FINANCIAL INSTITUTIONS WILL
COME TO ORDER GOOD MORNING IN
RESPONSE TO THE COVE IN
NINETEEN EMERGENCY AND TO
PROTECT THE PUBLIC LEGISLATORS
AND EMPLOYEES WE MUST LIMIT
NONESSENTIAL GATHERINGS AND IT
HERE TO SOCIAL DISTANCE SEES
DISTANCING AND FACE COVERING
GUIDELINES AND COMPLIANCE WITH
THOSE ORDERS THE SENATE HAS
MADE NECESSARY ADJUSTMENTS TO
NORMAL PRACTICES IN ORDER TO
ENSURE THAT. THE PUBLIC
CONTINUES TO HAVE ACCESS TO THE
LEGISLATIVE PROCESS TO ALLOW
THE PUBLIC ACCESS WE HAVE
ADMITTED MEMBERS OF THE PUBLIC
TO TWO HEARING ROOMS TO THE
EXTENT THAT SOCIAL DISTANCING
REQUIREMENTS ALLOW AND WILL BE
USING THE TELECONFERENCE ARVEST
FOR THOSE INDIVIDUALS WHO WISH
TO TESTIFY TODAY. FOR ALL
INDIVIDUALS WISHING TO PROVIDE
PUBLIC COMMENTED THAT
PARTICIPANT TOLL FREE NUMBER
AND ACCESS CODE IS POSTED ON
THE COMMITTEE WEBSITE IT WILL
ALSO BE DISPLAYED ON THE SCREEN
AND I WILL ANNOUNCE IT NOW
TODAY'S PARTICIPANT NUMBER IS
EIGHT SEVEN SEVEN. TWO TWO SIX
EIGHT ONE FIVE TWO AND THE
ACCESS CODE IS. TWO FIVE FOUR
FOUR ZERO EIGHT FOUR FOR
DETAILED INSTRUCTIONS ON HOW
THE TELECONFERENCES TEAM WORKS
PLEASE REFER TO THE SENATE AND
OR COMMITTEE WEBSITE. WHEN WE
MOVED TO PUBLIC COMMENT YOU
WILL BE PROMPTED BY A MODERATOR
TO DIAL ONE THEN ZERO FOR
SUPPORT AND OPPOSITION PRESS
THERE'S ONLY ONE TIME AND WAIT
PATIENTLY FOR AN OPERATOR TO
ASSIGN YOU A LINE NUMBER. THIS
CAN BE A SHORT WAIT. ONCE YOU
RECEIVE YOUR LINE NUMBER YOU
WILL WAIT IN THE QUEUE FOR THE
MODERATOR TO CALL YOUR LINE
NUMBER AT THAT TIME YOU WILL BE
ON MUTED. AND YOU ARE NOW READY
TO ADDRESS THE COMMITTEE.
PLEASE NOTE THAT IN ORDER. FOR
US TO HEAR YOU CLEARLY AND
AVOID ACOUSTIC FEEDBACK YOU
MUST MUTE YOUR DEVICE. YOU ARE
WATCHING OR HEARING. ON IT
YOU'RE WATCHING OR HEARING ON
PRIOR TO GIVING TESTIMONY OVER
THE PHONE IT IS IMPORTANT THAT
WE HEAR FROM YOU. AND WE THANK
YOU FOR YOUR PATIENCE. I WILL
MAINTAIN DECORUM DURING THE
HEARING AS IS CUSTOMARY AND ANY
INDIVIDUAL WHO IS DISRUPTED
RESTRICTIVE MAY BE REMOVED FROM
REMOTE PARTICIPATION OR HAVE
THEIR CONNECTIONS NEEDED. WELL
EVERY EFFORT HAS BEEN MADE TO
STREAMLINE THE HEARING PROCESS
AND CONDUCTOR HEARINGS IN A IN
AS CLOSE TO THE SAME MANNER AS
CUSTOMARY THERE MAY BE SOME LAG
TIME FOR THE PARTICIPANTS WERE
ADJUSTING TO THE NEW. USE OF
ONLINE TOOLS OR TECHNOLOGY
PLEASE BE RESPECTFUL AND
PATIENT SO THAT ALL INTERESTED
PARTIES CAN BE HEARD. BEFORE WE
GET STARTED I'D LIKE TO WELCOME
SENATOR EGGMAN WHO IS
SUBSTITUTING FOR SENATOR
BRADFORD TODAY. WELCOME SENATOR
AND THANK YOU FOR FILLING IN. I
WOULD ALSO LIKE TO ADD TAKE A
MOMENT OF PERSONAL PRIVILEGE
ALTHOUGH SHE'S NOT HERE JUST
YET BUT TO WISH AS SENATOR
COUPLE YET- A HAPPY BIRTHDAY. A
CIVIL REMIND HER WHEN SHE GETS
BACK. NOW ON TO OUR COMMITTEE
BUSINESS WE HAVE THREE BILLS ON
THE AGENDA BEFORE WE HEAR
PRESENTATION ON THE BILL'S
LET'S ESTABLISH QUORUM
CONSULTANT PLEASE CALL THE ROLL.
SENATORS PLEASE REMEMBER TO
WAIT UNTIL YOUR MICROPHONE IS
TURNED ON AND THEN SPEAK
CLEARLY INTO THE MICROPHONE.
LET ALONE HERE WELL KNOWN HERE
PHOTO ABOVE. CABALLERO DALY.
YOUR DAILY HERE TORONTO HERE
TORONTOHERE EGGMAN YEAH EGGMAN
HERE WESO HERE WESO HERE MEN
THEIR MEN HERE PORTANTINO THERE
PORTANTINO HERE. YOU HAVE A
QUORUM THANK YOU THE CONSULTANT
NOTES WE HAVE A QUORUM. FOR OUR
FIRST ITEM OF BUSINESS LET'S
TAKE UP THE CONSENT CALENDAR.
THERE IS ONE ITEM ON THE
CONSENT CALENDAR FILE ITEM
NUMBER THREE SB FIVE SEVEN
SEVEN IS THERE A MOTION FOR THE
CONSENT CALENDAR. MOVED BY
SENATOR MAN. CONSULTANT PLEASE
CALL THE ROLL. THE MOTION IS TO
ADOPT THE CONSENT CALENDAR LET
ALONE HI MONTEREY HOTEL ABOVE.
CABALLERO CABALLERO BY DAILY BY
THE EARLY NIGHT TORONTO BY THE
ROSTER HI EGGMAN. HI EGGMAN HI
WESO. HUESO NIGHT MAN ARE MEN
HI PORTANTINO HI PORTANTINO I.
HE THE CONSENT CALENDAR HAS
EIGHT AYE VOTES AND THAT WE
WILL. LEAVE THE ROLE OPEN. OKAY
NOW WE WERE HERE WE WILL HEAR
FROM OUR FIRST AUTHORS SENATORS
STERN WHO WILL BE PRESENTING
REMOTELY. AND HAPPY BIRTHDAY
SENATOR GOVERNMENTAL. THANK YOU
MADAM CHAIR AND- HOW SECOND
YOUR HAPPY BIRTHDAY- SORRY
CAN'T BE THERE IN THE CHAMBERS
WITH YOU ALL MY COMING THROUGH
OKAY YES YOU ARE OKAY- SOME
PRESENTING TO YOU ALL SENATE
BILL FOUR FOUR NINE TODAY. AND
BEFORE I BEGIN I WANT TO IT
JUST THANK THE COMMITTEE FOR
THEIR WORK ON THIS BILL AND
ACCEPT THE AMENDMENTS VIEW LOOK
ON PAGE SEVEN OF THE ANALYSIS-
IT WOULD MOVE ALL THE MAIN
PROVISIONS OF THE BILL FROM THE
FINANCIAL CODE INSTEAD OF
CORPORATIONS CODE. DOWNLOAD
ALSO AMEND AT ANY PENALTY OF
PERJURY. FOR HER ANY INCORRECT-
FILINGS- ENDS. AS YOU CAN SEE
HOPEFULLY IN YOUR ANALYSIS IT
WOULD- THE AUTHORS AMENDMENTS
HAVE SOME SIGNIFICANT. CHANGES
IN THEIR WINGS OF THE BILL THAT
HOPEFULLY MAKE THIS A LOT MORE
FEASIBLE AND WORKABLE GOING
FORWARD AND I'M LOOKING FORWARD
TO GETTING INTO THOSE- AS THE
DISCUSSION GOES ON BUT-
ESSENTIALLY- THIS BILL IS
ABOUT. TRANSPARENCY DATA AND
TRYING TO LIFT UP- STANDARDS
AND BUILD SOME UNIFORMITY AND
HOW CLIMATE RISK DISCLOSURE IS
UNDERTAKEN IN THE FINANCIAL
SECTOR. WE KNOW ABOUT ALL THE
LIABILITIES AND RISKS TO OUR
STATE LL TOO WELL WHETHER THE
IMPACT ON AGRICULTURE FROM-
DROUGHTS. HOME OR WILDFIRES ON
COMMUNITIES ARE SEA LEVEL RISE
OR EXTREME HEAT EVENTS- SO I
DON'T WANT TO. GENERATE TOO
MUCH YOU'RE PREACHING TO ALL
ABOUT THAT THE LEVEL OF CRIME
AT RISK IN THE STATE OR ACROSS
THE WORLD- THE IDEA HERE THOUGH
IS THAT IF WE CAN PREPARE OUR
FINANCIAL INSTITUTIONS ARE
CORPORATIONS IN THE STATE- TO
GET AHEAD OF THIS AND TO HAVE
POLICIES THAT JUST ACCOUNT FOR
SOME OF THESE RISKS ARE WITHOUT
ANY ACTUAL- DIRECTION AS TO
EXACTLY HOW DO INVESTOR WHERE
TO LAND- BUT TO HAVE SOME
