUBLIC'S MONEY IS WORKING FOR
THE PEOPLE DURING THIS TIME
PERIOD. THAT'S A LOT FOR TO
WORK WITH ALL STAKEHOLDERS
INCLUDING VERTICALLY THIS
COMMITTEE AND THE CHAIRMAN
THANK YOU FOR THE OPPORTUNITY
TO PRESENT TODAY SUMMER TO ALL
THE PC THANK YOU FOR YOUR WORK
SIR ON ALL ISSUES WE FOR THE
WORKING TO THROUGH THE WALL IN
THIS TO THING YOU SO MUCH.
THANK YOU WOULD LIKE TO MAKE
KNOWLEDGE BALLOT CENTER NEAR OF
ALSO JOINED US WE WILL NOT BE
ESTABLISHING A QUORUM TODAY
SINCE THIS IS A TEST ONLY.
PLEASE IN WHEN YOU'RE NOT GOING
TO OUR TO PRINCE WITNESS. WHO
ARE IN SOME. OF A THREE. WE'RE
GOING TO OUR TWO PRINCIPAL
WITNESSES WHO ARE IN SUPPORT OF
AB THREE TEN. FOR FIRST GOING
TO HEAR FROM SHE SHE'LL JAKE UP
CHEESE WITH THE CALIFORNIA
BANKING ALLIANCE. AS WELL AS
PAULINA GONZALEZ BREEDER. WHO
IS WITH THE CALIFORNIA
REINVESTMENT COALITION. WE'RE
GONNA ASK MATTER MODERATOR TO
PLEASE PULL UP. MISS GONZALEZ
AS WELL AS MS JACOB WE'LL START
WITH MS JACOB. SHE WON THREE
MINUTES MENTAL MODERATOR CAN
YOU PLEASE PULL UP OUR TO LEAD
SUPPORT WITNESSES. IN SUPPORT
AB THREE TEN. MISTER CHAIR OF
BOTH OF THEIR PHONE LINES ARE
OPEN THEY MAY BEGIN SPEAKING.
THANK YOU SO MUCH MISTER
MODERATOR LET'S FIRST CALL ON
ISSUE SHE'LL JACOB MISTAKE UP
ON TO MAKE SURE THAT YOU'RE
WITH US HERE IN COMMITTEE. YES
THANK YOU TERM ACQUIRED THIS
IS. TO FEEL JACOB- MISTER TO
SHOW THEIR GOVERNMENT ATTORNEY
AT LAWYERS COMMITTEE FOR CIVIL
RIGHTS OF THE SAN FRANCISCO BAY
AREA. THANK YOU CHAIR AND
MEMBERS OF THE COMMITTEE FOR
THE INVITATION TO TESTIFY
TODAY. BONSER IS IN SUPPORT OF
AB THREE TEN. OUR COMMITTEE FOR
CIVIL RIGHTS IN ON THE WEST
COAST OLDEST CIVIL RIGHTS
ORGANIZATIONS AND WE'RE
FOUNDING MEMBERS OF THE
CALIFORNIA PUBLIC BANKING
ALLIANCE. WE ARE WORKING WITH
WORK ON AB THREE TEN AND WE ARE
IN FULL SUPPORT OF ITS STATE
PUBLIC BANK BECAUSE WE SEE HOW
CRISES SUCH AS THE CURRENT ONE
FACT WE NEED OF COLOR AND LOW
INCOME COMMUNITIES FIRST AND
WORST- WE OUGHT TO SEE HOW THIS
CRISIS WILL AFFECT OUR LOCAL
GOVERNMENTS AND PARTICULARLY
THE SERVICES THAT THEY
PROVIDING TO THE COMMUNITIES
THAT WE SERVE- BUT LOCAL
CALIFORNIA'S LOCAL GOVERNMENTS
PROJECTING CALAMITOUS REVENUE
SHORTFALL DUE TO THE DYNAMIC.
AND THEY'LL BE FORCED TO CUT
SERVICES SUCH AS SCHOOL
PROGRAMS FOOD PROGRAMS PUBLIC
HEALTH AND IT'LL ALL
DISPROPORTIONATELY HARMED
COMMUNITIES OF COLOR. THERE IS
A BETTER WAY WE CAN INVEST OUR
STATE AND LOCAL DOLLARS INTO
JOB CREATING. THANK CLIMATE A
DOCTOR PRIME. THAT WILL WORK
FOR ICE AND IT'S RESIDENTS THIS
IS THE PROMISE OF A PUBLIC BANK.
THE AB THREE TEN DOES A FEW
THINGS IT PROVIDES IMMEDIATE
COVERT NINETEEN RELIEF BY
EXPANDING LANDING CAPACITY OF
THE STATE I BANK AND IT
CONVERTS THE AYE BANK INTO THE
STATE DEPOSITORY INSTITUTION.
WE DIDN'T FOR THIS BILL IS THAT
THE WAY WE ARE INVESTING OUR
STATE AND LOCAL TAX DOLLARS IS
FURTHERING INEQUALITY BY
RELYING ON WALLSTREET FUND
MANAGERS AND PROPPING UP JUNK
CORPORATE DEBT RATHER THAN
INVESTING IN OUR STATE IN OUR
LOCAL GOVERNMENTS AND IN
PRIORITIES SUCH AS AFFORDABLE
HOUSING. THE FEDERAL
GOVERNMENT'S RESPONSE TO THE
PANDEMIC IS NOT HELPING MATTERS
IN PARTICULAR THE FEDERAL
RESERVE'S ACTIONS AND INCREASED
INCOME INEQUALITY AND WEALTH
INEQUALITY BECAUSE ITS- PRIMARY
RESPONSE HAS BEEN EXTENDING
CREDIT TO BANKS. AND THE POOR-THE RATED CORPORATE THAT ALMOST
INDEFINITELY BUT NOT EXTENDING
CREDIT TO STATE AND LOCAL
AGENCIES. RIGHT NOW PRIVATE
BANKS CAN BORROW FROM THE FED
DISCOUNT WINDOW NEARLY INTEREST
FREE AND INDEFINITELY WITH NO
RESTRICTIONS ON THE MONEY JEWS.
HAVE NO OBLIGATION TO LAND A
SMALL BUSINESSES REDUCE CREDIT
CARD RATES ARE RIGHT DOWN
UNDERWATER MORTGAGES. THIS IS
ONLY THIS SHE CREDIT FROM THE
FEDERAL RESERVE IS ONLY
AVAILABLE TO BANK NOT STATE OR
CITY. FOR EXAMPLE THE FEDERAL
RESERVE LAND A LAWSUIT BANKS
AND UNPRECEDENTED POINT 25%
INTEREST RATE WELL THEY NEED TO
STATE AND LOCAL GOVERNMENTS
THAT PENALTY INTEREST RATE
EXCEEDING 5% DID SUPPORT- ONE
THREE BANKS AND HEDGE FUNDS
ENABLE THEM TO MAKE A LOT OF
MONEY. AND THIS IS ALSO WHY
WE'VE SEEN DRAMATIC INCREASES
IN WEALTH INEQUALITY OVER THE
PAST THREE MONTHS. THE QUESTION
WE'RE POSING IN THE WHY DO WE
FIND IT SAFER WHY DO WE FIND TO
BE A SAFER INVESTMENT IT CAN
INVEST OUR STATE AND LOCAL
FUNDS THROUGH WALL STREET FUND
MANAGERS OR COMMERCIAL PAPER
LIKE CHEVRON- CAMPBELL SOUP.
RATHER THAN IN OUR OWN PUBLIC
AGENCIES. THIRTY SECONDS. WHAT
WE'RE ASKING FOR IS A STATE
PUBLIC BANK. THAT WOULD BE USED
OUR STATE AND LOCAL GOVERNMENT
FUNDS TO INVEST IN LOCAL
PROJECT. WE SEE NOW MORE THAN
EVER THAT- THE WISDOM OF
INVESTING TO WALL STREET IS NOT
SERVING OUR PEOPLE OR OUR
INTERESTS WE HAVE TO CHANGE THE
MINDSET ABOUT THE PURPOSE OF
INVESTING OUR PUBLIC FUNDS. HE
CAN DO THAT TO REPUBLIC BANK.
WELL FOR ALL OF OUR STATES
RESIDENTS ONE WHAT WHICH WILL
ALLOW US FOR A FROM THIS
ECONOMIC CALAMITY AND THE
COMING ONES THANK YOU FOR YOUR
TIME TODAY MISTER JACOB WE ARE
SO APPRECIATIVE OF YOUR
TESTIMONY THANK YOU SO MUCH FOR
TAKING TIME ON YOUR MONDAY
MORNING TO BE ABLE TO JOIN US I
KNOW YOU'RE GONNA BE HANGING
OUT FOR THE HEARING WE TRULY
APPRECIATE IT. WE'RE NOW GOING
TO BE GOING TO OUR SECOND
WITNESS IN SUPPORT SHE'S GOING
TO RECEIVE THREE MINUTES IT'S A
PUBLIC NOT BEEN SALAS BRITO I
WANT TO SURE POLY AT I
PRONOUNCE GONZALEZ- CORRECTLY-
PAULINA'S WITH THE CALIFORNIA
READ INVESTMENT COALITION.
THREE MINUTES MAN INCLUDES
CORRECT ME IF I BUTCHERED YOUR
LAST NAME. THANK THANK YOU
CHAIR MAN. FOR AND BE PATIENT
AND- HE BE HERE WITH YOU THE
MORNING YOU MEMBERS THE
CANADIAN ASSEMBLY MEMBER
SANTIAGO. HI MY NAME IS ALINA
GONZALEZ DETAIL I AM WITH THE
CALIFORNIA REINVESTMENT
COALITION WHERE PROUD SPONSOR
AND EIGHTY THREE CAN IN
PARTNERSHIP WITH THE CALIFORNIA
PUBLIC BANKING ALLIANCE. YOU
WORKS TO BUILDING. UNFAIR
ECONOMY AND TO HOLD THINGS
ACCOUNTABLE TO READ THAT THANK
YOU COMMUNITIES OF COLOR. FIVE
THREE HUNDRED ORGANIZATIONAL
MEMBERS ARE FINANCIAL FIRST
RESPONDERS. COMMUNITY BASED
ORGANIZATION WILL WORKING IN
BOTH URBAN AND RURAL
COMMUNITIES ACROSS THE STATE.
CALIFORNIA LEADS THE NATION IN
THE NUMBER OF SMALL BUSINESSES
OWNED BY BLACK INDIGENOUS AND
OTHER PEOPLE OF COLOR. AND THE
SMALL BUSINESSES ARE INTEGRAL
TO THE STATE'S ECONOMY. BUT AS
WE HAVE LEARNED TIME AND TIME
AGAIN WITH EACH NEW DISASTER.
STRIKES DISASTERS ARE NOT GREAT
EQUALIZERS THEY LAY THEIR THE
INEQUITIES IN OUR SYSTEM
BECAUSE IT. HAS PROVEN TO BE NO
DIFFERENT. NUMBER ARE ON THE
FRONT OF THE CO CRISIS. JUST AS
THEY WERE ON THE LINES OF THE
FIVE WHATEVER START. AND JUST
OF THE WERE DURING FINANCE
CRISIS OF TWO. EIGHT EACH TIME
SMALL BUSINESSES. AND
HOMEOWNERS TO HOLD ON. WHEN WE
NUMBERS LIKE 41% OF BLACK OWNED
SMALL BUSINESSES HAVE SHATTERED
COMPARED 217% OF WHITE ON SMALL
BUSINESSES. HERE'S THE MEMBERS
OF THE PROJECT ON HIS THAT WORK
TO DO ALL THEY CAN. TO
RESUSCITATE THE SMALL
BUSINESSES. OTHER MEN FOR THESE
BUSINESSES AND FOR OUR MEMBERS
ARE DOING ALL THEY CAN TO HELP
THEM. THEY NEED A LIFE SUPPORT
MECHANISM FROM THE STATE OF
CALIFORNIA. EIGHTY THREE TEN IS
THAT LIFE SUPPORT. AB THREE CAN
TWO THINGS PROVIDE CALL THE
NINETEEN RELIEF I IMMEDIATELY
EXPANDING THE LANDING CAPACITY
OF THE I THINK. CALEB THE
PROBLEM. AND SECONDLY IT CAN I
INTO A DEPOSIT FINANCIAL
INSTITUTION. SO THAT OVER THE
LONG TERM WE RELY LESS ON WALL
STREET AND HAVE A PEOPLE MAY.
SECOND FOR STATE AND DIRECTLY
SUPPORT OUR SMALL BUSINESSES
AND LOCAL CITY. THE EXPANDED I
THINK THE PUBLIC BANK WILL BE
ABLE TO LEVERAGES CAPITAL UP TO
TEN TIMES AND DIRECTED PLAN
BEING TOLD JUST EQUITABLE
ECONOMIC RECOVERY. CAN'T LIVE
PART ARE SMALL BUSINESSES NEED
WHILE INVESTING IN CALIFORNIA
FUTURE INSTEAD OF BALK TREAT.
AND LAST ROUND OF AMEND TO A
THREE TO. WE HAD REGISTER HAVE
FROM 10% OF THE PMI EIGHT TO AN
IMMEDIATE INFUSION OF 25% OR
FIVE HUNDRED MILLION. I THANK
TO ENSURE IMMEDIATE CALL BEEN
RELEASED UNTIL THE BAND PUBLIC
THANK PROPOSAL TAKEN UP IN THE
FALL. THAT WOULD HAVE ALLOWED
FORTY TWO THOUSAND SMALL
BUSINESSES ACROSS THE CASE
STATE FORTY TWO THOUSAND.
PEOPLE BRIDGES I FELT. WHAT
THOUSAND SMALL BUSINESS OF THE
CROSS THE STATE OF. WITHOUT LYE
THE POOR. BUT THERE IS STILL
TO. WE NEED TO DOUBLE TO MEET
THE OUR PAR OF THE PM. EIGHT
AFTER THE FOURTH OF JULY AND WE
NEED YOUR- I'M NOT SURE MEMBERS
START REALITY THAT ONLY TO PUT
OF ON BUSINESSES PICK FOR. OF
LATIN OWN. IT'S JUST PP KILO.
WE NEED IMMEDIATE INFUSION AND
THE OF THE POWER HERE. THIRTY
MANY THE PUBLIC THANK AND CAL.
PEOPLE THAT INVEST CAL. FUTURE
RATHER THAN THE FUTURE THAT
THEY BANG. LASTLY WILL BE BACK
NEXT THAT. WE LOOK FOR TO
WORKING THE FAMILY SANTIAGO AND
SHE- AND WHEN YOU CHAIRMAN
MCGUIRE AND TO WORK A TREASURE.
CONTROLLER BRING A PUBLIC THANK
YOU TO CALIFORNIA THANK YOU.
THANK YOU SO MUCH THAT'S MISS
CONSULTS READ- FROM THE
CALIFORNIA REINVESTMENT
COALITION WE SO APPRECIATE YOU
BEING WITH US ON THIS MONDAY
MORNING THANK YOU FOR YOUR
TESTIMONY. LADIES AND GENTLEMAN
A COMMITTEE AND TO ALL THOSE
WHO ARE WATCHING WE'RE NOT
GOING TO BE GOING TO THOSE WHO
ARE OPPOSED TO THE BILL. WE'RE
GONNA HAVE TO PRINCIPLE OF
POPES WITNESSES FOR BOTH IS TO
SHOW OFFICERS WE'RE GONNA START
WITH CONTROLLER HE AND WE'RE
GOING TO GO TO STATE TREASURER.
MY WE'RE GONNA IT CHECK IN WITH
OUR MODERATOR TO MAKE SURE THAT
WE BOTH CAN YOU. AND PRESSURE
MOM ON THE LINE. MISTER MARK.
THANK YOU MISTER CHAIR YEAH WE
BELIEVE WE BOTH OF THEM ON THE
LINE. ALL RIGHT THANK YOU SO
MUCH LET'S START WITH OUR STATE
CONTROLLER HER NAME IS BETTY WE
WILL COMMUNICATE TO COMMITTEE
MATTER CONTROLLER. THANK YOU SO
MUCH FOR WAKING UP WITH US
TODAY YOU HAVE TEN MINUTES IN
THE FLOOR IS YOURS BETTER
CONTROLLER. THANK YOU MISTER
CHAIRMAN AND MEMBERS-
APPRECIATE THE OPPORTUNITY TO
TESTIFY ON ASSEMBLY BILL THREE
TEN. AND STATE CONTROLLER BETTY
AND- I KNOW MANY OF YOU HAVE
SEEN MY LETTER- BUT I DO WANT
TO SPEAK ABOUT TODAY HAVE A
RAISING DOUBTS DIFFICULT
CONCERNS AND- REALLY BECAUSE OF
THE- WAY THAT AB THREE TEN WILL
JEOPARDIZE THE STATE'S ABILITY
TO MEET ITS EXISTING. AND
FINANCIAL OBLIGATIONS WHICH
EXPLAIN MORE DETAILS IN JUST A
MOMENT. BUT FIRST I WANT TO
BEGIN BY SAYING THAT I SUPPORT
THE GOAL OF ONE EIGHTY THREE
TEN IS ATTEMPTING TO ACHIEVE. I
KNOW OUR ECONOMY ISN'T WORKING
FOR EVERYONE SPECIFICALLY
PEOPLE OF COLOR AND WAGE
WORKERS. AND I KNOW THAT THE
AND THE AMERICAN THE PANDEMIC
INDUCED RECESSION IS ONLY
AFTER. THIS AND KIND OF SUCH.
AND I AM THAT WE MUST ROOM
AFTER GOING IN MORE IN A- AND
HEARTLESS SO. OF BEEN MOVED THE
BARRIER BY AND BROWN%
COMMUNITIES AND BUSINESSES.
FACE AN ACCESS MEDINA CAPITAL
FINANCIAL SUPPORT. SO I REALLY
WANT TO COMMEND HER
ASSEMBLYMEMBER SANTIAGO INTO
WHEN OUR SPONSORS FOR WORKING
TOWARD TACKLE AND I SHARE THAT
COMMITMENT. TO BUILD A MORE
JUST AND EQUITABLE ECONOMY
WHERE UNDERSERVED COMMUNITIES
CAN HAVE ACCESS TO CAPITAL. TO
PROTECT THAT THIS ISN'T JOBS
DURING AND AFTER THIS PANDEMIC.
HOWEVER AB THREE TEN IS NOT THE
SOLUTION AND I RESPECTFULLY
URGE YOU TO CONSIDER AN
ALTERNATIVE APPROACH. HOW
CALIFORNIA C. FISCAL OFFICER IT
IS MY PRIMARY RESPONSIBILITY TO
PROTECT THE STATE'S FISCAL
HEALTH. THE BOTANIC SO THIS
BILL DO NOT SAFEGUARD THE
STATE'S FUNDS FOR THE FOLLOWING
REASONS. MY OFFICE ANALYZES THE
STATE'S CASH FLOW NEEDS ON A
DAILY BASIS. WE WORK WITH THE
TRACTOR STEP TO ENSURE THEY'RE
SUFFICIENT REVENUE AVAILABLE TO
MAKE PAYMENTS AS THEY ARE DO
PURSUANT TO THE ANNUAL BUDGET
ACT. UNDER EXISTING POLICY THE
STATE'S SCHOOL MONEY INVESTMENT
ACCOUNT THE PMI A- MUST BE
INVESTED IN SAFE INSTRUMENTS
WITH SUFFICIENT LIQUIDITY AND-
BY THE STATE AND THE THOUSANDS
OF LOCAL GOVERNMENTS INVESTED
IN THE PMI A- THE MAXIMUM
FLEXIBILITY TO WITHDRAW FUNDS
AS NEEDED. EIGHTY THREE TEN AND
THE STATE'S A TREASURE WITH
MESS PMI A FUNDS IN SHORT TERM
DEBT ISSUED BY THE AYE BANK
WHICH WOULD SERVE AS COLLATERAL
AND WOULD BE BACK BY THE STATE.
THIS IS A VERY CIRCULAR
PROPOSITION AS IT MEANS WILL IT
BE REPLACING SECURE COLLATERAL
SUCH AS US TREASURY DEBT. WHICH
THE PMI A CURRENT AND US WITH A
NEW UNTESTED INSTRUMENT FOR
WHICH THERE IS NO CURRENT
MARKET. AND THE WAY TO ENSURE A
TIMELY LIQUIDITY. MEANING IF WE
NEED. IF WE NEED OF THIS MONEY
WE COULDN'T GET IT IN TIME.
MORAL THE STATE AND CALIFORNIA
TAXPAYERS WILL BE AT RISK FOR
THESE NEW UNTESTED INVESTMENTS.
AND POTENTIALLY ACTUALLY COULD
BE PUTTING- MUCH OF OUR GENERAL
FUND AT RISK AND UNDERMINING
SOME THE PROGRAM SUPPORTED BY
THE GENERAL FUND THAT SERVE THE
VERY COMMUNITIES THAT WE ARE
TARGET. SB THREE TEN. AFTER SIX
YEARS OF MANAGING THE STATE'S
CASH FLOW WITHOUT EXTERNAL
BORROWING WE NOW FIND OURSELVES
WITH SOARING UNEMPLOYMENT.
UNCERTAIN VOLATILE FINANCIAL
MARKETS AND UNCERTAIN TAX
REVENUE. WORK CLOSELY
MONITORING THE SITUATION.
EXAMINING WHETHER AND WHEN WE
WILL NEED TO SELL REVIEW
ANTICIPATION NOTES ARE MAN'S IN
ORDER TO PAY THE STATE'S BILLS.
MANY OF YOU MAY END HERE BUT
FOR ALL OF YOU I CAUTION YOU TO
REMEMBER THE LESSONS FROM THE
TWO THOUSAND EIGHT RECESSION
WHICH WITH THE STATE IN A
PRECARIOUS FINANCIAL POSITION
RESULTING IN THE ISSUANCE OF
CIVIL REVIEW AND HAS A PAGE.
OUT BECAUSE- WARREN. I USE AT A
CREDIT RATING DOWNGRADE TO
TRIPLE THE- DURING THAT PERIOD
THE COMPTROLLER'S OFFICE
COUNTED EVERY PENNY ON A DAILY
BASIS IN ORDER TO PAY OUR
BILLS. USING PMA FUNDS
OTHERWISE INTENDED TO BE
INVESTED IN SHORT TERM LIQUID
INSTRUMENTS IN ORDER TO MAKE A
LONGER TERM LOAN FROM
MISALIGNMENT OF PURPOSES THAT
COULD LEAD TO EVEN HIGHER
BORROWING COSTS FOR THE STATE
OF CALIFORNIA IF THE SIZE OF
THE MAN HAD TO BE INCREASED
STUDENT ILLIQUID INVESTMENTS.
ABOVE BEYOND THE ENORMOUS RISK
STATE THAT COULD BE SUBJECT TO
CHALLENGE. FOR BY LETTING
BERRIES PROVISIONS OF THE STATE
CONSTITUTION. AB THREE TEN
WOULD PROVIDE THE PLEDGE OF
CALIFORNIA'S FULL FAITH AND
CREDIT TO DEPOSITORS IN THE
STATE BANK. ARGUABLY VIOLATING
PROVISIONS OF. ARTICLE SIXTEEN
RELATED TO PUBLIC FINANCE
RESTRICTIONS. THE PROPONENTS OF
THIS BILL HAVE SIDE AT THE BANK
OF NORTH DAKOTA EXAMPLE FOR THE
STATE OF CALIFORNIA. HOWEVER AB
THREE TEN IGNORES ACCOUNTING
PRINCIPLES ABOUT MODEL WHICH
STIPULATES THE PUBLIC BANK OF
NORTH DAKOTA. ASSIST IN THE
DEVELOPMENT OF LOCAL BANKS NOT
OFFER A COMPETITIVE ALTERNATIVE.
A LOCAL BANK MUST APPLY TO
ACCESS ONE OF THE LENDING
PROGRAMS OF THE BANK OF NORTH
DAKOTA ON BEHALF OF THE
CUSTOMER BECAUSE OF RECOGNIZE
OF LOCAL BANKS UNDERSTAND THE
COMMUNITIES IT SERVES. THE
COMMUNITIES THEY SERVE- THAN A
STATE ENTITY COULD. NEXT I WANT
TO DISCUSS AN ADULT- INTERNET
APPROACH APPROACH. I THANK
ALREADY HAS THE TOOLS TO
FULFILL THE OBJECTIVES OF THIS
BILL AND THE LEGISLATURE COULD
INCREASE FUNDING FOR THESE
PROGRAMS DIRECTLY OR USE BOND
PROCEEDS GENERATE ADDITIONAL
WORKING CAPITAL. HI THERE
APPROACH WILL ENSURE THAT THE
COSTS WOULD BE INCLUDED IN THE
STATE'S BUDGET SO THAT WE CAN
ACCURATELY MANAGE CASH FLOW TO
ENSURE THE STATE METERS
OBLIGATION. IN A SAFE MANNER.
ADDITIONALLY WE SHOULD CONSIDER
WAYS TO EXPAND COMMUNITY
DEVELOPMENT FINANCIAL
INSTITUTIONS WHICH PROVIDE
SPECIALIZED FINANCIAL SERVICES
TO UNDERSERVED COMMUNITIES. WE
ALREADY HAVE ABOUT EIGHTY OF
THEM IN THE STATE OF CALIFORNIA.
THERE MAY BE INNOVATIVE WAYS.
PARTNERSHIPS BETWEEN SMALL
COMMUNITY BANKS LARGE BANKS AND
TECH COMPANIES IN ORDER TO
REDUCE CAPITAL MODERNIZE TO
EXPAND THIS COMMITTEE BANKING
AND LENDING INSTITUTIONS WHICH
AS I SAID ALREADY IT.
UNDERSERVED COMMUNITIES. AND
JUST AS AN ASIDE. MANY OF THESE
CD APPLIES WERE AT THE READY TO
FILL THE GAP FOR MANY
BUSINESSES WERE AN ELIGIBLE OR
COULDN'T ACCESS OKAY TO
PROTEST. PROTECTION PROGRAM
BENEFITS. LASTLY THE
LEGISLATURE PASSED IN THE
GOVERNOR SIGNED EIGHTY EIGHT
FIFTY SEVEN LAST YEAR TO
PROVIDE FOR THIS OUT OF A
PUBLIC BANK BY A LOCAL AGENCY.
FORCE OF STATE A LOCAL PUBLIC
BANK COULD BE PILOTED TO SEE IF
THE REST I'VE IDENTIFIED CAN BE
ADDRESSED CONSISTENT WITH AB
EIGHT FIFTY SEVEN. I WOULD ALSO
ENCOURAGE COMMISSION A
FEASIBILITY STUDY ON THE STATE
BANK. ALTHOUGH I UNDERSTAND ARE
FORMER TREASURER TREASURER JOHN
LOOKED INTO THIS AS AN OPTION
FOR MARIJUANA REFUSE. AGAIN
MISTER CHAIRMAN AND MEMBERS
THANK YOU FOR THE OPPORTUNITY
TO TESTIFY TODAY. I REMAIN
COMMITTED TO SEEKING. SOLUTIONS
FOR OUR UNDERSERVED COMMUNITIES
AND I LOOK FORWARD TO
CONTINUING THE DISCUSSION THANK
YOU. A CONTROLLER DESIGNED TO
MOMENT TO ACKNOWLEDGE YOU YOU
HAVE BEEN. ENGAGED IN THIS
DISCUSSION FOR THE PAST MANY
WEEKS WE WANT TO SAY THANK YOU
ON BEHALF OF THE COMMITTEE FOR
BOTH. YOUR WORK AS WELL AS YOUR
STAFF WORKING OF THE YOU'VE-
BEEN PUTTING IN A LOT OF TIME
EFFORT ENERGY IN IT MEANS SO
MUCH THAT YOU WOULD TESTIFY
HERE TODAY IN COMMITTEES OF
THANK YOU SO MUCH. MADAM
CONTROLLER. THE SUBJECT OF
COMMITTEE WERE NOT GONNA BE
GOING TO OUR SECOND AND FINAL.
PRINCIPLE WHICH IS A UP. HER
NAME IS TRUE FIONA MOM. WE'RE
GRATEFUL FOR HER WORK. ALL
ISSUES ESPECIALLY DURING THESE
CHALLENGING TIMES TREASURE MOD
THE FLOOR IS YOURS YOU HAVE TEN
MINUTES WELCOME TO COMMITTEE.
THANK YOU SENATOR MCGUIRE AND
MEMBERS OF THE COMMITTEE I'M
SORRY I'M NOT. ABLE TO SEE YOU
IN PERSON YOU KNOW HOW I LOVE
TO COME AND TESTIFY. ON HERE
THE STATE BOARD OF EQUALIZATION
BACK IN TWENTY SEVENTEEN AND
TWENTY EIGHTEEN I PARTICIPATED
IN TREASURER JOHN CHUNG.
CANNABIS BANKING WORKING GROUP
COMMITTEE WE HAD A NUMBER OF
HEARINGS HEARD ABOUT FIVE
HUNDRED. LEADERS TALK ABOUT THE
BANK OF NORTH DAKOTA AS WELL AS
OTHER FEDERAL AND BANKING.
STRUCTURES SO. LIGHT CONTROL HE
I DO SUPPORT THE GOAL OF AB
THREE TEN AND I HAVE BEEN
WORKING. WITH THE AUTHORS AS
WELL AS THE ADVOCATES ON MOVING
THIS BILL FORWARD. MY LETTER
WAS IN OPPOSED UNLESS AMENDED.
FOR THE FOLLOWING REASONS SOME
OF THEM SIMILAR TO CONTROL
EASY. MINE IS REALLY FOCUSED ON.
YEAH MY A WHICH IS. ALL UP TO
BE USED TO STAND UP THANK SO I
THINK COMMITTEE STAFFER THE
OPPORTUNE TO SHARE MY THOUGHT
AS I DO SHERRY AND INVESTMENT
MANAGER OF THIS CASH FUNDS I
HOPE THIS IS ASIAN WILL IS AN
UNDERSTANDING THE IMPACT. THAT
PROPOSAL TO UNDERSTAND BILL
THREE TEN MIGHT HAVE THE STATE
CASH MANAGE. I JUST THE
TREASURY RESPONSE IS TO MANAGE
THE STATE SCHOOLS MONEY IN
ACCOUNT HEY KATE THE- I HEY.
THE PMI A IS THE KEY PULLING
THEM LIQUIDITY MANAGE ACCOUNT
IN WHICH ALL MAJORS FARM
PHYSICALLY. IN WITHIN CAP CASH
POSITION THAT PURPOSES. IT IS A
CALL USED APPROACH TO. LARGE WE
OPERATE IN GOVERNMENT AND- I AM
VERY PROPOSAL THAT HAVE TWO
YEARS IN THE CUT OF THE- TO
PROMOTE WORTHY SOCIAL AND
FINANCIAL GOALS FEDERAL PULL
THOSE PRESENT SOME INHERENT
CHALLENGES. THE PMI A IS UNLIKE
THE RESOURCES OF OTHER
INVESTABLE PART OF SUCH THAT
CALPERS. THE LATTER ASSETS FOR
WHAT IS SOMETIMES CALLED
PATIENCE CAPITAL THAT IS A
PORTION OF THE HOUSES WILL BE
DELIBERATELY INVESTED IN HIGH
RISK ASSETS. WITH A DEGREE OF
PATIENCE THAT WILL ALLOW FOR
THE PASSAGE OF SUFFICIENT TIME.
IN THE HIGHER RETURN THE
COMPANIES. BOETTCHER TO GREATER
RISK UNDERTAKING. BY CONTRAST
THE PMI A IS NOT A LONG TERM.
PMI A BEDROCK OBJECTIVES ARE TO
PRESERVE CAPITAL REMAINS LIQUID
AND THE STATE ALWAYS PREPARED
TO MAKE THE CASH BEING HELD ON
BEHALF OF OTHERS AVAILABLE ON A
VERY SHORT NOTICE. OFTEN AS
LITTLE AS TWENTY FOUR HOURS.
THE PMI A OFTEN MUST CONSIDER
THE FUNDS THAT THE STATE IS
HOLDING. BANKING BECAUSE THEY
TO ARE OF COURSE OF LIQUID.
HELLO I DON'T THINK BALLOTS IS
DO NOT EARN INTEREST. RATHER
THE ARE USED COMPENSATE THE
STATE DEPOSIT DAY FOR
PROCESSING SERVICES. BACK
PROVIDE TO THE STATE TREASURY.
THE PMR EIGHT BE ON TO BE A
COME BUT THAT ON THE YOU THE
STATE BANKS. CASH PULLING AWFUL
THE BALANCES IN A NUMBER
SEPARATE BANK ACCOUNTS TO BE
AGGREGATED AND MANAGED
COLLECTIVELY FOR MAXIMUM
TAXPAYER BENEFIT. HIS PROBLEM
IS ALSO MANAGED IN MY OFFICE.
PRESENTLY THE STATE MAINTAINS
ONLY THE MINIMUM REQUIRED
BALANCE IS IN ITS BANKS TO
COMPENSATE THOSE BANKS FOR THE
SERVICES PROVIDED TO THE STATE
THAT THE WHOLE. THE REMAINING
FUNDS BECOME A PART OF THE PMI
A- AND ARE DESIGNATED AS
INVESTABLE FUNDS BY THE POOL OF
MONEY INVESTMENT BOARD. CHAIRED
BY MYSELF. AND ALSO INCLUDES
THE STATE CONTROLLER AND THE
GOVERNOR'S DIRECTOR OF FINANCE.
THE DESIGNATED BY THE AUTHORITY
VESTED IN STATE. LIQUID ASSETS.
WE FOR WHICH PRESENTLY ARE IN
U. S. TREASURY OBLIGATIONS AND
FEDERAL AGENCY SECURITIES. THIS
APPOINT CASH THAT IS NOT NEEDED
IMMEDIATELY TO PAY ONE STRONG
AGAINST THE STATE TREASURY AND
INVESTING CASTING IT'S NOT BE
NEEDED IMMEDIATELY. AFFECTED
WAY TO MANAGE TREASURY FUNDS
AND IS WIDELY USED IN CORPORATE
TREASURIES. THE USE OF THE CASH
WILL ALSO INCREASES OVERSIGHT
AND CONTROL OF THE STATE'S CASH
POSITION. LIQUIDITY MANAGEMENT
OPTIMIZES THE USE OF SURPLUS
FARM WHICH MAY FOR THE RESULT
IN THE REDUCTION OF EXTERNAL
BARRING NEEDS SOMETIMES WHEN
CASH DISBURSEMENTS EXCEED CASH
RECEIPTS. THERE ARE A NUMBER OF
CONSIDERATIONS MY PERSONAL
PROFESSIONAL STAFF USES. FIVE
CAN BE THOUGHT OF AS COOL BUT
DIFFERENTIATED CASH IN FIVE
CATEGORIES INCLUDING. NUMBER
ONE INVESTMENT OF SURPLUS CASH
THAT RECOGNIZES THAT THE FUTURE
NEED FOR SUCH CASH MAY RANGE
FROM A FEW DAYS TO SEVERAL
MONTHS. TO WHICH IS
PREDOMINANTLY EXPECTED TO OCCUR
WITHIN ONE YEAR. NUMBER TWO WE
INVEST IDLE CASH IN WHICH THAT
DATE FOR DISBURSEMENT IS MORE
PREDICTABLE ARE CONTROLLABLE
AND WITHIN THE FIRST MINUTE
DEPENDENT ON EXTERNAL EVENTS
SUCH AS RECEIPT OF FEDERAL OR
LOCAL MATCHING FUNDS. DAHLE
PROGRAMMING HIS. AND COMPLETION
OF ENGINEERING STUDIES OR
ENVIRONMENTAL CLEARANCES
ETCETERA. OR THREE INVESTMENT
EARMARKED SAID FOR A PARTICULAR
PURPOSE FOR EXAMPLE TO FIND
THAT SERVICES ARE. NUMBER FOUR
IN THAT A TEMPORARY WITH FROM A
RECENT OF A SUCH AS THE ENACT
OF THE REASON QUALIFIER FUND.
CASH IS TYPICALLY A REGULAR
CANDIDACY DATE IS OFF AND. FIVE
INVESTMENT OF. BENEFITS OWNED
BY OTHERS. IN THE CUTS OF THE
STATE TREASURER SUCH AS THE
LOCAL AGENCY INVESTMENT FUND.
HOUSE BE EXTREMELY VOLATILE BUT
WITH A LARGE NUMBER OF IN
INTERESTS IT'S MUCH EASIER TO
MANAGE. PRINTABLE PORN THAT IN
ANY. CUES CHARACTERISED
INCLUDING THE INVESTABLE FOR IN
THE P. I A- MUCH CONSIDER THIS
A OF THE IN THAT. THAT IS THE
REMOTENESS OF THE FOR
INVESTMENT FROM NON PAYMENT.
QUIDDITY THE INVESTMENT TO BE A-
THAT IS DETERMINED IF THE IN
CAN READILY CONVERT TO CASH
IT'S- WARRANT. HE AND THE. YOU
OFFER BY THE CLOSE IN THAT IS
NOT. THE FIRST TWO PAC. THE IS
CLOSELY RELATED LIQUID. BUT
DESPITE SHARING CHARACTER THERE
BUT DIFFERENT. SAFETY IS THE OF
THE THAT AND FUNDS WILL BE
RETURNED TIME AND IN FULL AT
THIS DATE. WITH THE PRONOUNCE
THAT FUNDS ROUTE BE RETURNED AT
ANY DATE. EVEN IF THE VALUE OF
THE RETURN FUND IS DIFFERENT
FROM THE INVEST IN AND ACTED
AMOUNTS AB REQUIRED TAXPAYER
FUNDS INVESTMENT. WHERE THERE
IS LOW OR NO LIKELIHOOD THAT
THE FUNDS WILL NOT BE RETURNED
AT THE MATURITY OF THE
INVESTMENT. PORTFOLIO MANAGERS
USUALLY THINK OF SECURITIES
ISSUED BY THE UNITED STATES
TREASURY. BEING FREE OF THIS TO
FALL WITH. HOWEVER THE VALUE OF
SECURITIES CAN FANS ARE
CONCEPTUALLY. CHANGES IN THE
WORLD ECONOMY AND MONETARY
POLICY IMPLEMENTED BY CENTRAL
BANKS THROUGHOUT THE WORLD TO
LEARN FEDERAL RESERVE SYSTEM.
HIS WIFE SUCH INVESTMENT NEED
TO BE LIQUID AS WELL. THE
QUALITY OF THE PENDANT ON
SIMILAR BUT NOT IDENTICAL
FACTORS. BOB UNITED STATES
TREASURY SECURITIES MIGHT BE
ASSUMED FREE OF THE FALL WITH.
THE NOT MAKE THEM AT EITHER
MORE RISK IN RATE RISK HI THE
LATEST. THE INTEREST RATES IN
THE BILL ECONOMY SUCH A DAILY.
I DIDN'T GET THE SO OF THE-
BECAUSE OF CHANGING THE FOR
CASH CALL THE LAW PRINTABLE TO
THE CHANGES IN MY VALUE. THESE
CONSIDERATIONS IN BUTTON TO
LIKE. OUR PARDON IN TO MORE
THAN TWO THOUSAND UNITS OF
GOVERNMENT TO USE OF LOCAL
AGENTS IN THE FUND LATE ACCOUNT.
THE LADY ALLOWS BCD PLEASE
OFTEN SMALL IN THE TO RELY ON
THE INVESTMENT. AND MEDICAL WE
YOU. BY THE IN MY OFF TO MANAGE
THE IN THE OF THE STATE PART OF.
THE MOVING INTO LITTLE TURN
THAT COULD RECORD IN WHICH- DO
THE WHICH IS VIRTUALLY
IMMEDIATE AND THIS OF PRINCIPLE
THAT IS GUIDED BY STATE LAW AND
A RIGOROUS INVESTMENT. THAT IS
BY STATE AND WHICH IS A BY THE
PIER A BOARD AT LEAST ANNUALLY.
I KNOW THE COST LEAVE ARE
DRAMATICALLY. COMMERCIALLY BY
AN THE UNITED STATES PLEASE
THESE BENEFITS ALL CAL. BECAUSE
THE BROUGHT. PATIENTS IN LAW
WHICH IS A COMPONENT PART OF
RPM I. EIGHTY IN CLOSING I
WOULD LIKE LEAVE YOU WITH THE
FIVE. AT THE THIRTIETH THE PMI
A HELD AVERAGE QUARTERLY BUT
APPROXIMATELY A HUNDRED BILLION
DOLLAR. THE AMOUNT IS REFLECT
OF THE SITE OF THE- FIVE
AMERICAN REFLECTIVE OF THE SIDE
OF THE CAR OF CAL. HAS A TWENTY
NINETY. THE LARGEST LARGEST
ECONOMY IN THE WORLD. ALSO IN
IN THE CASE OF THE SIGNIFICANT
NOW. OF THE STATE. THE PMI A IS
FIRST IN FOR A CAT PLAN TO. FOR
THIS BUSINESS. BILLIONS OF
DOLLARS FLOW IN AN OUT OF THE
STATE EVERY. BECAUSE OF THAT
THERE NEEDS TO BE AT MUCH LOOK
IN THE PMI A AT. THAT YOU
BELIEVE PORTION OF THE A IS NOT
BARBEL. BARBARA BORROW A BALL
YOU THE JUNE THIRD AT ABOUT
WITH THEIR TWO BILLION AND YOU
SHOULD HAVE A CHIU YOU SHOULD
ALL HAVE A PIE CHART THAT SHOWS
BREAKDOWN OF THE SOURCES OF
FINE. IN TWO OUR PM A ACCOUNT
THIRTY SECOND ORDER RIGHT. YOU
HAVE THE- I'M SORRY VENTURE IN
THIRTY SECONDS. THIRTY SECONDS
OKAY I'M JUST ABOUT DONE OKAY
IF YOU LOOK AT THESE CHARTS YOU
CAN SEE THAT 50% IS DESIGNATED
MONEY THAT WE CANNOT TOUCH 31%
IS PART OF OUR LOCAL AGENCY
INVESTMENT FUND WHICH IS NOT.
TO TOUCH AND THAT LEADS 20% FOR
TWENTY BILLION DOLLARS GENERAL
FUND DOLLARS. CAREFUL
CONSIDERATION AND CARL ANALYSIS
SHOULD BE DONE ANY PROPOSAL TO
SHIFT A LARGE PERCENTAGE OF THE
REMAINING TWENTY BILLION
DOLLARS. TO LONGER INVESTMENT
PURPOSES. I HAVE SEVERAL
MEMBERS OF MY PROFESSIONAL
STAFF AVAILABLE TO ANSWER
SPECIFIC QUESTIONS SHOULD YOU
WISH TO POST THEM I THANK YOU
FOR YOUR TIME AND INTEREST IN
THIS IMPORTANT POLICY AREA I
LOOK FORWARD TO WORKING CLOSELY
WITH THE AUTHORS ASSEMBLY
MEMBER SANTIAGO AND ASSEMBLY
MEMBER TO. HAND THE PUBLIC
BANKING ADVOCATES OVER THE
COMING YEAR THANK YOU VERY MUCH.
THANK YOU SO MUCH MATTER
TREASURE WE ARE GRATEFUL OF FOR
YOUR ENGAGEMENT IS WELL
APPRECIATE YOUR WORK IS IN
LOOKING FOR TO WORKING WITH
YOU- ALONG WITH THE SIMPLY
MEMBERS- THOSE WHO ARE IN
SUPPORT IN A POST. IN THE FALL.
IS IN GERMAN BEFORE WE GO TO
MEMBER TESTIMONY WHAT WE LIKE
TO BE DO IF IT WERE FOR EACH
AND EVERYONE OF YOU WE'D LIKE
TO HEAR FROM THE PUBLIC AFFECTS
ALL RIGHT. ON IN AND WE'RE
GOING TO GO TO BRING IT.
COMMITTEE SINCE WE ARE GOING
PROVIDING INDIVIDUALS THE
OPPORTUNITY TO SPEAK WITH US AS
WELL SO THAT IS INSTRUMENT
WE'RE NOW GOING TO BE OPEN UP
THE PHONE LINES WE- SAW. FOLKS
WHO ARE BLIND WE ARE OF
INDIVIDUAL WHO ARE HERE IN ROOM
FORTY TWO. THREE HI SO IM
REMIND. WE WANT BY SYSTEM Z.
NINE MINUTE. WE'RE NEED TO BE
ABLE GET THE CLOSING. BUT NO
LATER THAN TEN FORTY AS WE'RE
GONNA NEED TO BE ABLE TO START
OUR NEXT NINETY MINUTE HEARING
AT TEN FORTY FIVE. SO WHAT
WE'RE GONNA DO NOW IS WE'RE
GOING TO BE MOVING TO THE PHONE
LINES IF YOU'D LIKE TO BE A
COMMON TODAY. WE WELCOME YOUR
TESTIMONY. PHONE NUMBER IS
EIGHT FOUR FOUR. TWO NINE ONE.
964-844-2916 THREE SIX FOUR.
TENER CO TWO FIVE TO EIGHT ONE
FOUR EIGHT TO BE OUR TALK WITH
THE COMMITTEE. AGAIN WE LOOK
FORWARD TO YOUR ENGAGEMENT HERE
TODAY. WE ARE GOING TO GO TO
THE PHONE LINES WERE GONNA ASK
YOU TO PLEASE STATE YOUR FIRST
AND LAST NAME. AS WELL AS IF
YOU WITH AN ORGANIZATION CITY
ORGANIZATION. IN YOUR POSITION
ON THE BILL WE'RE GONNA WANT TO
BE ABLE TO GIVE THIS COMMITTEE
ABOUT TWENTY MINUTES. TO BE
ABLE TO HAVE A DISCUSSION ON
WHAT THEY'VE HEARD TODAY. A NO
NO LESS THAN TWENTY MINUTES-
AND AGAIN THIS IS A TESTIMONY
ONLY HEARING. NO VOTE WILL YOU
TAKE. ALL RIGHT. MR WRITER IF
YOU GO PLEASE UP. INTO WHO ARE
BY IN SUPPORT AND OR OPPOSE TO
THE BILL WE WELCOME THEIR
TESTIMONY. THOSE WHO ARE IN
SUPPORT OR OPPOSE THE BILL WE
WELCOME THEIR TESTIMONY TO
COULD PLEASE Q. THEM UP NOW.
LADIES AND GENTLEMEN IF YOU
WISH TO SPEAK. ON A. B. THREE
TEN PLEASE PRESS ONE THEY'RE
THEY'RE ALL ONCE AGAIN IF YOU
WISH TO SPEAK ON A. B. THREE
TEN PLEASE. PRESS ONE THAN
THEIR OWN NOW. THANK YOU ONE
MOMENT THE GERMAN THANK YOU SO
MUCH AS A MATTER MODERATOR.
CUES INDIVIDUALS UP WE'RE GONNA
REMIND FOLKS TO PLEASE STATE
YOUR FIRST LAST NAME IF YOU'RE
WITH AN ORGANIZATION PLEASE
STATE YOUR ORGANIZATION IF
YOU'RE NOT. FIRST AND LAST NAME
AS WELL AS YOUR POSITION ON THE
BILL META MODERATOR THE FLOOR
IS YOURS. THANK YOU ONE SIXTY
THREE YOUR LINE IS OPEN PLEASE
GO AHEAD GOOD MORNING. MY
NUMBER SIXTY THREE YOUR LINE IS
OPEN. YOU LINE NUMBER FIFTEEN
YOUR LINE IS OPEN FIVE ZERO
YOUR LINE IS OPEN PLEASE GO
AHEAD. THANK YOU VERY MUCH GOOD
MORNING ALBERTO TRULY COLUMBIA
FOR THE- MARSHALL. WORKERS
WHAT'S YOUR CITY COUNCIL
SUPPORT THE BILL THANK YOU
THINK YOU SO MUCH MISTER GRAY
THAT'S GOOD OUR NEXT CALL
PLEASE MATTER MODERN. MY NUMBER
TWO EIGHT YOUR LINE IS ALL
PLEASE GO AHEAD. GOOD MORNING
MISTER CHAIR ROBERT WILSON WITH
A CALIFORNIA CREDIT UNION
LEAGUE OPPOSE THANK YOU THANK
YOU SO MUCH MISTER WILSON WE'RE
GRATEFUL THANK YOU FOR YOUR
TESTIMONY NEXT CALLER PLEASE.
MY NUMBER FIFTEEN YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING SANDY EMERSON FOSSEL
FREE CALIFORNIA IN SUPPORT.
THANK YOU SO MUCH FOR YOUR
TESTIMONY WE'RE GRATEFUL. NEXT
CALLER PLEASE MY NUMBER TWENTY
ONE NUMBER TWENTY YOUR LINE IS
OPEN PLEASE GO AHEAD. YES GOOD
MORNING MISTER CHAIR NUMBERS
KAREN LAYING UNDER FOR THE
CALIFORNIA ASSOCIATION OF
COUNTY TREASURER AND TAX
COLLECTOR'S IN OPPOSITION THANK
YOU THANK YOU SO MUCH FOR YOUR
TESTIMONY WE'RE GRATEFUL THAT'S
GO TO OUR NEXT CALLER PLEASE.
MY NUMBER FIFTY FIVE YOUR LINE
IS OPEN PLEASE GO AHEAD. GOOD
MORNING MY NAME IS CHARLIE
SUMMERS I'M HERE WITH- PEOPLE
ORGANIZING TO DEMAND
ENVIRONMENTAL AND ECONOMIC
RIGHTS IN SAN FRANCISCO AND I
STRONGLY SUPPORT AB THREE TEN
THANK YOU WE REALLY APPRECIATE
YOU CALLING IN TODAY THANK YOU
SO MUCH BETTER MODERATOR NEXT
CALLER. MY NUMBER FORTY EITHER
LINES OPEN PLEASE GO AHEAD.
BRAD GARRETT WITH THE SANTA
CRUZ CLIMATE ACTION NETWORK AND
WE STRONGLY SUPPORT AB THREE
CAN THANK YOU THANK YOU FOR
CALLING FROM SANTA CRUZ TODAY
WE GREATLY APPRECIATE IT META
MODERATOR NEXT CALLER PLEASE.
LINE NUMBER SIXTY YOUR LINE IS
OPEN PLEASE GO AHEAD. LINE SIX
I NUMBER SIX ZERO THE LINE IS
OPEN. THANK YOU LINE NUMBER
FIFTY SEVEN THE LINE IS OPEN
PLEASE GO AHEAD. THIS IS JASON
LANE WITH CALIFORNIA BANKERS
ASSOCIATION ALSO IN OPPOSITION
THANK YOU THIS RULING THANK YOU
SO MUCH FOR YOUR ENGAGEMENT AS
WELL ON THIS BILL WE GREW WE'RE
GRATEFUL FOR YOUR TESTIMONY
TODAY NEXT CALLER PLEASE. LINE
NUMBER FORTY THREE YOUR LINE IS
OPEN PLEASE GO AHEAD. HI THIS
IS SYLVIA T. FROM ASIAN PACIFIC
ENVIRONMENTAL NETWORK IN
SUPPORT. THANK YOU SO MUCH FOR
YOUR TESTIMONY AND FOR CALLING
IN TODAY NEXT CALLER. LINE
NUMBER FIFTY FOUR YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING VALERIE NARAL FOR THE
CALIFORNIA CHAMBER OF COMMERCE
IN OPPOSITION TO EIGHTY THREE
TEN. THANK YOU SO MUCH FOR YOUR
TESTIMONY WE APPRECIATE YOU
NEXT CALLER PLEASE. MY NUMBER
FIFTY ONE YOUR LINE IS OPEN
PLEASE GO AHEAD. THIS IS MARGIE
LEWIS- CALIFORNIANS FOR A
BETTER ENVIRONMENT THE V. E.
AND WE ARE IN STRONG SUPPORT.
THANK YOU SO MUCH MISS LEWIS
THANKS FOR CALLING IN TODAY
NEXT CALLER PLEASE. LINE NUMBER
SIXTY FOUR YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NAME IS
WILLIAM TRONG WITH MOTHERS OUT
FRONT SILICON VALLEY FOR THE
BOOK WELL CLIMATE THANK
CALIFORNIA PUBLIC BANKING
ALLIANCE I STRONGLY SUPPORT
EIGHTY THREE TEN. THANK YOU SO
MUCH THANKS FOR CALLING IN
TODAY NEXT CALLER PLEASE. LINE
NUMBER FIFTY SIX NINE IS OPEN
PLEASE GO AHEAD. GOOD MORNING
THIS IS NICK ORTEZ WITH
CALIFORNIA PROGRESSIVE ALLIANCE
CALLING IN SUPPORT OF AB THREE
TEN THANK YOU COMMITTEE. THANKS
SO MUCH MISTER CORTEZ THANKS
FOR CALLING IN TODAY MADAME
MODERATOR NEXT CALLER PLEASE.
LINE NUMBER SEVENTY SEVEN ZERO
YOUR LINE IS OPEN PLEASE GO
AHEAD. HI THERE THIS IS I'M A
GOVERNMENT THEY'RE CALLING FROM
BENEFICIAL STATE FUNDACION IN
SUPPORT THANK YOU. THANK YOU
FOR YOUR TESTIMONY WE'RE
GRATEFUL THIS MORNING MADAME
MODERATOR NEXT CALLER. IN AT
THIS TIME OF THE GERMAN THERE
IS NO ONE ELSE IN Q. THANK YOU
SO MUCH IT MEANT A MODERATOR
CAN WE PLEASE DO A LAST CALL A
LAST CALL FOR ANYONE WHO WOULD
LIKE TO BE TO SPEAK ON A-
RETURN WE WELCOME LAST CALL FOR
COMMENTS S. AB THREE TEN. IF
YOU LEFT. A COMMENT ON AB THREE
TEN OR MAKE A VOTE. YES OR NO
THE LINE TO PRESS ONE ZERO ONCE
AGAIN AB THREE TEN PRESS ONE DO
THEIR OWN NOW. AND ONE MOMENT
HERE WE DO HAVE A COUPLE.
GROWING UP THANK YOU SO MUCH
JUST ONE REMIND FOLKS IF YOU
LIKE TO BE A TOP OF THE
COMMITTEE TODAY THE PHONE
NUMBER IS EIGHT FOUR FOUR. TWO
NINE ONE SIX THREE SIX FOUR
WE'RE NEXT GUY AFTER WERE
COMPLETED WITH THE PHONE LINE
TESTIMONY WE'RE GONNA BE GOING
TO TESTIMONY HERE IN FORTY TWO
OR THREE AND WE'RE GONNA GO TO
ROOM TWENTY FORTY. BETTER
MODERATOR NEXT CALLER PLEASE.
NUMBER SEVENTY SIX YOUR LINE IS
OPEN PLEASE GO AHEAD. YEAH MY
NUMBER SIX LINE IS OPEN. HELLO
MY NAME IS RICHARD GIRLING. I
RECALL THERE IS SOMEONE ELSE IN
Q. HELLO I RICHARD AND WE CAN
HEAR YOU THERE YOUR GOOD
RICHARD HEARING COMMITTEE.
HELLO MY NAME IS RICHARD
GIRLING. I'M WOULD LIKE TO SAY
THAT THE UNITED EDUCATORS OF
SAN FRANCISCO STRONGLY SUPPORT
THE MOVEMENT FOR PUBLIC BANKING
OF THE CIVIC WE AB THREE TEN.
RICHARD THANK YOU SO MUCH FOR
CALLING IN TODAY WE APPRECIATE
YOUR TESTIMONY THANK YOU SO
MUCH MADAME MODERATOR NEXT
CALLER PLEASE. MY NUMBER
SEVENTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. HI THIS IS
JEFF OLSON CALLING FROM PUBLIC
BANK SAN DIEGO WE ARE IN STRONG
SUPPORT OF AB THREE TEN THANK
YOU. THANK YOU FOR CALLING IN
FROM SAN DIEGO TODAY LET'S GO
TO OUR NEXT CALLER MEANT A
MODERATOR. LINE NUMBER FOURTEEN
YOUR LINE IS OPEN PLEASE GO
AHEAD. THIS IS ANNABELLE YVONNE
YOU'RE SUPPOSED TO GO DIRECTOR
WITH UNITED EDUCATORS OF
STAMPING FISCAL STRONGLY
SUPPORT OF AB THREE ONE CAN.
OKAY THREE CAN THANK YOU. ARE
YOU'RE GOOD YOU'RE GOOD THANK
YOU SO MUCH FOR YOUR PHONE CALL
TODAY LET'S GO TO OUR NEXT
CALLER PLEASE. ONE MOMENT THE
CHAIR LINE NUMBER EIGHTY FIVE
YOUR LINE IS OPEN PLEASE GO
AHEAD. YES HELLO THIS IS SHELLY
BROWNING AND- FOUNDER OF THE
PUBLIC MAKING PARA PARA AND I
AM INTOLERANT STRONG SUPPORT OF
AB TWO ONE NOW AND THANK YOU
CAN ACQUIRE FROM FATHER TO THE-
THANK YOU SO MUCH APPRECIATE
CON IN FROM THE NORTH BAY
TODAY. THAT A MODERATOR NEXT
CALLER. LINE NUMBER EIGHTY ONE
NUMBER EIGHT ZERO YOUR LINE IS
OPEN PLEASE GO AHEAD. HI MY
NAME IS RUN SCHOOL A YOUNG-
FORMER BALILES SCHOOL BOARD
MEMBER- IN SUPPORT OF THIS BILL
THANK YOU. YOU SO MUCH FOR
CALLING IN TODAY NEXT CALLER.
MY NUMBER EIGHTY THREE YOUR
LINE IS OPEN PLEASE GO AHEAD.
GOOD MORNING EVERYONE MONEY
WITH THE V. AGARWAL I'M CALLING
FROM PUBLIC BANK LOS ANGELES IN
CALIFORNIA PUBLIC BANK ALLIANCE
STRONG SUPPORT THAT WE TRIED TO
THINK A LITTLE DIFFERENT I
APPRECIATE YOUR TIME TODAY.
THINK IF YOU'RE ENGAGING LEVINE
GOOD TO HEAR VOICE NEXT CALLER
PLEASE. THE TERM AND THAT IS
OUR LAST PERSON. ALRIGHT LADIES
AND GENTLEMEN THAT'S GOING TO
CONCLUDE OUR TESTIMONY FROM THE
TELEPHONE TODAY WE'RE GOING TO.
NOW BE GOING TO IN PERSON
TESTIMONY RIGHT HERE IN ROOM
FORTY TWO OR THREE. WE'RE GONNA
WELCOME ANY INDIVIDUAL WHO
WOULD LIKE TO BETTER PROVIDE
TESTIMONY IN SUPPORT OR OPPOSE
TO BILL. THE PLEASE COME TO THE
MICROPHONE TO MY LEFT WE
WELCOME YOU NOW. CURRENCY KNOWN
RISE WE'RE NOT GONNA BE GOING
TO THE STATUS ROOM IN THE
CAPITOL ROOM TWENTY FORTY. AT
THE END THAT ROOM IS TYPICALLY.
MAKE INTO THAT'S CHECK IN. HERE
AND SEE NO ONE THERE IS A SLEW
OF PAPERS IN THE ROOM. AND SOME
HAND SANITIZER SO WE'RE GONNA
BRING IT BACK TO COMMITTEE- IN
DO APPRECIATE EVERYONE'S
TESTIMONY. HERE TODAY. WE HAD
ROBUST TESTIMONY THE TELEPHONE
LINES THANK YOU SO MUCH TO OUR
MODERATOR HE'S BEEN DOING SUCH
A FANTASTIC JOB. LET'S OPEN IT
UP TO COMMITTEE QUESTIONS AND
COMMENTS AGAIN THIS IS
TESTIMONY ONLY. THAT START WITH
THE VICE CHAIR MISTER VICE
CHAIR THANK YOU MISTER CHAIR-
ASK A FEW QUESTIONS I DID NOT
SEE IN YOUR BIOGRAPHY A SERMON.
NUMBER SANTIAGO THAT YOU HAD A
BANKING EXPERIENCE BUT- I JUST
WANTED TO LEAST SAY THAT- I. I
DID WORK FOR SECURITY PACIFIC
NATIONAL BANK- IN COLLEGE FOR A
YEAR AND- ALSO- SERVED AS YOUR
CHARACTER TAX COLLECTOR FOR.
TWELVE YEARS AND UNDERSTAND.
WHAT FIANNA MáS IS DEALING
WITH SO I WANT TO ASK A FEW
QUESTIONS. SHE SHE BROUGHT A-
AN INTERESTING POINT AND MAY BE
SHOULD. BUT. I THOUGHT I HEARD
HER SAY THAT LAY FITS PMI IS
THAT CORRECT. I BELIEVE SHE MAY
SAID THERE'S- I'M SORRY WE
SHOULD MENTION THAT OKAY SO
THEN. IF WE WANNA TAKE 10% OF
PMI A WERE ALSO TAKING 10% OF.
INVESTOR FUNDS IS THAT CORRECT.
IF YOU FOLLOW THAT LOGIC. A SO.
I BECAME A TREASURE ORANGE
COUNTY BECAUSE THE COUNTY WENT
BANKRUPT IN SEOUL. IF BERMAN
INVESTMENT. DECISION MADE BY
THE COUNTY TREASURER AND SO
EVERYONE JUST GONNA SAID SCHOOL
DISTRICTS AND CITIES SAID BOY
WE WERE WE'RE SO NERVOUS WE
DON'T WANT IT TO GO BACK AND- I.
WONDER IF. INVESTING LAY FUNDS
IN A PUBLIC BANK WOULD MAKE A
LOT OF DEPOSITORS NERVOUS. SO
I'M I'M WONDERING SHE MADE THE
POINT THAT IF YOU TAKE PM I A
AND THEN YOU WERE. REDUCE IT BY
LAVE AND OTHER. THAT'S REALLY
ACTUALLY HAVE TWENTY BILLION
AVAILABLE IN A GENERAL FUND.
WOULD YOU WANT 10% OF THAT WORK
10% OF THE TOTAL PMI A BALANCE.
YOU MISTER CHAIR MATH. FOR WHEN
WE BEGAN I THINK WE LEFT IT
OPEN BUT THE LESS AND LESS I
REMEMBER A CONVERSATION FROM
LAST YEAR AND I'M VERY GRATEFUL
FOR THEM WE TOOK OF THE HEART.
AND WE WERE ABLE TO ESTABLISH A
BETTER BILL WHEN WE WERE DOING
IT LAST TIME- SO ON WHATEVER
CONVERSATION PUT ON THE TABLE
NOW BECAUSE THIS IS A HEARING
WE WILL TAKE NOTE OF THEM WILL
WORK ON THROUGH THE FALL. I
THANK YOU VERY MUCH FOR
CONVERSATION. BUT IT LOOKS LIKE
KNOWLEDGE OR WORK IN THE COUNTY
THAT YOU REPRESENT YOU AND I'VE
GONE DEBATE BACK AND FORTH ON
THIS- FIVE. I APPRECIATE THE
COMMENTS YOU HAVE HIM WILL TAKE
MARK THANK YOU. THANK YOU.
MEMBER FAN. I ENJOY. WITH YES I
JUST WANNA MAKE. THAT
EVERYTHING IS CLEAR. I HEARD A
COUPLE TIMES THAT THE WALL
STREET. BANKS HAVE FAILED
CALIFORNIA WHAT WHAT DOES THAT
MEAN WHAT DOES WALL STREET
BANK. THE ONLY THING DELUDE WE
FIT WELL IN THE CONTEXT ITEM WE
THINK ABOUT BIG BANKS- FELL. BY
WE DO ABOUT BIG BANKS ON. THAT
TO WOMEN BY WALL STREET BANKS.
THE LIKE A BANK IS TRADED ON
THE- STOCK EXCHANGE. COULD BE
YES BUT NOT LIMITED TO- AND WHY
WOULD A SMALL BUSINESS. GO TO A
WALL STREET BANK. IT IS OUR TOP.
REISS TO FOR IS THIS FOR TWO OR
DO YOU ALREADY HAVE THE ANSWER
WELL I YOU KNOW IT SAYS WALL
STREET BANG OF SMALL AND I'M
TRYING TO FIGURE WELL WHY WOULD
A SMALL BUSINESS GO TO A WALL
STREET BANK FOR A LOAN AS
OPPOSED TO A COMMUNITY BANK
SIDE I'M JUST KIND OF. TRYING
TO. UNDERSTAND WHEN SOMEONE
SAYS SOMETHING WHAT IT REALLY
MEANS. SO WITH THAT LET ME
JUST. MAKE SOME SOME
OBSERVATIONS- THE ON A MOCK.
TREASURER USED TO ON THE LINE.
I AM. MAY I ASK YOU QUESTIONS.
I AM ONE THING YOU DID TO.
TOUCH ON YOU WOULD BE WERE GOOD
ABOUT EXPLAINING IS NET ASSET
VALUE ARE YOU NOT SUPPOSED TO
KEEPA ONE DOLLAR NET ASSET
VALUE. I HAVE READ THE GOALIE
MORE WHO IS THE DIRECTOR OF OUR
INVESTMENTS DIVISION HERE ON
THE PHONE. TO ANSWER- THAT VERY
TECHNICAL QUESTION. GOOD
MORNING SENATOR MORE MORE
LACKING COMMITTEE MEMBERS- THE
POOL MONEY INVESTMENT ACCOUNT
TECHNICALLY IS NOT A NET ASSET
VALUE FIND HOWEVER I WILL SAY
THAT WE THE WAY WE INVEST OUR
FUNDS. WE DO GUARANTEE THE
PRINCIPLE BACK TO FOR EXAMPLE
THE LOCAL GOVERNMENTS THAT DO
INVEST WITH US. IT IS IT IS THE
CHEN FUND THAT WOULD TAKE ANY-
YOU KNOW. PUT ON COLD LOSSES TO
THE POOL- FOR ALL OF ITS
MEMBERS. WOULD USE KEEP
EVERYTHING VERY SHORT AND CASH
EQUIVALENTS YOU'RE ALWAYS SAID-
FOR THE- NOT AS A VALUE OF ONE
DOLLAR LIKE A MONEY MARKET
FUND. HOW WOULD YOU THEN. PRICE
THAT THE MONEY THAT GOES INTO
THE COMMUNITY BANK. IT WILL BE
SINCE- THE CONTROLLER SAID
IT'S- THERE'S NO MARKET FOR
THIS SECURITY APPS. DO YOU HAVE
ANY. WORKING GROUP ON HOW
YOU'RE TRYING. TO FIGURE OUT
HOW HOW TO PRICE IT. WHAT I
COULD SPEAK TO THE INVESTMENTS
THAT WE DO AS YOU ARE AWARE OF
THE ONES WE DO INVEST IN WE
MARK TO MARKET THOSE
INVESTMENTS SO WE DO KNOW THEIR
VALUE- FOR IN A LIQUID
INVESTMENT. IT WOULD BE VERY
DIFFICULT TO KNOW. AT ANY ONE
POINT IN TIME WHAT THE VALUE OF
THAT. AND WOULD BE IF THEY IS
NO MARKET FOR IT. SO DIFFERENT
QUESTION I DON'T RECALL LEYVA
EVER HAVING RECEIVED A CREDIT
RATING HAS BEEN IN. IN RECENT
YEARS DOES IT HAVE A RATING
FROM MOODY'S OR FEATURES
STANDARD AND POOR'S. WHAT DOES
NOT OKAY SO THEN YOU DON'T HAVE
A RISK OF JEOPARDIZING THE
RATING. IF YOU DO THIS BANK.