UNIFORMITY. IN HOW THAT
REPORTING OCCURS THAT WILL WILL
GET BETTER OUTCOMES OVERALL-
THE GOVERNOR'S TEAM HAS
EMBRACED THIS THIS CONCEPT OF
USING SORT OF STANDARDIZED
REPORTING WE SAW THEM INITIATED
TASK FORCE- RECENTLY- AND ON ON
CLIMATE RELATED FINANCIAL
DISCLOSURES AND THIS BILL TRIES
TO BUILD ON THAT TASK FORCE NOT
JUST FOR PENSION FUNDS AND SOME
OF OUR PUBLIC INSTITUTIONS BUT
ALSO. ON THE STATE'S LARGER
FINANCIAL INCORPORATED-
INSTITUTIONS- THE REQUIREMENTS
UNDER THIS BILL WILL ADOPT-
THIS TASK FORCE ON CLIMATE
RELATED DISCLOSURES FRAMEWORK
IT'S BEEN ADOPTED BY ALMOST TWO
THOUSAND ORGANIZATIONS
STATEWIDE IT'S EXISTED SINCE
TWENTY SEVENTEEN- YOU KNOW
BRAND NAME INSTITUTIONS LIKE
WELLS FARGO BANK OF AMERICA
PRUDENTIAL BLACKROCK CALPERS
CALPERS AND CAL STIRS- AND MANY
OTHERS ARE ALREADY USING. THIS
FRAMEWORK SO IF WE CAN-
HOPEFULLY FEEL THE LITTLE
STANDARDIZATION- IT'LL HELP
FEDERAL EFFORTS AS WELL WHERE
WE KNOW THE BY NOON INSPIRATION
IS ACTIVELY CONSIDERING AT THE
SECURITIES AND EXCHANGE
COMMISSION A SIMILAR FEDERALLY
APPROVED CLIMATE RISK
DISCLOSURE AND I DO WANT TO
ACKNOWLEDGE THAT. I HAVE AND
I'VE BEEN WORKING VERY HARD
WITH THE OPPOSITION OVER THE
LAST FEW WEEKS NINETY SINCERELY
APPRECIATE THE GOOD FAITH
EFFORT THAT THEY'VE MADE TO
SURFACE SOME OF THESE ISSUES
AND WE DO HAVE SOME OUTSTANDING
ISSUES THAT I'M OPEN TO
ADDRESSING- SUIT TO FOR
INSTANCE. MAKE SURE THAT IF
YOU'RE COMPLYING WITH THE FED
ROLE DCF STAND THAT COMPLY
SHOULD. AT THE STATE LEVEL THAT
THAT WE DON'T WANT YOU TO GO
THROUGH TWO SEPARATE SETS OF
FILINGS I ALSO WANT TO
ACKNOWLEDGE ANDHOPEFULLY WE'LL
GET INTO THIS A LITTLE MORE IN
THE COMMITTEE- WITH THE
INSURANCE INDUSTRY- A
WILLINGNESS TO USE SOME OF
THEIR EXISTING. DISCLOSURE
FRAMEWORK- BOTH THE NATIONAL
AND STATE LEVEL THAT ARE
INSURANCE COMMISSIONERS
PURSUING AS SOON AS A FORM OF
COMPLIANCE WITH HIS MEASURES
WELL WE DON'T WANT TO ADD A
BUNCH OF BURDENS WE JUST WANT
TO. WE WANT TO STANDARDIZE THE
ACCOUNTING FRAMEWORK HERE WE
THINK THIS WILL HELP POSITION
CALIFORNIA TO MITIGATE THIS
RISK GOING FORWARD AND
HOPEFULLY UP LESS COMMUNITIES
IN THE PROCESS AND- I'LL I'LL
STOP TALKING HERE BECAUSE I'M
GLAD THAT YOU ALL TOO MUCH
OTHER THAN TO SAY THAT WE'VE
GOT A- ED. TO LEAD WITNESSES
HERE DR DAN CAME IN FROM UC
BERKELEY WAS- LEAD AUTHOR ON
THE IPCC REPORT FOR AN- AD FOR
THE FOR THE U. N. EFFORT ON
CLIMATE CHANGE AND THEN. A JURY
COURT. WAS THE SENIOR VICE
PRESIDENT FOR SUSTAINABLE
INVESTING AT IMPAX ASSET
MANAGEMENT YOU CAN GIVE ME A
LITTLE BIT MORE PERSPECTIVE
FROM THE ACTUAL ASSET
MANAGEMENT'S SIDE AND WHAT.
FINDING IT EASY IF THE REPORT
IN THIS KIND OF CLIMATE RISK
DISCLOSURE DOES- POSITIVELY FOR
INVESTMENT FUNDS AND THEN
HEADLAM FROM UC BERKELEY CENTER
FOR LAW AT ENERGY AND
ENVIRONMENT IS HERE. JUST
ANSWER ANY TECHNICAL QUESTIONS
THAT MAY ARISE- SO I. WOULD
EXPECT THE ANSWER ABOUT. THANK
YOU SENATOR STERN AND I- I
APOLOGIZE THAT I DID NOT ASK IF
YOU HAD ANY STAFF IN THE ROOM.
I'M SORRY I HAD MY DISTRICT
DIRECTOR JEREMY WILL FEATURE.
THING IN ANOTHER ROOM BUT HERE.
THANK YOU. WE WILL NOW MOVE ON
TO THE PRIMARY WITNESSES IN
SUPPORT FIRST WE HAVE A DOCTOR
DAN AT CAN'T CAME IN. A
PROFESSOR OF ENERGY AT UC
BERKELEY AT DOCTOR CAME IN YOU
MAY BEGIN YOUR TESTIMONY. MY
THANKS FOR BEING THERE I THINK
THE- BOTH THE COMMITTEE AND
DUCKED UNDER STERN OR TAKING
ACTION ON THIS. I AM HONORED TO
SPEAK STRONGLY IN FAVOR OF THE
BILL OR FORTY NINE FOR SEVERAL
REASONS. SENATE BILL FOR FORTY
NINE DOES AS SENATOR JUST
HIGHLIGHTED IS REALLY TO BE
SINCE ABBAS BEST PRACTICES FOR
THINGS THAT COMPANIES IN
CALIFORNIA AND AROUND THE WORLD
ARE ALREADY DOING- IT'S
IMPORTANT TO RECOGNIZE THAT
CALIFORNIA'S. PATH TO CARBON.
NEUTRALITY GETS ONE- GENERATING
LARGE NUMBERS JOBS WE'VE ALL
SEEN THE SOLAR SECTOR ALONE
RIGHTS TO OVER EIGHTY THOUSAND
JOBS. WE ANTICIPATE SIMILAR
GROWTH IN THE ENERGY STORAGE
FIELD OFFSHORE WIND FIELDS
ENERGY EFFICIENT BEING- AND A
VARIETY OF ASPECTS RELATED TO
TRANSPORTATION FOR WHICH WE
WILL BE A MAJOR ANNOUNCEMENT
FROM THE GOVERNOR LATER TODAY
AND THE PRESIDENT TOMORROW. THE
CRITICAL ASPECT OF FOUR FOUR
NINE ARE YOU KEEPING WITH WHAT
CALIFORNIA DONE IN THE PAST. I
PERSONALLY SERVED ON BOTH THE
YEAH COMMITTEE THE ECONOMIC
ALLOCATION ADVISORY COMMITTEE
THAT ESTABLISHED THE CAP AND
TRADE PROGRAM AND BEFORE THAT I
WORKED ON CALIFORNIA'S- WORLD
FAMOUS LOW CARBON FUEL
STANDARD- EXECUTIVE ORDERS AT
SEVEN ZERO ONE. BOTH OF THE
YEAR STARTED OFF WITH
ACCOUNTING METHODOLOGIES AND
TOOLS VERY SIMILAR TO WHAT FOUR
FOUR NINE WILL PUT IN PLACE.
AND THE BENEFITS FOR CALIFORNIA
HAVE NOT ONLY BEEN IN TERMS OF
IDENTIFYING THE AREAS OF JOB
GROWTH THE PRO BUSINESS SIDE OF
THE STORY BUT ALSO ESTABLISHING
THE METHODOLOGY SO THAT OTHER.
JURISDICTIONS TO WANT TO DO
BUSINESS WITH CALIFORNIA COULD
BE INFORMED FROM THE BEGINNING
ABOUT THE TYPES OF REPORTING
THAT WOULD BE REQUIRED. BY
LABORATORY FIELD AND OPERATE
THE POOL CLIMATE CALCULATOR
IT'S A TOOL THAT THE AIR
RESOURCES BOARD AND PNC AND
CALGARY EDUCATION EACH USED TO
IDENTIFY CARBON REDUCTIONS WHAT
IS. BEING PROPOSED HERE IS THE
TEMPLATE THE TEMPLATE TO
STANDARDIZE THAT SAME SORT OF
REPORTING. AND WE HAD TO DEBATE
THE SAME SORTS OF BENEFITS FOR
CALIFORNIA AS IT CHARTS OUT
THE- PRO. CLIMATE STRATEGIES.
ONE ANSWER OF THIS WHICH NOT BE
FREE READ. USE THAT THE
BENEFITS THE CAL. ARE THE FORM
OF VETERAN MORTGAGE ACCORDING
TO A LARGE COMPANIES. BETTER
REPORTING AND OF OUR BILL BUT
ALSO. JUSTICE THE THAT WERE
EIGHT TO GET THE STRATEGY TO
ACCELERATE THE POINT OF CLEAN
ENERGY SUCH AS WHAT MAY WOMEN
THE BY TWENTY THIRTY ALL OF
THIS VEHICLE WOULD BE VEHICLE.
HERE'S AN EXAMPLE OF AN
OPPORTUNITY. TO QUANTIFY THE
BENEFITS. IT'S BEEN WITH SENATE
BILL FOR FORTY NINE SO I WANT
TO THANK YOU FOR YOUR TIME I
APPRECIATE THE CHANCE TO SPEAK.
VERY MUCH HOPE THAT YOU WILL
VOTE IN FAVOR OF THE IMPORTANT
STEP FORWARD IN CALIFORNIA'S
CLEAN ENERGY. STRONG BUSINESS
AND ARAMBULA JUSTICE CAP THANK
YOU FOR YOUR ATTENTION. THANK
YOU DOCTOR CAME IN. NEXT WE
HAVE A JULIE- GORKY- SENIOR
VICE PRESIDENT OF SUSTAINABLE
INVESTMENT TO AT IMPAX ASSET
MANAGEMENT SURELY YOU MAY BEGIN
WHEN YOU ARE READY. GOOD
MORNING CAN YOU HEAR ME YES WE
CAN. THANK YOU THANK YOU
CHAIRMAN NORMAN AND MEMBERS OF
THE COMMITTEE WOULD REPRESENT
IMPAX ASSET MANAGEMENT AND
TRILLIUM ASSET MANAGEMENT LLC
INDEPENDENT ADVISERS WITH MORE
THAN FORTY FIVE AND A HALF
BILLION DOLLARS IN ASSETS UNDER
MANAGEMENT. TODAY WE OFFER
TESTIMONY IN SUPPORT OF SB FOUR
FOUR NINE WHICH WOULD SET A
STANDARD FOR CLIMATE RISK
DISCLOSURE THAT WOULD ALLOW US
TO BETTER MEET THE FIDUCIARY
DUTY THAT WE HAVE TO OUR
CLIENTS. TRANSACTION CHILEAN WE
SERVE CLIENTS WHO ARE BELIEVE
THAT INTEGRATING ENVIRONMENTAL
SOCIAL AND GOVERNANCE FACTORS
INCLUDING CLIMATE RISK INTO THE
FINANCIAL ANALYSIS PROCESS CAN
HELP US TO IDENTIFY COMPANIES
BEST POSITIONED TO DELIVER LONG
TERM PROJECTS RISK ADJUSTED
PERFORMANCE SHOULD FUNDAMENTAL
TO OUR MISSION AND PRODUCER
RESPONSIBILITY UNDERSTAND THAT
ANY. MATERIAL ESG CONCERNOR
OPPORTUNITY THAT WE BELIEVE
WILL HELP PROTECT OUR ENHANCE
SHAREHOLDER VALUE WE. CAN
CORPORATE. CHANGING QUITE CREE
TANGIBLE IN REAL WILL NOT BE.
FURTHER WARMING UP IS EXPECTED
TO LEAD TO DAMAGING ECONOMIC
AND SOCIAL CONSEQUENCES
POSSIBLY APPROACHING WATER. 5%
OF GLOBAL GDP BY TWENTY ONE
HUNDRED WELL INVESTMENT IN
CLEAN TECHNOLOGIES OFFER A PATH
TOWARDS MORE SUSTAINABLE GROWTH
AND JOB CREATION CALIFORNIA HAS
CONSISTENTLY LED THE COUNTRY IN
RECOGNIZING THESE RISKS AND
OPPORTUNITIES. IT IS IMPORTANT
TO UNDERSTAND THE NATURE OF
CLIMATE RELATED RISKS AND
OPPORTUNITIES IN ORDER TO
ESTABLISH. MANAGED AND THE
PRICE THEM TRANSPARENTLY AND
COMPREHENSIVELY FROM INVESTORS
LIKE US TO AVERAGE CONSUMERS
TRADING WITH A FREE TIRE MEANT
CLEAR CONSISTENT DISCLOSURE
WILL ALLOW FOR BETTER DECISION
MAKING FOR INVESTORS IN
PARTICULAR UNDERSTANDING
CLIMATE RISKS AND OPPORTUNITIES
IS ESSENTIAL. TO OUR
INVESTMENTS BUT YOU NEED TO
UNDERSTAND THE PRICE THOSE WITH
CORRECTLY OR WE CAN WAIT FOR A
SERIES OF INCREASINGLY
UNPLEASANT SURPRISES. WHICH IS
THE FORMER. CURRENTLY IN JAIL
THERE NO YOU FOR INVESTORS TO
HAVE A CALL VIEW OF WICH
COMPANIES ARE EXPOSED TO
CLIMATE RELATED RISKS ARE BEST
POSITIONED TO BENEFIT FROM
CLIMATE RELATED OPPORTUNITIES.
OUR ABILITY TO PRODUCE MARC AN
INFORMED DECISION MAKING ON
CLIMATE RISK INTENDED BY
INADEQUATE INFRASTRUCTURE
DISCLOSURE WITHOUT CLEAR
INCOMPLETE DATA IT IS
EXTRAORDINARILY DIFFICULT TO
CRACK THE WHIP FROM
OPPORTUNITIES CORRECTLY AND
THAT IS WHY WE SUPPORT SB FOUR
FOUR NINE. AND REPORTING
ALIGNED WITH THE TEETH YET
THESE RECOMMENDATIONS WITH SB
FOUR FOUR NINE CALIFORNIA WOULD
SET THE STANDARD FOR G. C.
SEVENTY ALIVE DISCLOSURE
PROVIDING INVESTORS WITH
COMPARABLE ACCURATE AND
ACTIONABLE INFORMATION. THIS IS
PARTICULARLY CRITICAL. BOB
MCDOUGAL CLIMATE RISKS AND
RISKS RELATED TO ENVIRONMENTAL
JUSTICE DISPOSABLE DISCLOSURE
OF WHICH WE RECOMMEND
INTEGRATING INTO SB FOUR FOUR
NINE SPECIFIC ACCOUNTING OF
THESE RISKS WILL ALLOW US TO
PUT THE CHAPEL WE CAPITAL WE
MANAGE TOWARDS A MORE
CONSISTENT. RESILIENT AND
EQUITABLE CALIFORNIA AND ALLOW
OUR CLIENTS AND OUR TEACHERS TO
INVEST IN CLEAN AIR AND CLEAN
JOBS. THANK YOU SO MUCH FOR
YOUR CONSIDERATION AND WE'RE
HAPPY TO DISCUSS OUR SUPPORT
FOR TPS DELIGHT CLIMATE
DISCLOSURE FURTHER IF IT IS. AT
ALL HELPFUL. THANK YOU. NOW SEE
IF WE HAVE ANY WITNESS HERE IN
THE SEE NOW WITH A IN THE IN
SOME WE WILL TO WIN AND ONE TWO
WHO TO TEST IN SUPPORT OF SB
FOUR NINE SEE NO WITNESSES
SUPPORT IN ROOM ONE TWELVE WE
WILL MOVE TO WITNESSES IN
SUPPORT WISHING TO TESTIFY VIA
TELECONFERENCE ORVIS MODERATOR
IF YOU WOULD PLEASE PROMPTLY
INDIVIDUALS WAITING TO TESTIFY
IN SUPPORT OF SB FOUR FOR NINE
WE WILL BEGIN. TO STAY YOUR
SUPPORT FOR THIS BILL YOU MAY
PRESS ONE THEN ZERO ON YOUR
PHONE AGAIN THAT'S ONE FOLLOWED
BY ZERO. WE'LL GO FIRST TO LINE
FORTY FIVE FOUR FIVE YOUR LINE
IS OPEN. THANK YOU CARE NUMBER
LISTED RIGHT NOW WITH THE
CALIFORNIA LEAGUE OF
CONSERVATION VOTERS IN SUPPORT
OF THE BILL OKAY BUDGETARY
SUPPORT FOR CARBON ACCOUNTABLE
THANK YOU. NEXT WE HAVE A
COMMENT FROM LINE FORTY NINE
FOUR NINE PLEASE GO AHEAD. HEY
THIS IS LAURIE COME ON BEHALF
OF SIERRA CLUBCALIFORNIA IN
SUPPORT OF AS PEOPLE FORTY NINE
THANK YOU. LEVINE THIRTY ONE
THREE ONE PLEASE GO AHEAD. THIS
IS CHRISTIAN B. L. R. ON BEHALF
OF. THE. NINE THIRTY ONE PLEASE
CONTINUE IF YOU'RE ABLE. WILL
MOVE ON LINE TWENTY SEVEN TWO
SEVEN YOUR LINE IS OPEN. JANET
CARPENTRY FIFTY THOUGHT COMES
ALLEY AND GLENDALE. IN BAYERN
MENTAL COALITION IS STRONG
THANK YOU. NINE THIRTY TWO
THREE TWO YOUR LINE IS OPEN.
FINE THIRTY TO YOUR PHONE MAYBE
A NEW. THANK YOU MY NAME IS
DEBBIE MY TELL THAT I'M
SPEAKING ON BEHALF OF PENINSULA
INTERFACE CLIMATE ACTION WE
REPRESENT EIGHTEEN
CONGREGATIONS BETWEEN SEVENTH
IT'S IS THAT OKAY I WAS VERY
MUCH IN FAVOR OF SB NINE FORTY
NINE THANK YOU. THE LION FORTY
FOUR FOUR FOR YOUR LINE IS OPEN.
HI MY NAME IS KATE MONAGHAN AND
TRACTOR SHAREHOLDER ADVOCACY
ACTUALLY NOT THAT MANAGEMENT
AND WE WOULD LIKE TO EXPRESS
THEIR SUPPORT ADVENTURES FOR AT
LEASTBEFORE NINE I REPRESENTED
EARLIER IN THE TESTIMONY WE CO
AUTHORED WITH IMPAX ASSET
MANAGEMENT THANK YOU. NINE
FIFTY FIVE ZERO. GOOD MORNING
THIS IS JIM WEINBERG ON BEHALF
OF THE FRIENDS COMMITTEE ON
LEGISLATION OF CALIFORNIA IN
SUPPORT OF SB FOUR CORNERS
THANK YOU. LINE THIRTY ONE
THREE ONE YOUR LINE IS OPEN.