CAN I THINK YOU'RE JUST SORT OF
HINTED ADDED THAT IF THE
SECURITY OR THE MONEY YOU PUT
INTO THE BANK IF THERE ARE
DEFAULTS THEN THE GENERAL FUND-
FOR THE STATE OF CALIFORNIA
WOULD HAVE TO. TAKE LOSSES. THE
CORRECT THAT IS CORRECT THAT IS
CORRECT OKAY- THIS IS A MEMBER.
SANTIAGO AB IF THE BANK LOANS
TO A CITY AND A CITY DECIDES TO
GO IN A CHAPTER NINE BANKRUPTCY
AND THE JUDGE RULES THAT EVERY.
EVERY MUNICIPALITY OR EVERY
LENDER CAN TAKE- A CUT IN THEIR
AMOUNT OF DEBT- DOES YOUR BILL
HAVE A PROVISION THAT SAYS THAT
CITIES CAN'T. REDUCE THEIR
BALANCE DUE TO THE BANK. I
DON'T BELIEVE WE DO AT THIS
POINT BUT- BUT BUT LET LET LET
ME LET ME HEAR YOU VERY LOUD
AND CLEARLY LIKE. PART OF THE
SET A PART OF THIS IS HERE IS
T. IS TO ADDRESS SOME OF THE
CONCERNS AND TO HAVE THAT
ABILITY TO MOVE FORWARD. SO I
GET IT IT'S A NEW CONCEPT- WE
COULDN'T GET YOU THERE LAST
YEAR- CRISIS I SUSPECT I WOULD.
EXPECT YOU WOULD ENGAGE THE
SAME CONVERSATIONS WE PROBABLY
GET TO THEIR NEXT YEAR. ON THE
VERY CLEAR AND WHAT WE'RE
LOOKING FOR IS BUILT BILLS
FOUNDATIONS TO BE ABLE TO WORK
ON SAFEGUARDING THE DOLLARS.
MAKING SURE THAT THIS TIMELY. I
GET THAT PART THIS CON. PHONE
FIVE. THAT WELCOME BE ABLE TO
ADD THROUGH ASSEMBLY SOMEONE
WOULD YOU LIKE A MISTER JACOBS
TO BE A COMMON ON ANY THIS IS
WELL IT'S HARD TO MODERATE THAT
JUST BECAUSE HE'S NOT IN FRONT
OF ME YEAH- BUT- BUT MAYBE I
CAN PASS OFF TO HIM IF HE HAS
ANY ADDITIONAL. ABSOLUTELY A
MISTER MOORE LOCK IF- WE COULD
BRING IN IF YOU BE COMFORTABLE
WITH THIS ONE OF OUR LEAD-
SUPPORT WITNESSES SHE SHE'LL
JAKE UP. FROM THE CAPTAIN
PUBLIC THINKING ALIGNS MISTER
JACOB WANT TO CONFIRM THAT
YOU'RE STILL ON THE LINE. YES
I'M HERE. HOW MUCH. THREE ONE-
SEETHER ANY ITEMS THAT YOU'D
LIKE TO BE A TO COMMENT ON SOME
OF THE TECHNICAL. SIDE OF THE
LEGISLATION- FOR VICE CHAIR
MORLOCK. YES THEY ARE VERY
HAPPY TO. I THINK OUR MAIN
POINT HERE IS THAT THERE IS A
WAY FOR THE INVESTMENT FROM THE
KI I A INTO THE I MAKE. TO
BE STRUCTURED IN A WAY THAT
PROTECTS. HE PUT MONEY
INVESTMENT ACCOUNTS AND WE KNOW
THIS BECAUSE WE KNOW THAT THE
AYE MAKES. THAT HE- I BANKS AND
SECURITIES OUR STATE. IT THE I
THINK IS A HIGHLY RATED
INSTITUTION. AND IT- IT DOES IT
DOES WORK OF ISSUING BONDS TO
LOCAL GOVERNMENTS DOING DOES
LOAN GUARANTEES WITH LOCAL
FINANCIAL INSTITUTIONS AND
THERE'S A WAY FOR US TO TALK
ABOUT OW THE PMI A COULD BE
INVESTING IN HIGHLY RATED
SECURITIES OF THE AYE BANK- AND
SO. WHAT WE'RE TRYING TO SAY IS
WE WE'RE ASKING THAT WE CHANGE
THE MINDSET OF WHERE OUR PUBLIC
INVESTMENT GOAL DON'T GET HAPPY
GOING TO WALL STREET NAY CAN BE
GOING DIRECTLY THROUGH OUR
STATE BANK. AND BENEFITING OUR
LOCAL ECONOMY. THANK YOU SO
MUCH THE SUBJECT BUT I THINK TO
THE VICE INCOME ON THAT PLEASE
OUR GREAT ON ALL JUST ASK ONE
TWO MORE QUESTIONS IN ALL RIGHT
UP THIS GIVE OUR PRE THE FACT
WE CAN HAVE A DISCUSSION YOU
KNOW THIS IS OUR HEARING
EXACTLY- TREASURE Mà. OR IN
AND RIGHT G. WHO WERE USING
RATHER'S LARGE BANKS RIGHT NOW
FOR THE STATE OF CALIFORNIA
WOULD PRESUME- WHAT IS THEIR
COLLATERAL REQUIREMENT TO. TO
QUALIFY AS A BANK FOR THE STATE.
I AM GONNA HAVE QUESTION THE
ANSWER THAT SINCE SHE OVERSEES
THAT PROCESS THE CENTER MORE
LOCK- THE COLLATERAL THAT WE
REQUIRE THE BANKS- SPECIFICALLY
IS FOR THE- DEPOSITS THAT ARE
HELD BY THEM- WHICH- THE
TREASURER COMMENTED ON THAT WE
DO LEAVE SOME. MONIES IN ONE OF
OUR EIGHT DEPOSITORY BANKS- AND
THAT IS TO COMPENSATE THEM FOR
THE SERVICES THAT THEY PROVIDE
IT SO THAT HAVE TO BE
COLLATERALIZED AND DEPENDING ON
THE NATURE OF THE COLLATERAL
WHETHER IT'S- FEDERAL LETTERS
OF CREDIT. IT WOULD BE HAVE
BEHIND PERCENT COLLATERALIZED-
AND UPWARDS OF UP 210050% OF
ITS MORTGAGE BACKED SECURITIES.
AND SO IT'S MY UNDERSTANDING
THAT THE AYE BANK WILL HAVE NO
COLLATERAL SO THEY JUST ANOTHER
CONCERN MAYBE TWO ADDRESSES
YOU'RE WORKING ON THIS PROJECT
A- RESEARCHER. AT THE THEN THE
NORTH DAKOTA BANK WHICH USES AN
EXAMPLE IN IN NORTH DAKOTA HAS
A POPULATION OF SEVEN HUNDRED
AND SIXTY TWO THOUSAND WHICH IS
ABOUT ONE FIFTH THE POPULATION
OF STATE ORANGE COUNTY- SO.
IT'S A UNIQUE BANKING AS THE
CONTROLLER POINTED OUT IT WAS
THERE TO ASSIST LOCAL BANK SO I
DON'T SEE THAT AS A MODEL BUT
IT'S ABOUT THE ONLY ONE BECAUSE
I TRIED TO START A BANK WHEN I
WAS. AS A TREASURE BECAUSE THE
PROBLEM I HAD BACK THEN- SO
MEMBER SANTIAGO IS. OF THE
LARGE BANKS WERE NOT EXCITED
ABOUT HAVING WELFARE RECIPIENTS
AND THEIR- LOBBIES ON THE FIRST
OF THE MONTH THE NUMBER GIVING
A LOT TO PUSH BACK- BUT- WE
WENT THROUGH THE WHOLE-
BUSINESS PLAN AND FOUND THAT.
REALLY WE DIDN'T- REALLY HAVE A
REAL MARGIN FOR ERROR WAS VERY
IT WAS A VERY TIGHT. IT TO DO
IT SO IT DIDN'T MAKE SENSE- SO.
MY CONCERNS ARE IN THAT AREA
AND I APPRECIATE THE FACT THAT.
THE CONTROLLER AND THE
TREASURER HAVE PROVIDED THEIR
INPUT AND CAN REALLY RESPECT
WHAT THEY HAD TO SAY AND VERIFY
THAT IT'S REALLY ACCURATE. IT
JUST GETS A LITTLE FRUSTRATING.
FOR ME- WATCHING SACRAMENTO IS
IT DEALS WITH THE DMV AS IT
DEALS WITH THE EMPLOYMENT
DEVELOPMENT DEPARTMENT AS IT
DEALS WITH FIFTY CAL. YOU KNOW
WE DON'T EVEN HAVE OUR
FINANCIAL STATEMENTS OUT. AND
WE'RE THE ONLY STATE IN THE
COUNTRY THAT HASN'T ISSUED ITS
ON FINANCING. STRUGGLE NERVOUS
ABOUT STYLE DRIFTED STARTING
SOMETHING. BRAND NEW AND THREE
OWNERS IT'S IS A BIG PROJECT
YOU CAN TELL JUST BY THE AMOUNT
OF WORK THAT THE SEVEN MEMBERS
PUT INTO IT. SO WITH THAT I
JUST WANT TO SHARE THOSE
CONCERNS. AND I THANK YOU FOR
THE TIME. NO GREATLY APPRECIATE
THAT AT SOME NUMBER PLEASE ON
THE COMMENTS FROM VICE CHAIR.
NO I'M ABSOLUTELY GRATEFUL FOR
A COMMENT ON THE LAST YEAR WHEN
WE MET AND WE DISCUSSED- IN
PUBLIC THE ISSUE OF PUBLIC
BANKING. WE TOOK THE HARD ALL
THE CONVERSATIONS THAT WE HAD
AND WE MADE A BETTER PRODUCT
BECAUSE- NOW WILL BE FOR
STARTED LAST YEAR AFFECT FOLKS
SAID NO WAY TO NEW CONCEPTS NOT
GONNA HAPPEN WON'T HAVE THE
SAFEGUARDS IT'S NOT PRUDENT.
THAT'S WHAT HE GOT SIGNED.
THEIR NOMINEES APOLOGIES WERE.
IT CAN WE ADDRESSED- ALMOST
EVERY SINGLE CONCERN THAT WAS
LAID ON THE TABLE. I ASSUME
WE'RE NOW STATUS A STATE BANK.
OF ARMING PURGED THAT IT'S
BEING TAKEN SERIOUS AND I'M
ENCOURAGED THAT THE
CONVERSATION IS RISEN AND THAT
WE'VE IDENTIFIED WITHIN MY
DISHES LOOK THIS IS THE
LEGISLATIVE PROCESS. THIS IS
WHAT WE DO- WE START OFF WITH
AN IDEA. WE INCORPORATE- THOSE
IDEAS THAT WE LIKE AND WE
ADDRESS THE POLICY ISSUES THAT
MAY BE OF CONCERN- I
ESPECIALLY- I SPECIALLY TRIP
WHAT YOU SAY WHAT WAS
SERIOUSNESS BECAUSE YOU'VE
TRIED THIS AND ENACT MEANINGFUL
TO ME- WERE NOW FORTUNATELY TO
BE THE LEGISLATURE AND TRY TO
COMPLETE THAT JOB TO TRY TO.
FIGURE OUT HOW TO. HOW TO DO
STUFF- PUBLIC BANKING-
CERTAINLY TO NEW CONCEPT BUT-
IT ALSO SO WITH THE IDEA OF
HAVING THE PUBLIC HEALTH CARE
SYSTEMATIZED. PAN OUT TO NORTH
SO WITH THE IDEA OF HAVING
PUBLIC TRANSPORTATION AT THE
TIME. AND NOW IT'S BECOME THE
NORM. SO I CAN UNDERSTAND THE
RESISTANCE BUT I WILL TAKE VERY
SERIOUSLY THE POLICY CONCERNS
ARE THAT HAVE BEEN RAISED.
BECAUSE WE DO HAVE A
RESPONSIBILITY. TO ENSURETHAT
THE FINANCIAL INSTITUTIONS OF
THE STATE OR WHOLE BUT WE ALSO
HAVE A RESPONSIBILITY TO
IMPROVE. THE QUALITY OF LIFE
FOR OUR RESIDENTS AND TO FIND
BETTER WAYS OF DOING THINGS AND
IF WE CAN FIND A WAY TO USE THE
DOLLARS THAT WE CURRENTLY. NOW
IN. TO THE PUBLIC OUR BE
AFFORDABLE HOUSING- THE SMALL
BUSINESSES WHAT WE COULD BE OF
MORE ASSISTANCE AND I THINK
IT'S A SPONSOR THE BAG THAT I
KERRY AND- DEEPLY MY HEART THAT
WE SHOULD TRY AND THIS IS WHAT
WE'RE DOING RIGHT HERE SO I'D-
BUT THE FOR THE FIRST
CONVERSATION AND I'M EXTREMELY
GRATEFUL TO THE CHAIR- TO
CONTROL HE- AND TREASURE MALL
FOR HAVE BEEN LAID OUT-
LEGITIMATE CONCERNS THAT WILL
BE ADDRESSING- OVER THE FALL
WITH IT WITH THE WORKING GROUP-
AND WE WILL BEGIN NEXT YEAR TO
TEAR. AND THAT THIS WILL BECOME
A CC PRODUCT. WE MAY OR MAY
NOT PHILOSOPHICALLY AGREED THAT
THERE SHOULD BE A STATE BANK.
BUT I THINK THAT YOU'LL SEE. A
SERIOUS APPROACH- ARE.
REGARDING THE PUBLIC FUNDS. AND
ESTABLISHING SOMETHING- IN THE
STATE PUBLIC BANK THAT IS
RESPONSIBLE. AND DOES THE
PUBLIC GOOD FOR THAT YOU'LL
SEE- BUT I ENCOURAGE YOUR
INPUT- THE ENTIRE WAY THROUGH
IN FACT I CHECKED IN WITH YOU
FROM TIME TO TIME BECAUSE HE
TRIED- SO. I LOOK FOR THAT KIND
OF CONFIDENTIAL CONVERSATION.
THANK YOU. THANK YOU SO MUCH
SOME WOMEN WE'RE GONNA GO TO
CENTER NIELSEN AND THEN CENTER
WIENER IS WELL SO CENTER
NIELSEN PLEASE FOR JURORS.
THANK YOU MISTER AND MEMBERS
AND- SEVEN SANTIAGO. THE THIS
IS SPEAKS TO THERE IS VERY
LITTLE NEW UNDER THE SUN FORTY
TWO YEARS AGO A MEMBER OF THE
STATE SENATE PROPOSED SIMILAR
LEGISLATION TO CREATE A STATE
BACK. IT BECAME A BIG ISSUE IN
THAT YEAR THE YEAR OF PROP
THIRTEEN. THERE WAS NOT SUPPORT
FOR THE IDEA. AND OVER THE
DECADE SOME FORTY TWO YEARS THE
IDEA OF STATE BANK IS NEVER
TAKEN HOLD IN CALIFORNIA. AS
THIS IS NOW CONSTRUCTED. I HAVE
SOME STRONG CONCERNS ABOUT IT
IN TERMS OF ITS- ACCOUNTABILITY.
HOW WILL IT BE CAPITALIZED WILL
THAT BE ALL STATE GENERAL FUND.
MR SOON WOULD YOU LIKE TO
ANSWER THE QUESTION ON ON
BEHALF OF THE DEAN THE SENATE
PLEASE SIR AND I THINK TO CHILL
COULD ANSWER THAT MORE
TECHNICAL QUESTIONS LOCAL.
WONDERFUL OUT WHY DON'T WE GO
AT MANTA MODERATOR WE'RE GONNA
GO TO THE PHONE LINES. WE'RE
GOING TO BRING UP SHE SHE'LL
JAKE UP. HE HE'LL JACOB WAS ONE
OF OUR LEAD SUPPORT WITNESSES.
MISTER JACOB. CENTER NIELSEN
WANTS TO HEAR A RESPONSE IN
PLEASE CENTER NIELSEN A PUSH
BACK IF I MAY PARAPHRASE
CORRECTLY. HOW YOU'RE GONNA BE
ABLE TO FINANCE. THE CREATION
OF THE PUBLIC BANK HERE IN
CALIFORNIA IN WOULD BE JUST
FROM THE GENERAL FUND TALK
ABOUT THAT IF YOU DON'T MIND
ALSO THE PMI A- MISTER JAKE UP
THE FLOOR IS YOURS FOR CENTER
NIELSEN. THANK YOU. HE FIVE
BANK WE ONLY HAVE THE ADVANTAGE
OF USING A NEW DISTINCT STATE
ALONE AT THE WORRY THAT HAD
ABOUT ONE BILLION DOLLARS IN
ASSETS. TO THE POINT THAT WE-REMEMBER THAT WE'RE NOT TALKING
ABOUT I DO NOVO INSTITUTION
WE'RE NOT STARTING FROM
SCRATCH. THE INITIAL ASSET BASE
OF THIS BANK IS. THAT ONE
BILLION I REFERRED TO. THE
OTHER PART OF THIS IS THAT THE
KI I A CUTE COULD BE USED
SOME PORTION OF THE INVESTMENT
FROM THE PMA COULD BE USE THAT
CAPITAL. OR IF NOT THEN IT
WOULD BE- THE VAST MAJORITY OF
WHAT WE'RE TALKING ABOUT IN
TERMS OF THE PMI A INVESTMENT
IS. AN PURCHASE A DE TO. FROM
THE AYE BANK WHICH I BANK
WITHIN THE LENDING OUT IN THE
REVENUE EARNED BY THE I BANKS
LOAN ACTIVITIES ADD TO THE
CAPITAL BASE OF. YEAH I THINK
SO THEIR TO AWAIT FOR THE AYE
BANK THE TO GROW ITS CAPITAL
BASE OVER TIME SIMILAR TO HOW
IT. HAS ALREADY DONE OVER THE
PAST TWENTY FIVE YEARS WITHOUT
MAKING AN ASK- CAPITALIZATION
FROM THE GENERAL FUND. OKAY IS
IT INDICATES THAT THE INVESTING.
OF THIS BANK WOULD BE GUIDED BY
QUOTE STATE OF STATE POLICY OR
PRIORITIES WHAT WOULD THAT MEAN
WHAT DOES THAT MEAN. WHAT HAVE
YOU A DESERT WHAT IS A STATE
PRIORITY FOR EXAMPLE. SAID WE
ARE STILL PURSUING A RISKY
VENTURE A SPEED TRAIN WOULD
THAT NOT BEEN QUALIFY AS AS
THE- ILLEGITIMATE INVESTMENT OF
THIS FUNDS FROM THE BANK. I
WOULD ONLY GO TO MISTER JACOB
MISTER JACOB- IF YOU COULD
PLEASE RESPOND TO THE QUESTION
BY CINDER NIELSEN MISTER JAKE
UP THE FLOOR IS YOURS. THE BILL
PROPOSES. THE TWO THINGS TO BE.
HAS PROFESSIONAL MANAGEMENT SO
THAT'S THE CURRENT STRUCTURE OF
THE BANK THE AYE MCCARTY HAS
PROFESSIONAL MANAGEMENT AND
OVERSEEN BY A BOARD OF
DIRECTORS OF WHICH THE
CONTROLLER DIRECTOR OF FINANCE-
AND TREASURER ON WE ARE TALKING
ABOUT EXPANDING THAT BOARD TO
INCLUDE. OTHER BANKERS LOCAL
BANKER AND A REPRESENTATIVE OF
THE COMMUNITY'S INTEREST-
INCLUDING THE ENVIRONMENT AND
WORKERS THAT. IF OF. THE BOARD
RESPONSIBLE OVERSEE THE
MANAGEMENT AND IT'S AT ALL OF
THESE- FOR THE BANK SO IT. TO
ANSWER YOUR QUESTION AROUND
WOULD AT HIGH SPEED RAIL
INVESTMENT QUALIFY FOR A LOAN
FROM THE BANK IF IT WENT
THROUGH THE PROCESS STEP BY THE
BOARD PERHAPS BUT WE CAN'T
PREJUDGE THAT. ALL RIGHT AND
NOW IS I SEE IT THE LEGISLATURE
WOULD HAVE LITTLE. TO NO
OVERSIGHT AUTHORITY. OVER THIS
BANK. AM I CORRECT IT SEEMED
LIKE AN OLD IN YEARS TO THE
BOARD OF DIRECTORS S. COMPRISED
AND AS THEY ARE REQUIRED TO
PRIORITIZE. BUT WE GO TO
ASSEMBLY MEMBER SANTIAGO PLEASE
BUT WHAT WHAT THE WAY WE LIVE
THE WAY WE LOOK AT IT WAS THIS
FOOD AND LIKE I'M GONNA BE
COMPLETELY HONEST OF THE MASTER
NIELSEN. PORTABLE TO ENSURE
THAT WE GOT OVERSIGHT- SO I
WOULD SAY I WOULD SAY IT
DOESN'T BECAUSE THIS IS WHAT
THE CONVERSATION LEADS TO.
COURSE IS GOING TO BE OVERSIGHT
OF COURSE IS GOING TO BE
FISHERIES SPONSORING COURSE
GOING TO SAFEGUARD THE PUBLIC
DOLLARS. WELL A WALL OF
INDUSTRIES BANKING IN AMERICA
IS ONE OF THE MOST REGULATED
THE LAW AND THIS DOES NOT
APPEAR TO ME TO BE MUCH
REGULATED AT ALL OTHER THAN BY
THE BOARD OF DIRECTORS. IT IS
IT'S- STATE WITH BANKS THEIR
BACKING THE BUREAU DO THEY HAVE
ANY AUTHORITY OVER THIS
JURISDICTION. DOES THE
LEGISLATURE DOES THE GOVERNOR
HAVE ANY AUTHORITY. SO WHO'S
THE BOSS IT SOUNDS LIKE THE
BOSS OR JUST THESE DIRECT DOORS.
IN CENTER I'M HAPPY TO COMMENT
ON THAT OR PLEASE GO RIGHT
AHEAD OF SENATE I FEEL LIKE AN
ANSWER THAT THE YOU'RE WELCOME
TO COME. NO I THINK THAT IS
SERIOUS AND THIS IS ONE OF THE
ITEMS IN IN PLEASE SOME NUMBER
PUSH BACK ON ME IF YOU THINK
I'M INCORRECT IN THIS IS THAT.
THE ONE OF THE ITEMS THAT WE'VE
HAD SOME DISCUSSIONS WITH BOTH
SOME MEMBERS SANTIAGO THROUGH
HIS LEADERSHIP AS WELL AS AT
THE PROPONENT PROPONENTS OF THE
LEGISLATION. IS THAT ISSUE OF
OVERSIGHT WHAT IS AT OVERSIGHT
LOOK LIKE- WE TALKED ABOUT THE
DEPARTMENT OF BUSINESS
OVERSIGHT JUST LIKE WHAT WE SEE
WITH COMMUNITY BANKS AND-
CREDIT UNIONS THROUGHOUT THE
STATE IN IN TRADITIONAL BANK
SO. THAT IT IS IN IT DO THAT
I'VE ALSO IN. I THINK YOU BRING
UP A GOOD POINT. IF IT'S A
RIGHTS HERE NIELSEN- I DON'T
WANT TO PUT WORDS INTO THE SOME
OF THE MEMBERS MATH WHATSOEVER
BUT- THIS WILL. THIS IS BEEN AN
ISSUE THAT. I AM ONE OF THE
ISSUES THAT WE'VE IDENTIFIED
THAT NEEDS FURTHER DISCUSSION.
ASSEMBLYMEMBER WOULD THAT BE
FAIR I SAID IN MY FIRST COMMENT
TO THE FIRST QUESTION OF COURSE
IT WILL HAPPEN AGAIN. FROM BOOK
LASTLY LET ME OBSERVE THE- TO
BE ABLE TO LOSE ABOUT THIS ONE
HAS TO BE VERY CONFIDENT. OF
THE ABILITY OF STATE
GOVERNMENTAL AGENCIES TO BE
GOOD STORE TO THE TAXPAYER
DOLLARS. IT'S MY EXPERIENCE
AROUND HERE FOR QUITE A NUMBER
OF YEARS THAT IS NOT QUITE THE
CASE. CASE IN POINT TODAY LOOK
IN THE CALIFORNIA AGENCY BY
AGENCY. THEN I WILL CERTAINLY
SUBMIT IN TERMS OF OUR
INVESTMENT ARE FOOLISH
INVESTMENT IN HIGH TECH.
PROJECTS CALIFORNIA DOESN'T
STATE GOVERNMENT AGENCIES HAVE
NEVER GOTTEN. THAT'S A BIG HIGH
TECH PROJECT RIGHT MEANING ON
TIME ON BUDGET. AND THE
FUNCTION THERE BILLIONS OVER
RUN. TIME AND AGAIN. TO LOOK AT
DMV TODAY THOUGH NO FURTHER
PART FOR OFFICE STAFF
ASSEMBLYMAN JUST GETTING
BESIEGED BY COMPLEX THAT'S
ALWAYS BEEN THE CASE. SO MY
OBSERVATION IS HOW WOULD I FIND
COMFORT HAVING BEEN A STUDENT
OF GOVERNMENTS. THE INABILITY
TO SERVE THE PEOPLE THAT I
SHOULD EMBRACE THIS AND THINK
THAT THE CITIZENS OF I
REPRESENT ARE GOING TO BE ABLE
TO PROFIT BY. AND WHEN THEY ARE
GOING TO BE CONSTRAINED FROM.
LOOKING AT WHAT IS THE BEST
RETURN ON INVESTMENT
INVESTMENT. RATHER THE SOCIALLY
CONSCIOUS INVESTING THAT THIS
PROBABLY WILL REQUIRE THAT. TO
ME ON PURPOSE ABOUT A
SETTLEMENT. THANK YOU SO MUCH
TURN YES INNOCENT EVER ANY
FINAL COMMENTS WITH SENATOR
SOME PLEASE NO NO I APPRECIATE-
BUT LOOK I WOULD HAVE THE SAME-
SKEPTICISM TOWARDS PUBLIC
BANKING EXCEPT THAT I THINK WE
CAN DO A CORRECT. I AND I THINK
WE COULD PUT THE TIME INTO LOOK
I'LL GO BACK AND NOT TO
REITERATE MY POINT BUT I THINK
IT'S PRUDENT TO SAY IT BUT WHEN
WE BEGAN LAST YEAR WITH WITH
THE ABILITY TO WHAT'S THE IDEA
OF PUTTING PUBLIC BANKING LOCAL
MYTHOLOGIES. I KNOW YOU WEREN'T
THERE AND WE WERE THERE TOWARDS
THE END AND THAT'S OKAY BUT WE
TOOK YOUR COMMENTS ABOUT THE
HEART AND WE ADDRESS THE ISSUES
IS AS BEST PROBABLY WE CUT- I
HAVE A VESTED INTEREST IN THIS
WORKING. A NAY ANY PRUDENT AND
RESPONSIBLE. COOLEY AS YOU DO
WHETHER YOU DECIDE TO VOTE ON
IT OR NOT. ONLINE OF COURSE NOT
HEY BUT IT DOES LOOK. ISN'T AND
ON IT WE'VE GOT WE'RE FROM THE
PAST I THINK WE HAVE EVERY. TO
MAKE THIS A RESPONSIBLE BILL-
THAT WILL DO THE THINGS ARE
TRYING TO DO WE'RE SAYING WE'RE
GOING TO DO IN THE STATE IN THE
CALIFORNIA. UNDERSTOOD THE
ISSUE. DOLLARS A COULD.
FINANCIAL RESPONSE. AND AN THE
ISSUES OTHER ISSUE YOU HAVE
RAISED. OUTSIDE THE BILL'S THE
ISSUES OF BE AT AND THAT'S WHY.
THAT WHY WE'VE STAB. BY THE
ABILITY TO PUT A WORKING.
TOGETHER N. E. WE- ALL. I'VE
BEEN ENGAGED IN THE LEGISLATIVE.
FOR SOMETIME AND KNOW THAT.
THAT IT'S A THE ROLE THOUGHTFUL
IN THE GIVEN THE COMMITTEES
FOR. IN THE- TO WHEN IT WHEN IT
GETS TO THE OTHER SIDE- WE
ADDRESS EVEN THOSE ISSUES. THAT
WE MAY NOT AGREE WITH. ON SOME
PRETTY CONFIDENT THAT THE FULL
THIS WILL BE A C DEAL BY
THE TIME. HI BY THE TIME WILL-
WE'RE DONE WITH IT. SO THANK
YOU MISTER THE CENTER. THANK
YOU FOR YOUR RESPONSE
ASSEMBLYMAN THANK YOU. YOU SO
MUCH TO THE D. SENATE VERY
GRATEFUL SIR THANK SO MUCH AS
NUMBER LET'S GO TO. WINNER
FIVE. THANK YOU MAY CHAIR. TO
ME I WANT TO OF THE AUTHOR. FOR
BRINGING THIS BILL FORWARD TO
CONTINUE OUR CONVERSATION
AROUND POOR BANKING I- JOINS
THE AUTHOR AND CO AUTHORING
LAST YEAR IS AB MOVIE FIFTY
SEVEN- TO AUTHORIZE LOCAL.
PUBLIC BANKS AND WE'RE ABLE TO
GET THAT- PAST AND NOW. YOU'RE
TAKING THE NEXT STEP FIVE HERE
MAKES ALL THE SENSE IN THE
WORLD TO AUTHORIZES STATE BANG
FOR ALL THE REASONS THAT HAVE
BEEN. ARTICULATED I WANT TO
THANK THE CHAIRMAN FOR
SCHEDULING THIS BILL- THESE FOR
INFORMATIONAL HEARING TODAY- SO
THAT YOU KNOW IT'S SORT OF THE
BILL TO STOP MOVING FORWARD WE
WERE ABLE TO PUBLICLY AIR- THE
DISCUSSION ABOUT THE BILL- AND
ZERO. YOU KNOW THE MERITS OF
THE BILL WHICH I AGREE WITH.
TOM AS WELL AS THE CRITICS. AND
I'M- I'M NORMA'S RESPECT FOR MY
FRIENDS- BETTY ANN YEAH I'M
AUTUMN GLAD THAT THEY ARE
ENGAGED. AND THAT YOU'LL BE
WORKING WITH- YOU IN THE
COALITION WILL BE WORKING WITH
THEM. OVER THE RECESS OF WITH
AN AUDITORY NEXT YEAR AND I. AM
CONFIDENT WILL BE ABLE TO WORK
SOME OF THESE ARE. FIVE THREE.
I DON'T KNOW TECHNICAL IS ARE
DIFFICULT ISSUES BUT I'M
COUGHING OR THROUGH THEM AND
COME BACK WITH AN EVEN STRONGER
BILL. STEER PORTS BURNING.
THANK YOU. WIENER CAN I
COMMITTEE. YOU HAVE Q. UP BOTH
OPPOSE WHO IN SO ON OUR LINE IF
IT WERE BE WITH THE COMMITTEE
WITH LIKE TO BE ABLE TO DO FIVE
MINUTE FIVE MINUTES ROUND A
PUBLIC JUST BECAUSE HAVE BEEN
IN FROM AROUND THE STATE TO BE
TO PROVIDE FIVE MINUTES OF
FINAL TESTIMONY FIVE MINUTES OF
FINAL TESTIMONY SO WHAT WE'D
LIKE TO BETTER DO IS CHECK IN
WITH OUR MODERATOR MET A
MODERATOR IF YOU COULD PLEASE
Q. BETWEEN NOW IN TEN. CIVIC
TIME INTO TO SPEAK EITHER IN
SUPPORT OR OPPOSE TO THE ISSUE
AT A. B. THREE TEN IN PUBLIC
BANKING BETTER MODERATOR IF YOU
CAN PLEASE Q. NOW. THANK YOU IF
YOU WOULD LIKE TO SPEAK IN
SUPPORT OF OR IN OPPOSITION OF
AB THREE TEN PLEASE PRESS ONE
THEN THE ROLE. ONCE AGAIN IF
YOU WISH TO SPEAK IN SUPPORT OF
OR OPPOSITION OF THREE TEN AB
THREE TEN PLEASE PRESS ONE THAN
THEIR OWN NOW. IN LINE NUMBER
TIME NINETY SEVEN YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING CHAIR MEMBERS OF THE
COMMITTEE MY NAME TRINITY TRACK
AND ON THE HAPPENED CALIFORNIA
PUBLIC BANKING ALLIANCE EIGHTY
ENDORSING ORGANIZATIONS ACROSS
THE STATE OF CALIFORNIA AND
OVER TWO HUNDRED TWENTY
DELEGATES OF THE CALIFORNIA
DEMOCRATIC PARTY WE STRONGLY
SUPPORT EIGHTY THREE I GREW THE
CREATION OF THE STATE. PUBLIC
BANK THANK YOU THANK YOU SO
MUCH NET PRESHEAF CON IN TODAY
LET'S GO TO OUR NEXT CALLER
META MODERATOR. MY NUMBER ONE
FOURTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NUMBER ONE
ONE FOR THE LINE IS OPEN. LET'S
GO TO OUR NEXT CALLER MEN I
NUMBER ONE. MY NUMBER ONE
THIRTY FOR YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NUMBER ONE
THIRTY FOR THE LINE IS OPEN.