YES THIS IS GRETCHEN B. O. R.
ON BEHALF OF SUNRISE BAY AREA
WE ARE STRONGLY IN SUPPORT OF
THIS BILL. THANK YOU THERE ARE
NO FURTHER LINES IN QUEUE AT
THIS TIME. THANK YOU. CAN WE
NOW AT THIS VERY MODERATOR CAN
YOU PLEASE IT DOUBLE CHECK IF
WE HAVE ANY ADDITIONAL
WITNESSES IN SUPPORT ON THE
LINE. THANK YOU- IF THERE ARE
ANY OTHER LINES IN SUPPORT OF
SB FOUR FOUR NINE WE PRESS ONE
AND THEN ZERO. SO THAT THERE
ARE NO LINE TO QUEUE AT THIS
TIME THANK YOU. HAVING HEARD
FROM THE SUPPORTED YOU'LL
FOLLOW THE SAME PROCESS TO HEAR
FROM AND THE OPPOSITION OUR FOR
OUR FIRST WITNESS IN OPPOSITION
IS MELANIE CUEVAS FROM THE
CALIFORNIA BANKERS ASSOCIATION.
OUR SECOND WITNESS IN
OPPOSITION IS THAT PARRIS
REPRESENTING THE ASSOCIATION OF
CALIFORNIA LIFE AND HEALTH
INSURANCE COMPANIES. SO WE WILL
BEGIN WITH OUR FIRST WITNESS IN
OPPOSITION. MADAM CHAIR AND
MEMBERS GOOD MORNING THANK YOU
FOR THE OPPORTUNITY TO
PARTICIPATE IN TODAY'S HEARING
THE OTHER VIRTUAL FORMAT AND
THANK YOU TO THE COMMITTEE FOR
IT TO WORK ON THAT MEASURE I AM
NOT ONLY CREATED THE CALIFORNIA
BANKERS ASSOCIATION AND
ALTHOUGH WE APPRECIATE THE
AUTHOR'S WILLINGNESS TO ADDRESS
THE OPPOSITION'S CONCERNS AT
THIS TIME REMAIN OPPOSED TO AT
THE FORECOURT NINE AS AMENDED
APRIL THIRTEENTH. AND WE HAVE
FULL FAITH THAT THE FIGHT
INHERITED MINISTRATION WILL
APPROPRIATELY AND VIGOROUSLY
ADDRESSED THE NATION RESPOND TO
CLIMATE CHANGE CLIMATE RISK
DISCLOSUREHAS ALREADY EMERGED
AS A PRIORITY FOCUS FOR
FINANCIAL REGULATORS UNDER THE
GUIDANCE CARE ACT
ADMINISTRATION. ON MARCH FOURTH
THE SECURITIES AND EXCHANGE
COMMISSION ANNOUNCED THE
CREATION OF A NEW CLIMATE YES
G. TASK FORCE AND IS NOW
ACCEPTING PUBLIC COMMENT ON
CLIMATE RISK REPORTING AND ESG
DISCLOSURES. THE US FEDERAL
RESERVE HAS STEPPED UP ITS
EFFORTS TO EVALUATE THAT RISK
THAT CLIMATE CHANGE POSES TO
THE FINANCIAL SYSTEM THROUGH
THE CREATION OF THE FINANCIAL
STABILITY CLIMATE COMMITTEE AND
JUST SAID MONDAY U. S. TREASURY
SECRETARY JANET YELLEN OUTLINED
THE DEPARTMENT CLIMATE GOALS AS
WELL AS THE DEPARTMENT'S NEW
CLIMATE HOT. WHICH IS AN
ESTABLISHED TO COORDINATE
CLIENT FOCUSED WORK ACROSS THE
AGENCY AND THE KNOWLEDGE OF HER
PLEDGE TO PUT CLIMATE CHANGE
FRONT AND CENTER EACH OF THE-
NUMBERS FEDERAL LAW ACTION
WHICH WOULD PROVIDE A
HARMONIOUS INCONSISTENT DATA
ENTERED METRIC AND THE CLOSURE.
THAT THAT'S IMPORTANT ISSUE SO
DESPERATELY NEEDS IS NOT A PIPE
DREAM AND THEN WELL WE
APPRECIATE THAT THE AUTHOR IS
CONTEMPLATING AN AMENDMENT THAT
MADE KNOWLEDGE THAT ACTION THAT
KNOWLEDGE MEANT TO SUPPORT OUR
TEAM AND DIG THE. VERY OBVIOUS
QUESTION. WHY IN THE BUILDING
NOW. THERE IS NO THAT CHANGE IS
HAVING NEED IMPACT ON CAL.
FISCAL AND ECONOMIC. AND THIS
IS A VITAL. DEPARTED THE IN BUT
HE THE PAUSE BUTTON ON AT THE
FOUR NINE TODAY WILL NOT ONLY
ALLOW PRESENT RIGHT AND ACT. IT
WILL ALSO THE GOVERNOR NEEDS
KIND RELATED RISK DISCLOSURE
ADVICE GROUP WHICH WAS
ESTABLISHED MY- TO ACCOMPLISH
WHAT IT HAD BEEN. TO WITH. OF A
CRIME AT RISK DISCLOSURE
STANDARD BUT IT'S- WHAT BETTER
AND- STANDARD. THE
COLLABORATIVE. THAT ALIGNS
FEDERAL. SHOULD BE THE TRUMP
CLICK. THAT TO THE GLOBAL. FOR
THESE REASONS WE- ASK FOR NO
VOTE ANY FOUR CORNER DAY THANK
YOU. THANK YOU NEXT WE WILL ON
MATT. GOOD MORNING MADAM
CHAIRMAN TO COME MY NAME IS
MATT POWERS WITH ASSOCIATE OF
CAL LAW AND HEALTH INSURANCE
COME ACT LIKE. LARGER SOCIO
CURRENTLY HAS AN OPPOSE UNLESS
AMENDED POSITION ON SB FOUR
FOUR NINE. I'D LIKE TO START BY
THANKING SENATOR STERN
WILLINGNESS TO WORK WITH US ON
THIS BILL. WE CERTAINLY
APPRECIATE WHAT THE AUTHOR IS
TRYING TO DO WE BELIEVE THAT
THIS IS AN IMPORTANT
CONVERSATION. HOWEVER RECENT
AMENDMENTS DID NOT ADDRESS OUR
CONCERNS AS CURRENTLY DRAFTED
SB FOUR FOUR NINE CONTINUES TO
OVERLAP WITH THE WORK THAT WE
ARE ALREADY DOING FOR THE
CALIFORNIA DEPARTMENT OF
INSURANCE. AS BACKGROUND SINCE
TWO THOUSAND TEN. INSURERS HAVE
BEEN COMPLETING THE CITY I
ADMINISTERED CLIMATE RISK
DISCLOSURE SURVEY. ANNUALLY
AROUND ONE THOUSAND ENSURES
COMPLETE THIS COMPREHENSIVE
MANDATORY AND PUBLIC SURVEY.
THAT ASKS ABOUT A NUMBER OF
TOPICS INCLUDING ADMISSIONS
INVESTMENTS. IMPACT MITIGATION
AND RISK MANAGEMENT. THE SURVEY
ALSO CAPTURES MORE THAN 70% OF
THE ENTIRE U. S. INSURANCE
MARKETS. CERTAINLY THE SURVEY
WAS CREATED THROUGH A PROCESS
BETWEEN OUR CALIFORNIA
REGULATOR CDI IN THE NATIONAL
ASSOCIATION OF INSURANCE
COMMISSIONERS HEY I SEE. THIS
PROCESS WITH DELIBERATE IF IT
SOLICITED INDUSTRY INVOLVEMENT
AND FEEDBACK AND ENSURE THAT
REPORTING COULD BE HARMONIZED
AT THE NATIONAL LEVEL. IN LIGHT
OF RECENT ANNOUNCEMENTS BY THE
BY THE ADMINISTRATION AND THE
SEC AND THE ONGOING WORK BEING
DONE BY THE ANY ICY CLIMATE AND
RESILIENCY TASK FORCE.
REGARDING POSSIBLE
MODIFICATIONS TO OUR INDUSTRY
SURVEY WE THINK THAT SB FOUR
FOUR NINE SHOULD BE AMENDED TO
ACCOUNT FOR THESE DEVELOPMENTS.
AND WHAT WE CURRENTLY REPORTS.
IT SEEMS TO BE NO CLEAR PUBLIC
POLICY RATIONALE FOR SETTING UP
A DUPLICATIVE PROCESS THAT
CIRCUMVENTS OUR SUCCESSFUL
MODEL OF NATIONAL COORDINATION.
LASTLY WE ARE CONCERNED ABOUT
THE YEARLY MANDATE TO PROPOSE
REGULATIONS THAT SB FOUR FOUR
NINE PLACES ON THE NEWLY
LAUNCHED CALIFORNIA CLIMATE
ADVISORY GROUP WE TAKE
INSURANCE REGULATION PROPOSALS
BELONG WITH OUR INSURANCE
COMMISSIONER. AND THE NATIONAL
ASSOCIATION AND I SEE THESE
ENTITIES UNDERSTAND INSURANCE
OR BUSINESS MODEL HISTORICAL
CONTEXT AND HAVE ALREADY TAKEN
A LEADERSHIP ROLE IN CLIMATE
REPORTING. AGAIN I DO WANT TO
THANK SENATOR STERN FOR WORKING
WITH US ON THIS BILL AND FOR
FUTURE DISCUSSIONS AROUND
LANGUAGE THAT WOULD ALLOW OUR
CURRENT REPORT TO SATISFY THE
REQUIREMENTS OF THIS BILL AND
GIVE DIFFERENCE OUR CURRENT
REGULATOR. BUT UNTIL THAT TIME
WE CONTINUE TO RESPECTFULLY
OPPOSE SB FOUR FOUR NINE. AND I
DO WANT TO MENTION THAT- WE
HAVE- DAVE SNYDER WITH THE
AMERICAN PROPERTY AND CASUALTY
INSURANCE ASSOCIATION AS A
TECHNICAL WITNESS SHOULD THERE
BE ANY QUESTIONS AROUND- BE
CLIMATE RISK DISCLOSURE SURVEY.