LINE NUMBER ONE TWENTY ONE YOUR
LINE IS OPEN PLEASE GO AHEAD.
GOOD MORNING MY NAME IS MARTHA
AND THE PUBLIC SAFETY
DISPATCHER FOR THE CITY OF
RIVERSIDE POLICE AND FIRE
DEPARTMENT- I LIKE MANY
AMERICANS IN THE TAX PAYING
CITIZEN AND I'VE BEEN SINCE
I'VE BEEN FIFTEEN YEARS OF AGE
WHEN I STARTED MY FIRST JOB AT
THEIR QUEEN IN NINETY FIVE- I'M
SPEAKING OUT TO YOU BECAUSE
LEADERS LIKE YOU NEEDED. THE
RIGHT THING DURING THE
BEGINNING OF THE PANDEMIC I
FELL UNDER THE CATEGORY OF
ESSENTIAL WORKER AND I'VE NOT
STOPPED WORKING INUNDATED MANY
RESIDENTS OF THE CITY OF
RIVERSIDE AND I HAVE FOR THE
LAST THREE YEARS. FORTUNATE
ENOUGH BE ONE OF THE- WHO. TO
WORK DURING THE STRIKE HI
BALANCE. BRIDGES SIXTY OUR
WEEKS IN MANAGING MY TO
ELEMENTARY AGED CHILDREN.
DISTANCE LEARNING AT HOME. I
SHARE THIS TO YOU BECAUSE I'VE
BEEN A WTNESS OF TRAGEDY
THAT'S AFFECTED MANY OF THE
RESIDENTS OF THE CITY OF
RIVERSIDE THAT. SIR MA'AM WORK
I DON'T MEAN TO INTERRUPT I DO
APOLOGIZE THIS IS MCGUIRE
REDUCE GONNA HAVE YOU PLEASE
STATE YOUR FIRST AND LAST NAME
ALONG. WITH YOUR POSITION ON
THE BILL. WE'VE ALREADY GONE A
LITTLE FURTHER BUT IF YOU DON'T
MIND JUST. GIVING US YOUR FIRST
AND LAST AND POSITION THE DON'T
PLEASE. MY FOR NAME IS MARTHA
BY LAW NAME IS OUGHT OTITI. AND
THE PUBLIC'S DESPITE FOR THE
CITY RIVER. AND I'M FOR BILL A
REALLY APPRECIATED THANK YOU SO
MUCH FOR CALLING AND THAT WE
ARE SO APPRECIATIVE OF YOUR
SERVICE. KEEP IN THE FOLKS OF
RIVERSIDE SAFE EVERY DAY THANK
YOU VERY MUCH YOUR COMING.
WE'RE GONNA REMIND INDIVIDUALS
WHO WERE CALLING IN WE'RE GONNA
SPEND. ABOUT FIVE MORE MINUTES
ON PUBLIC TESTIMONY IN AB THREE
TEN. THOSE WHO ARE IN SUPPORT
OR OPPOSE. IF YOU COULD JUST
PLEASE GIVE US YOUR FIRST AND
LAST NAME ALONG YOUR VISIT WITH
YOUR POSITION ON THE BILL IF
YOU'RE WITH THE ORGANIZATION.
WE LOOK FORTY I MEAN THAT AS
WELL. MODERATOR THE GO TO OUR
NEXT. PLEASE MY NUMBER ONE
FIFTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. HI MY NAME IS
DAVID GERRY I'M CALLING FROM
PUBLIC BANK ELAINE CALIFORNIA
PUBLIC BANKING ALLIANCE I'M A
TECH ENTREPRENEUR AND- AND-
RESIDENTIAL LENDER HERE IN LOS
ANGELES AND I'M IN STRONG
SUPPORT OF THIS BILL THANK YOU
THANK YOU FOR CALLING IN TODAY
NEXT CALLER PLEASE. LINE NUMBER
ONE THIRTY THREE YOUR LINE IS
OPEN PLEASE GO AHEAD. LINE
NUMBER ONE THREE THREE YOUR
LINE IS OPEN. MY NUMBER ONE OH
SIX YOUR LINE IS OPEN PLEASE GO
AHEAD. HELLO MY NAME IS KEN
JOHNSON I'M A SCHOOL TEACHER
AND- WITH THE CALIFORNIA
TEACHERS ASSOCIATION AND I
SUPPORT AB ONE TWO FIVE THREE
THANK YOU THANK YOU SO MUCH WE
APPRECIATE THAT MATTER
MODERATOR WE'RE GOING TO DO A
ONE LAST FINAL CALL A LAST
FINAL CALL FOR ANYONE WHO WOULD
LIKE TO EITHER SPEAK. IN
SUPPORT OR IN OPPOSITION IT MAY
BE THREE TEN WHAT WE LIKE TO BE
TO DO MATTER MODERATORS WE'D
LIKE TO BE TO TAKE ALL OF THOSE
WHO ARE IN THE KITCHEN NOW.
THEN WE'RE GONNA DO IS FIND
LAST CALL FOR THOSE WHO IN
SUPPORT OR OPPOSE AB THREE TEN
WILL LOAD THOSE INDIVIDUALS UP
INTO THE QUEUE AND THEN WERE
NEED TO BE ABLE TO MOVE FORWARD
OUR NEXT HEARING. BETTER WRITER
YOU COULD PLEASE DO A FINAL
CALL FINAL CALL FOR THOSE WHO
ARE SUPPORT OR OPPOSE THE AB
THREE TEN CALL THOSE FOLKS WHO
ARE ADDED IN THE QUEUE. WE'RE
GONNA NEED TO BE TRANSITION
TURN EXPERIENCE BETTER
MODERATOR. FOR IS YOURS. THANK
YOU ONCE AGAIN IF YOU WISH TO
SPEAK IN SUPPORT OR OPPOSITION
OF A. B. THREE TEN. PLEASE
PRESS ONE DIDN'T ZERO. ONE
ZERO. IN OUR NEXT LINE IS FROM
LINE ONE FORTY TWO YOUR LINE IS
OPEN PLEASE GO AHEAD. THANK YOU
COMMITTEE MEDINA STEVEN
POLITICAL THAT ON- WITH PUBLIC
BANK SAN DIEGO CALIFORNIA
PUBLIC BANKING CLIENTS. I'M A
FORMER BANKER AND I CAN IN
STRONG SUPPORT OF THIS
LEGISLATION THANK YOU THANK YOU
FOR CALLING FROM SAN DIEGO
TODAY NEXT CALLER PLEASE. LINE
ONE FORTY THREE YOUR LINE IS
OPEN PLEASE GO AHEAD. CAN JONES.
WITH THREE FIFTY BAY AREA
ACTION. WE NEED TO NOT HAVE
STATE MONEY IS BEINGINVESTED
IN CORPORATIONS THAT WORK
THEMSELVES WORK. TO INVEST IN
IN THINGS THAT WORK AGAINST OUR
CLIMATE GOALS AS HAPPENS WITH
CAL STORES CALPERS LOOK INFO
THANKS FOR ANY KIND OF BANKS
THAT DO THE SAME WE ARE IN
SUPPORT OF AB THREE TEN TO HEAR
VOICES ARE JONES THANK YOU SO
MUCH NEXT CALLER PLEASE. LINE
NUMBER NINETY THREE THE LINE IS
OPEN PLEASE GO AHEAD. I NUMBER
NINETY THREE ONLINE IS OPEN.
ALL THE BILL WITH YOU NINE
ELEVEN OAKLAND AND I BECOME
STRONG SUPPORT OF AB THE HAN-
THERE'S GOING. THANK YOU SO
MUCH FOR CALLING IN TODAY FROM
OAK LANE META MODERATOR NEXT
CALLER PLEASE. MY NUMBER ONE
FORTY SEVEN YOUR LINE IS OPEN
PLEASE GO AHEAD. LUKA BARTON
WITH THE SAN DIEGO PROGRESS THE
DEMOCATIC CLUB IN STRONG FAVOR
OF AB THREE ONE ZERO. THANK YOU
SO MUCH LOOK AT GRATEFUL FOR
YOUR COMMENTS NEXT CALLER
PLEASE. LINE NUMBER ONE FORTY
EIGHT YOUR LINE IS OPEN PLEASE
GO AHEAD. HELLO MY NAME IS HOW
COMMON ASSEMBLY DISTRICT
DELEGATE BUT THE CALIFORNIA
DEMOCRATIC PARTY AND I'M
CALLING IN STRONG SUPPORT OF AB
THREE TEN THANK YOU. THANK YOU
MISTER HOW APPRECIATE YOUR
TESTIMONY NEXT CALLER PLEASE.
LINE NUMBER FORTY FIVE YOUR
LINE IS OPEN PLEASE GO AHEAD.
HARMON WITH THAT WELL STONE
DEMOCRATIC RENEWAL CLUB IN
OAKLAND. WRONG SUPPORT- ALSO
WITH- THE BE A PUBLIC BANK EAST
BAY. THANK YOU SO MUCH FOR
CALLING FROM OAKLAND TODAY
WE'RE GRATEFUL NEXT CALLER
PLEASE. MY NUMBER ONE THIRTY
THREE YOUR LINE IS OPEN PLEASE
GO AHEAD. MY NUMBER ONE THIRTY
THREE YOUR LINE IS OPEN. IN OUR
LAST ONE CONSIDER ONE OF NUMBER
SEVENTY SEVEN THEIR OLDER LINE
IS OPEN PLEASE GO AHEAD. MY
NUMBER SEVENTY YOUR LINE IS
OPEN. HI GOOD MORNING THIS IS
AM I GOT MONTHS LATER WITH
BENEFICIAL STATE FOUNDATION AND
WE ARE IN STRONG PART OF THE
PUBLIC BANKING OPTION AND
EIGHTY THREE CAN. I THANK YOU
SO MUCH FOR YOUR COMMENTS BEEN
A MODERATOR AGAIN AS ALWAYS WE
LOVE WORKING WITH A GREAT JOB
TODAY. LADIES AND GENTLEMEN
COMMITTEE WHAT WITH ACTIVITY DO
NOW IS PROVIDE THE AUTHOR WITH
A CLOSING STATEMENT BURDEN
GOING TO TAKE A TWO MINUTE BY
ALL BREAK. AND THEN WE'RE GONNA
GET STREET IN TWO AB TWELVE
FIFTY THREE IF WE CAN PLEASE
HAVE THE SERGEANTS CALL SOME
NUMBER BONTA IS OFFICE HAD TO
BE A TO COME TO COMMITTEE THAT
WOULD BE WONDERFUL AND YOU.
SHOULD ALL THE WORK FOR THE
SERGEANTS. AS A MEMBER SANTIAGO
ALWAYS A PLEASURE TO WORK WITH
YOU SIR SINCERELY MEAN THAT
THAT WE WANT TO SAY THANK YOU
TO OUR CONTROLLER INTERNET
TREASURER COMPTROLLER YE AND
TREASURE MY OFFER- THEIR
ENGAGEMENT TODAY WE LOOK FOR
WORKING WITH THEM- THROUGH THE
FALL. IN I DO NOT THE EXTENT
LESS TWENTY. WE WERE CONCLUDE.
ADD THIS TO. ONLY HEARING. WELL
THE- I HAVE A WORKING LOOKING
FOR IN THE FOR. IN HAVE AT
LEAST ONE IN. HEARING ONE IS
THANK YOU MR. THE FLOORS
CLOSING SAY. THANK MISTER CHAIR
THE COMMITTEE FOR A FOR A REAL
ROBUST DEBATE I REALLY ACTUALLY
DO VERY MUCH APPRECIATED- WE
HOPE TO. BACK WE BEGIN NEXT
YEAR AFTER- AFTER DELIVERY
DURING THE FALL- I DO WANT TO
TAKE A MOMENT. TO EXPRESS MY
GRATITUDE TOWARDS THE
CONTROLLER AND TOWARDS THE
TREASURE- FOR HELPING US TO-
IDENTIFY ISSUES THAT WE NEED TO
WORK ON- THROUGH THE FALSE WERE
VERY EXTREMELY GRATEFUL- ONE
ALSO THANK ON. MY COLLEAGUE
FROM SAN FRANCISCO HI WHO'S A
HELPING AUTHORED THIS BILL.
TIME FOR HIS STEADFAST
LEADERSHIP I'M SURE WE CAN BE
MORE GRATEFUL THAN THE
OPPORTUNITY CONTINUES
CONVERSATION YOU WERE A GREAT
HELP LAST YEAR. AND TO
ESTABLISHING A LOCAL MISCIBLE
PUBLIC BANKS- AND I TRULY DO
BELIEVE THE YOUR EXPERTISE AND
YOUR COMMITTEES- HARD WORK
HELPED US TO. CREATE A BILL
TOGETHER THEN SIGNED SO ON
ENCOURAGED. BY YOUR WORDS AND I
AND I KNOW THAT YOU MEAN IT.
BOB HERE'S THE BOTTOM LINE
RIGHT I MEAN DO. WE NEED TO
ESTABLISH A DIFFERENT SORT. CAN
YOU. THIS PANDEMIC WE HAVE NOW.
LOST MORE AND MORE THAN EVER
THE WERE ONE CONTINUES A AT
THREE. I HAVE IS THE WORK TO BE
COULD NOT TUITIONS ARE A SMALL.
ACROSS THE CAL. ARE ARE DOING
WORSE WITH WITH NO HELP FROM
THE FEDERAL. AND THE STATE
STEPPED UP IN MANY. THANK TO.
FOLKS WHO ARE SIT AROUND THE
DICE TODAY BUT WE'VE GOT A MORE
AND WHY NOT CREATE A DIFFERENT
WAYS OF BANKING WHERE WE COULD
ACTUALLY. INVEST IN OUR LOCAL
COMMUNITIES WE CAN USE THE
DOLLARS THAT ARE- WITH THAT ARE
CURRENTLY IN OUR COFFERS. OUGHT
TO BE ABLE TO PROVIDE A LITTLE
INTEREST ALONE STILL. ALL
BUSINESSES. EACH TIME WE COME
BACK TOWARDS SIMPLE TO TALK TO
US THEY'RE LOOKING FOR SOMEONE
THAT THE COMMUTER THIS IS AN ON.
A PANDEMIC THAT WE ARE NOW
FACING WORST NEVER DID WE EVER
THAT WE WOULD SEE- AND ECONOMIC
SITUATION LIKE WE ARE TODAY A
NOR DID WE EVER IMAGINE THAT WE
WOULD SEE AN A VIRUS LIKE COOL
BUT NOW. SO OUR STATE BY BY OUR-
IN OUR WORD THAT THAT WE'RE
GOING TO WORK ON IT TO THE FALL
AND GET TO A PRODUCT- THAT THAT
IS THAT IS A- THAT IS COOKED-
OR BETTER BAKED. ONLINE AS WE
GO THROUGH LEGISLATIVE PROCESS-
WILL ADDRESS ANY CONCERNS THAT
MAY REMAIN OUTSTANDING SO I
WANT TO THANK YOU FOR YOUR FREE
RUSHED. BROKE PART. YOUR
ROBUST. DEBATE THAT WE'VE HAD.
AND THANK YOU AND I KNOW THAT
WE'LL GET A PUBLIC BANK. OFFICE
STATE A CALIFORNIA PRINT
COMPRADO WE WILL AND WILL TAKE
EVERY CONVERSATION SERIES.
THANK YOU SO MUCH DESERVED SUCH
LET IN CHEN TO COMMIT WHAT WE'D
LIKE TO BE A TO DO IS. RECESS
WE'RE GONNA RECONVENE AT TEN
FORTY FIVE ALLOW MEMBERS AND
STAFF TO BETTER TAKE A BRIEF
BIO BREAK WE'RE GONNA BE
HUNTING DOWN ASSEMBLY MEMBER
BONTA. BRIEF RECESS WE'RE GONNA
RE A CONVENE TEN FORTY FIVE
SHARP HERE IN FORTY TWO OH
THREE THANK YOU SO MUCH.
ALRIGHT LADIES IN GERMAN WE'RE
GONNA WALK ME BACK WALKING BACK
TO THE SENATE COMMITTEE IN
GOVERNANCE AND FINANCE. WE'RE
NOT GOING TO BE S. PROVIDING A
TESTIMONY ONLY HEARING ON A. B.
TWELVE FIFTY THREE WHICH IS A
PROPOSAL TO IMPOSE. A TAX ON
HIGH INCOME EARNERS. LOOK
CALIFORNIA'S DURING DOWN TO
FIFTY FOUR BILLION DOLLAR
DEFICIT. THAT THERE IS NO
DOUBT. CALIFORNIA'S LIKE EVERY
OTHER STATE IN THIS NATION.
FACING MAJOR CHALLENGES WHEN IT
COMES TO FISCAL STABILITY DUE
TO THE ECONOMIC FALLOUT OF THE-
VIRUS. IN THAT LACK OF
STABILITY IS PRESENTING. WITH
STATE AS WELL AS MUNICIPAL
GOVERNMENTS SIGNIFICANT
CHALLENGES AND THIS IS AN ISSUE
THAT THE SOME MEMBER IS LOOKING
TO FIX AND WE'RE GRATEFUL. FOR
HARD WORK ON THIS WE CAN BE A
TWO OUTLINE SOME HOUSEKEEPING
RELATED TO TODAY'S HEARING. IN
WANTING TO MAKE SURE THAT WE
HAVE EQUAL AND FAIR TREATMENT
FOR ALL SITES. THAT WE'RE GONNA
BE HEARING FROM US IN NUMBER
SANTIAGO IN ASSEMBLYMEMBER. TO
ON THIS BILL WHICH IS AB TWELVE
FIFTY THREE. THE OLD BE GIVEN
TEN MINUTES. NOT TO EXCEED THAT
TIME LIMIT IS THAT WE HAVE A
INJURED TIME OF. THIRD WE'VE
BEEN IN. IN TWO TWELVE THIRTY.
SO YOU TO DIGITAL KO CARRY. A
CLEANING FOR TO. IN THE SENATE
FOR SESSION WE ARE GOING. BE IN
HERE FOR TWO PRIMARY WHICH IS
IN SUPPORT OF THIS BILL. EACH
OF THOSE TWO WITNESS WILL BEGIN
NO THAN TWO MINUTES. FOR THEN
YOU GONNA TURN IT OVER TO THE
LEAD UP. WITNESSES EACH OF THE
TWO. WILL GIVEN THREE MINUTES.
ONCE WE'VE HEARD FROM BOTH
AUTHORS. THE TWO PRIMARY
WITNESSES IN SUPPORT IN A TWO
PRIMARY WITNESSES IN
OPPOSITION. MORE THAN GOING TO
GO TO PUBLIC COMMENT. FOR FIRST
GOING TO START WITH THE PHONE
LINES WE'RE GONNA WELCOME
INDIVIDUALS WHO ARE BOTH.
SUPPORT IN OPPOSITION TO BE
ABLE TO CALL THIS NUMBER. EIGHT
FOUR FOUR. TWO NINE ONE SIX
THREE SIX FOUR WE WELCOME EACH
AND EVERYONE OF YOU TO BE A TO
PROVIDE COMMENT TODAY. BOTH IN
SUPPORT OR NOT THE XIN IF YOU'D
LIKE TO BE COLLIS WE LOOK
FORWARD TO HEARING FROM YOU.
THAT PHONE NINE LINE IS. EIGHT
FOUR FOUR TWO NINE ONE SIX
THREE SIX FOUR. IN THE CODE IS
TO TWO. ONE ONE TO. BERNIE IN
REMOTE ROOM A ROOM TO FORTY.
FIVE I'M GONNA HAVE TO- EXCUSE
MYSELF- SOMETIME DURING THIS
HEARING. ALONG WITH MR SANTIAGO
IS MISTER SANTIAGO IS CHAIRING
A COMMITTEE THE SAME TIME THAT
HE'S IN OUR COMMITTEE HE'S
LIVING THE DREAM TODAY- AND I'M
GONNA BE PRESENT THE BILL. HE
IS WELL- WILL HAVE A LITTLE BIT
OF- SHUFFLE- IN. THE VICE CHAIR
AND I ARE 1100% SIMPATICO ON
THAT AND I WANT TO SAY AGAIN.
REFER THEM TO WORK WITH THE
CHAIR FOR ALL OF HIS WITH. HIS
SHE'S BEEN NOTHING BUT A
GENTLEMAN AND SO WILLING TO BE
ABLE TO MAKE IT ALL WORK THIS
YEAR. IN CENTER MORE LIKE I
JUST WANT TO SAY AGAIN PUBLICLY
HOW MUCH I APPRECIATE YOUR
PARTNERSHIP. WITH THIS
COMMITTEE SIR THANK YOU. ALSO
CALLING FOR NOW TIRE CONFI
TEAMSALRIGHT LADIES IN
GOVERNMENT. GET IN TO AGENDA.
TO OUR FOR BILL TESTING ONLY NO
VOTE WILL BE TAKEN ON A TWELVE
FIFTY BE IMPOSED INITIAL TO AND
HIGHER INCOME TAXPAYERS. THE
FLOOR IS YOUR SYSTEM MEMBERS
SANTIAGO YOU HAVE TEN MINUTES
THEN I'LL TURN IT OVER TO
ASSEMBLY MEMBER BONTA THANK YOU
SO MUCH AS A MEMBER- AND THANK
YOU. MISTER COMMITTEE FOR THE-
CON ASIAN. UP. FOR HERE'S
HERE'S WHAT WE'RE TRYING TO
CHIEF. DURING THE WORST
PANDEMIC IN A HISTORIC BUDGET
DEFICIT IN CRISIS THE PUT
CALIFORNIA NOW HAS A
POTENTIALLY CUT OUT. LOW THOSE
THOSE COMMUNITIES WERE POOR
THOSE COMMUNITIES HONOR
PRESENTED ARE DOING MUCH WORSE
TODAY. THERE'S NO DOUBT ABOUT.
I SPENT MY TIME- ON THE
WEEKENDS AND WHEN I CAN A LONG
JOURNEY FOOD BANKS LIKE MANY OF
YOU HAVE. HILL WHERE PEOPLE ARE
NOT BEING ABLE TO PAY THE RENT.
NO GROCERIES ON THE TABLE I'VE
NOW SEEN. HEADS OF HOUSEHOLDS
AND NEAR TEARS. BECAUSE THERE'S
NO LONGER THE ABILITY TO PAY
FOR FOOD. WE'RE GOING TO END UP
IN THE BUDGET DEFICIT. OR ASK
THOSE CALIFORNIANS WHO ARE
DOING VERY WELL. TO PAY THEIR
FAIR SHARE. WHEN YOU TAKE A
LOOK AT AVERAGE MEDIAN INCOMES-
ACOSTA THE CALIFORNIA. ABOUT.
SEVENTY FIVE THOUSAND FOR
FAMILY AND STATE CALIFORNIA.
WERE SAYING A VERY MODEST
INCREASE. SOMEBODY WHO'S MAKING
OVER A MILLION DOLLARS. AND
WE'RE NOT SAYING EVEN ON THE
FIRST MILLION WERE SAYING OVER
A MILLION DOLLARS. AT THE RATE
OF INFLATION FROM THE FIRST-
FROM PROP SIXTY THREE. FIVE ONE
MILLION ONE HUNDRED EIGHTY ONE
DOLLARS. THAT SOMEBODY THAT
SOMEBODY WOULD- SO
HYPOTHETICALLY YOU COULD BE A
SITUATION WHERE SOMEBODY MAKES
ONE POINT FIVE MILLION. WORDS
TWO HUNDRED OF TAXABLE
ADDITIONAL ALSO IT'S TWO
THOUSAND DOLLARS. FOR THE SAME
CALIFORNIA TO GIVE THEM THE
ABILITY. ARE A HIGH INCOME. IT
DOES GO UP OUR PROPOSAL STARTS
OFF IN THIS IS A DEBATE OPPEL
START OFF BY SAYING. 1% OF THE
FIRST NINE. CAN YOU MAKE IT
OVER TWO MILLION 3% OR FIVE
MILLION. THREE POINT FIVE. SO
WE'RE ACTUALLY TALKING ABOUT
FOLKS WHO ARE DOING EXTREMELY
WELL THE CITY CALIFORNIA. WHILE
THE REST THE CALIFORNIA ARTS.
THIS AFFECTS LESS THAN POINT 5%
OF TAX FILERS INSTEAD OF
CALIFORNIA. IS THIS A GOOD
DEBATE TODAY THIS IS A
SOMETHING WE NEED TO DO
ABSOLUTELY AND I SUBMIT TO YOU.
THAT THAT IT'S IMPORTANT THAT
WE HAVE TO HAVE A WE SHOULD
WAIT TOO LONG TO ATTY. WE HAVE
A HISTORIC DEFICIT HAS BEEN
OUTLINED AT THE TEACHER- THE
START OFF THE DEBATE BY
OUTLINING BY OUTLINING THAT. WE
TAKE A LOOK AT. A SMALL
PERCENTAGE OF PEOPLE WHO ARE
DOING VERY WELL. YOU TAKE A
LOOK AT THE REST OF THE NINE
NINE POINT 5% OF THE POPULATION
WHO IS NOT DOING WELL WHO'S
WORRIED ABOUT PAYING RENT. WAS
WORRIED ABOUT PUTTING GROCERIES
ON THE TABLE. THE DEBATE THAT
WE PROBABLY SHOULD HAVE. AND I
WANT TO THANK YOU MISTER CHAIR
FOR THE ABILITY TO HAVE THAT
CONVERSATION- I'M GONNA LIMóN
MY COMMENTS SIMPLY BECAUSE WE-
WE'VE GOT A LONG LIST OF PEOPLE
WHO WANT TO CALL IN- AND THEN
WE ALSO HAVE- TO EXPERT
WITNESSES AND I THINK YOU'LL
ENJOY HEARING- AND MISTER BONTA
WHO WILL TESTIFY THAT. BUT IN
THE DAY YOU'RE- I WANT AND
STILL IN THE- IS THE PAYMENTS.
THAT IS HAPPENING OUT THERE IN
THE ABILITY THE ABILITY TO
BRING IN RESOURCES IN THE
STATE. TELL US THAT. PEOPLE
HAVE. THE ABILITY STAY IN THE
HOME. WE'LL HAVE THE TO PUT
GROCERY ON THE TABLE. WE ALL
KNOW WE ALL KNOW THAT THIS IS
HAPPENING IN EVERY PART OF
CALIFORNIAN ARE DISTRICTS IN
SOME AREAS WORSE THAN OTHERS
AND WHAT WE FEEL IT THE MOST.
ARE LIKE DISTRICTS THE ONES I
REPRESENT WITH PEOPLE WERE WERE
COMMUNITIES OF COLOR HAD BEEN
DOUBLY IMPACTED BY COOL THAT ON
CONTRACTION RATES HAVE BEEN HIT
THE WORST. BEEN HIT THE WORST.
AGENDAS BUT DURING THIS- DURING
THIS BUDGET CRISIS. THANK YOU
FOR THE HAD A CONVERSATION DAY.
MISTER CHAIR AND COMMITTEE
MEMBERS. THANK YOU TEN I
HANDED OVER THE MISS ABOUT.
THANK YOU SO MUCH I SIMILAR
BONTA WE WELCOME YOU IN GOOD
MONDAY MORNING TO YOU. THAT YOU
WILL HAVE TEN MINUTES AND WE'LL
GIVE YOU THIRTY SECOND PROMPTLY
PRESHEAF YOUR WORK ON THIS
IMPORTANT ISSUE THE FOR. YOUR
SIR. THANK YOU MISTER.
COLLEAGUES AND FOR THE
OPPORTUNITY. AND TO HAVE. THIS
IMPORTANT HEARING ON THIS
IMPORTANT ISSUE I WANT TO THANK
MY COLLEAGUE THE MEMBER
SANTIAGO FOR. HIS LEADERSHIP
HIS CHAMPIONING. OF THIS ISSUE-
I'M HONORED TO BE HAVE A CO
AUTHOR ON THIS IMPORTANT BILL
AND JUST WANT TO EXPRESS MY
STRONG SUPPORT FOR IT. WE ALL
KNOW PAINFULLY WELL THE-
TREMENDOUS- NEGATIVE IMPACT THE
CUP IN NINETEEN HAS HAD ON SO
MANY. IT'S HARD ARE ARE WORKING
FOR. FROM MY WORKERS TENSION
WORKERS THE- ARE. THIS IS. IN
THE OTHER BEEN MASSIVE IN A
WITH THE IMPACT THE COVER
NINETEEN ASSAD WHAT THE
DISCORDANT. AND THERE ARE A LOT
OF FOLKS WHO. WERE BARELY
HANGING ON BEFORE WE CAN NO
LONGER HANG ON THAT FOLKS WHO
WERE TEETERING ON THE EDGE
BEFORE COVER NINETEEN. FALLING
OVER THE EDGE. AND ALL THE- OUR
PUBLIC HEALTH. IT HAS A TICKET
AND I CAN CRISIS IN AS TOUGH
TO. THE INSTINCTIVE MOVE TO
AUSTERE MEASURES I CAN THINK IS
NECESSARY THE RIGHT AND WE NEED
TO CAN- OPPORTUNITIES TO INVEST
IN THOSE WHO NEED IT MOST THOSE
WHO ARE LEAST ABLE TO BEAR THE
BURDEN OF THAT OF THAT COVER
NINETEEN PET DEMOCRATS AND-
DOING IN A WAY THAT'S
CONSISTENT WITH OUR VALUES- WE
HAVE HAD A PROGRESSIVE TAX
STRUCTURE- FOR- AS LONG AS WE
CAN REMEMBER WE HAVE HAD
MILLION AMHERST IS THE PAST
WITH PROP SIXTY THREE WITH PROP
FIFTY FIVE. PROP THIRD. BUT
IT'S WHAT. I WANT. PROPOSAL FOR
POLLING PROPOSES PER. WE KNOW
THAT THERE ARE SOME PEOPLE WHO
THE HAS BEEN REALLY TO AN
AFFAIR AFTER ALL DEDUCTIONS YOU
KNOW MAKING A MILLION DOLLARS-
OVER MILLION DOLLARS THEY CAN I
WILL BE OUT IN THE PAY 1% OF
THAT YOU KNOW IF IT'S A FULL
MILLION DOLLARS. AFTER THAT THE
MILLION THEY'VE ALREADY MADE
ITS THAT'S TEN THOUSAND DOLLARS.
AND IT'S I THINK IT'S REALLY
IMPORTANT THAT WE CONTINUE TO
HAVE A CALIFORNIA ALL FOR ALL
WHERE THOSE WHO- HAVE
BENEFITTED MORE- WHO THAT THE
ECONOMY HAS BEEN GOOD TO WHO
ARE GENERATING. OVER A MILLION
DOLLARS DURING THE COVER
NINETEEN PANDEMIC. GIVE A
LITTLE MORE AND SAY THIS IS
IMPORTANT. FOR A HEALTHY
CALIFORNIA THIS IS IMPORTANT.
FOR ALL OF US IN YOU KNOW WE
HAVE. THE PATRIOTIC
MILLIONAIRES AND OTHERS WHO ARE
ASKING. THAT WE TAX THEM- SO
THAT THEY CAN WE CAN INVEST IN
OUR INFRASTRUCTURE IN. THE
CRITICAL PROGRAMS THAT WE ALL
KNOW ABOUT OUR SCHOOLS ARE
HEALTHCARE SYSTEM. OUR PUBLIC
SAFETY SYSTEM SO I JUST WANNA-
PUT THIS ON THE TABLE FOR
DISCUSSION. I KNOW THAT THERE
ARE A LOT OF BILLION MINDS IN
THIS ROOM. WITH A LOT OF
DIFFERENT IDEAS I THINK ALL
IDEAS ARE WELCOME. I THINK THE
IDEA OF RAISING REVENUE FROM
THOSE WHO BENEFIT THE MOST FROM
A VERY HEALTHY AND SUCCESSFUL.
AT AT. THAT ECONOMIC
OPPORTUNITY FOR THEM. IS WORTHY
OF DISCUSSION AND CONSIDERATION
SO I DO APPRECIATE THE CHAIRS
UP WILLINGNESS TO. HELP THE
DISCUSSION AT THE DEBATE THE
IDEA. FOR THIS TO BE ONE IDEA
AMONG MANY AS WE CONSIDER HOW
WE'RE GONNA HELP CALIFORNIA
HELP THE PEOPLE OF CALIFORNIA
EMERGE FROM A- DIFFICULT ECHO
BUT NOT. A PANDEMIC ECONOMIC
RECESSION SO WHAT WITHOUT I
RESPECTFULLY APPRECIATE YOUR
THOUGHTS AND DIALOGUE IN
CONSIDERATION ON THIS ISSUE-
AND I HAVE AND I'VE UPDATED
YOUR WITNESSES YEAH ABSOLUTELY
THANK YOU SO MUCH THIS SUMMER
BONTA SO LADIES AND GENTLEMEN
OF COMMITTEE WERE GONNA HAPPEN.
AGAIN WE ARE BEING FAIR AND
EQUITABLE TO ALL SIDES TODAY
THEY'RE GONNA BE TO LEAD
SUPPORT THIS IS THE- TO ARE
GONNA BE IN SUPPORT WE'RE OF
THE MATTER GO TO THOSE ARE NOT.
SO FIRST AND WITH OR FRONT-SHE'S A FAMILY CARE PROVIDER
RIVERSIDE BUT SHE'S GOING TO BE
PROVIDING- TESTIMONY FOR THREE
MINUTES AND THEN WORRY WORD
HERE FROM MANTA MANUAL SITE IS
A PROFESSOR OF ECONOMICS AND
DIRECTOR OF THE CENTER FOR
EXAMPLE GROW AT UC BERKELEY.
WHAT'S BOTH JULIAN EMMANUEL ARE
ABLE TO PROVIDE THEIR THREE
MINUTES WERE THEN GOING TO GO
TO THE LEAD OPPOSITION
WITNESSES WE HAVE WANTED TO WHO
IS IN THE ROOM HERE WITH US
TODAY. MR ALL YANNI RIGHT THE
FAMILY THIS IS. AND WE'RE GONNA.
ON THE PHONE WITH BEST FROM THE
CALIFORNIA TECH. DESERVE ARE.
NOW A MODERATOR THE BRING UP
OUR THREE WE- WHO ARE GOING TO
BE ON THE PHONE SOME ARE
SUPPORT SOME ARE OPPOSITION.
THAT A MODERATOR IF YOU COULD
PLEASE BRING UP JULIE MORE. A
MANUAL SCIENCE. IN PETER
BLOCKER JULIE A MANUAL AND
PETER WE'RE GONNA START WITH
JULIE AND THEN GO TO A- BILL.
THAT MATTER MODERATOR THE FLOOR
IS YOURS. YOUR LINE IS OPEN.
GOOD MORNING MISS MORE. GOOD
MORNING MY NAME IS JULIE MORE
AND I HAVE BEEN A FAMILY
CHILDCARE PROVIDER IN MARINO
VALLEY FOR OVER FIFTEEN YEARS.
OPERATE I OPERATE A TWENTY FOUR
HOUR DAYCARE WHITE EMPLOYEE FOR
DAYCARE EXISTENCE I AM A SINGLE
MOTHER OF THREE DISABLED ADULT
CHILDREN WHO WERE MEET EVERYDAY
NEEDS ON A SIDE NOTE THANK YOU
SENATOR ABOUT FOR YOUR
LEADERSHIP ON THIS ISSUE. I AM
ALSO A MEMBER OF CHILD CARE
PROVIDERS UNITED A JOINT
PROJECT SB ARE YOU A U. D. W.
ME. WHICH I'M SURE BUT WHEN THE
PANDEMIC FOR HIT I WISH BECAUSE
I SUFFER FROM AUTO CAN. WHEN
THE GOVERNOR ASKING CAN TO
WORKERS CAN STEP UP. TO THE
CHILDREN OF OTHER WERE. I
STEPPED UT. I WILL TALK TO DO
SO EVEN I WAS PRETTY MUCH ALL
LIFE THAT RISK I CAN CARE FOR
CHILDREN OF NURSE IS CARING FOR
KOBE NINETEEN. ON OVER BURKE
HOSPITAL. PEDIATRICIAN AT OUR
LOCAL CAN HOW. A CORNER CASE
OUR KEEP. AS THE GETS WORSE AND
WE TOLD. ON JULY TWENTY ONE OF
MY WORK ONE OF MY CHILD CARE IS
JUST BECAME ILL WITH COLBERT
NINETEEN AND I WAS FORCED TO
SHUT DOWN MY DAYCARE AND BE TWO
WE HAVE BEEN ABSOLUTELY HELP
FOR ME. THE FEELINGS I HAD A
PRICE WHEN THIS FIRST CALL THIS
CENTRO WORKERS. QUICKLY
DISAPPEARED. I WAS ONLY AS INFO
FROM WENT WRONG THEN I WAS JUST
DISPOSABLE NO REAL SAFETY NET
TO CATCH ME WHEN I NEEDED TO
HELP. MY COME WITH THE LOCAL
CHILD CARE AGES ARE STILL WE
PROVIDED ME WITH CHEN VACATION
DAYS I USE THAT VACATION MONEY
TO PAY MY ASSISTANT WHO RELY TO
PROVIDE THEIR OWN FAMILY. BOTH
CAME RAN OUT LAST FRIDAY WHICH
MEANS THAT AS OF TODAY I HAVE
NO INCOME COMING IN NOTHING.
THE THREE HUNDRED DOLLAR A
MONTH RANGE IS DUE TODAY I
DON'T KNOW WHAT I'M GOING TO DO
MY CAR PAYMENT IS DUE MY
BUILDER DEAL AND I AM ON THE
VERGE OF LOSING MY OWN HEALTH
CARE. SO SENATOR HER TITLE I AM
GOING TO REALLY NEED YOU TO
ADVOCATE FOR US. WHAT LITTLE
SAVINGS I DID HAVE ONE TO MAKE
COLD IMPROVEMENTS TO MY CHILD
CARE AND TO PURCHASE WHATEVER
PPP AND CLEANING SUPPLIES I CAN
FIND BECAUSE THE PLIGHT PROMISE
TO PROVIDERS FROM THE STATE
NEVER. ENDING. IT'S ALL ABOUT
THANK. RIGHT HAND SANITIZER
EIGHT WHEN WHAT I NEED OUR MASK
FACIAL DISINFECTING WIPES FOR
MY AND CHILD MASK WHICH WORK
ONE COME. I'M WAITING MY LOCAL
PUB HEALTH OFFICER TO GET ME
THE OKAY TO BE IT I'M A EIGHT
TO RE OPEN IT NOT A MATTER OF
IF I WILL SHUT DOWN AGAIN IT'S
A MATTER WHEN. IT ONE THING I.
EXPERIENCE THAT ARE YOUR BEST
IN THE CHILD CARE. DURING THE
GO TIMES IT'S CALLED OF MY MORE
THE BAY TIMES IN JANUARY FOURTH
FAMILY TALK CARE NOT CLOSE
THEIR- ONE PROVIDE COLD JUST
LAST MONTH DUE TO THE NIGHT.
THESE ARE ALL IN THE SITUATION
AS ME STRUGGLE WITH HOW TO MAKE
THEIR RENTAL MONTH I BET YOU
THEY KNOW LONGER THE CENTRAL
EITHER AS OF LAST TO DATE SIX
HUNDRED TWENTY FAMILY CHILD
CARE PROVIDERS I REPORTED CASES
OF COLD. ENCRYPT OF ONE HUNDRED
NEW. TRIAL CARE HOME. EACH WEEK.
IF YOU ARE WHEN FALL IN IS
GOING WISHING AS MAYES. WITH
HOW TO MAKE THEIR WAY. HOW TO
MAKE THEIR RENT THIS MONTH. I
THANK SHE'D THEY NO LONGER BILL
IS CENTRAL EITHER. YOUR HAS THE
RELEASE CAN YOU. WHICH HOLD.
SCHOOLS NOT RE OPENING WE ARE
THE ONES IN SCHOOL A CHILDREN
THE MORE US THAT ARE FORCED TO
DOWN THE WHOLE IT IS FOR THE TO
FIND. AND THE- IS JUST LIKE
WITH THE FLAG. I THINK THIS MAY.
FINAL WARNING ARE ASKING THESE
COMPLICATED AND ALL A MATTER
IT'S THIS SITUATION FOR CAL.
WHO WERE ON OTHER PRO TO WORK
SO MY PLEA HERE IS IT JUST
ABOUT HOW YOU CAN HELP ME NOW
WHAT MY THANK YOU SO MUCH MORE
WERE BIG. THING YOU TRULY
APPRECIATE YOUR MORE FOR CARE
FOR RIVERSIDE. I INTO DAY TO BE
A- PASSIONATE AND VERY. TO BUT
WE WANT TO MAKE SURE THAT WE-
IN THIS FAIR AND THAT'S- IN
KEEPING WITH IN OUR TIME LIMIT
AS DESIGNATED TO BEGIN THIS
HEARING. WE'RE NOT TO BE GOING
TO A MAN SITE HE'S PROFESSOR OF
ECONOMICS IN THE DIRECTOR'S
CENTER. OF THE CENTER FOR
EQUITABLE GROWTH THAT YOU SEE
BERKELEY YOU.THREE MINUTES SIR
WE WELCOME YOU TO COMMITTEE THE
FLOOR IS YOURS RECESS. THANK
YOU VERY MUCH SO SENATOR I'M
DELIGHTED TO TALK IN FAVOR OF
THE SPEED THAT INCREASES TAXIS
ON CALIFORNIA. THEY ARE SO
CALIFORNIA A 20% OF THE US
POPULATION BUT 17% OF ALL US
NEED YOUR NAILS AND- 15% OF ALL
YOU WITH. BILLIONS THAT MEANS
THAT THIS FOR YEAH EVEN MORE
INCOMING WAS BECAUSE WE SHOULD
THEN THE U. S. AND IT'S BEEN
GROWING EVEN FASTER. THE CARD
IS. THERE A- THESE INEQUALITY
YES GET QUICKLY. IT IS TRADE
THE WORK CLASS STRUGGLES WITH
JOB IN LAW. WHAT TO READ CAN
KEEP WORKING HOME DID YOU IN
THE WELL AS- FOR BOTTLES BACK
CALIFORNIA COULD NOT BALLROOM
AND AS A DIE THANKS FOR THE NEW.
NOW THEREFORE IT MAKES SENSE TO
ASK ME. FROM THE REACH. OUT TO
FUNDING IS HIDING. PROGRAM BUT
THERE'S A WHOLE. AND INCLUDING
ALL TAXES SENATE BACK X. I
TAXES. YEAH TAKE A LOOK TAXES
ALREADY MODEL. ABOUT PROGRESS.
BECAUSE THE OTHER TAXES ALL
PRETTY LIKE WHAT THE SPEED UP
THE WOULD INCREASE THE AVERAGE
TAX RATE ON THE TOP 1% BY ABOUT
ONE POINT FIVE POINTS THAT
MEANS THAT THE TOP 1% WOULD END
UP BEING SOMETHING LIKE 40%
INSTEAD OF ONE POINT. FIVE NO
WHAT ABOUT BEING COULDN'T
ECONOMIC IMPACT WE NEED YOUR
NEIGHBORS LEAVE THE **** THE
CALIFORNIA SHIELD US MEDIA
THERE HAS BEEN INCREASING
FASTER THAN SPOKE ELATION SHE
OR THE TWO THOUSAND AND TWELVE
TAX INCREASE AT THE DOCTOR DID
NOT STOP THAT- THEREFORE WE ARE
STILL FOR FROM THE TIPPING
POINT YOU NEED MORE FOOD FOOD
ECONOMICALLY TO PROTECT
EDUCATION IN CALIFORNIA WHICH
CREE. TOMORROW'S. THINKER FORTY
BETWEEN THAT. YOUR THE RECESS.
I REDUCTION DEPRESSED YOU
COULDN'T GET SHORT. SEE WE DO
START IT BUT THE RECHARGE I GET
INCOME CANNOT. THEREFORE THE
NEXT ATTACK WITH NO CUT
SPENDING IN CONTRAST LOWER GOV
SPENDING IT WOULD SHORTENING
YEAH. YOU COULD'VE. IF YOU
COULD HAVE BORROWING FOR THE
REACH OF THE- GOVERNMENT YOU
DOING FOR TEXTING THE- WHICH IS
WHAT CALIFORNIA CAN DO AS YOU
CANNOT BORROW EVEN BETTER THAN
TO FIGHT. THE RECESSION. I
DON'T. BE TO BRING NEEDED YOU
KNOW VERY PRO HE WAY TAXIS NAY
ARE SMALL OR BUT FOR NOTHING.
THEY ARE. MUCH FUN TO DAY WE
ARE NOT OKAY GAIN IN CALIFORNIA
IF YOU EVER DO. MORE TO BIRTH
THE RICHEST MAN THE RICHEST
PERSON IN THE STATE KIND OF
PULL YOU PROBABLY TO
CALIFORNIA. INCOME TAX. AS HE
DOES NOT SAID THE STATE. STOCK
COMPLETE MAY WEAKNESS. BUT
BECAUSE- TAXIS THAT. WILL RUN
THROUGH THE ON A WEAK THE REACH
TO PUT YOU THEIR INCOME. I DO
THESE KIND OF AS SOMEONE
THINKING DOING IT WOULD BE
FAIRER TO ASK DO WE HOPE WILL
YOU TO PREPAY. SO WE'LL GET
CALIFORNIA INCOME TAX ON THEIR
OWN REALIZED CAPITAL GAINS.
THIRTY SECONDS PROFESSOR VOTE
SOLD THE CURRENT. QUITE AND FOR
BUT BECAUSE INCOME FOR THE
FUTURE SO THAT YOU'RE GOING TO
LOOK BUT- TO BUT WE DON'T LEAST.
PAID YOU KNOW SOME INCOME TAX
RECEIVE. BUT THE RATES ARE TO
ATTACK ON X. WAS IS ANOTHER KEY
MORE PER TO COMPLAIN THAT. THE
INCOME TAX AND ENSURE THAT THE
BDO NAILED CLASS BASED ITS FAIR
SHARE THANK YOU VERY MUCH.
PROFESSOR. WE ARE SO
APPRECIATIVE OF YOUR TIME TODAY
SO HE'S FOR YOUR TESTIMONY- IN
YOUR KNOWLEDGE RIVER. ENGINE
THOSE ARE TO LEAVE SUPPORTERS.
EACH FOR PROVIDE. THAT THREE
THIS MORE GO A BIT MORE. A
WE'RE NOW GOING TO BE TO LEAD
OPPOSITION. WE HAVE ONE
INDIVIDUAL WHO IS GOING TO BE
ON- ON THE MICROPHONE AND THEN
WE'RE GOING TO HAVE ONE ON THE
PHONE WE'RE GONNA START WITH
DENNIS I'LL BE ANI DENNIS
ALBEIT HE IS WITH THE FAMILY
BEEN SYSTEM GEN. MR B ANI IS
HERE IN PERSON A ROOM FORTY.
THIS MONEY WE WANT TO YOU FOR
YOUR SINCERE ENGAGEMENT SIR
THANKS SO MUCH FOR BEING WITH
US YOU HAVE THREE MINUTES I'LL
GIVE YOU A THIRTY SECOND
PROMPT. WERE THEN GOING TO GO
TO PETER BLOCKER HE'S GOING TO
BE THE SECOND LEAD OPPOSITION
WITNESSED HE WILL ALSO RECEIVE.
THREE MINUTES HE IS HE'S
REPRESENTING THE CALIFORNIA
TAXPAYERS ASSOCIATION BUT FIRST
MR OF THE ARMY WITH THE FAMILY
BUSINESS ASSOCIATION THE
FORRESTER RESEARCH. THANK YOU
AND ON BEHALF OF THE CALIFORNIA
FAMILY BUSINESS OWNERS OF
CALIFORNIA. THEN THERE OUGHT
BURNERS AND FAMILY MEMBERS.
OBVIOUSLY NOT ALL OF OUR
MEMBERS ARE. WOULD BE AFFECTED
BY THIS TAX BUT THERE ARE A FEW
THAT WOULD THESE ARE THE FOLKS
OF THE RISK TAKERS. THE END
THEY INVEST THEIR WORK TIRELESS
HOURS AFTER MANY YEARS MAYBE
EVEN GENERATIONS- AND FINALLY
THEY HAVE A PAYOFF. THIS BILL
WOULD ADDRESS THAT ISSUE AND
I'M GONNA GET INTO SOME OF THE
CHALLENGES THAT WERE LAID OUT.
BY SOME OF THE SUPPORTERS. OF
HELP RAISE. UP AND COULD
ACTUALLY NEGATIVE AND- SOME OF
THE STATE REVENUES AS WE GO
THROUGH THIS- OF. THE MANY OF
OUR MEMBERS ARE SUFFERING JUST
LIKE MANY OF THE FOLKS ON THE
PHONE EARLIER. THEIR SUFFERING
THEIR SHUT DOWN THE GOVERNMENT
HAS PROHIBITED THEM FROM OPEN
UP THEIR BUSINESSES. AND I
THINK THAT THAT THIS IS A YOU
WILL DISCOVER THE ISSUE. IS A
UNIVERSAL SUFFERED ACROSS THE
ENTIRE ECONOMIC SPECTRUM THAT
NEED TO BE I COULD NOT. DO YOU.
HAVE A SOME THE- I THINK IT'S
VERY INTERESTING WATER RUN FROM
HIGH PRESSURE LOW PRESSURE BUT
CAPITAL IS ALSO VERY FUNGIBLE
AS WELL AS THOSE THAT ARE HIGH
WILL THURS THEY CAN MOVE FROM
HI REGULATION HIGH TAX. HELLO
RELATION LOW TAX AREAS THE
COMPANY ALL OVER THE COUNTRY
THEN I'D JUST LIKE TO BRING UP
A COUPLE SOME OF THE MOST
FAMOUS CALIFORNIANS TIGER WOODS.
IAN WILLIAMS WHY DID THEY LIVE
IN FLORIDA. WHAT'S NOT BECAUSE
THEY LIKE BIG BUGS IN HUMIDITY
THAT'S BECAUSE IT DOES NOT HAVE
A PERSONAL INCOME TAX. SO BY
MOVING OUT OF STATE WE HAVE NOT
ONLY LOST THE ADDITIONAL OF
MARGINAL TAX THIS BILL PROPOSES
WE HAVE LOST THEIR ENTIRE.
TAXABLE INCOME AND THAT OCCURS
VERY EASILY OBVIOUSLY SOME OF
THE WEALTHY. FOLKS TO
CALIFORNIA HAVE THE ABILITY TO
MOVE THE OTHER STATE. BY THE
COMPANY. SO WE'RE LOSING NOT
ONLY WILL WE LOSE THOSE FOLKS
WOULD NOT ONLY LOSE THEIR-
BECOME TAX AND THEN THE
MARGINAL RATE A BIGGER TAX AS
PROPOSED BY THIS LEGISLATION WE
ALSO LOWER LOSE. THEIR THEIR
THEIR JOBS THERE YOUR
CREATIVITY THEIR BUSINESS
ASKING MEN THEIR INGENUITY
THERE IF C. N. MOST POORLY
THEIR COMMUNITY PHILANTHROPY
FAMILY BUSINESSES UP ON
IDENTIFIED. IN CALIFORNIA HAS
BEEN HEART. SINCE SET OF
PHILANTHROPY AND COMMUNITY
INVESTMENT THEY ALSO PROMOTE
WOMEN TO A HIGHER LEVEL IN
LEADERSHIP THAN THE AVERAGE
COMPANY THOSE ARE THE PEOPLE WE
WANT TO KEEP THE CALIFORNIA
HOWEVER THIS PROPOSAL IN THE
MARGINAL TAX RATE TO THE WOULD
INCREASED. COULD RESULT IN MORE
LIKELY. IN OF THE MOVING TO
OTHER STATES WHICH AGAIN WOULD
NOT ALLOW US TO GET THE MARK
PRO RATE PROPOSED REDUCE THEIR-
INCOME TAX PROPOSAL SERVER
LISTED STANDPOINT THE- ALL
THREE. BAD TIME DO THIS AT THIS
TIME. WHEN I COUPLE MORE THINGS
IT YOU HAVE THIRTY HER FOR A AT
ALL. THE HAVE A LIMIT ON. ED
DOES A STOP IT'S POINT IN THAT
SHOULD BE SHOULD BE THINGS
SHOULD BE CONSIDERED THANK YOU.
WE WANT TO SAVE YOU TO MISTER
OF YANNI FROM THE FAMILY
BUSINESS ASSOCIATION FOR BITING
AT HIS TESTIMONY TODAY HE'S THE
FIRST OF TO THE DEPOSITION WHEN
THIS IS ROBBIE ANI IT'S GOOD TO
SEE IN PERSON. AS WE HEAR SO
MANY FOLKS OVER THE PHONE THESE
DAYS SO THANK YOU SO MUCH
MISTER OF THE ARMY LADIES IN
GERMAN COMMITTEE WERE NOT GOING
TO BE GOING TO PETER BLOCKER
PETER PARKER INTERSECT IN FINE.
LEAVE POSITION WHITNEY HE'S-
CALIFORNIA. ASSOCIATION GIVEN
THREE MINUTES THE FLOOR IS
YOURS WALKER. THANK YOU SURE
MCGUIRE AND UNIVERSITY OF TO
SPEAK OR THIS MORNING. THANK
HEALTH ALL ACROSS HOMELESS OF
TAX YOU YEAR TEAMS THAT ARE
OWES THIS BILL. BEARD OPTIONS
LEGISLATION SURPRISE MANY NOT
ONLY BECAUSE OF ITS- SO LATE IN
THE YEAR BUT BECAUSE OF HOW TO
ATTEMPT TO RAISE REVENUE. IN
RECENT YEARS MUCH OF THE
DISCUSSION SURROUNDING PASSED
BALLS YOU CAPITAL HAS BEEN
ABOUT HOW TO MAKE A BUDGET
SMALL. WELL THERE ARE DIFFERENT.
THE HELP US DO THIS MOST WOULD
AGREE THAT EIGHTY. REDUCE
OPPOSITE. INSTEAD OF
CALIFORNIA'S BUDGET. YOUR EVERY
KIND OF THE ECONOMY. AND
REGARDLESS OF WHETHER THIS TAX
INCREASE TO TRY TAXPAYERS OF
THE STATE FOR DISINCENTIVE VICE
RESIDENTS OF OTHER STATES. IN
CALIFORNIA. RESULTS ARE MORE
LIKELY FOR THIS BECOMES LAW I'M
NOT HERE CALIFORNIA HAS THE
HIGHEST POVERTY INCOME TAX
REVIEW AT THE AT THIRTEEN POINT
3% IN THIS BILL WOULD BRING THE
TOP RATE UP TO SIXTY POINT 8%
INCREASE IN THE STATE OF THIS
BY PUTTING THE TOP RATES FAR
BEYOND THE IN OTHER STATE.
PRINCES REALLY DIAGRAM WHEN YOU
CONSIDER THE NEXT HIGHEST RATE
IS A Y. AT 11% SOME STATES ARE
EVEN IMPOSING CAPS AND IT WILL
TAKE MANY TAXPAYERS LEADING
IMPACT BUDGET. LIKE STILL SHE
HEARS ONE HOUSE ONE OF TAX
FILERS WITH WHERE DO YOU COME
UP ONE DOLLAR HE THAN 40% OF
THE TOTAL HOW REVENUE COLLECTED
BY THE STATE TO MAKE MATTERS
WORSE JUST HOLD STRUCTURE IF
YOU OFFICE FOR OUT TAXPAYERS.
NO WAY TO THAT RETRACTED TAX BE
DURING THE OF THE TAX. THEY
HAVEN'T BEEN WITH A WHOLE UP A
LEVEL NEEDED COVER TAX YOU'D
GET A SUBSTANTIAL BUILT IN THE
YEAR. THANK YOU OF MINE THAT
MANY TO STANDINGS BILLS. ONE
BILLION DOLLAR THRESHOLD
BECAUSE THE OPERATOR BUSINESS
THE PERSON. IT'S ALSO IMPORTANT
NOTE THAT ARE COME OVER ONE
MILLION DOLLARS ARE NOT A
MONOLITHIC GROUP. ACTUALLY TURN
NETWORK FORCE FOR ME OVER ONE
MILLION DOLLARS OFTEN RESULTING
ONE PART OF THAT. FOR EXAMPLE
THE SELLING OF A HOME BY
RETIREES. HIGHER TAXES YOU HAVE
A SIGNIFICANT IMPACT ON THE
SILENCERS. EVEN IF THIS BILL
REYES THE PROJECTED AMOUNT OF
REVENUE IN THE SHORT TERM.
REVENUE GAINS OUTWEIGH THE
NEGATIVE LONG STOCKS THE STATE.
IN OVERALL. THIS AND FOR PLEASE
READ YOUR THIS. THE BLOCKER
APPRECIATE YOUR TESTIMONY TODAY
THANK YOU SO MUCH FOR TAKING
THE TIME TO BE ABLE TO CALL IN.
OUR UNDERSTANDING IS THAT
PROBABLY ANI WILL BE- BEING
ABLE TO HELP WITH THEIR ANY
TECHNICAL QUESTIONS ON THE
OPPOSITION SIDE- INDOOR MISTER
BLOCKER. AND WE WILL BE RELYING
ON PROFESSOR SITE IS FOR ANY
TECHNICAL QUESTION ON THE LEASE
SUPPORT SIDE OF YOU SEE WE- TO
WONDER AUTHORS WHO ARE IN FRONT
OF US HERE TODAY. THE LADIES IN
GERMAN TALK A PUBLIC COMMENT IS
GOING TO BE THREE WAYS YOU CAN
PROVIDE COMMENTED THE CAN TODAY.
POSTS WERE GONNA GOING TO THE
PHONE LINES WERE TO BE WORKING
WITH OUR MODERATOR WE HAVE
SEVERAL PAGES TO. GIVE YOU TO
BE TO I MEANT. TESTIMONY ONLY
BILL MAYBE TWO. TO THREE HI
THIS. FOR OR- XIN WE WALKED.
INTO. I'LL FOR. NINE SIX SIX
FOUR THAT PHONE NUMBER IS NOW
ON YOURS YOU'RE GONNA NEED TO
TWO EIGHT ONE EIGHT AS THE CO
AND WE LOOK FORWARD TO HEARING
FROM YOU ON OUR PHONE LINES IN
JUST A FEW MOMENTS WILL ALSO I
TESTED HERE IN FROM FORTY TWO
OR THREE AND WILL ALSO BE
LOOKING IN ROOM TWENTY FORTY
FIRST AND FOREMOST THE LADY
GERMAN LET'S START WITH THE
PHONE LINES WERE GONNA BE
WELCOMING ANY INDIVIDUAL WHO
WOULD LIKE TO BE A TO SPEAK IN
SUPPORT FOR. PATIENT THREE. TO
BE CALLING NOW WE'RE GONNA ASK
YOU TO PLEASE PROVIDE YOUR
FIRST AND LAST NAME. IF YOU
WITH THE ORGANIZATION STATE
YOUR ORGANIZATION AND WE ALSO
ASK YOU TO PLEASE STATE YOUR
POSITION ON THE BILL. DUE TO
CONSTRAINTS WE'RE UNABLE TO
TAKE LINK TO MONNING HERE TODAY
NOT FROM OUR PHONE LINES OR
THOSE WHO ARE HERE IN PERSON
ALL RIGHT. MA'AM MODERATOR
LET'S TO IT THEY TOOK THE PHONE
LINES IN TAKE THOSE SUPER IN
SUPPORT OR IN OPPOSITION OF AB
TWELVE FIFTY THREE THE FLOOR IS
YOURS. AND A MODERATOR. THANK
YOU MISTER CHAIRMAN THE-
GENTLEMAN IF YOU WISH TO SPEAK
IN OPPOSITION OR SUPPORT OF AB
TWELVE FIFTY THREE. PLEASE
PRESS ONE THAN THEIR OWN NOW.
ONCE AGAIN IF YOU WISH TO SPEAK
IN SUPPORT OF OR OPPOSITION OF
AB TWELVE FIFTY THREE. PLEASE
PRESS ONE THEN ZERO NOW. ONE
MOMENT AT THE GERMAN IT IS A
MUCH BETTER MODERATOR WE
APPRECIATE ALL THE WORK TODAY
THE FORTY HERE IN THE COMMENTS.
MY NUMBER ONE SIX ZERO YOUR
LINE IS OPEN. GOOD MORNING FOR
MORE MESSAGES ONE MOMENT
DETERMINE. PEOPLE ARE DROPPING
OFF ONE WOMAN IS THE CHAIR OF
THE. FOR MORE SECONDS THE
TRIMMING. PLACING GERMAN IF
YOU'RE INTERESTED IN- CALLING
IN TODAY WE WELCOME YOUR
COMMENTED. 844-291-6364 WE'LL
BE TAKING COMMENTS ON THE
PHONE- IN ROOM FORTY TWO THREE
AS WELL AS ROOM TWENTY FORTY
THE CAPITAL BETTER MODERATOR
I'LL TURN IT BACK OVER TO YOU
FOR OUR FIRST CALLER. HEY ME
MISTER CHAIR HI- WILL BE
ASSUMING. THE RESPONSIBILITIES
OF OPENING UP THE LINES AT THIS
POINT. WELCOME MY MISTER
MODERATOR GOOD MORNING SIR THE
MORNING HERE PACIFIC TIME BACK
IN MINNEAPOLIS YOU'VE ALREADY
HAD LUNCH SO WILL OUR TURN THE
FLOOR OVER TO YOU MISTER
MODERATOR. TO BE ABLE TO.
PLEASE THANK YOU LINE ONE SIXTY
SEVEN PLEASE GO AHEAD. GOOD
MORNING NINE ONE SIX. YES
YOU'RE IN COMMITTEE. GOOD
MORNING. HI GOOD MORNING I
DON'T KNOW IF I CUT SOMEBODY
ELSE OFF BUT WHEN PEOPLE TO
SPEAK BUT YOU'RE YOU'RE HEARING
COMMITTEE THIS IS MCGUIRE AND
WE WELCOME YOU TO COMMITTEE IF
YOU CAN GIVE US YOUR FIRST AND
LAST NAME YOUR POSITION ON THE
BILL. HI YES- MY NAME IS LIZ
THAT MENDOZA I AM POLICY
MANAGER WITH INLAND COALITION
FOR IMMIGRANT JUSTICE OUT HERE
IN FEMININITY NON RIVERSIDE
COUNTY. AND I'M THINKING OUT
TODAY IN SUPPORT- THIS BILL-
BECAUSE WE NEED TO MAKE SURE
THAT LEADERS LIKE YOU DO THE
RIGHT THING. BOB NEEDLESS TO
THE HELP CALIFORNIANS WHO ARE
LOW INCOME DOMESTIC WORKERS
SIDEWALK VENDORS AND- IMMIGRANT
WORKERS IN GENERAL. PROVIDE THE
PRICES. AND A LIFE BY THE
WEALTHIEST PAY THEIR FAIR SHARE
AS WAS NOTED NOTED IN THE-
TESTIMONIES AND SUPPORT. THIS
MORNING- OUR COMMUNITIES ARE
ARE DEFINITELY TRYING TO
SURVIVE THIS CRISIS AND HOLDING
ON FOR THE LAST READ. THE LAST
PENNY IS SOMETIMES A LACK
DOLLARS THAT THAT ARE IN THEIR
POCKET AND BELIEF I IT A WAY.
TO SUPPORT THEM RIGHT BUT WE
KNOW THEM TAKE THAT WE NEED ANY
WE ARE WE'RE AN LOOK ACTED.
WE'RE VERY GRATEFUL THANK YOU
SO MUCH AND WANT TO REMIND WHO
ARE ON THE LINE AND I ONLY SAY
THIS. BECAUSE WE ARE UNDER TIME
CONSTRAINTS DUE TO AN UPCOMING
FLOOR SESSION IN ENHANCE
CLEANING REGIMENS RELATED TO
THE CROWN OF VIRUS WE'RE GONNA
NEED TO BE ABLE TO GET BACK TO
COMMITTEE MEMBERS TO BE ABLE TO
HAVE DISCUSSION. AT
APPROXIMATELY TWELVE TWELVE OH
FIVE WE CURRENTLY HAVE EIGHTY
SIX EIGHTY SIX INDIVIDUALS IN
THE QUEUE. SO WHAT WE'RE GOING
TO ASK. YOU TO HELP FOLKS SAY
THEIR PEACE IF YOU COULD PLEASE
PROVIDE. A FIRST AND LAST NAME.
YOUR POSITION ON THE BILL. WITH
AN ORGANIZATION IF YOU COULD
USE YOUR ORGANIZATION. AND
WE'RE NOT AT ALL TRYING TO
STIFLE COMMON WE JUST WANT TO
GET TO AS MANY FOLKS IN YEARS
MANY THIS IS POSSIBLE. ALL
RIGHT MISTER MODERATOR NEXT
CALLER PLEASE. THANK YOU
MISTER. FIND EIGHTY NINE YOUR
LINE IS OPEN GOOD MORNING. GOOD
MORNING THIS CHAIRED MEMBERS
TERRY BRENNAN NUMBER HAVE BUT
AT THE ARE YOU CALIFORNIA
REPRESENTING- SEVEN HUNDRED
THOUSAND PLUS. WORKING MEN AND
WOMEN IN CALIFORNIA TAXPAYERS
STRONG SUPPORTER OF THE FISH
THANK YOU FOR BRINGING GOOD
HERE VOICE THANK YOU SO MUCH
FOR CALLING NAY NEXT CALLER
PLEASE. LINE ONE FIFTY SEVEN
PLEASE GO AHEAD GOOD MORNING.
THE MORNING LINE ONE FIFTY
SEVEN. ALRIGHT NEXT CALLER
PLEASE. BY NINETY FIVE YOUR
LINE IS NOW OPEN. GOOD MORNING-
MISTER CHAIRMAN MINING IS RATIO
LOWER I AM A PROUD HOME CARE
PROVIDER I AM IN. AT THE PORT
OF A. B. TWELVE FIFTY THREE A
LONG TERM HEALTH CARE WORKER
AND AT THE ARE YOU TWENTY
FIFTEEN THANK YOU THANK YOU SO
MUCH MISS LEWIS APPRECIATE THAT
VERY GRATEFUL. LET'S GO TO OUR
NEXT CALLER PLEASE. LINE ONE
EIGHTY FIVE YOUR LINE IS NOW
OPEN. MISTER CARE MEMBERS MIGHT
CAROL WITH THE. IT'S SAFE WITH
MISTER FERRELL SO ON THE LINE
MR FAIR ARE YOU STILL WITH US.