THERE ARE CURRENTLY DOING THANK
YOU VERY MUCH. THANK YOU NOW
THAT WE'VE HEARD FROM OUR
PRIMARY WITNESSES IN OPPOSITION
LET'S MOVE TWENTY WITNESSES
HERE IN THE GALLERY. SEE NO
WITNESSES IN THE GALLERY IN
OPPOSITION WILL MOVE TO
WITNESSES IN ROOM ONE TWELVE
WHOSE WISH TO TESTIFY IN
OPPOSITION OF SB FOUR FOUR
NINE. SEEN NO WITNESSES IN
OPPOSITION- A IN ROOM ONE
TWELVE WE WILL MOVE TO THE
PHONE LINES. WAITING FOR ANY
WITNESSES WAITING TO TESTIFY
VIA TELECONFERENCE SERVICE
MODERATOR IF YOU WOULD PLEASE
PROMPT AND THE INDIVIDUALS
WAITING TO TESTIFY IN
OPPOSITION OF SB FOUR FOR NINE
WE WILL GO AHEAD AND BEGIN.
THANK YOU. STATE YOUR
OPPOSITION FOR THIS BILL PRESS
ONE FOLLOWED BY ZERO ON YOUR
TELEPHONE KEYPAD. THAT'S ONE
AND THEN THE ZERO. WE'LL GO
FIRST IN LINE SEVENTEEN ONE
SEVEN YOUR LINE IS OPEN. GOOD
MORNING MADAM CHAIR AND MEMBERS
THE ONLY GATHERED WITH THE%
CALIFORNIA ASSOCIATION OF
REALTORS WE WOULD LIKE TO THANK
SENATOR STERN AND HIS DOCTOR
WORKING WITH THAT WE BELIEVE
WE'VE COME TO AN AGREEMENT ON
AN AMENDMENT LANGUAGE WHICH
WILL ADDRESS OUR CONCERNS. WE
LOOK FORWARD TO SEEING
ADDITIONAL AMENDMENT LANGUAGE
AT WHICH POINT- WE WILL BE ABLE
TERM IN ARE UP. THANK YOU. NEXT
FORTY SEVEN FORCE CAROLINA OPEN.
MADAM CHAIR ANDMEMBERS NAME IS
AND THE LOWER KEEPING OF AND
CALLING ON BEHALF OF THE K.
MORTGAGE BUT THIS. WHO HAVE
ENOUGH SESSION ON A. FOUR FOUR
NINE. MAXIS LINE FORTY TWO FOUR
THREE SIX GO OUT. HELLO MORNING-
MADAM CHAIRMAN JIM TAYLOR WITH
A PERSONAL FEDERATION WE DO
HAVE AN OPPOSE UNLESS POSITION
ON SB FOUR FOUR NINE BUT WE
LOOK FORWARD TO WORKING WITH
SENATOR STERN TO ADDRESS OUR
CONCERNS. VOID ANY UNNECESSARY
DUPLICATION THANK YOU RELATED
TO THIS OPENING. REMARKS THANK
YOU. WELL I. FORTY TWO FOUR
TWO. GOOD MORNING CAIR MEMBERS
ROBERT WILSON WITH A CALIFORNIA
CREDIT UNION LEAGUE WANT TO
THANK THE CENTER FOR THE
AMENDMENTS BUT CURRENTLY WE ARE
CLOSE TO THE REGION. TO THE
BILL WOULD LIKE TO OUTLINED
THAT WENT ON WITH THE TV AT.
THANK YOU. BLIND. FORTY SIX
FOUR SIX. MARIO KART WITH THE
WESTERN STATES PETROLEUM
ASSOCIATION APPRECIATE THE
EFFORT THAT THE SENATOR
CONTINUED TO MAKE ON UNENDING
THAT FELL BY I COULD POINT ME
ARE- IN AN OPPOSED SESSION
THANK YOU. LINE. FORTY EIGHT
FOUR EIGHT. BALLERINA FOR THE
CALIFORNIA CHAMBER OF COMMERCE
WE REMAIN OPPOSED THAT
APPRECIATE THE WORK. ATTENTION.
NINE FIFTY TWO FIVE TWO. GOOD
MORNING HOURS JACKSON ON BEHALF
OF AN RTC APOLOGIES FOR
TECHNICAL DIFFICULTIES WE ARE
PROUD SPONSORS IN STRONG
SUPPORT OF SB FOUR FORTY NINE.
IN OUR FINAL LINING Q. THIS
LINE SIXTEEN ONE SIX. THANK
YOU- GOOD MORNING MA'AM SHARON
MEMBERS MY NAME IS DANNY WRITER
AND I'M HERE ON BEHALF OF THE
AMERICAN PROPERTY CASUALTY
INSURANCE ASSOCIATION A. B. C.
A. THAT NATIONAL TRADED MEMBERS
RIGHT SIXTY PERCENT. OF THE U.
S. PROPERTY AND CASUALTY MARKET
I WOULD LIKE THAT ECHO THE
COMMENTS FROM MY COLLEAGUE ACT
LIKE AND I LOOK FORWARD TO
WORKING WITH THE AUTHOR ON
AMENDMENT GEOGRAPHIC CONCERNS
REGARDING AT. LIKE A PURPORTING
THANK YOU SO MUCH. IF THERE ARE
ADDITIONAL LINES OPPOSED TO S.
B. FOUR FOUR NINE PLEASE PRESS
ONE THEN ZERO ON YOUR PHONE.
ONE ZERO. THERE ARE NO LINES IN
QUEUE AT THIS TIME. THANK YOU
MODERATOR I THANK YOU TO ALL
THE SUPPORT IN OPPOSITION
WITNESSES WE WILL NOW BEGIN AT
BRING THIS TO THE DISCUSSION AT
BACK TO MEMBERS MEMBERS ANY
QUESTIONS OR THOUGHT SENATOR
MAN. YES- I HEAR THE CONCERNS
OF THE BANKS I'VE TALKED WITH
THE AND SOME OF THE OTHER FOLKS
IN OPPOSITION I HAVE TALKED
WITH SENATOR STERN AT LENGTH
ABOUT THIS BILL AND- I GUESS
I'D SAY AT THE OUTSET CLIMATE
CHANGE YOU KNOW STEPPING BACK
FROM THIS BILL IS OBVIOUSLY AN
EXISTENTIAL THREAT TO OUR WAY
OF LIFE TO OUR ECONOMY- AND I
THINK THIS TYPE OF DISCLOSURE
BILL IS EXACTLY WHAT WE NEED- I
WAS PLEASED TO SEE CENTER STERN
A KNOWLEDGE MANY OF THE
CONCERNS THE OPPOSITION IN
TRYING TO- I DONT CHANGES THAT
WERE SUGGESTED TO TRY TO NARROW
THE SCOPE TO TRY TO PREVENT HIS
BILL FROM BEING OVERLY ONEROUS-
IN THE OPERATIONS OF BUSINESSES
BUT- A FIVE HUNDRED MILLION
DOLLARS IN REVENUE IS NOT. A
LOT OF COMPANIES AND I WOULD
JUST POINT OUT THAT THAT'S- A
VERY HIGH THRESHOLD THE MEDIA
AND I'D I GUESS MY FIRST
QUESTION FOR THE SENATOR- WOULD
BE HOW MANY COMPANIES. DOESN'T
ACTUALLY COVER IN CALIFORNIA.
SENATOR STERN. THANKS FOR THE
QUESTION- A CINNAMON- WE JUST
GOT SOME INFORMATION BACK THIS
MORNING FROM THE FRANCHISE TAX
BOARD THE ESTIMATES ARE THAT
ABOUT FIVE HUNDRED- ENTITIES IN
THE STATE. ROSS SOME OF THE
INSTITUTIONS WE DISCUSSED BUT-
WITH WITH THE AMENDMENTS THAT
WERE CONTEMPLATING ALSO WITH
THE INSURANCE INDUSTRY WE THINK
THAT NUMBER WOULD ACTUALLY GO.
DOWN EVEN FURTHER AND THEN WITH
THE AMENDMENTS WE WANT TO
COMMIT TO TODAY WITH THE
REALTORS WE THINK THAT NUMBER
GOES DOWN FURTHER STILL SO.
ABOUT RIGHT NOW ABOUT FIVE
HUNDRED. THANK YOU CENTER AND I
WAS SURPRISED I MET WITH I
THINK IT WAS THE COMMUNITY
BANKERS THE CREDIT UNIONS
EARLIER THIS WEEK. AND I WAS
SURPRISED TO SEE THEM IN
OPPOSITION BECAUSE I THINK WITH
THE FIVE HUNDRED MILLION DOLLAR
REVENUES THRESHOLD. TO BE CLEAR
THERE'S NOT THAT MANYBANKS OUT
THERE THAT I BELIEVE MAKE FIVE
HUNDRED MILLION DOLLARS IN
REVENUE YEAR- AND SO I GUESS MY
QUESTION- FOR EITHER. I THINK
THE WITNESS FROM THE COFFEE
MAKERS ASSOCIATION OR FROM THE
SENATOR FROM CENTER STERN. WE
HOW MANY BANKS OR CREDIT UNIONS
ROUGHLY WHAT THIS COVER UP. DO
YOU MIND IF I ASK- WITHIN THAT
FIVE HUNDRED NUMBER CAN I ASK
MY- TECHNICAL EXPERT HERE YEP
AND I PERHAPS THAT THE
REPRESENTATIVE. HE SAYS. I KNOW
THERE'S STILL ALSO CATCHING UP.