MISTER CHAIR WERE NOT SURE WHAT
HAPPENED TO- LYING ABOUT ONE
EIGHTY FIVE WE'RE GONNA COME TO
RESUME JUST THE SECOND ALL
RIGHT THANK YOU SO MUCH WE'LL
GET MR HERALD BACK ON THE LINE.
HERE IN JUST A FEW MOMENTS
UNTIL THEN THOUGH- MISTER
MODERATOR WHEN WE GO TO OUR
NEXT CALLER. THE TEACHER JUST A
MOMENT PLACE THANK YOU. I'M
GONNA GO TO LINE. ONE SEVENTY
THREE. PLEASE GO AHEAD. GOOD
MORNING. LINE ONE SEVENTY THREE
YEAR LIVE IN COMMITTEE. ALL
RIGHT MISTER MODERATOR NEXT
CALLER PLEASE. TERM BUT A TRIAL
LINE ONE SEVENTY THREE AGAIN
JUST A MOMENT. BY ONE SEVENTY
THREE A ONE IS OPEN. CAN YOU
HEAR ME YS MORNING HEARING
COMMITTEE OKAY I'M SORRY OKAY
MY NAME IS TANYA BE LEE AND I
AM A STATE WORKER I WORK FOR
THE DEPARTMENT OF MOTOR
VEHICLES- AND THE CITY OF LOS
ANGELES AND I'M ALSO A MEMBER
OF IT YEAH YOU LOCAL ONE
THOUSAND. WE CAN OUT TODAY
BECAUSE LEGAL LIKE YOU NEED TO
DO THE RIGHT THING IN LESS TO
HANG HIM CALIFORNIA THANK YOU
THANK YOU SO MUCH FOR YOUR
COMMENT LINE ONE EIGHT SEVEN.
MINUS MORNING MR CHAIRMAN
MEMBERS BUT REALLY YOU ON
BEHALF OF GDW ACNE LOCAL THIRTY
NINE THIRTY REPRESENTED BOTH
FAMILY CHILD CARE PROVIDERS AND
HOME CARE PROVIDERS IN STRONG
SUPPORT THANK YOU THANK YOU FOR
YOUR COMMENTS WE'RE GRATEFUL
NEXT CALLER PLEASE. LINE ONE
EIGHTY SIX. HI CAN YOU HEAR ME
YES YOUR LIVE IN COMMITTEE
THANK YOU SO MUCH THE FLOOR IS
YOURS. A GOOD MORNING- CARE AND
SENATORS MY NAME IS RUN SCHOOL
CRAYON YANG. AGAIN THE FORMER-
BOIL SCHOOL BOARD MEMBER AND
ALSO COULD BE SERVED ON THE
NAPA VALLEY COLLEGE BOARD. I
URGE THE COMMITTEE TO VOTE YES
ON A. B. FOUR FIFTY THREE
CONGRESSMAN LEWIS SAID WE NEED
TO BE ON THE RIGHT SIDE OF
HISTORY THANK YOU THANK YOU SO
MUCH FOR YOUR PHONE CALL TODAY
LET'S GO TO OUR NEXT CALLER. TO
MODERATOR. LINE THE FIVE YOUR
LINE IS OPEN. THANK YOU MISTER
CHAIR AND MEMBERS TRISTEN BROWN
OF THE CALIFORNIA FEDERATION OF
TEACHERS YOU'RE IN STRONG
SUPPORT BECAUSE NEW REVENUE IS
THE ONLY WAY WE CAN HAVE A
SAFELY RETURN A SAFE RETURN
COEDUCATION OUR STATE THANK YOU
THANK YOU MISTER BROWN GOOD TO
HEAR YOUR VOICE NEXT CALLER
PLEASE. LINE. ONE NINETY FOUR
ONE. LET'S SEE IF WE HAVE LINE
ONE NINETY FOUR LINE ONE NINETY
FOR YOUR LIFE AND COMMITTEE.
HELLO CAN YOU HEAR ME YES YOUR
LIVE IN COMMITTEE GOOD MORNING.
MORNING MA'AM WE'RE GONNA TRY
ONE MORE TIME LINE ONE NINETY
FOR YOUR LIVE IN COMMITTEE.
JUST A MOMENT MISTER CHAIR
THERE SEEMS TO BE SOMETHING
WRONG WITH THE LINE ONE NINETY
FOR JUST A MOMENT THANK YOU.
PAULA JUDGE FOR THE DELAY. AND
AGAIN MISTER CHAIR JUST ANOTHER
MOMENT SIR SURE.
SURE WE'RE
GONNA GO TO LINE. TWO OLD FOUR
MY TO FOR YOUR LINE IS OPEN.
FIND TOOL FOR YOUR LIVE IN
COMMITTEE. MORTON SMITH
REPRESENTED CALLED THE LAKE AND
THE ONLINE SUPPORT MEN OF COLOR
WE'RE IN STRONG SUPPORTER AB
TWELVE FIFTY THREE BECAUSE WE
BELIEVE THE BUDGET CUTS AND
BORROWING BILLY EXPAND THE
ECONOMIC DOWNTURN AT LEAST THE
MOLD ON THE WALL. THE PEOPLE OF
COLOR. UNDER THE CRISIS THANK
YOU THANK YOU SO MUCH WE REALLY
APPRECIATE YOUR COMMENTS TODAY
THANK YOU FOR CALLING IN LET'S
GO TO OUR NEXT CALLER PLEASE.
ONE TWO OH FIVE YOUR LINE IS
OPEN. GOOD MORNING. THE MORNING
LINE TWO OH FIVE. HELLO HI GOOD
MORNING NINE TWO OH FIVE YEAR
LIVE IN COMMITTEE. GO AHEAD
PLEASE. I THEIR STARTED WHEN
THE CHAIR WITH THE CALIFORNIA
PAN ETHNIC HEALTH NETWORK IN
STRONG SUPPORT. THANK YOU SO
MUCH WE'RE GRATEFUL FOR YOUR
TESTIMONY TODAY WE'RE GONNA
REMIND CALLERS IN RIGHT NOW WE
HAVE A- LITTLE OVER SIXTY FOLKS
THAT ARE STILL ON THE LINE
WE'RE GOING TO ASK FOLKS USED
TO MAKE SURE THAT. WHEN YOU'RE
ON HOLD JUST TO BE ABLE TO MUTE
AND THEN OBVIOUSLY WHEN YOU'RE
COMING BACK WE'RE GONNA ASK YOU
TO TAKE THAT- PHONE OFF OF MUTE
BUT AGAIN WE'RE REALLY GRATEFUL
THAT ALL OF YOUR HOLDING LET'S
GO TO OUR NEXT CALLER PLEASE.
BY ONE SIXTY FIVE. I MISTER
CHAIR ANTHONY RIGHT EXECUTIVE
DIRECTOR OF HEALTH ACCESS
CALIFORNIA THE STATE WIDE
HEALTH CARE CONSUMER ADVOCACY
COALITION IN STRONG SUPPORT OF
AB TWELVE FIFTY THREE BECAUSE
WE SHOULD BE DEBATING BILLIONS
OF DOLLARS OF HEALTHCARE CUTS
IN THE MIDDLE OF A PANDEMIC
THANK YOU THANK YOU SO MUCH
WE'RE GRATEFUL FOR YOUR
TESTIMONY TODAY. NEXT CALLER
PLEASE. ONE ONE NINETY KILL. BY
ONE NINETY TWO YOUR LINE IS
OPEN. MR KERRY MEMBERS SOVIET
SO WE SHOT ON BEHALF OF THE
OVER TWENTY EIGHT THOUSAND
MEMBERS OF THAT CALIFORNIA
ASSOCIATION IN STRONG SUPPORT.
THANK YOU SO MUCH MISS SHOTS
GOOD TO HEAR YOUR VOICE WE
APPRECIATE IT THANK YOU. LET'S
GO TO OUR LET'S GO TO OUR NEXT
CALLER PLEASE- MISTER MODERATOR.
LINE FORTY SEVEN YOUR LINE IS
OPEN. ECHO UNIFIED SCHOOL
DISTRICT ANYWHERE IN STRONG
SUPPORT OF THE MEASURE THANK
YOU THANK YOU SO MUCH I'M GONNA
HAVE YOU REPEAT ONE MORE TIME
WE DISCUSSED YOUR LAST FOR YOUR
COMMENTS SIR IF YOU DON'T MIND
JUST REPEATING WHAT MORE TIME
AT YOUR AT YOUR TESTIMONY. OF
COURSE- MY NAME IS ANDY
CALDERON CHOI AND I'M WITH THE
SAN DIEGO UNIFIED SCHOOL
DISTRICT AND WE'RE AND STRONG
SUPPORT. OF AB TWELVE FIFTY
THREE. YOU ARE LOUD AND PROUD
IN CLEAR HEARING COMMITTEE
THANK YOU SO MUCH SIR WE'RE
REALLY GRATEFUL THANK YOU- IF
YOU'RE WATCHING JUST A QUICK
HOUSEKEEPING ITEM BEFORE WE GO
TO OUR NEXT CALLER. IF YOU'RE
WATCHING ON YOUR COMPUTER TODAY
OR POTENTIALLY ON YOUR PHONE.
THERE'S ABOUT A FORTY SECOND
DELAY FROM WHAT YOU'RE HEARING
TO WHAT'S HAPPENING COMMITTEE
SO. IF YOU WERE ON HOLD WHAT
WE'D GREATLY APPRECIATE. AND
REALLY SO APPRECIATE YOUR
CALLING IN. IF YOU COULD JUST
KEEP- KEEP IT KEEP LISTENING.
ON YOUR PHONE THAT WAY WE WON'T
HAVE THAT. DELAY WHEN WE COME
TO YOU.HI SO IF YOU CAN JUST
BE LISTENING ON YOUR PHONE WE
ARE SO APPRECIATIVE OF THAT-
AND WE WON'T HAVE THAT DELAY.
ALL RIGHT LET'S GO TO OUR NEXT
CALLER PLEASE MR MODERATOR.
LINE ONE EIGHTY. HI GOOD
MORNING KATIE HARD AND THEN
WHAT THE CALIFORNIA TEACHERS
ASSOCIATION AND STRONG SUPPORT
THANK YOU SO MUCH MISS HARTMAN
WE APPRECIATE YOU CALLING IN
TODAY THAT'S GO TO OUR NEXT
CALLER PLEASE. LINE ONE NINETY
NINE. MR MEMBERS BRIAN HOW WITH
THE CALIFORNIA FACULTY
ASSOCIATION WARRANT STRONG
SUPPORT THANK YOU DID YOU HEAR
VOICE RYAN THANK YOU SO MUCH
NEXT CALLER PLEASE. LINE NINETY
CURRY. BY NINETY THREE YOUR
LINE IS OPEN. ALL RIGHT MISTER
MODERATOR WHEN WE GO TO OUR
NEXT CALLER PLEASE. NUMBER ONE.
PLEASE COULD YOU MADAME
MODERATOR THANK YOU I'M GOING
TO GO BACK TO LINE ONE FIFTY
EIGHT YOUR LINE IS OPEN PLEASE
GO AHEAD. AND THEY DISCONNECTED
LIE. ONE TWENTY FIVE YOUR LINE
IS OPEN PLEASE GO AHEAD. HELLO
MY NAME IS NATIONAL BANK I'M AN
RN WITH RIVERSIDE COUNTY AND
I'M IN STRONG SUPPORT WITH THE
CALIFORNIA NURSES A LINE FROM
SGI YOU. SEE THANK YOU SO MUCH
FOR YOUR COMMENTS THAT'S GO TO
OUR NEXT CALLER PLEASE MADAM
MODERATOR. THANK YOU LINE
NUMBER ONE NINETEEN ONE ONE
NINE YOUR LINE IS OPEN PLEASE
GO AHEAD. MY NAME IS LINDA
BELSKY I LIVE IN PASADENA I AM
STILL IN STRONG SUPPORT OF AB
TWELVE THIRTY THREE AND URGE
THE SENATE TO BRING IT TO ABOUT
THIS MONTH. SUSAN WE APPRECIATE
YOU CALLING IN THANK YOU FOR
YOUR COMMENTS TODAY LET'S GO TO
OUR NEXT CALLER PLEASE. BLIND
NUMBER SIXTEEN YOUR LINE IS
OPEN PLEASE GO AHEAD. HELLO
THIS IS JUSTIN SYRIAN ON
EDUCATION WILL PERSONALLY
COLLEGE OF ALAMEDA WITH THE US
YET TO CALIFORNIA FEDERATION
TEACHERS AND I- SUPPORT OF AB
TWELVE FIFTY THREE THANK YOU
THANKS SO MUCH YES IN THANKS
FOR YOUR PHONE CALL NEXT CALLER
PLEASE. MY NUMBER ONE TWENTY
SEVEN YOUR LINE IS OPEN PLEASE
GO AHEAD. GOOD MORNING MY NAME
IS MATT GUNDERSEN OTHER THAN
SACRAMENTO AND I SUPPORT AB
TWELVE FIFTY THREE AND URGE THE
SENATE TO BRING IT TO A VOTE
THIS MONTH. YOU MISS GUNDERSEN
APPRECIATE YOUR CALL LET'S GO
TO OUR NEXT CALLER PLEASE. MY
NUMBER ONE FORTY SIX YOUR LINE
IS OPEN PLEASE GO AHEAD. GOOD
MORNING GOOD MORNING MY NAME IS
NATALIE LIMóN CATTLE- I'M A
POLITICAL SCIENCE PROFESSOR IS
CLOSE ON TO COLLEGE I'M CALLING
I IN BEHALF OF THE CALIFORNIA
FEDERATION OF TEACHERS AND MY
LOCAL AFT FIFTEEN TWENTY ONE. I
AM IN STRONG SUPPORT OF AB
TWELVE FIFTY THREE THANK YOU
THANKS IS MONTERO THANKS SO
MUCH FOR CALLING IN THIS
MORNING LET'S GO TO OUR NEXT
CALLER PLEASE. MY NUMBER ONE
NINETY SIX YOUR LINE IS OPEN
PLEASE GO AHEAD. GOOD MORNING
NORTH MERYL THE CAL TO GET
HUNDRED BETTER THAN BEFORE.
THANK YOU MISTER MAYOR GOOD TO
HEAR YOUR VOICE NEXT CALLER
PLEASE. LINE ONE SEVENTY EIGHT
YOUR LINE IS OPEN ONE SEVEN
EIGHT PLEASE GO AHEAD. LINE ONE
ASSEMBLY LINE IS OPEN. MY
NUMBER FIFTY NINE YOUR LINE IS
OPEN PLEASE GO AHEAD FIVE NINE.
GOOD AFTERNOON MY NAME IS
MICHAEL FRENCH I SUPPORT
RAISING INCOME TAXES NEXT YEAR
AND BEYOND BUT I STRONGLY
OPPOSE DIRECTOR ACTIVE NATURE
OF THIS BILL ON INCOME ARE YOU
THIS YEAR BEFORE CODE EVEN IN
OUR STATE. THANK YOU THANK YOU
SO MUCH MISTER FINISH WE REALLY
APPRECIATE YOUR COMMENTS TODAY
THANKS FOR CALLING LET'S GO TO
OUR NEXT CALLER PLEASE. MY
NUMBER NINETY TAKES YOUR LINE
IS OPEN PLEASE GO AHEAD. YES MY
NAME IS KELLY KELLY FROM S. P.
TWENTY ONE TWENTY ONE
REPRESENTING- COMMUNITY COLLEGE
FACULTY HERE IN SAN FRANCISCO
AND WITH THE CALIFORNIA
FEDERATION OF TEACHERS AND I'M-
CALLING IN STRONG SUPPORT AB
TWELVE FIFTY THREE BECAUSE WE
NEED WE NEED REVENUE AND WE
NEED TO COMMUNITY COLLEGES TO
BE CENTRAL. IN THE. MY NUMBER
ONE OH FIVE YOUR LINE IS OPEN
PLEASE GO AHEAD. HI MY NAME IS
CAMILLE CHRISTIAN I'M WITH
CALIFORNIA TERM CARE EDUCATION.
HUNTER AND AS THE ARE YOU LOCAL
TWO THOUSAND FIFTEEN AND WE ARE
ALL IN STRONG SUPPORT OF AB
FIFTY THREE TWELVE FIFTY THREE.
THANK YOU SO MUCH FOR DOING. WE
REALLY APPRECIATE YOU CALLING
IN WHEN I WANT TO SAY THANK YOU
FOR YOUR TESTIMONY TODAY LET'S
GO TO OUR NEXT CALLER PLEASE.
MY NUMBER ONE OH NINE YOUR LINE
IS OPEN PLEASE GO AHEAD. GOOD
MORNING. MY IS CLEAR BURKE AND
I LIVE IN BERKELEY. I'M A
PROFESSOR OF PUBLIC HEALTH AND
SO I STRONGLY SUPPORT AB. ONE
TWELVE TWELVE FIFTY THREE
BECAUSE ALL CALIFORNIANS
INCLUDING MILLIONAIRES BENEFIT
FROM CLEAN AIR CLEAN WATER AND
STATE PARK THANK YOU. BE CLEAR
THANKS FOR CALLING IN AND GO
BEARS LET'S GO TO OUR NEXT
CALLER PLEASE. LINE ONE
EIGHTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NUMBER ONE
ONE EIGHT YOUR LINE IS OPEN.
WHAT. YOUR WORK I WOULD
BERKELEY FOR A. B. ALL THREE.
VOTE YES THANK YOU THANK YOU
BERKELEY IS IN THE HOUSE TODAY
THANK YOU VERY MUCH WE'RE
GRATEFUL LET'S GO TO OUR NEXT
CALLER PLEASE. LINE NUMBER
THIRTY YOUR LINE IS OPEN PLEASE
GO AHEAD. YES MY NAME IS GERRY
TRAVELER I WORK FOR THE
DEPARTMENT OF CORRECTION
REHABILITATION AS A DENTAL
ASSISTANT AS A STATE WORKER
WE'VE ALREADY HAD OUR CAT AND
SO WE ARE IN SUPPORT OF AB ONE
TWO FIVE THREE THANK YOU THANK
YOU THANKS FOR YOUR WORK IS
WELL DURING THESE CHALLENGING
TIMES IT'S GO TO OUR NEXT
CALLER PLEASE. MY NUMBER ONE
TWENTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. THIS IS JOHN
ARMSTRONG AND I LIVE IN ROCK IN
CALIFORNIA. I SUPPORT AB TWELVE
FIFTY THREE. THE SENATE TO
BRING IT TO A VOTE THIS MONTH.
NOW MY MEDICAL. THANK YOU SO
MUCH JOHN THANKS FOR CALLING IN
TODAY NEXT CALLER. MY NUMBER
ONE SEVENTY SEVEN YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING BOBBI LOPEZ SO THE
PORTABLE FACTOR CALIFORNIA AT
OAKLAND IN STRONG SUPPORT OF AB
TWELVE FIFTY THREE BECAUSE WE
MUST TACKLE HOMELESSNESS WHICH
IS DRAMATICALLY INCREASING IN
MY COMMUNITY THANK YOU. HEY
THANK YOU SO MUCH MISS LOPEZ
APPRECIATE YOU CALLING THEN
NEXT CALLER PLEASE. MY NUMBER
ONE ONE FOR YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NUMBER ONE
FOURTEEN YOUR LINE IS OPEN.
SELECT A YOUR LIVE IN COMMITTEE.
GOOD MORNING. ONE MOMENT DON'T
ON. NUMBER TWO- TO YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING. GOOD MORNING. YOU ONLY
THREE TWO WHAT MA'AM YOUR USE
DISCONNECTED. LINE NUMBER ONE
SIXTEEN THE LINE IS OPEN PLEASE
GO AHEAD AND- BARBER WEALTHY
ANGELINO WHO'S CALLING IN
SUPPORT OF AB TWELVE FIFTY
THREE I WANT OUR NEXT
GENERATION TO HAVE THE SAME
BENEFITS OF A TWO HUNDRED
DOLLARS. PER SEMESTER OF
GRADUATE SCHOOL THAT I CAN'T
THANK YOU BARBARA THANKS SO
MUCH FOR CALLING IN FROM LOS
ANGELES TODAY NEXT CALLER
PLEASE. BUT ONE EIGHTY. AND IT
OPENS. HELLO ALEX FOR ABOUT
ONLY PEOPLE CALIFORNIA THE
LARGEST MULTI RACIAL THREE MATE
ORGANIZING NETWORK IN THE STATE
AND ALSO PART OF THE UNITED
FRONT DOES THE COMMUNITY AND
POLICY ORGANIZATION INSTRUCTOR
PART OF AB TOP FIFTY THREE
THANK YOU THANK YOU MISTER
GADO. NEXT CALLER PLEASE. LINE
NUMBER NINETY NINE YOUR LINE IS
OPEN PLEASE GO AHEAD. MY NUMBER
NINETY NINE YOUR LINE IS OPEN.
YES GOOD MORNING MY NAME IS
WENDY WOULD OCCUR AND I AM AND
I AGENTS THAT HOME CARE
PROVIDER IN FEMENINO COUNTY AND
A PROUD MEMBER OF NC I USED
TWENTY FIFTEEN I AM IN STRONG
SUPPORT AS WELL AS THE REST OF
ALL AYE. PROVIDERS IN- LIEU OF-
US NOT HAVING TO PAY AS MANY
TAXES OR AS MUCH AS THE
BILLIONAIRE IT'S ONLY FAIR THAT
THEY PAY THEIR FAIR SHARE THANK
YOU THANK YOU MISS WOULD OCCUR
WE APPRECIATED THANKS FOR
CALLING IN FROM SAN BERNADINO
COUNTY TODAY THAT'S GO TO OUR
NEXT CALLER. LINE ONE SIXTY
FOUR YEAH OPEN PLEASE GO AHEAD.
LINE ONE SIXTY FOR YOUR LINE IS
OPEN. LINE ONE SEVENTY ONE YOUR
LINE IS OPEN PLEASE AHEAD ONE
ONE SEVEN ONE. BY HI HOW YOU
DOING YOUR LIGHTING COMMITTEE
IF YOU CAN PLEASE GIVE US YOUR
TESTIMONY PLEASE WRITE. HI MY
NAME IS JANE CAN I AM A FORMER
MEMBER OF THE SAN FRANCISCO
BOARD OF SUPERVISORS AND
CURRENTLY ADVISE YOUR WITH
BUILD AFFORDABLE FASTER
CALIFORNIA. INYO THEY'RE NOT
THE ONLY INNOVATOR ACT. AND
THAT'S OVER A HUNDRED BILLION
DOLLARS EVERY YEAR AND
INNOVATION YOUR FEDERAL AND
STATE INVESTMENT AND FEATURES
RESEARCH AND DEVELOPMENT. I'VE
BEEN INCLUDE OUR INVESTMENT
SCHOOLS WROTE THE OTHER
INFRASTRUCTURE WHICH MAKE
CALIFORNIA BILLIONAIRES. IT'S
TIME FOR A BILLION OR IN THAT
DOCUMENT PEOPLE CALIFORNIA
DURING THIS CRISIS THANK YOU
VERY MUCH THANK YOU SUPERVISR
GOOD TO HEAR YOUR VOICE WE
APPRECIATE YOU CALLING IN TODAY
LET'S GO TO OUR NEXT CALLER
PLEASE. LINE FORTY TWO YOUR
LINE IS OPEN PLEASE GO AHEAD.
ONE FORTY TWO ONE. GOOD MORNING
MY NAME IS INTERESTS WOULD I'M
A COLLEGE PROFESSOR AND A
MEMBER OF THE CALIFORNIA
FEDERATION OF TEACHERS IN
SUPPORT OF A B. TWELVE FIFTY
THREE THANK YOU MUCH THANK YOU
SO MUCH FOR FASTER THANKS FOR
CALLING IN NEXT CALLER. LINE
ONE TO YOUR LINE IS OPEN.
PLEASE GO AHEAD. HELLO MY NAME
IS CLAIRE ALLOW I AM A MEMBER
OF THE SAN FRANCISCO BERNIE
CRACKED I AM CALLING IN TRUMP
THE CORD AND EIGHTY TWELVE
FIFTY THREE BECAUSE DURING THE
FIRST THREE MONTHS OF CODE THAT
YOU HAVE SEEN A HUNDRED AND
FIFTY FOUR CALIFORNIA
BILLIONAIRE TO INCREASE THEIR
NETWORK BY OVER 25% WHILE
NEARLY ONE IN FIVE. HOW THANK
YOU SO MUCH FOR YOUR COM WE'RE
GRATEFUL GO TO OUR NEXT CALLER.
LINE ONE FIFTY ONE YOUR LINE IS
OPEN PLEAE GO AHEAD. I WANTED
THE ONE YOUR LINE IS OPEN TO GO
AHEAD. GOOD MORNING IT SAYS THE
COURT CORRECT OKAY. FOR BEING
ON THE BARCLAY WHEN
STABILIZATION BOARD CALLED
THEIR SPEAKING IN AN INDIVIDUAL
CAPACITY I SUPPORT AB TWELVE
FIFTY THREE AND I URGE THE
SENATE TO BRING IT TO ABOUT
THIS MONTH THANK YOU VERY MUCH
FOR YOUR TIME- BEARS THANK YOU
SO MUCH AT THE TO GO TO OUR
NEXT CALLER PLEASE. LINE ONE
FIFTY. YOUR LINE IS OPEN PLEASE
GO AHEAD. GOOD MORNING MY NAME
IS SAM KATZ AND I WAS A
GRADUATE OF UC BERKELEY SO I'M
ALL ABOUT GO BEARS I'M ALSO THE
UNION PRESIDENT FOR THE
EDUCATORS SAM VALLEY AT AN
AFFILIATE OF CPA AND I'M
SPEAKING TO YOU TODAY AS A
LEADER BECAUSE I CARE DEEPLY
FOR THE INDIVIDUALS I'M
REPRESENTING AND I KNOW EACH
AND EVERY SINGLE ONE OF YOU. WE
FOR THE CONSTITUENTS IN THE
STATE OF CALIFORNIA. I AM IN
STRONG SUPPORT OF AB IN ABOUT
FIFTY THREE WE NEED MORE ACTION
FOR OUR SCHOOLS TO REOPEN.
THANK YOU SO MUCH WE APPRECIATE
YOUR COMMENTS- IN I DON'T I'M
NOT HEARING A LOT A LOT OF US
IN HERTZBERG FOR THE AND SONOMA
STATE SEQUEL SO- THEIR FANS OF
TODAY. ALL RIGHT TO ADD THAT TO
GO TO OUR NEXT CALLER PLEASE ON
A. B. TWELVE FIFTY THREE. BLIND
TO SIXTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. THE GOAL OF
MINE TO SIXTEEN YOUR LINE IS
OPEN. LINE ONE NINETY THREE
YOUR LINE IS OPEN PLEASE GO
AHEAD. NINE ONE NINETY THREE
YOUR LINE IS OPEN. HI MOLLY
ROPES AND WITH. CALIFORNIA WE
DO NOT HAVE A FORMAL POSITION
ON THIS BILL THAT OUR HELP
SENATOR HEATING OR YOU NEED
STRENGTH OF AND WE AGREE IT'S
IMPERATIVE TO FIND ADDITIONAL
REVENUE STREAM AS PART OF THE
LAW HEALTH CENTERS LIKE OUR
TRIMMING BIBLE DURING THAT TIME
THANK YOU THANKS SO MUCH MOLLY
PREACHY COLIN AND THAT'S GOING
TO OUR NEXT CALLER. NINE ONE
SIXTY EIGHT YOUR LINE IS OPEN
PLEASE GO AHEAD. GOOD MORNING
MY NAME IS HEAVY ACOSTA SOME
CALLING FROM SAN FRANCISCO- BUT
I WORK AS A HOUSING ADVOCATE
HERE IN THE CITY AND I'M
CALLING IN STRONG SUPPORT OF AB%
TWELVE FIFTY THREE THANK YOU
THANK YOU SO MUCH FOR SO
VASQUEZ THAT'S GO TO OUR NEXT
CALLER. BLIND TO FOURTEEN YOUR
LINE IS OPEN PLEASE GO AHEAD.
LINE TWO ONE FOUR. ALL RIGHT
LET'S GO TO OUR NEXT CALLER
MATAMATA WRITER. THANK YOU LINE
TWO ONE NINE YOUR LINE IS OPEN
PLEASE GO AHEAD. ACCORDING TO
THEIR OWN NINE. HELLO MY NAME
IS ALEXANDER CONTENT AND I AM A
GRADUATE IN INDUSTRY AND THE
WHAT THEY WANT WHEN I
GRADUATED- I AND THE ENGLISH
LEARNER INSTRUCTIONAL JOB COACH
IN SOUTH SACRAMENTO I LOOK LIKE
STUDENT. I MADE THE COLOR AND
THEN ANY OF THE POVERTY SO I
STRONGLY SUPPORT THIS BILL
THANK YOU THANK YOU SO MUCH-
PROUDEST AS YOU LOVE NINE HI
DAY THERE WE GO THANK YOU SO
MUCH FOR YOUR CALL. LET'S GO TO
OUR NEXT CALLER PLEASE. MY ONE
EIGHTY FOR YOUR LINE IS OPEN
PLEASE GO AHEAD. MORNING CHAIR
MCGUIRE AND MEMBERS OF THE
COMMITTEE MY NAME IS LUKE BE A
LOS AND I'M HERE ON BEHALF
HOUSING CALIFORNIA AND THE
CORPORATION FOR SUPPORT
HOUSING. WE'RE STRONG SUPPORT
AB AT TWELVE FIFTY THREE
HOWEVER WE'D LIKE TO SET ASIDE
FOR HOMELESSNESS AND THOSE WHO
ARE LIKELY TO EXPERIENCE SOME
OF THE OF AN ACTING THANK YOU.
COMMENTS TODAY THANK YOU SO
MUCH LET'S GO TO OUR NEXT
CALLER. LINE TWO ZERO EIGHT
YOUR LINE IS OPEN PLEASE GO
AHEAD. GOOD AFTERNOON MY NAME
IS SHEA LAWMEN I'M A HIGH
SCHOOL GOVERNMENT AND ECONOMICS.
TEACHER IN PROBLEM NUMBER THE
CALIFORNIA TEACHERS ASSOCIATION
I SPEAK TODAY IN SUPPORT OF AB
TWO FIFTY THREE BECAUSE THE
TEST OF OUR PROGRESS IN THE
NATION IS NOT WHETHER WE ADD
MORE TO THE ABUNDANCE OF THOSE
WHO HAVE MUCH IT IS WHETHER WE
PROVIDE ENOUGH FOR THOSE WHO
HAVE TOO LITTLE THANK YOU.
THANK YOU SO MUCH AND THANKS
FOR ALL YOUR WORK INVEST
SELECTED THIS NEW SCHOOL YEAR
WE APPRECIATE YOU CALLING IN
NEXT CALLER PLEASE. TRYING TO
TWENTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NAME IS
MERRY BRAVE WOMAN. AND HE
TWENTY ONE TWENTY ONE VICE
PRESIDENT AND MATHEMATICS
INSTRUCTOR AT CITY COLLEGE OF
SAN FRANCISCO AND I RISE IN
SUPPORT OF THE BILL. THANK YOU
SO MUCH WE APPRECIATE YOU
CALLING IN NEXT CALLER PLEASE.
NINE TO TEN YOUR LINE IS OPEN
PLEASE GO AHEAD. HELLO MY NAME
IS SANDRA PETERS I'M A PUBLIC
SCHOOL TEACHER IN STOCKTON
CALIFORNIA AND I STRONGLY
SUPPORT AB ONE TWO FIVE THREE.
THANK YOU VERY MUCH WE
APPRECIATE YOUR COMMENTS TODAY
LET'S GO TO OUR NEXT CALLER.
LINE TWO TWENTY FOUR YOUR LINE
IS OPEN PLEASE GO AHEAD. MY
NAME IS MABEL THANK CALLING ON
BEHALF OF CALIFORNIA AND I'M
NOT JUST WITH THE LINE REGISTER
MY TRUCK THE BOTH FOR EIGHTY.
THREE THANK YOU THANK YOU SO
MUCH MISS TANK THANKS FOR YOUR
COMMENTS NEXT CALLER. NINE
TWENTY SIX YOUR LINE IS OPEN
PLEASE GO AHEAD. HEY DON LOWER
WITH THE CALIFORNIA SCHOOL
EMPLOYEES ASSOCIATION WHERE IN
STRONG SUPPORT OF AB TWELVE
FIFTY THREE THANK YOU WE REALLY
APPRECIATE YOU CALLING IN TODAY
LADIES IN GERMAN WHO ARE STILL
ON HOLD IN WAITING TO COMMENT
WE HAVE ABOUT TEN MINUTES LEFT
WE'RE GONNA NEED TO BE ABLE TO
GET TO. COMMITTEE COMMENTS IN
JUST ABOUT TEN MINUTES SO WE
WANT TO MAKE SURE THAT WE LEAVE
TIME FOR THIS COMMITTEE TO HAVE
A CONVERSATION AS WE HAVE A
TWELVE THIRTY STRICT TIME
LIMITS OR WE'RE GONNA NEED TO
ADJOURN LET'S GO TO OUR NEXT
CALLER PLEASE. LINE TWO THIRTY
TO YOUR LINE IS OPEN PLEASE GO
AHEAD. LINE TWO THIRTY TO
PLEASE GO AHEAD. LINE TWO
THIRTY YOUR LINE IS OPEN PLEASE
GO AHEAD. HELLO MY NAME IS
LAURIE HERNANDEZ I AM CALLING
ON BEHALF OF CHARLOTTE. I'M THE
COALITION OF HUMANE IMMIGRANT
RIGHTS AND I AM THE STRONG
SUPPORT OF AB TWELVE FIFTY
THREE. THANK YOU SO MUCH AS
HERNANDEZ NEXT CALLER PLEASE.