ANALYSIS YOU'RE DOING THEIR OWN
ANALYSIS FOR THE SCOPE OF THIS
THING SO I DON'T WANT TO RUSH
THEM TOO MUCH BUT- I'LL JUST
SAY THAT I. AND THE FIFTEENTH
LARGEST BANKING CALIFORNIA DID
NOT HAVE FIVE HUNDRED MILLION
DOLLARS IN REVENUE SO RIGHT I
DON'T I DON'T THAT COVERS
CREDIT UNIONS AND OTHER
INSTITUTIONS BUT- I WOULD JUST
EMPHASIZE IS A SMALL NUMBER-
AND- YOU KNOW I HEAR THE
CONCERNS ABOUT OVER. REGULATION
IN THE STATE HAVING TOO MANY
LAYERS OF REGULATION- I HAVE
TALKED WITH SENATOR STERN I
KNOW THAT HE IS CONSIDERING
WAYS TO AMEND THE BILL. TO
ENSURE THAT IF THERE ARE
REPORTS- ESG REPORTING
REQUIREMENT FROM THE SEC OR
OTHER REPORTS THAT THOSEWOULD
SATISFY THE CALIFORNIA
REQUIREMENTS. I WILL ALSO NOTE
THERE IT'S NOT CLEAR THAT THE
ESG DISCLOSURE REQUIREMENTS
WILL COME OUT OR THEY WILL BE
ROBUST THERE ARE MANY GROUPS.
WORKING HARD TO LOBBY AGAINST
IT RIGHT NOW. AND SO I WOULD
SAY I THINK THIS IS A
REASONABLE BILL I AM HEARTENED
BY THE AUTHORS EFFORTS TO TRY
TO MAKE THIS. TAILORED TO TRY
TO RESPOND TO THE CONCERNS OF
OPPOSITION- SO I WOULD BE PROUD
TO SUPPORT THIS BILL AND WE
WOULD. LIKE TO BE A CO AUTHOR
AT THE EARLIEST OPPORTUNITY.
THANK YOU MANAGER THANK YOU
SENATOR MANNY I DID HERE IF
THAT'S CORRECT A QUESTION FOR
THE THOSE. ON THE LINE THAT CAN
THAT ANSWER THE TECHNICAL
QUESTION ABOUT THE BANKS THE
NUMBER OF BANKS. THAT WOULD
FALL UNDER THE SPELL. US
SENATOR STERN I BELIEVE YOU
HAVE SOMEONE ON THE LINE I CAN
ANSWER TECHNICAL QUESTIONS AND
I WILL ALSO ALLOW MISQUOTE US
TO ANSWER THAT QUESTION AS WELL.
HAPPY TO DEFER TO HIS CLAIM S.
OR A- OR PUT THE ONUS ON TED
LAMB ALTHOUGH SENATOR MEANS.
HE'S GOOGLING SEEMS TO HAVE.
GIVEN THE BEST ANSWER SO FAR-
THANK YOU MISS CLEVERNESS CAN
YOU ANSWER THE QUESTION THAT'S
BEEN POSED REGARDING THE NUMBER
OF BANKS THAT WOULD BE
IMPACTED. BY THIS BILL THAT
WOULD HAVE TO REPORT. SURE THE
NOMINEE OF THE CALIFORNIA
BANKERS ASSOCIATION FOUNDER MAN
APPRECIATE THAT THE QUESTION.
ON THE RECENT AMENDMENTS THAT
WERE ADOPTED ON APRIL
THIRTEENTH CHANGE THE
DEFINITION OF A COVERED ENTITY.
AND TO ME IN A CORPORATION
PARTNERSHIP LIMITED LIABILITY
COMPANY OR OTHER BUSINESS
ENTITY INCORPORATED FORM. OR
ISSUED A LICENSE TO OPERATE OR
CERTIFICATE OF AUTHORITY UNDER
THE LIVE. SEAT THAT HAD ANNUAL
GROSS REVENUES OF AT LEAST FIVE
HUNDRED MILLION DOLLARS IN THE
CALENDAR YEAR PRIOR. TO
FREEZING ISSUED A LICENSE TO
OPERATE OR A CERTIFICATE OF THE
AUTHORITY UNDER THE LAWS OF THE
STATE I THINK A LITTLE BIT
NEBULOUS. AND SO WE ARE WORKING
WITH OUR IN HOUSE WILL
DETERMINE EXACTLY WHO WOULD
QUALIFY FOR WHAT AND. QUALIFY
UNDER THAT DEFINITION. BUT THIS
TIME I CAN'T GIVE YOU A NUMBER
BECAUSE WORK WE'RE HONESTLY NOT
SURE WHICH ENTITIES WOULD BE
COVERED UNDER THE CURRENT
DEFINITION. WE ALSO FIND THAT
CONCERNED WITH THE AUTHORITY I
THINK THAT UNDERSTANDS THEIR
CONCERNS. AND WITH A LITTLE BIT
AND THAT PERHAPS MAINTENANCE
WITH THE DEFINITION SO IT IS
SOMETHING THAT WE. ARE IN
DISCUSSION ABOUT. THANK YOU.
AND NEXT WE HAVE A SENATOR
PORTANTINO THAN ASSEMBLY MEMBER
SINCE SENATOR EGGMAN. HOOPS
THAT WAS A MAJOR GROUPS YES
CENTER- THANK YOU MADAM CHAIR-
I WANT TO START OFF BY
COMPLIMENTING CENTER STERN I
MEAN HE'S BEEN- ROLLING UP HIS
SLEEVES AND REALLY TRYING TO
ADDRESS CLIMATE CHANGE CLIMATE
RISK- THIS CLIMB EMERGENCY THAT
IS GRIPPING- NOT JUST
CALIFORNIA BUT THE ENTIRE WORLD
AND- HE'S REALLY BEEN AT THE
FOREFRONT OF THOSE
CONVERSATIONS AND DOING
EVERYTHING HE CAN TO IT TO
ADDRESS IT LEGISLATIVELY- AND I
ALSO WANT TO COMPLIMENT HIM
FOR- WORKING SO HARD WITH. A
DISPARATE INTERESTS- EVERYBODY
HAS A TAKE CLEARLY FEDERAL
GOVERNMENT IS MAKING EFFORTS-
THE VICE ADMINISTRATION WHICH
WE ALL APPLAUD AND SUPPORT.
THOSE EFFORTS- I DID WANT TO
JUST MAKE ONE SPECIFIC COMMENT.
RELATIVE TO I KNOW WITHIN THE
INSURANCE INDUSTRY THEY ARE
DOING A CLIMATE RISK
DISCLOSURE- AND I KNOW THERE
MIGHT THERE'S SOME MERIT TO
USING THAT FRAMEWORK. AND
INCORPORATING THAT INTO THIS
VERSUS CREATING A SEPARATE
FRAMEWORK SO. JUST WANT TO YOU
KNOW- ECHO- THE IMPORTANCE OF
THIS BILL. BUT ALSO YOU KNOW
TRYING TO MAKE IT WORKABLE IN
THE SENSE THAT IF THERE'S A
DOCUMENT ALREADY EXISTING- WE
DON'T REINVENTED AND YEAH I
KNOW THAT THE SENATORS WORKING
WITH THAT INDUSTRY TO TRY TO.
INCORPORATE THEIR BEST
PRACTICES AND HOPE THAT
CONVERSATION CONTINUES AND-
CERTAINLY AS THE BILL MOVES TO
THE APPROPRIATIONS COMMITTEE. I
LOOK FORWARD TO SEEING HOW THAT
CONVERSATION CONTINUES IN AN OF
THE CENTER WANTS TO COMMENT ON
THAT AS WELL THAT WOULD BE MY
SPECIFIC COMMENTS. THANK YOU
SENATOR PORTANTINO'S SENATOR
STAR WOULD YOU LIKE TO COMMENT
ON THAT. HE'S VERY BRIEFLY
TODAY- TO YOU HERE NOW CENTER
PORTANTINO THAT- WE WANT TO
GET. THAT ISSUE RESOLVED-
BEFORE WE IF THIS BILL MOVES ON
TO APPROPRIATIONS COMMITTEE-
WITH YOU I THINK WE'VE TALKED
TO THE INDUSTRY ABOUT AND THE
INSURANCE COMMISSIONER'S OFFICE
ITSELF ABOUT- THIS NATIONAL
ASSOCIATION OF INSURANCE
COMMISSIONERS- WHAT THEY CALL
THEIR- CLIMATE RISK DISCLOSURE
SURVEY. AND WE'VE COMPARED THAT
I'M LOOKING AT LIKE A SIDE BY
SIDE COMPARISON RIGHT NOW OF
HOW THE INSURANCE INDUSTRY
STANDARD WOULD MATCH UP AGAINST
THIS TASK FORCE ON CLIMATE
FINANCIAL DISCLOSURES TASK
FORCE AND THERE IS CLOSE
PARALLEL OR DIRECT PARALLEL ON
JUST ABOUT EVERY SINGLE ELEMENT
HERE SO. MY INTENTION IS THAT
YOU WOULD HAVE TWO SETS
REQUIREMENTS IF YOU'RE FILING
THAT CLIMATE RISK DISCLOSURE
WITH THE INSURANCE COMMISSIONER
THAT WOULD SATISFY THE
REQUIREMENTS OF THIS BILL- AND
SO. ANYHOW I JUST I DON'T GET
INTO TOO MUCH DETAIL OTHER THAN
TO SAY LIKE COMMITTED TO
WORKING THAT THROUGH I'M SORRY
WE DIDN'T GET THAT DONE BEFORE
THIS COMMITTEE BUT- HOPE BUT
HOPEFULLY WE CAN SETTLE IT OUT
BEFORE YOU IF WE MOVE FOR
TODAY. FANTASTIC AND AS I SAID
YOU'VE BEEN REALLY PUTTING A
LOT OF WORK AND YOU KNOW HAVING
THAT SIDE BY SIDE AT YOUR
FINGERTIPS IS IMPRESSIVE AND I
LOOK FORWARD TO SEEING THE
FIGHT THE FINAL DOCUMENT AND
SEE THE FRUITS OF YOUR LABOR.
CONTINUE TO PROGRESS THANK YOU.
THANK YOU SENATOR PORTANTINO
SENATOR. THE. SENATOR EGGMAN
THANK YOU AND- I THINK IT WAS A
LONG THE LINES OF PERHAPS
CENTER THAT YOU COULDN'T HEAR
QUITE AS WELL BUT JUST THIS
IDEA OF- AS WE'VE SEEN COMING
THROUGH THE PANDEMIC WITH OUR
BUREAUCRACY SOMETIMES A
STRUGGLING AND LIMPING AND
TRIPPING- THAT IF FOR ALREADY
IF IT COULDN'T CLEAN THE
DEPARTMENT OF INSURANCE WORKED
IN WITH THAT SECRETARY STATES
TO MAKE SURE THAT WE'RE NOT
DOING DUPLICATIVE THINGS BACK
AND FORTH AND TO MAKE IT IS
EASY FOR THE INSTITUTIONS AS
POSSIBLE TO DO DATA SHARING.
SENATOR STERN. WHOLEHEARTEDLY
YES ABSOLUTELY SO THAT'S THE
THAT'S THE MENU WE COULDN'T
LAND LANGUAGE I HAVE FOR YOU
ALL TO DATE BUT- I KNOW THE
INSURANCE INDUSTRY WITH AND
ALSO THE CDI IS WORKING ON SOME
WAITED KNOWLEDGE THAT THAT
SUBMISSION TO SPEEDY I WOULD
SATISFY COMPLIANCE WE DON'T
HAVE A WHOLE SEPARATE FILING
WITH THIS IOS BUT THEN THAT
THAT INSURANCE CMMISSIONER
FILING AND THAT DATA WOULD BE
SHARED WITH S. O. S- AS
NECESSARY. THANK YOU SENATOR
EGGMAN SENATOR WESSEL. THANK
YOU MISTER WOMAN AND- CENTER
STERN FOR WORKING ON THIS- YOU
KNOW I CAN FIND MYSELF IN THE
CATEGORY OF OPPOSE UNLESS
AMENDED ON THIS BILL BECAUSE OF
JUST SIMPLY THE CIRCUMSTANCES
UNDER WHICH THE BILL IS GOING
TO BE IS BEING PROPOSED MORE
THAN ANYTHING ELSE. I MEAN
RIGHT NOW OF THE EXPECTATIONS
THAT WASHINGTON WILL DO SOME ON
THIS WE KNOW THAT. SOMETIMES
THINGS COME OUT OF WASHINGTON
SOMETIMES THEY DON'T. AND
REFORMS SUCH AS THIS OFTEN TAKE
YEARS- THE LAST ADMINISTRATION
I MEAN I REMEMBER THE OBAMA
ADMINISTRATION TOOK ABOUT SIX
YEARS TO COME UP WITH THE
TELECOMMUNICATIONS POLICY THAT
THAT WAS AN- OVERTURNED. BY- BY
TRUMP. AND SO WHAT KIND OF THE
YOU KNOW WORK FOR WE'RE BACK TO
WHERE WE STARTED FROM ON THAT
SIDE SO. I DON'T KNOW IF THIS
IS COMING AS A PRESIDENTIAL.
ORDER OR IF THE SCREEN COMES
LEGISLATION BUT THAT COULD TAKE
YEARS. SO I HAVE THAT CONCERN
ABOUT WHETHER WE'RE TRYING TO
OF. ANTICIPATE SOMETHING IS
GOING TO COME OUT OF WASHINGTON
SO IF NOTHING COMES OUT OF
WASHINGTON AT THIS BILL MOVES
FORWARD ONLY OUR STATE
CHARTERED BANKS WOULD HAVE THAT
REQUIREMENT BUT FOR ONE SMALL
AND ONE EVEN MEDICAL OR STATE
OR STATE. CHARTERED BANKS AND I
JUST DON'T SEE REALLY WHAT THE
PURPOSE OF THAT IS IN THIS
LEGISLATION AND THEN IF YOU
COMPOUND THAT WITH THE PANDEMIC
AND A STRUGGLING ECONOMY. AND
EVERYTHING ELSE- THAT THAT THAT
MAKES ME MORE WORRIED THAT WERE
PUSHING LEGISLATION THAT COULD-
THE- HELLO HURT INDUSTRIES THAT
ARE ALREADY SUFFERING SO I HAVE
OF THAT THAT ADDITIONAL CONCERN
I ALWAYS OF ERROR IN IN THE
DIRECTION OF MORE TRANSPARENCY
MORE INFORMATION EXPOSING MORE
INFORMATION OF PUBLIC I THINK
THAT'S A GOOD ELEMENT TO THIS
BILL BUT- BUT SELECTIVELY.
ASSIGNING THIS LAW TO ONLY A
VERY SMALL AMOUNT OF THE
CORPORATIONS I JUST DON'T SEE
THE BENEFIT IN THAT. BUT I
DON'T KNOW WHAT I'LL DO TODAY
I'M STILL THINKING ABOUT THIS I
THINK MORE THAN LIKELY I THINK
I WANT TO SUPPORT MY COLLEAGUES
TO CONTINUE WORKING ON THIS.
AND MAY BE- YOU CAN GET THIS
BILL IN A BETTER FORM. OF
ENCOURAGED BY- THE OPPOSITION
TALKING ABOUT HOW THE MEMBER IS
ACCESSIBLE AND WORKING WITH
THEM THROUGH THIS AND- I HOPE
SOMETHING. GOOD COMES OUT OF
THIS IN A IN A WAY THAT. CAN
AND MAYBE THE AUTHOR SHOULD
CONSIDER- WAITING FOR SOMETHING
TO COME OUT OF WASHINGTON SO
THAT WHEN WE TO PASS A LAW THAT
WOULD IT. ALIGNS ALL BANKS.
WITH WITH FEDERAL LEGISLATION.
AS LONG AS FEDERAL AS THE
LEGISLATION IS IN PLACE I THINK
THAT'S- WHEN WE REALLY NEED TO
CREATE A LEVEL PLAYING FIELD.
FOR ALL BUSINESSES TO COMPETE
AND TO WORK IN OUR ENVIRONMENT
WE JUST CAN'T. CREATE
SELECTIVELY SOME REGULATIONS
FOR SOME AND OTHERS. NONE AND
IT JUST DOESN'T ACHIEVE THE
GOAL THAT WE'RE TRYING. TO GET
AT AND WHEN TO REALLY INFORM
THE PUBLIC ON AND INFORM THE
CONSUMER INFORMED- EVEN THE
INVESTORS IN THOSE BANKS SO- I
GUESS TODAY A LOVE OF SPORT TO
BUILD AND MOVING FORWARD. AND
ALLOW THE- THE AUTHOR TO
CONTINUE WORK WITH THE
COMMUNITY ON THIS. THANK YOU
SENATOR WESSEL MEMBERS ANY
ADDITIONAL AS A SENATOR THAT
ASAL. THANK YOU MADAM CHAIR
FROM I ALSO WANT TO APPLY THE
AUTHOR I HAVE A SPECIFIC
QUESTION HERE ABOUT. IF YOU
COULD JUST TALK A LITTLE BIT
ABOUT THE COMPLIANCE ASPECT OF
IT- AS I SEE THE ANALYSIS IS
IT'S VOLUNTARY. BUT THEN BLAH
BLAH BLAH OF THESE OTHER ISSUES
THAT. MAY PUSH THE COMPANY TO
DO IT SOME HI MOM MY CONCERN ON
THAT SIDE ARE WE- PROPOSING
THIS TO DO TO REACH WHATEVER IT
HUNDREDS OF COMPANIES BUT THEN
ON THE OTHER HAND THE REALITY
IS THAT IT'S NOT COMPLETELY
ENFORCEABLE AND IT'S A
VOLUNTARY COMPLIANCE COULD YOU.
TALK ABOUT THAT AS A PIECE OF
WHAT. YOU'RE HOPING TO
ACCOMPLISH. THANK YOU. THANK
YOU SENATOR STERN I THANK YOU
SENATOR ALSO TO BE CLEAR THE
RIVER THE REQUIREMENT TO
PREPARE A- CLIMATE RELATED
FINANCIAL RISK REPORT. IT THE
STANDARDIZED REPORTING THEY
CALLED T. C. S. D. THIS IS THE
STANDARD THAT ABOUT TWO
THOUSAND COMPANIES- GLOBALLY
HAVE IT HERE TO- THERE ARE A
LOT OF THEM ARE DOING THAT
VOLUNTARILY EUROPE CENTER
CERTAIN REQUIREMENTS BUT NON
EUROPEAN INSTITUTIONS ARE DOING
SOME OF THAT WORK VOLUNTARILY
SPILLWAYS AT WELLS FARGO AND
BANK OF AMERICA- PRUDENTIAL
INSURANCE BLACK ROCK SO.