LINE TO THIRTY FIVE THE LINE IS
OPEN PLEASE GO AHEAD. GOOD
AFTERNOON MY NAME IS ANNABELLE
YOU FINE YES AND I AM THE
POLITICAL DIRECTOR FOR UNITED
EDUCATORS OF SAN FRANCISCO
REPRESENTING TEACHERS AND
PARENTS EDUCATORS- WE CAN MAKE
COOL STATE AND AVOID CUTS TO
EDUCATION WITHOUT REVENUE FROM.
WELL ACCESS PLEASE SUPPORT AB
TWELVE FIFTY THREE THANK YOU
THANKS FOR CALLING IN TODAY
FROM SAN FRANCISCO LET'S GIVE-
MATTER MODERATOR DISCOVERY NEXT
CALLER. NINE TO THIRTY SEVEN
YOUR LINE IS OPEN PLEASE GO
AHEAD. THANK YOU MISTER
CHAIRMAN AND MEMBERS ANGEL
ENTRY HERE ON BEHALF OF LOS
ANGELES MAYOR OF THE CITY ALL
WE SUPPORT THIS BILL BUT WE
ALSO REQUIRES THAT THE BILL BE
AMENDED. TO PROVIDE TWO BILLION
DOLLARS A YEAR- FOR
HOMELESSNESS ASSISTANCE FOR
SHOOTING COUNTIES AROUND STATE.
THANK YOU SO MUCH MISTER ENTRY
ON BEHALF OF MAYOR GARCETTI
LET'S GO TO OUR NEXT CALLER.
LINE TWO THIRTY THREE YOUR LINE
IS OPEN PLEASE GO AHEAD. HELLO
THIS IS A DOLLY KING CALLING ON
BEHALF OF THE ADVANCE THAT
PROJECT CALIFORNIA. AND STRONG
SUPPORT OF THE BILL THANK YOU
THANK YOU SO MUCH FOR YOUR
PHONE CALL. LET'S GO TO OUR
NEXT CALLER. LINE TWO TWENTY
YOUR LINE IS OPEN TO TWO ZERO
PLEASE GO AHEAD. BECKY GONZALEZ
NATIONAL ASSOCIATION OF SOCIAL
WORKERS CALIFORNIA CHAPTER IN
STRONG SUPPORT. THANK YOU SO
MUCH FOR CALLING IN LET'S GO TO
OUR NEXT LINE PLEASE. NINE
THIRTY NINE YOUR LINE IS OPEN
PLEASE GO AHEAD. I AM SHARON
REPORT WITH THE CORPORATION FOR
SUPPORT OF HOUSING WE ARE IN A
SUPPORT IT'S AMENDED
TRANSITION- WE ARE URGING
DEDICATING AT LEAST- TWO
BILLION DOLLARS A YEAR TO
ADDRESS HOMELESSNESS. WE CANNOT
HAVE AN EQUITABLE RESPONSE TO
COVERT NINETEEN AND SO HAVE AN
ONGOING SOURCE OF FUNDING TO
COMPROMISE. THANK YOU AB WILL
APPRECIATE YOUR INTO THANK YOU
SO MUCH THAT'S GOOD OR NEXT
CALLER. LINE ONE NINE YOUR LINE
OPEN ONE SIX NINE PLEASE GO
AHEAD. HELLO MY NAME IS DANIEL
SHIRL I'M A LIBRARIAN AT UCLA
REPRESENTING THE UNIVERSITY
COUNCIL AMERICAN FEDERATION OF
TEACHERS HERE WITH THE F. T.
AND IN STRONG SUPPORT OF A B.
TWELVE FIFTY THREE THANK YOU.
THANKS DANIEL PRETTY CONTENT
FROM THE GREAT CITY OF LA TODAY
LET'S GO TO OUR NEXT CALLER.
LINE ONE FIFTY EIGHT PLEASE GO
AHEAD. YOUR BROUGHT ON BEHALF
OF THEIR CALL CALIFORNIA AND
PEOPLE THANK YOU VERY MUCH
THANKS DANIEL COULD HEAR VOICE
NEXT CALLER PLEASE. LINE NINETY
THREE YOUR LINE IS OPEN PLEASE
GO AHEAD. HI ALL THE BULLETS IN
LINE. I OVER BOTH THE IN A CITY
OF OAKLAND AND I'M THINKING AND
SUPPORT OF THE- BILL AND- WHEN.
ALL RIGHT EXACTLY MAYBE NINETY
TWENTY FIVE WE HEARD THE
SUPPORT THAT WE REALLY
APPRECIATE YOU CALLING IN
BETTER MODERATOR GO AHEAD. LINE
TWO TWENTY FIVE YOUR LINE IS
OPEN PLEASE GO AHEAD GOOD
MORNING I'M NOT SURE MEMBERS OF
THE COMMITTEE MATTHEW ON- WITH
WESTERN GROWERS ASSOCIATION AND
WE ARE OPPOSED TO TWELVE FIFTY
THREE. THANK YOU THANK YOU SO
MUCH FOR CALLING IN EXPRESSING
YOUR OPINION TODAY WE'RE
GRATEFUL LET'S GO TO OUR NEXT
CALLER PLEASE. LINE TWO FORTY
YOUR LINE IS OPEN PLEASE GO
AHEAD. YES HELLO PRESS TOO
YOUNG FOR THE CALIFORNIA
CHAMBER OF COMMERCE CALLING IN
OPPOSITION THANK YOU THANK YOU
SO MUCH AND PLEASE THE PASS ON
OUR THANKS FOR THE TIME THANKS
FOR CALLING IN TODAY THAT'S GO
TO OUR NEXT CALLER PLEASE. LINE
TWO THIRTY NINE YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING CHAIR MEMBERS OF THE
COMMITTEE THIS IS CORNELIUS
BURKE WITH THE BAY AREA COUNCIL
WE'RE STARSHIP LOW TO THE BILL
THANK YOU REALLY THANK YOU SO
MUCH FOR YOUR PHONE CALL ODAY
WE APPRECIATE IT LET'S GO TO
OUR NEXT CALLER. NINE TO THIRTY
EIGHT YOUR LINE IS OPEN PLEASE
GO AHEAD. REMEMBER CATTLE
NOTHIN SAYS THE CORBIN IN
KAISER ON BEHALF OF THE
CALIFORNIA TAX REFORM
ASSOCIATION IN SUPPORT THANK
YOU THANK YOU SO MUCH FOR YOUR
COMMENTS TODAY WE APPRECIATED
THAT'S GO TO OUR NEXT CALLER AT
MADAME MODERATOR. NINE ONE
FOURTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. NINE ONE ONE
FOR YOUR LINE IS OPEN. NINETEEN
TWENTY NINE YOUR LINE IS OPEN
PLEASE GO AHEAD TWO TWENTY NINE.
GOOD MORNING THIS IS. YOUR
LOVING TO ME GO RIGHT AHEAD.
GOOD MORNING THIS IS SYLVIA
CHEAP POLICY DIRECTOR FOR ASIAN
PACIFIC ENVIRONMENTAL THAT
WORKED IN STRONG SUPPORT SYLVIA
THANKS FOR HANGING WITH US
TODAY NO EVEN WAIT A LONG TIME
SO WE APPRECIATE YOU TAKING THE
TIME TO CALL IN THAT'S GO TO
OUR NEXT CALLER PLEASE. LINE
ONE EIGHTY ONE YOUR LINE IS
OPEN PLEASE GO AHEAD. HI THIS
IS LESLIE TôI WITH ASIAN
RESOURCES THANK IN STRONG
SUPPORT. HEY THERE WE GO LOT OF
THEIR SENSE COMMON IN- MISTER
MOORE LACKEY IS A WOULD YO GO
TO COLLEGE IS MORE ALONG. ONE
WEEK STATE I'M A FORTY NINER
THAT'S RIGHT ALL RIGHT A FORTY
NINER THAT'S RIGHT THAT'S
BETTER THAN A WRITER. ALL RIGHT
I THANK YOU SO MUCH THAT'S
GOING TO OUR NEXT CALLER PLEASE.
LINE ONE EIGHTY FIVE YOUR LINE
IS OPEN PLEASE GO AHEAD. LINE
ONE EIGHTY FIVE YOUR LINE OPEN.
THAT'S GOOD MORNING CALLER
FORTY FOUR. THANK YOU FOR THE
FOR THE LINE IS OPEN PLEASE GO
AHEAD. THIS IS JIM FRANK
SECULAR DIRECTOR OF THE CENTER
FOR SUSTAINABLE SO
NEIGHBORHOODS IN STRONG SUPPORT
THANK YOU HEY THANKS FOR
CALLING IN I KNOW YOU'VE BEEN
WAITING QUITE SOME TIME SO WE
REALLY APPRECIATE YOU HANGING
WITH US TODAY THAT'S GO TO OUR
NEXT CALLER. LINE TWO FORTY
EIGHT THERE. IS OPEN PLEASE GO
AHEAD. HI MY NAME IS CHRISTY BY
AND I'M FROM SAN DIEGO THE ONLY
THING I OPPOSE ABOUT THIS BILL
A GOOD DIRECTOR ACTIVE I THANK
THANK YOU. THANK YOU SO MUCH WE
APPRECIATE YOUR THOUGHTS ON
THIS THANKS FOR CALLING IN NEXT
CALLER PLEASE. NINE TO FORTY
FIVE YOUR LINE IS OPEN PLEASE
GO AHEAD. HI MY NAME IS WENDY
ACKLES I'M A MIDDLE SCHOOL
TEACHER- FROM RANCHO CUCAMONGA
AND I AM STRONGLY IN SUPPORT OF
THE BILL OUR SCHOOLS NEED TO
GET FUNDED IN THE BEST WAY TO
DO THAT IT'S FAIR SHARE. THANK
YOU SO MUCH. YES MY TODAY
THAT'S GOOD IN A CALLER. AND
THAT WAS THE LAST MOMENT
DETERMINE BETTER MODERATOR
THANKS SO MUCH LET'S DO A LAST
CALL WE'RE GONNA DO A LAST CALL
FOR ANYONE WHO MAY BE IN
SUPPORT OR OPPOSE THE A. B.
TWELVE FIFTY THREE THIS IS A
LAST CALL. WE HAVE ABOUT. FIVE
MINUTES LEFT FIVE MINUTES LEFT
HER TESTIMONY ON THE PHONE.
THOSE IN SUPPORT OR- IF COULD
PLEASE CALL IN NOW- MADAME.
MODERATOR IF YOU COULD PLEASE
DO A LAST CALL. LADIES AND
GENTLEMEN IF YOU WISH TO SPEAK
IN SUPPORT OF OR OPPOSITION OF
AB TWELVE FIFTY THREE PLEASE
PRESS ONE ZERO. AGAIN THAT'S IN
SUPPORT OF OR OPPOSITION OF AB
TWELVE THIRTY THREE PRESS ONE
THAN THEIR OWN NOW. LINE ONE
TWENTY EIGHT YOUR LINE IS OPEN.
WHAT AND THEY'VE LEFT AGAIN
MORE MOMENT LINE TWO THIRTY TWO
YOUR LINE IS OPEN PLEASE GO
AHEAD. IN ONE MOMENT THE CHAIR
THANK YOU. I AS A MODERATOR IS
RINGING ADDITIONAL COLORS UP
WHAT WE'RE GONNA DO IS I'M
GONNA TRANSITION THE GAVEL OVER
TO OUR VICE CHAIR- I'M GONNA
NEED TO PRESENT A BILL IN.
ASSEMBLY TELECOMMUNICATIONS
COMMITTEE. MISTER MISTER VICE
CHAIR WE'RE GONNA BE GOING TO
TWELVE OH FIVE WE HAVE NINE
INDIVIDUALS LEFT WILL GO TO
TWELVE OH FIVE FOR THE
TELEPHONE COMMON IN WILL GO TO
ROOM FORTY TWO OR THREE IN IN
ROOM TWENTY FORTY ALTERNATE
GAVEL OVER TO YOU OF COURSE.
LOOKING FOR A CONVERSATION ON
BEHALF OF THE COMMITTEE THANK
YOU SO MUCH MISTER VICE CHAIR.
THE LUCK MISTER CHAIR. YES
MODERATOR THIRTY. THANK YOU
MISTER CHAIRMAN. LINE TWO
THIRTY TO YOUR LINE IS OPEN
PLEASE GO AHEAD. HE TO YOUR
LINE IS OPEN. THE TURTLE ON ONE
NINETY FIVE LINE IS OPEN PLEASE
AHEAD. HI MY NAME IS THE TREES
BROWN ADMITTED IN THE OUT. IN
THE INLAND CARE PROVIDER. AND
I'M A MEMBER OF SB I YOU TWENTY
FIFTEEN. AS OF JULY TWENTY
NINTH AT THAT HAVE BEEN FAMILY
MEMBERS BACK. I'M AND EMAIL TO
EMPLOYERS A. B. SUCH AN
EMOTIONAL BALL ATTACK AND I
NEED YOU THANK YOU. FLYING TO
SIXTEEN YOUR LINE IS OPEN
PLEASE GO AHEAD. THANK YOU
SIXTEEN YOUR LINE IS OPEN. LINE
TWO ZERO TO YOUR LINE IS OPEN
PLEASE GO AHEAD TOO OLD TO. HI
MY NAME IS LEE GRAN I AM A
SECOND GRADE TEACHER FROM CAST
THEN AND A PROUD MEMBER OF THE
CALIFORNIA TEACHERS ASSOCIATION
I'M SPEAKING OUT IN STRONG
SUPPORT BECAUSE OF OUR MOST
IMPORTANT THAT A SENTENCE.
MIGHT THEY NEED YOU TO DO THE
RIGHT THING THANK YOU. THANK
YOU. LINE ONE SEVENTY FOUR YOUR
LINE IS OPEN PLEASE GO AHEAD.
OKAY AFTER A RETIREE WE SUPPORT
BRING IT TO ABOUT. THANK YOU.
LINE ONE SEVENTY TWO YOUR LINE
IS OPEN PLEASE GO AHEAD. GOOD
MORNING MY NAME IS PEGGY
COUNSELOR I'M A PROUD MEMBER OF
THE FBI YOU. TWENTY FIFTEEN I
AM IN STRONG SUPPORT TO BE AT
THE SENIOR SEVENTY FIVE YEARS
OLD STILL WORK.THANK YOU NINE
THIRTY FOR YOUR LINE IS OPEN
LINE THIRTY FOUR PLEASE GO
AHEAD. NINE THIRTY FOR YOUR
LINE IS OPEN. LINE ONE SIXTY
FOR YOUR LINE IS OPEN PLEASE GO
AHEAD ONE ONE SIX FOUR. HELLO
HI MY NAME IS RON HEY DON'T
COME UP PROUD MEMBER OF THE
CALIFORNIA FACULTY ASSOCIATION
AND AS I WROTE IN A PIECE AND
CAL MATTERS ON. JUNE TWENTY
NINTH. OUR COMMUNITY DURING
PRACTICE AND A FULLY FUNDED
PUBLIC SCHOOL SYSTEM THAT THE
VITAL TO AN EQUITABLE AND JUST
RECOVERY PLEASE PASS. WELL
FIFTY THREE THANK YOU THANK YOU.
LINE TWO FORTY FIVE THE LINE IS
OPEN PLEASE GO AHEAD. MINE TWO
FIFTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. HELLO THIS IS
JIM LINDBERGH ON BEHALF OF THE
FRIENDS COMMITTEE ON
LEGISLATION A CALIFORNIA IN
STRONG SUPPORT OF AB TWELVE
FIFTY THREE THANK YOU. IN LINE
TO PICK THE FOR YOUR LINE IS
OPEN PLEASE GO AHEAD. HI ANY
COMMITTEE MEMBERS MY NAME IS
KATHY DESERVE AND I LIVE IN
BERKELEY CALIFORNIA I URGE YOU
TO BRING AB. FIFTY UP FOR A
VOTE BEFORE THE END OF THE
SESSION WHICH I STRONGLY
SUPPORT THANK YOU. THANK YOU.
THE TERM AND THAT WAS THE LAST
PERSON THANK YOU MADAM
MODERATOR THAT THAT WORKS OUT
WE JUST HAVE A FEW MORE MINUTES
NOW TO HAVE DIALOGUE WITH MY
COMMITTEE MEMBERS YOU ENTERED.
THE ROOM CHECK HERE CHECK YOUR
RIGHT THANK I THANK THANK YOU
CENTER HER TO ALLEGE ANY IN AND
IN A. HEARING ROOM. WHICH THIS.
FOUR OR AGAINST AB TWELVE FIFTY
THREE SEEING NO ONE- WILL CHECK
ROOM TWENTY FORTY KNOW WHEN
THERE'S WELL THAT NOW BRINGS US
TO THE FULL COMMITTEE CENTER
HERTZBERG DID YOU HAVE A
COMMENT. COMMENTS AND QUESTIONS
FIRST I WANTED TO. ADDRESS ONE
OF THE PROPONENTS OF HIS MORE
WHERE SHE TALKED ABOUT CHILD
CARE AND ONE OF THE OTHER.
FOLKS WHO WERE TALKING ABOUT
HELP US SURVIVE THIS CRISIS IN
THE ISSUES OF RENT. I WANT YOU
TO KNOW THE- ARE MORE WORKING
WHAT VERY. BOTH HOUSES BOTH THE
ASSEMBLY AND THE SENATE.
DEALING WITH RENDON DEALING
WITH THESE KINDS OF CHALLENGES
AND COMING UP WITH AN APPROACH
ON ECONOMIC RECOVERY THAT DOES
NOT IMPINGE UPON THE BUDGET
BECAUSE AS WE FACE THESE NEW.
FINANCIAL CRISIS IS WERE FORCED
FACED WITH THE CHALLENGE O
WELL. DO IS TAKE AWAY MONEY
FROM MENTAL HEALTH OR
DEVELOPMENT DISABILITY RATHER.
IMPORTANT SERVICES WERE TRYING
TO COME UP WITH A WAY THAT WILL
HELP YOU IMMEDIATELY- ON THE
ONE HAND I JUST WANTED TO SHARE
THAT WITH THOSE THAT HAVE
REACHED OUT AND TESTIFIED
TODAY. THAT THOSE IMMEDIATE
NEEDS ARE BEING ADDRESSED AND I
THINK WE WILL DO A GOOD JOB.
SECOND THING I WANT TO KNOW
FROM. RESEARCHERS SIZE- AT
BERKELEY IF I COULD OR IF THE
AUTHOR. WHAT PROBLEM I
UNDERSTAND THE POLITICS OF THIS
WHAT I WANT TO UNDERSTAND THE
TERMS OF TAX POLICY IS. WHAT
PROBLEM ARE YOU TRYING TO SOLVE
BY VIRTUE OF THIS LEGISLATION
IF YOU CAN TO TALK TO US
PROFESSOR EXPLAIN YOUR THINKING.
YES IT. SHOULD TAKE YOU CYNICAL
SO. DO SHE PROBABLY IN YOUR TO
A- HE TO OF YOU DON'T DOLLARS
CUTS TO GOVERNMENT SPEND. AND
IF YOU CAN A BOWL YOU NEED GET.
MONEY FROM SOMEWHERE ARE AND
GETTING HEAT FROM DOUBLE THE
DISTRICT. IS THE BEST THING TO
DO IN THESE INTO CHRIST BECAUSE
HEY OR KILEY GOOD THEY ARE
UTILISED. BR VIDEO YOU KNOW TO
BE LEARNED YOU CAN YOU COULD
OVER THE YOU CAN NO. THEY WERE
TO BE. IN THIS MOMENT OF. SB
DONE ANY AND NOW TO YOU TO.
BASED UPON THE LG OF THE
BILL HOW MUCH MONEY WOULD RAISE.
YEAH THERE WAS SOME SCORE. I
KNOW YOU BUT SAID THAT THE EVEN
WOULD BREAK UP
. SIX THOSE THAT
WOULD ACHIEVE THE OBJECTIVE.
THAT YOU'RE TALKING ABOUT IN
OTHER WORDS MAKING SURE WHICH
IS I COMPLETELY AGREE WITH YOU.
TO AVOID LARGE CUTS- IN TERMS
OF SERVICES THAT ARE ESSENTIAL
TO- CALIFORNIANS DIVIDEND IN
THE OTHER ANALYSIS OTHER THAN
THIS ONE PROPOSED FOR YOU. YEAH
BUT IS THIS IN YOUR JUDGMENT IS
THIS THE BEST PROPOSAL THAT
THAT WOULD BE ACHIEVED THAT
OBJECTIVE. EIGHT EIGHT EIGHT
ONE TWO I THINK IT NEEDS TO BE
COMPLEMENTED WITH MORE GIVEN
THE SIZE OF THE DEFICIT YOU ARE
FACING AND THE TWO OTHERS THAT
I MENTIONED VERY BRIEFLY BUT
ONCE YOU SIMPLE TO UNDERSTAND.
I KIND OF READING THE BABY
BONDS ALL OF THE HIGHWAYS
CALIFORNIA TAXPAYERS BY DOING
GOOD WE DON'T THINK TAX ON THE
OPEN REALIZED. CAPITAL GAINS SO
MOSTLY DISCUSSED SUCH A
PROPOSAL. COULD RATE YOU KNOW
SOMETHING THAT CAN BE NEW YORK
DOLLARS PER YEAR YOU KNOW
EITHER YOU SHOT. YEARS OF USE
START TEXTING YOU KNOW ACTUALLY
READING A NOTE ON THAT STOCK
OPENED REALIZED CAPITAL GAINS.
YES ARE YOU. THAT IN TWO
THOUSAND AND EIGHT. ONE HAD THE
ECHO DOWN. THAT THE SIZE OF THE
ECONOMY IN CALIFORNIA SHRUNK BY
3% BUT THAT THE SIZE OF THE
BUDGET OF CALIFORNIA'S SHRUNK
BY 23% WHICH INCLUDE WHICH SHE
DID IT WOULD WHICH IS THE CAUSE
OF THIS LARGER DYNAMIC AND
THAT. ONE OF THE BIG ISSUES
THAT WE'VE BEEN CHASING FOR
MANY YEARS IS THIS ISSUE OF
VOLATILITY. IT'S NOT ONLY THE
UNDERLYING ISSUE IS WE HAVE
HERE IS WE TRIED TO ADDRESS
THESE IMPORTANT ISSUES YOU
RAISED BUT WE'RE PARTICULARLY
CONCERNED ABOUT VOLATILITY
BECAUSE WATER SITUATION WHERE.
R. ON. IT YOU KNOW YOU YOU NOT
ONLY HAVE TO WORRY ABOUT PAYING
FOR. WHAT WE NEED TO PAY FOR
CALIFORNIANS AND YOU KNOW TAKE
CARE OF FOLKS. BUT WE'RE ALSO
WORRIED ABOUT IT DO CREATING A
SYSTEM. THAT'S HIGHLY VOLATILE
THAT WHEN THERE'S A DOWNTURN
HAS AN IRRATIONAL IMPACT LIKE
WE DID IN TWO THOUSAND EIGHT.
AND THAT WAS A SYSTEM BASED
UPON INCOME TAX. AND CAPITAL
GAINS IS PRECISELY THE ONE
YOU'RE TALKING ABOUT SO THE
QUESTION IS IN TERMS OF
ACHIEVING THAT ANALYSIS AND
TRYING TO GET MORE REVENUE
WHICH- PHOTO SHOOT HERE. BUT IF
YOU'RE LOOKING AT A SYSTEM. WE
DON'T HAVE A CAPITAL GAINS TAX
IN CALIFORNIA FEDERAL
GOVERNMENT DOES BUT I WANT YOU
TO ADDRESS AND I'LL FINISH HERE
AND WE'LL TAKE UP TOO MUCH TIME
BECAUSE- I COULD TELL THIS
DISCUSSION FOR A LOT OF HOURS
THOSE NO. BUT OF YOUR PRE ON
HOW DO WE PROTECT. VOLATILITY
AND THE DOWNTURN THAT'S SO
HARMFUL TO SO MANY PEOPLE THAT
WE CARE ABOUT. SHOULDER DON'T
DON'T WAIT TO DO THAT IS THAT
YOU SHOULD DIRECT PHONE TO TAX
REVENUE FROM CAPITAL GAINS YOU
KNOW TO THE RAINY DAY. FUND SO
THAT YOU AND YOUR NEEDS YOU
KNOW A MOMENT OF CRISIS BUT
WHAT I WANT TO POINT OUT IS
THAT HE CAN TEACH QUITE HE DID
SOME VERY DIFFERENT FROM TWO
THOUSAND AND EIGHT BECAUSE THE
STOCK MARKET WE HAVE. BACK SO
QUICKLY THAT THE OR POTENTIALLY
YOU KNOW OR LOTS OF GAMES THAT
I COMMUNICATED WITH WORKING TAX
ON THAT STOCK- HE IS A ONE TIME
THING HERE THAT KEEPS YOUR
REVENUE. YOU MAY GET BUT FOR
THAT ALL RIGHT YES WE CAN FORCE
REDEFINED- PROVISIONS
LITERATURE BUT I HAVE ONE MORE
QUESTION I ACTUALLY DID AN
ANALYSIS OF ALL THE STOCKS
YOU'RE TALKING ABOUT. BECAUSE I
WAS ASKING THE SAME QUESTION
AND LOOK SIX THIRTY- GROWTH I
DID AN ANALYSIS BETWEEN THE
FIRST OF THE YEAR ON THE TOP
STOCKS. THROUGH OFTEN JULY
TENTH AND THE NUMBERS ARE
EXTRAORDINARY. PROBE OF
QUESTION IS HOW MUCH THE GROUP
BUT WHO WANT TO TALK. WHO ARE
YOU TAXING WHO HAS THAT BEEN
ABUSED. ME .COM AND PEOPLE FROM
AROUND WORLD THE CALIFORNIANS
WHO ARE EARNING THIS MONEY GIVE
YOU ANALYZE THAT IT'LL. EIGHT
WELL I MEAN IT. WE SIDE THE
BEFORE BEGINNING OF SCHOOL WE
HAVE TO BE YOU KNOW PEOPLETHE
VERY TOP OF MADE YOU AND SHE-
BUT IGNORE MOST. GETTING SOME
RIGHT THERE YOU KNOW YOU ARE.
OF GAMES AND I YOU GO DOWN YOU
KNOW YOU INCREASE THE BUT HE IT
SHOULD THAT. YOU TO TOP. THERE
IS VERY SUBSTANCE MOVEMENT. TO
BE. OF HE DIDN'T YOUR STATE FOR
EXAMPLE THIS THANK YOU HOW.
DOING IT A ONE. TAX ON EXPEDIA
STREETS WHICH DID NOT A BIG
DEAL. THAT SOME EVERYBODY EVERY
WEEK YOU INTO WHAT WHAT. THANK
YOU SIR MAYBE I COULD PICKED UP
FROM THERE HELLO BIT. TRYING TO
SOMETHING NOW OF MY OWN I HAD A
MILLION MY OFF LAST YEARS AGO
ACTUALLY WELL KNOWN REALLY.
MIKE MIKE DISTRIBUTOR. HE SAID
LOOK WITH THE SALT THE STATE.
I'M AND A LOCAL TAX DEDUCTION
BEING LIMITED TO TEN THOUSAND
MY MARGINAL TAX RATE IN
CALIFORNIA IS NO LONGER
THIRTEEN POINT 3% IT'S NOW 23%
AND IF I'M GOING TO GIVE.
CALIFORNIA ONE OUT OF EVERY
FOUR DOLLARS THAT I EARNED OVER
A MILLION DOLLARS. WHY SHOULD I
DO THAT. YEAH WE HAD A NICE
DISCUSSION ANY APPOINTMENT FOR
ME THAT HE CLOSED ESCROW ON A
TEN MILLION DOLLAR MANSION IN
MIAMI AND WAS GOING TO BE
LEAVING THE STATE. IN
CALIFORNIA IRVINE CALIFORNIA
THIRTEEN POINT THREE MY-
FLORIDA ZERO INCOME TAX RATE TO
THE MARGINAL TAX RATES HAVE
ALREADY BEEN MAKING SOME
MOVEMENT ON OUR TOP 1% OR IN
HIS CASE TOP HALF PERCENT OF
HALF OF ONE PERCENT. BUT THIS
BILL WOULD ALSO HAVE A COMBINED
TAX RATE FOR SOME OF UP 254% SO
CONNECTICUT IS ALSO REALLY HIGH
TAX STATE NOT JUST ON OF THE
PROFESSORS REVIEWED THE STATUS
CONNECTICUT BUT THEY ALSO RAISE
THEIR TAX RATES ON THE WEALTHY.
AND THEY FOUND THAT THEIR
INCOME ON THAT DEMOGRAPHIC WENT
FROM TWO HUNDRED MILLION A YEAR
A HUNDRED MILLION DOLLARS YEARS
ACTUALLY WENT DOWN IT WAS NOT A
NET REVENUE INCREASE AND SO THE
STATE. HAVING TO FACE ANOTHER
SHORTFALL TAX REVENUES HAD TO
RAISE TAXES ON THE MIDDLE CLASS
AND SO THEY'VE SEEN THEIR
INCOME TAXES GO UP 13% ON
INCOME TAX AND THEN 35% ON
OTHER TAXES SO IT'S A REAL
INTERESTING PARADIGM THERE IT'S
NOT STATIC IT YOU KNOW YOU
CAN'T JUST SAY IF WE RAISE- THE
RATES THAT WE WILL RECEIVE SIX
BILLION TRIED TO OF THE MASK.
WITH WITH THE HELP ANOTHER SO.
YOU TOO EIGHT BILLION NOT SIX
BUT- IF YOU HAVE PEOPLE MOVE
IT'S REALLY. STATED JERSEY. HAD
A- BILLIONAIRE DID WELL FOR A
FEW YEARS AS A HEAD FUND
MANAGER- AND IT ENDED IT HE
DECIDED TO MOVE EVERYTHING TO
MIAMI FLORIDA. SOUTH WHICH IS
WITH THE EAST COASTERS TOO
RIGHT. GO TO. THE END RESULT
BASICALLY HAD A HOLD A SPECIAL
COMMITTEE OF THE LEGISLATURE TO
INFORM HOW MUCH MONEY IN
REVENUES THAT WE'RE GOING TO BE
LOSING FROM DAVID TEPPER IF YOU
WANT TO LOOK HIM UP SO THOSE
ARE SOME OF THE CONCERNS
CALIFORNIA'S YOU STATED CENTERS
FOR DOES NOT GIVE A TAX BREAK
FOR CAPITAL GAINS SO YOU HAVE A
FULL SIXTEEN THEY HAVE TEN PLUS
THE FEDERAL RATE- SO THAT'S AN
INCENTIVE BY SOME PEOPLE
PERHAPS TO MOVE ELSEWHERE
BEFORE. BEFORE THE LIQUIDATE
SO- JUST SORT OF THE SOME
THINGS TO THINK ABOUT IS AS WE
MOVE FORWARD OTHERS IT IS.
BETTER WE ALREADY HAVE THE
HIGHEST PERSONAL INCOME TAX
RATE THE NATION- THAT MOVE MAY
BE A DISINCENTIVE OF PEOPLE
MOVING. TO CALIFORNIA- WHEN YOU
LOOK AT THE IRS FILINGS OF.
ADDRESS CHANGES WE'RE SEEING
PEOPLE MOVE FROM CALIFORNIA TO
NEIGHBORING STATES. ARIZONA
NEVER HAD A LOT TO TEXAS- WE'RE
WE'RE SEEING THEM COME FROM HIS
NEW YORK IN NEW JERSEY AND
THEY'RE ALREADY VERY HIGH
TAXING STATES SO YOU NOT ONLY
GET TO LEAVE THE EAST COAST AND
COME TO CALIFORNIA BUT YOU
DON'T REALLY FACE UP REALLY.
MUCH DIFFERENT TAX CLIMATE SO I
CAN SEE WHY THEY'RE COMING FROM
FROM THOSE STATES SO I JUST
WANT TO BE CAREFUL ABOUT- ONE
PERCENTERS BUT THERE'S A FEW
OTHER THOUGHTS AND ALL ALL
TURNED OVER TO SENATOR. NIELSEN
BUT- YOU KNOW TAXING THE
WEALTHY. ALSO HINDERS ECONOMIC
GROWTH- ROOM IN YOUR SENIOR
CITY CENTERS FOR YOU'VE GOT THE
OWNER OF THE LA TIMES THAT WAS
A BILLIONAIRE. I'M SURE HE'S
KEEPING CLOSE REPORTERS
WORKING- BUT- IF HE HAS LESS
CAPITAL COULD BE REAL
INTERESTING. I'M I'M A LITTLE
CONCERNED ABOUT THE FACT THAT
IT'S RETROACTIVE AND THAT IT'S
PERMANENT. SO THOSE. ARE JUST
THE SOME OF MY COMES I JUST
WANTED TO TOSS OUT THERE AND
CENTER NIELSEN IF YOU HAVE ANY
COMMENTS I JUST BOOKED A
POLITICIAN IN HIS JUDGMENT ONE
THOUGHT QUICKLY BEFORE YOU GO
SIR I APOLOGIZE JUST REAL
QUICKLY WHAT ARE. I ASK THE
QUESTIONS. OKAY I HAVE NOT BEEN
A PERSON WHO HAS BEEN FEARFUL
OF THIS TAX ARGUMENT. I'VE BEEN
ENGAGED FOR TEN YEARS. SWEAT MY
GUTS OUT. THINK IT THROUGH
EVERYTHING TRYING TO ENGAGE
PEOPLE IN DISCUSSION THAT SAYS
OKAY WHAT'S YOUR IDEA. I'M
PARTICULARLY SHOULD VOLATILITY
AND A PARTICULAR INSTANT
HARMONIZING THE GROWTH OF
CALIFORNIA. WITH WITH WITH WITH
WITH THE TAX STRUCTURE AND I
BELIEVE THAT THE CURRENT
STRUCTURE HAS A PROBLEM AND SO
I'M REALLY YOU KNOW AND THESE
ARE TOUGH YOU GOT IT WHEN YOU
DO THESE THINGS YOU HAVE TO ASK
THE HARD QUESTIONS. TO
EVERYBODY AND THAT'S WHAT I
WANT TO DO BECAUSE I MEAN I'VE
BEEN DRILLING DOWN AND DRILLING
DOWN AND DRILLING DOWN AND
COMING UP WITH EVERY KIND OF
THEORY I CAN COME UP WITH TO
TRY TO FIGURE IT OUT. BUT I
STARTED WITH THE POINT OF WHAT
THE PROBLEM WE'RE TRYING TO
SOLVE RIGHT AND HOW OFTEN AND I
DON'T KNOW IF YOU BELIEVE OR
DON'T LEAVE WE JUST YOU KNOW I
WAS SURE I WAS ON TWO SEPARATE
BOARDS AND ONE BOARD SAID THEY
DO AND ONE BOARD SAID THEY
DON'T AND ONE WAS IN SAN
FRANCISCO OPPOSITE NOT JUST
DOESN'T MATTER THE POINT IS. WE
SHOULD. AND THE WAY WE'RE DOING
IT NOW IS CAUSING UNNECESSARY
PROBLEMS CAUSING UNNECESSARY.
TENSION AMONG PARTIES. IS IT
REALLY SOLVING THE UNDERLYING
ARCHITECTURE OF WHAT WE'RE
TRYING TO DO I'M OPEN TO ANY
IDEA BUT I'M GOINGTO KICK THE
HECK OUT OF THE TIRES TO MAKE
SURE THAT IT WORKS BECAUSE WE
CAN'T MAKE A MISTAKE WE
APPRECIATE THIS HEARING AND
HAVING THIS DISCUSSION. BUT I
AM KEENLY FOCUSED ON WHAT'S THE
PROBLEM WE'RE TRYING TO SOLVE
AND THEN COMING UP WITH AN
INTELLIGENT SOLUTION THAT FIXES
IT INSPIRES CONFIDENCE IN
PEOPLE THAT WE FIX THE PROBLEM
AND THANK YOU FOR YOUR-
PATIENCE. A TRIP. WELL
GENTLEMAN THAT. I HAVE TO
CONFESS THAT. I CAME HERE THE
YEAR OF PROP THIRTEEN. THE PROP
THIRTEEN. IT'S BEEN A GODSEND
TO CALIFORNIANS. AT ALL THE
GLOOM AND DOOM MERGE. AT THE
TIME WHAT WHAT WENT WRONG
CALIFORNIA DID NOT COLLAPSE IT
CONTINUED TO PROSPER. AND
INDEED PROSPER MORE. THERE'S
ANOTHER BILL AND I FEEL THAT
IT'S SEPARATE FROM THIS
PARTICULAR BILL. BUT IT RAISES
THE TAXES. WELL I'M- STARTING
AT TWO HUNDRED AND FIFTY
THOUSAND BATTLE THAT'S ACTUALLY
BEEN OVER SEVERAL YEARS THAT
ARE DESIGNATED RICH WAS SOMEONE
WITH A TWO HUNDRED FIFTY
THOUSAND DOLLARS. WE HAVE USED
WELL I WOULD ARGUE THAT THAT'S
PROBABLY NOT. THE RICH COUPLE.
IT'S PROBABLY A COUPLE OF.
PROFESSIONALS WHO'VE EXPANDED
THEIR PROFESSION THEN THEY
REACHED A HIGHER THRESHOLD.
OVER MOM AND POP OPERATION THAT
FOUND A NICHE. THAT REALLY
WORKS. AND THEY BECOME WEALTHY.
AND NOW WE'RE TAXING THEM. WHY
WOULD THEY WANT TO COME TO THE
STATE. WE HAVE ANOTHER BILL
BEFORE THE LEGISLATURE RIGHT
NOW. THE IT IS CERTAINLY GONNA
DRIVE BUSINESS AWAY FROM THE
STATE. IT'S SUPPOSED TO. IT'S
DEPARTMENT RAISE MONEY ALL
THESE BILLS ARE ABOUT OR NOT
MAKING GOVERNMENT BETTER BETTER
JUST GET MORE MONEY TO BE SPENT
IN GOVERNMENT. AND IS IT TO BE
SPENT ON. LOWERING OUR DEBT
LOAD OUR BURDEN NO IT JUST IS
ON TOP OF SO EVERY YEAR ARE
BASED. INCREASES. AND I BEGAN
TO WONDER WHEN IT WILL BE ONE
AS- WHEN WILL I FINALLY SHRUG.
IN THIS BILL THAT I REFER TO
SAYS THAT IF YOU ARE A BUSINESS.
AND YOU HIRE YOUR FIVE HUNDRED
EMPLOYEE. H. EMPLOYEE THAT YOU
ADD. THE YEAR ENTERPRISE. YOU
ARE TAXED TWO HUNDRED SEVENTY
FIVE DOLLARS. NOW THAT IS JUST
A RED LIGHT SIGN THE BUSINESS
IN CALIFORNIA. DON'T COME HERE.
DON'T TRY TO EXPAND YOUR
BUSINESS IN THE STATE OF
CALIFORNIA BECAUSE YOU'RE GOING
TO GET TAXED FOR EVERY EMPLOYEE
OVER FIVE HUNDRED. SO THAT'S A
WELL THE PERSON TOO I GUESS.
AGAIN IT OUR PROBLEM IN THE
STATE. BUT I WOULD ARGUE THAT
THERE'S NEVER REALLY BEEN MONEY.
IT IS ALWAYS BEEN HOW WE SPEND.
AND THE FACT THAT WE DO NOT
HAVE OVERSIGHT. OF THOSE
EXPENDITURES. AND I SUBMIT
AGAIN I HAD SAW THAT I KEEP
WORKING AT. HEART HI TECH
BILLIONS OF DOLLARS THAT WE
SQUANDERED ON HIGH TECH
PROJECTS THAT DID NOT WORK IT
DID NOT COME IN ON TIME THE
ONLY COST MORE AND MORE AND
MORE WE'RE PROCEEDING ON SOME
RIGHT NOW AS WE SPEAK. THOSE WE
NEED TO BE CAUTIOUS ABOUT. SO
GENTLEMAN IS NO REFLECTION ON
YOU AND WHAT YOU'RE TRYING TO
ACCOMPLISH HERE IS JUST A
GENERAL OBSERVATION. THAT WE
HAVE GOT TO REALIZE. WE'VE GOT
TO CHANGE SOME OF THE BOYS THE
GOVERNMENT IS DOING BUSINESS.
AND SOME THINGS IT IS DOING
OUGHT NOT BE DONE. SO I'M GOING
TO BE A BIT OF A NOVEL WINNER
WILL GET AROUND TO IT. BUT I
APPRECIATE YOUR DEDICATION TO
THE REVENUE BY I'LL ARGUE A
PROBLEM IS NOT REVENUE IN THE
STATE. THANK YOU SENATOR NELSON
SENATOR. WIENER WE- NEGATIVE
ONE MINUTE TO GO SO. I WOULD
LOVE TO HAVE YOU KEEP YOUR
COMMENTS BRIEF SO WE CAN GIVE
OUR OFFICE A CHANCE TO GET OUT
OKAY IF IT'S LIKE THIRTY
MINUTES IF THAT'S OKAY MISAKO
TWENTY NINE WAS WHAT I WAS
ASKING HER WORK. BUT I WILL. BE
I WILL CRY. A BRIEF. I SUPPOSE.
THIS LEGISLATION THIS TAX
MEASURE I KNOW IT'S NOT GOING
TO BE VOTED ON TODAY- BUT I DO
SUPPORT AND I WAS HAPPY TO CO
AUTHOR. IT'S TOM- MISS PORTER
PROGRESSIVE TAXATION AND SAW
THE BILL- FIVE FIFTHS- I NEVER
REALLY- I. PUT A LOT OF
CREDENCE INTO THE ARGUMENT THAT
CALIFORNIA. NEEDS TO ENGAGE IN
THE RACE TO THE BOTTOM WITH
STATES LIKE FLORIDA. AND TEXAS
AND OTHER STATES BUT DON'T
REALLY TALK VERY MUCH AT ALL
SO- DON'T REALLY PROVIDE MANY
SERVICES TO THEIR- CONSTITUENTS
THAT'S NOT WHO WE ARE AS
CALIFORNIA WE SHOULD NOT
ENGAGE. IN A TAX RACE TO THE
BOTTOM WITH THESE. LOW TOP.
STATES THAT REALLY DO VERY
LITTLE FOR THEIR MOST
VULNERABLE RESIDENTS- HAVE POOR
PUBLIC HEALTH INFRASTRUCTURE-
AND SO ON AND SO FORTH. I'VE
ALSO NEVER BOUGHT IN MUCH THE
ARGUMENT THAT IF YOU HAVE
TAXES. ON ALL THE WEALTHY
PEOPLE ARE GOING TO LEAVE IT
ALL THE BUSINESSES ARE GOING TO
LEAVE. THAT SAYS CONTRARY TO
OUR EXPERIENCE- I WILL DO IS DO
WHAT WEALTHY PEOPLE MOVE AROUND
YEAH EVERYONE MOVES AROUND
OTHERS SOME WEALTHY PEOPLE WHO
WILL SAY I'M GOING TO GO MOVE
TO. FLORIDA BECAUSE OF LOWER
TAXES FORCE- BUT WE'VE SEEN AS
A VICE CHAIR OF KNOWLEDGE. THAT
WE HAVE A LOT OF PEOPLE WHO
WEALTHY PEOPLE WHO COME IN THE
CALIFORNIA WILL BE PEOPLE. WHO
GO OUT- YOU KNOW WE HAVE WE'RE
ALWAYS TOLD THAT OUR TAXES ON
BUSINESSES ARE REGULATIONS ARE
GOING TO. NEED TO KNOW
BUSINESSES ARE GOING TO WANT TO
BE HERE AND DESPITE ACTIVE.
RECRUITMENT CAMPAIGNS- BY YOU
KNOW PLACES LIKE TEXAS.
FORMULAS AKADEMY PRE COATED-
WAS- WAS SORT OF ROCKING OUT.
WE HAVE YOU KNOW VERY VERY
STRONG AND SOLID AND STABLE
ECONOMY AND SO- DESPITE TAXES
DISPLAYED ARE ENVIRONMENTAL
WORK- PROTECTIONS. WE YOU KNOW.
CONSTANTLY. FORMING BUSINESS
HERE AND FRANKLY THE- BUSINESS
THE MO. IS THE LACK OF HOW BUT
THAT'S WHOLE SET. NOT
DISCUSSION IS NOT ABOUT A TAX.
I ALSO TOOK YOU KNOW ONE OF
UNKNOWN I POP. IF THIS
MENTIONED I HAD THE OUT. FOR A
LITTLE WHILE FOR SOMETHING
UNRELATED- BUT IN TWENTY
NINETEEN- WHEN YOU KNOW WHEN
TRUMP RAN OUT AND MITCH
MCCONNELL AND COMPANY RAMMED
THROUGH. THAT HORRIFIC TAX CUT-
IT DROPPED THE HIGHEST FEDERAL
TAX BRACKET- YOU KNOW FROM
THIRTY NINE POINT 6237% THAT'S
ALMOST. A THREE PERCENT- CUT
FOR THE WEALTHIEST RESIDENTS-
NOT THAT DIFFERENT THAN WHAT'S
BEING PROPOSED HERE TO HAVE A
SUSPENDED OUT IN CALIFORNIA.
AND CORPORATIONS RECEIVED A
FORTY PERCENT. TAX CUT SO I
JUST DON'T BUY INTO THIS. THIS
NOTION THAT THE SKY IS GOING TO
FALL IF WE MAKE THIS TAX CHANGE
PARTICULARLY. GIVEN WHAT TRUMP
AND MARK AND THEN THE CONDO
COMPANY RAN THROUGH. A FEW
YEARS AGO IT WAS HORRIBLE WHAT
THEY DID- CUTTING CORPORATE AND
HIGH INCOME TAXES WHEN SO MANY
PEOPLE ARE STRUGGLING AND
PEOPLE ARE STRUGGLING. EVEN
MORE NOW- AND WE CAN'T DO
DEFICIT SPENDING. IN
CALIFORNIA- AND WE HAVE TO
THEREFORE RESORT TO ALL SORTS
OF CREATIVE TECHNIQUES WE DON'T
NEED TO BE SO YOU KNOW.
CREATIVE WE NEED TO BE CREATIVE
OF COURSE WE DON'T NEED TO-
TRY- LOTS. THERE'S A VERY VERY
BASIC APPROACH. THAT WE CAN USE
AND THAT IS- TO HAVE FAIR
PROGRESSIVE TAXATION NOT JUST
US SO I DO SUPPORT IT EVEN
THOUGH I KNOW IT'S NOT GOING
BEFORE TODAY THANK YOU. THE
SENATOR WIENER THE SAME MEMBERS
SANTIAGO BOX THAT WOULD THAT BE
YOUR CLOSING STATEMENT. HE DID
ONE HECK OF A JOB LET ME TALK
ABOUT. IT LOOK AT LOOK AT IT
OFFERS A LOOK I WANT TO THANK
THE SENATOR FOR BEING ONE OF
THE EARLY SUPPORTERS AND RICK
AND AN UNDERSTANDING. OF WHAT
OUR PROGRESSIVE VALUES ARE IN
CALIFORNIA HOW WE STRUCTURE OUR
TAX POLICY TO MEET THOSE
VALUES. AND PLUS I WANT TO SAY
I WANT MERIT A FEW THINGS FOR.
NUMBER NUMBER ONE THERE IS A
SENSE OF URGENCY. THERE IS A
SENSE OF URGENCY- WHEN WE KNOW
THAT THAT THAT RENTS ARE GOING
AWAY WHEN WE KNOW THAT EVICTION
PROTECTIONS- WE WILL NO LONGER
BE AVAILABLE WHEN WE KNOW THAT
THAT THAT THE FEDERAL
GOVERNMENT TO LONGER TO BE
GIVING SIX HUNDRED DOLLARS IN
ADDITION- THERE IS A SENSE OF
URGENCY. AND WE KIDS CAN'T TELL
PEOPLE HEY LET'S WAIT A COUPLE
OF MONTHS LET'S WAIT A COUPLE
OF YEARS LET'S SEE HOW THE
NUMBERS- SORT OUT LET'S FEEL
REAL SORRY FOR THAT. FOR PEOPLE
WHO ARE WEALTHY. MANY CAN MAKE
THE RENT ANY GOT KIDS TO FEED
WHAT ONE D. WHEN THE AVERAGE
MEDIUM INCOME CALIFORNIA FOR
FAMILY TOO IS SEVENTY NINE
THOUSAND DOLLARS. THERE'S A BIG
DIFFERENCE TO WHO WERE SAYING.
PAY UP 1% SEVENTY NINE THOUSAND
DOLLARS FOR FAMILY TOO WE'RE
SAYING. FOR HELPFUL TOO WHO
MAKES OVER ONE MILLION ONE
HUNDRED AND EIGHTY ONE.
THOUSANDS OF DOLLARS. YOU
MULTIPLY THAT'S GONNA BE TWELVE
ELEVEN TIMES MORE 1% WHEN
PEOPLE ARE STRUGGLING TO PUT
GROCERIES ON THE KITCHEN TABLE.
CAN WE TALK ABOUT A TIME FRAME
OF LIMIT ECCENTRIC BUT THE
LEGISLATIVE PROCESS. DEGREE
HERE TODAY BECAUSE WE RECOGNISE.
URGENT THIS IS AN- WE NEED TO A
LOOK AT EVEN SOME AREAS TAKE A
LOOK AT CENTRAL VALLEY. BTC
MEDIUM INCOMES OF FORTY FIVE. I
MEAN THAT'S A VERY BIG
DIFFERENCE THAT WE'RE TALKING
ABOUT SO PEOPLE ARE NOT. LIVING
LET. AND THE BEST CONDITIONS IF
YOU'RE IF YOU'RE LOW INCOME AND
PARTICULARLY COMMUNITIES OF
COLOR. SO. THERE IS A SENSE OF
URGENCY AND I WOULD PUSH BACK
ON THE FACT THAT THERE ISN'T A
READ THE THAT THAT IT'S JUST AN
EFFICIENCY ISSUE NO THERE IS A
BASIC MATH PROBLEM HERE WHEN
WE'RE LOOKING AT A FIFTY FOUR
BILLION DOLLAR DEFICIT. THE
MATH PROBLEM THERE IS A DEFICIT
OF DOLLARS. THAT WE'RE LOOKING
AT. SOMEONE MIGHT AGREE TO SOME
EFFICIENCIES IN. DOING THINGS
BETTER NO DOUBT ABOUT IT. IT
STILL COMES DOWN TO A MATH
PROBLEM. FIFTY FOUR BILLION
DOLLARS IN THE MATH PROBLEM.
THAT THE LEGISLATURE HAS. PUT
DIFFERENT PROPOSALS FOR- IT'S
SMART TO PUT ALL THINGS ON THE
TABLE SO. THIS IS ONE OTHER-
IDEA THAT WE SHOULD PUT ON THE
TABLE. WHAT OKAY AND I'M
GRATEFUL FOR THE OPPORTUNITY.
AND YOU KNOW. WE TALK ABOUT
VIABILITY N. DO BETTER GOOD
CENTER DOES NOT HERE BUT HE HIT
STRAIGHT ON THE NAIL. IF YOU
GET IT AND WILLING TO DO THAT
WHEN YOU PUT UP AN IDEA FOR
YEAH WE WANT TO KICK THE TIRES
A BIT TO MAKE SURE IT'S STABLE.
AND MAKE SURE IT SOUND. AND I
WOULD ARGUE THAT THIS IS. THESE
THE SKY IS FALLING THEORIES
WE'VE HEARD OVER OVER. ANTHEM
WHEN THE MILLIONAIRES TAX
HAPPEN HERE PROP SIXTY THREE WE
HEARD THAT. I GUESS WHAT.
MILLIONAIRES AND BILLIONAIRES
GREW IN THE STATE OF CALIFORNIA.
AND NOW IT'S ABOUT CLOSE A
LITTLE BIT UNDER SEVENTY
THOUSAND. HI N. IT AFFECTS
POINT 5% OF THE POPULATION EVEN
A LITTLE BIT LESS DEPENDING ON
WHAT NUMBER YOU LOOK AT SO.
WHILE THE OTHER NINETY FIVE
NINETY NINE POINT 5% OF THE
POPULATION IS HARD. OROFFICE
ON THE STEP UP AND WE HAVE HAD
AN ADULT CONVERSATION THANK YOU
THAT'S WHAT WE HAVE TALKED A
COUPLE. OF A COUPLE FOLKS FOR
MILLIONAIRES WHO FELT THE SAME
SENTIMENT THAT YOU DID I'M NOT
GOING TO JUST DISMISS. BUT BY
AND LARGE MOST OF THEM THAT I
TALK TO YOU. SO THEY'RE NOT
GONNA MISS. DO NOT GET A METHOD
YOU MAKE ONE POINT FIVE MILLION
AND TAXABLE INCOME. AFTER ALL
THAT HAS TO BE A HUNDRED
THOUSAND IN THE SOUTH BRONX. IN
FACT YOU KNOW I KNOW AND I SAY
THIS TO OAKLEY BUT BUT UNDER
USERS ABOUT. WHAT I SAID THE I
MAKE ABOUT- IF IT'S PUBLIC INFO
RIGHT ABOUT TEN ELEVEN TIMES
LESS THAN THE PERSON WE'RE
GONNA TAX. I'M WILLING TO GIVE
1% BECAUSE IT IS THAT IMPORTANT.
TECHNOLOGY THE CALIFORNIA
RECOVERY BECAUSE THERE ARE SOME
WHO ARE DOING. WHAT WE'RE DOING.
EVERYTHING THEY POSSIBLY CAN
AND THEY JUST CAN'T MAKE IT
WORK. BECAUSE THE JOBS ARE NO
LONGER AVAILABLE. THE RAIN
KEEPS INCREASING AND IT'S VERY
DIFFICULT TO PUT GROCERIES ON
THE TABLE. AND I REALIZE THAT I
AM AND I REALIZE THAT WE'RE
ONLY TALKING ABOUT. THE BACK OF
MY HEAD BACK BACK TO WHAT THE
CENTER SAID EARLIER WHICH I-THINK IS KEY LOOK AT ADDING
VITAL IS IMPORTANT AND WE GOT A
LOOK AT SHORT TERM SOLUTIONS
LONG TERM SOLUTIONS. BECAUSE
UNLIKE ANYTHING WE'VE EVER
FACED IN THE IN THE PAST. WE'VE
HAD A GREAT IMPRESSION. WE'VE
HAD A RECESSION. SOME ARGUE
WITH THE SECOND GREAT
DEPRESSION BUT WE HAVE NEVER
HAD A CALL TO CONNIE. M.
POPULATIONS ACROSS CALIFORNIA
HAVE NEVER FELT WHAT THEY FELT
LIKE. NO ONE WOULD EVER THOUGHT
YOU COULD IMAGINE A WORLD NOT
EVEN A COUNTRY NOT EVEN A STATE
NOT EVEN A REGION A WORLD WHERE
YOU CAN WALK OUTSIDE OF YOUR
HOUSE. AND LITERALLY GET
INFECTED AND DIE. AT THE SAME
TIME THE ECONOMY IS CRASHING.
AND IN CALIFORNIA IF YOU WERE
POOR. YOU WERE HURT BEFORE. IF
YOU ARE POOR THE SAFETY NET
FELL OUT AND YOU MIGHT BE ON
THE STREETS BEGGING FOR FOOD
THIS IS NOT I'M NOT JUST
THROWING STUFF OUT OF ME HERE
TALKING ABOUT THIS IS THE
REALITY. FIVE NOW SINGLE MEN.
WITH TEARS IN THEIR EYES NOT
KNOWING HOW THEY GOING TO FEED
THEIR KIDS. I'M NOT A LOT I
KNOW MOST OF YOU ARE DOING THE
SAME THING VOLUNTEERING AT FOOD
BANKS HELPING OUT WHEREVER YOU
POSSIBLY CAN THIS IS A SERIOUS
CRISIS. BUT THE MAN'S. OUR
ABILITY TO PUT EVERYTHING ON
THE TABLE. M. AND A AND A
LITTLE BIT OF COURAGE TO STAND
UP TO THE STATUS QUO AND SAY
HEY WE'VE GOT TO DO THIS. WE
DON'T WANT. FOLKS TO LEAVE THE
STATE. BUT THE REALITY IS. PROP
SIXTY DEALERS SAID THAT DIDN'T
LEAVE THE STATE. ONE ONE
GOVERNOR BROWN PUT INITIATIVE
ON THE BALLOT THEY LEAVE THE
STATE. AND HERE WE ARE TALKING
ABOUT IT GUESS WHAT. WE'RE NOW
THE B. FOR KOBE HIT THE FIFTH
LARGEST ECONOMY IN THE WORLD.
AND IT MAY HAVE BEEN THE
EIGHTEENTH OR SOLD ONE FOLKS
ARE SAYING IT IT IT WOULD TNK
OUR ECONOMY WOULD BE BAD FOR
SIMPLE IF WE INCREASE REVENUE.
THE OPPOSITE HAPPENED. HAVE A
GOOD CENTER OVER HERE I WOULD
PLACE IT IN. YEAH WE'VE HAD A
LOT OF GOOD IDEAS THAT WE
SHOULD CONTINUE THOSE AND A FEW
YEARS AGO HE TRIED TO
RESTRUCTURE THE TAXES THE STATE
OF CALIFORNIA. AND I THINK YOU
SHOULD CONTINUE HIS EFFORTS. I
SAY THAT BECAUSE I WAS OF GREAT
ADMIRATION FOR HIM TO HAVE
TAKEN UP A COURAGEOUS
CONVERSATION THAT DID THAT. AND
TODAY THE CONVERSATION IS MORE
NEEDED THAN EVER. TO RE IMAGINE
A DIFFERENT SORT OF CALIFORNIA
NOW SOME PEOPLE MIGHT TALK
ABOUT. CAN'T WAIT BACK GET I
CAN'T WAIT TO GET BACK TO THE
NORMAL. BUT LISTEN I WOULD I
WOULD HOPE THAT WE GET BACK TO
A BETTER CALIFORNIA BECAUSE THE
NORMAL WAS NOT WORKING. FOR
OVER NINETY NINE POINT 5% OF
THE PEOPLE. WE CAN'T LEAVE THEM
BEHIND WE GO BACK TO THE NORMAL
WHAT'S GONNA GO BACK TO. HELP
PEOPLE. HOW PEOPLE COULD MAKE
THE RENT. AT A HARD TIME BOOK
OF PAPER GROCERIES. AND YES AND
MANY OF OUR COMMUNITIES PEOPLE
WERE TWO DOT.IN IN IN IN
COMMUNITIES OF COLOR. YOU CAN
GO BACK TO THE NORM WE'VE GOT
TO DO BETTER. SO I WOULD ARGUE
THAT THIS IS OUR OPPORTUNITY.
NOT WITH A SENSE OF URGENCY
THIS IS WHY WE'RE HERE. AND I
APPRECIATE EVERYBODY KICK IN
KICKIN THE TIRES BECAUSE IT'S
MUCH NEEDED AND I AND I REALLY
REALLY REALLY DO I'M ONE OF.
THE LIGHT WILL WANT TO KICK THE
TIRES BECAUSE AT THE END OF THE
DAY ACTIVITY WE GET A BETTER
PRODUCT. BUT THERE IS A SENSE
OF URGENCY. AND IF WE DON'T ACT
IN WE DON'T ACT QUICKLY. WE'RE
GOING TO SEE. WE'RE GOING TO
SEE PEOPLE GO HUNGRY. WE'RE
GOING TO SEE THE SAFETY NET
PAUL THAT FALLOUT FROM MANY
PEOPLE. AND WE'RE GOING TO SEE
PEOPLE HURT AND IN PAIN LIKE NO
WAYS WE NEVER IMAGINED. I KNOW
YOU BELIEVE ME. HOW WE GET ON
THE ROAD TO RECOVERY. MAY BE
DEBATABLE BUT I KNOW THAT WE
ALL SHARE. AND HELPING ALL OUR
CONSTITUENTS AND EVERYBODY
ACROSS THE STATE OF CALIFORNIA.
THE MAGIC TO DO BETTER. AND TO
HELP PEOPLE NOW BECAUSE THEY
NEED THEY NEED HELP AND WE'RE
ALL IN THIS TOGETHER I MEAN
THAT'S THE POINT OF STARTING
THAT THAT THAT THAT THAT THEY
CONVINCED ME THAT WE NEEDED TO
HAVE THE COURAGE TO TALK ABOUT
THOSE CONVERSATIONS. THAT
SOMETIMES BECOME POLITICALLY
PROHIBITIVE BUT WE'VE GOT TO
PUT IT ALL ON THE TABLE WE'VE
NEVER SEEN ANYTHING LIKE THIS.
AND WE'RE ALL IN THIS TOGETHER.
WHETHER YOUR- WHETHER YOU ON MY
SIDE OF THE AISLE. YOUR SIDE OF
THE AISLE. IN RULE AND URBAN
CALIFORNIA. ALL IN THIS
TOGETHER. AND WE ARE ALL RISE
TOGETHER. BUT WE WILL- WE'RE
GONNA SEE THE PAIN INCREASED SO
MUCH IN OUR COMMUNITIES. SO GOT
ALL MY FRIENDS THAT I DON'T
KNOW HOW MANY MILLIONAIRES I
KNEW RIGHT. CERTAINLY I'M NOT
ONE. AND I JUST WANT THIS BUT
WE'RE NOT TACK RIGHT WHAT WE'RE
NOT LOOKING AT INCREASING
REVENUE FROM ANYBODY WHO HAS
ACCUMULATED WEALTH. I WANT TAKE
THAT OFF THE TABLE RIGHT AWAY.
YEAH WHAT WE'RE AFTER BUT I
WOULD I WOULD JUST SAY. WE NEED
TO TAKE A LOOK AT ALL OPTIONS
ON THE TABLE THIS IS ONE. AND I
APPRECIATE THE COMMITTEE'S.
THOUGHTFUL AND DELIBERATE
PROCESS. TO TAKE A LOOK AT.
THIS IDEA BECAUSE I THINK IN
THE END WE WILL THE KICKED
OURSELVES IF WE DIDN'T I WOULD
ARGUE I NEED TO MOVE FORWARD
WITH SOMETHING. BUT EVEN IF WE
ARE DIFFERENT. WHO WOULD'VE
KICKED OURSELVES ON THE BACK.
SIDE IF WE HAD NOT AT LEAST
ENTERTAIN THIS IDEA. THANK YOU
TO THE COMMITTEE FOR ALLOWING
US TO SPEAK ON THIS AND I. NOW
WELL ONE OF THE AUTHORS ALSO
SPEAK THANK YOU THANK YOU
ASSEMBLYMEMBER. SANTIAGO
DECEMBER BONTADE IS TWELVE
FORTY I THINK WE'RE SUPPOSED TO
BE OUT HERE TWELVE THIRTY BUT
I'M NOT GONNA HOLD YOU UP BY.
UNTIL THE SERGEANT START WAVING
THEIR HANDS AND SCREAMED KATE.
YOU VERY KIND WITHOUT MINE TO A
KEEP IT SHORT. AND JUST SAY
THIS I APPRECIATE THE
CONVERSATION VERY MUCH
APPRECIATE- THE INPUT THE
DIALOGUE. YOU'VE BOTH BEEN SO
ENGAGED- AND I GUESS AS A KIND
OF FOR ME A REMINDER OF WHY
WE'RE BRINGING THIS BILL
FORWARD BECAUSE OF THE UNIT OF
THIS MOMENT OF THIS SPECIFIC
CRISIS THAT WE'RE IN ATTENDANCE.
IT ECONOMIC BASIS THAT HAS IN.
SOME THAT ARE SO DEEP. THE
FOLKS THAT WE CALLED ZERO FROM
MY WORK ARE ESSENTIAL WORKERS
STAND TO LOSE BUT WE HAVE A
PROJECT FIFTY FOUR BILLION
DOLLAR DEFICIT THOSE WHO HAVE
LITERALLY. TALKED INTO AND TAKE
CARE OF AND LOVE OUR CHILDREN
THOSE WHO PUT FOOD ON OUR TABLE
THOSE WHO KEEP US SAFE AS FIRST
RESPONDERS THOSE WHO KEEP US
HEALTHY AND ALIVE. IN OUR
HEALTH CARE SYSTEM ARE THOSE
ARE THE CARE GIVERS. THOSE
FOLKS TEND TO LOOSE AND WE NEED
THEM MORE THAN EVER SO THE
QUESTION THAT WE'RE ASKING
OURSELVES IS HOW WE TAKE CARE
OF THEM AND THIS CRISIS AND
THE- PROPOSAL WE'VE COME
FORWARD WITH IT IT'S NOT A
PANACEA IT'S NOT GOING TO.
SOLVE THE ENTIRE CHALLENGE BUT
IT'S A REALLY IMPORTANT PIECE.
OF THE PUZZLE IS WERE SAYING
FOR THOSE WHO'VE DONE WELL WHO
ARE AFTER ALL DEDUCTIONS IN A
SINGLE YEAR ARE MAKING. OVER A
MILLION DOLLARS- THAT YOU GET
YOUR FIRST MILLION DOLLARS FREE
AND FREE SECONDLY IN DOLLARS
COULD YOU CONTRIBUTE. ONE
DOLLAR FOR THE GOOD OF THE
WHOLE. ART FOR THOSE TWO TEAMS.
GONNA MAKE ONE. IN A SIT. UP
SECTIONS CAN YOU. THREE CENTS
PER DOLLAR. FOR THE GO OF THE
WHOLE FOR THE CAR. GOOD FOR
SHARED VALUES ARE. OF A CALLA.
FOR ALL. WHERE WE TAKE CARE OF
REMOTE DISADVANTAGED MOST
WONDERFUL THOSE ARE FIGHTING
FOR US EVERY DAY. I THINK THIS
IS A REALLY IMPORTANT PROPOSAL-
I DON'T THINK IT SOLVES
EVERYTHING BUT IT SOLVES A LOT
AND CONSISTENT WITH OUR VALUES
AND REALLY PROVIDE. SUPPORT IN
THIS CRISIS MOMENTS SO I THANK
YOU AGAIN FOR YOUR
CONSIDERATION APPRECIATED I
LIKE VERY MUCH- AND LOOK FOR IT
ON GOING DISCUSSIONS ABOUT THE-
THANK YOU ASSEMBLYMEMBER BONTA.
ASSEMBLYMEMBER SANTIAGO- THAT
CONCLUDES OUR AGENDA- SO I WANT
TO THINK- THANK YOU BOTH FOR
ALL YOUR HARD WORK AND- FOR
INPUT. THIS IS A TEST THE ONLY.
I THINK PROPERTY. THANK YOU.
THE QUESTION IS. HAVE A GOOD
DAY.