THERE'S VOLUNTARY EFFORTS UNDER
WAY NOW BUT TO BE VERY CLEAR
INDUSTRY FOR THE ALL. THIS
WOULD REQUIRE THAT- THAT SAME
DISCLOSURE TO BE MANDATORY- SO
IT'S THERE THE ROBBIE IS
WHETHER- IF THE FEDS ARE
REQUIRING- THAT SAME REPORT DO
THEY DON'T HAVE TO MAKE A
SEPARATE FILING WITH- SECRETARY
OF STATE I'M OPEN TO HAVING
THAT FEDERAL SUBMISSION COUNT
AS COMPLIANCE WITH THE
SECRETARY OF STATE'S OFFICE
BUT- YEAH I DON'T WANT TO ADD.
THAT MISLEAD THAT SOMEHOW THIS
IS A TOTALLY VOLUNTARY
STANDARDS IT'S CURRENTLY
VOLUNTARY STANDARD BUT THIS
WILL BILL WOULD MAKE IT. A
REQUIREMENT ALONG. THANK YOU
SENATOR STERN A SENATOR
CABALLERO. THANK YOU MADAM
CHAIR- I WAS GOING TO ALIGN
MYSELF WITH THE COMMENTS OF- MY
GOOD FRIEND FROM MATT THE
SENATOR FROM SAN DIEGO AND BUT
BUT I'LL TAKE A DIFFERENT
APPROACH AND THAT IS THAT I'M
IN IT NOT BE VOTING TODAY I
THINK THIS HAS I AGREE WITH
EVERYTHING HE SAID HE HE LOOKED
AT MY NOTES AND JUST READ THEM
AS- A MONSTER SO I REALLY
APPRECIATE THE WORK THE SENATOR
STERN HAS DONE ON THIS. NO
QUESTION THAT HE IS- HE'S ON
THE FOREFRONT IN TRYING TO PUSH
THINGS BUT GIVEN THE CONDITION
THAT THE BILL IS IN RIGHT NOW I
JUST DON'T FEEL COMFORTABLE
MOVING IT FORWARD SO THANK YOU
VERY MUCH. THANK YOU SENATOR
GAVIOTA ANY ADDITIONAL COMMENTS.
I SEE NO ADDITIONAL COMMENTS AS
SENATOR STERN I APPRECIATE YOUR
WORK ON ON THIS BILL- I DO ALSO
WANT TO JUST POINT TO THE
ANALYSIS AND I THINK THERE IS
QUESTION ABOUT. HOW ENFORCEABLE
THIS IS SPECIFICALLY IF. THE
FEDERAL GOVERNMENT DOES ACT
WHICH I THINK THE POINT HAS
BEEN MADE WERE NOT CLEAR. THE
FEDERAL GOVERNMENT WILL ACT
THEY'RE HAVING CONVERSATIONS
ABOUT THIS- AND CERTAINLY WE
WANT THIS TO BE. AN EFFECTIVE
TOOL- THAT CAN HELP CALIFORNIA
LEARN ABOUT WHAT ARE THOSE. I
RISK ASSESSMENTS- I OFTEN IN IN
MY YOU KNOW PRIOR A- CAREER TO
TALKED ABOUT TO EAT IT'S NOT
ENOUGH TO COLLECT DATA IF YOU
DON'T KNOW HOW YOU'RE GONNA USE
THAT DATA. AND SO I THINK WE
WANT TO ALSO UNDERSTAND WHAT
THIS DATA- WILL TELL US AND
PERHAPS. HOW WE WILL BE ABLE TO
USE IT- IN WAYS THAT- INSURE
THAT CALIFORNIANS ARE
ADDRESSING CLIMATE RISK. SO AS
SOMETHING TO THINK ABOUT TO- I
DO APPRECIATE THE ANALYSIS AND
THOSE POINTS AND IT SOUNDS TO
ME THAT THERE ARE A COUPLE
ITEMS THAT YOU HAVE. COMMITTED
TO WORK ON THE ARE NOT
NECESSARILY AMENDMENTS THAT THE
COMMITTEES ASKING YOU'RE TAKING
YOUR TAKING THE TECHNICAL
AMENDMENTS IN THE ANALYSIS- IT
AND I JUST WOULD LIKE FOR YOU
TO CLARIFY FOR US WHAT ARE THE
ISSUES THAT YOU ARE COMMITTED
TO WORKING ON OUTSIDE OF THIS
COMMITTEE. IF SHOULD THIS BILL
MOVE FORWARD TODAY. THANK YOU
MANAGER AND CAN I TREAT THIS IS
MY- CLOSE AS WELL YES YOU MAY.
OKAY SO. FOR FOUR ITEMS JUST TO
BE VERY CLEAR AND I WOULDN'T
WANT TO GET ALSO AHEAD OF. YOU
MADAM CHAIR COMMITTEE STAFF SO
WE LOVE TO WORK WITH YOU-
THROUGH THAT- NOT SEPARATELY ON
A SIDE TRACK FROM YOU ALL BUT-
FOUR OF THEM I REALTORS BROUGHT
UP AN ISSUE- A DEFINITIONAL
ONE- THAT. WE ARE HAPPY TO
MAKE- CHANGES TO- THE- THE
BANKS BROUGHT UP. AN ISSUE
AROUND THE CLARITY OF THESE
CORPORATE ENTITIES AND EXACTLY.
WHO'S IN WHO'S OUT WHAT A-
CERTIFICATE CERTIFICATE OF
OPERATION OR CERTAIN LICENSES
WOULD ENTAIL WE'RE HAPPY TO.
ADD MORE GRANULARITY SO WE KNOW
EXACTLY DO UNIVERSO VANITIES
WE'RE TALKING ABOUT HERE ASIDE
FROM THAT FIVE HUNDRED MILLION
DOLLARS A REVENUE ISSUE- WE ARE
OPEN TO- AN AMENDMENT TAT
WOULD- ANTICIPATE ARE BOTH
FEDERAL COMPLIANCE AND TRYING
TO USE. SEVENTY CFT FEDERAL
FAINT FRAMEWORK AS SUBSTANTIAL
COMPLIANCE OR SOME OTHER WAY TO
DO NOT HAVE DUPLICATIVE
COMPLIANCE REQUIREMENTS HERE SO
THAT'S BAD BE THE THIRD AND
FOURTH I WOULD SAY FROM THE
INSURANCE INDUSTRY'S
PERSPECTIVE WERE ALSO- WE
ALWAYS WANT TO WORK ON TRYING
TO USE THE C. I. A. FILINGS
FROM THE INSURANCE INDUSTRY. AS
IF THEY'RE FIRED FILING
SUBSTANTIALLY SIMILAR REPORTS-
TO USE THAT MECHANISM AND NOT
NOT ADD SOMETHING TO CLICK INTO
SO I KNOW. IT'S A LOT TO. THROW
AT YOU ALL BUT THOSE ARE FOUR
ELEMENTS AND I WOULD JUST SAY
IN CLOSING I SINCERELY
APPRECIATE- GIVING. ME A LITTLE
BIT OF ROOM TO WORK ON THIS I
HOPE THIS BILL CAN MOVE FORWARD
IN THAT WE CAN BRING YOU
HOPEFULLY A PIECE OF WORK
PRODUCT ON THE FLOOR THAT.
REPRESENTS A STEP FORWARD AND
SOMETHING IT'S NOT JUST A PIECE
OF PAPER BUT THAT ACTUALLY DOES
SET THE STANDARD BUT AT THE
SAME TIME- I DOESN'T DEFERRED
IT TO WASHINGTON AND- TO ACT I
DON'T THINK THAT THAT'S HOW
WE'VE PURSUED. CLIMATE POLICY
IN CALIFORNIA HERE AND I WOULD
JUST SAY THAT IT IS SENATOR
MEANS POINT. BUT I'LL MAKE IT
AGAIN BUT DURING. GET HOME NAM.
HE BEFORE THE SENATE- THERE'S
ACTIVE LOBBYING AGAINST THE
BINDING MINISTRATION FROM
ADOPTING THIS- FROM A NUMBER OF
INTERESTS AND INDUSTRIES- AND
THAT'S A BIG CONCERN SO I JUST.
I FEEL COMFORTABLE AT LEAST FOR
TODAY MOVING THIS BILL FORWARD
WITH ALL THAT. WORK THAT WE
STILL HAVE TO DO IT KNOWLEDGE-
THAT. WE'RE NOT GOING TO GET
WAY OUT AHEAD OF FEDERAL
GOVERNMENT BUT WE ALSO WE NEED
SOME KIND OF. BACKUP PLAN HERE
FOR CALIFORNIA INSTITUTIONS TO
DO THAT STRESS TESTING AND
REYES DISCLOSURE THEMSELVES-
THAT WE HOPE- PUTS US ON BETTER
FOOTING GOING FORWARD. WE DO
NOT WANT TO SEE THIS STATE
EITHER IT'S PUBLIC OR PRIVATE
INSTITUTIONS SWALLOWED UP BY
THE RISKS OF CLIMATE THAT WE
KNOW ALL TOO WELL SO. SINCERELY
APPRECIATED IN DEPTH DISCUSSION
WE KNOW YOU'RE ALL VERY BUSY SO
JUST WOULD RESPECTFULLY ASK FOR
ROOM TO WORK IN YOUR AYE VOTE
TODAY. THANK YOU SENATOR WE DO
HAVE ONE MORE COMMENT I WAS
SENATOR WESSEL MANAGER JUST
WANTED TO MAYBE ADD TO THE LIST
IF I COULD ASSEMBLY. ON A
MATTER THAT I BROUGHT UP- THAT
ALSO INTERESTS ME HE DIDN'T
MENTION. IN HIS ARGUMENTS HE
SAID IT WAS IMPORTANT TO MOVE
THIS I MEAN I REALLY DON'T
THINK THAT I THINK IT'S EARLY
TO MOVE THIS BILL FORWARD BUT
IF HE IS GOING TO MOVE FORWARD-
HE MADE ARGUMENTS IT WAS
IMPORTANT TO PUSH WASHINGTON
HAVE STATES ACT EARLY SO THEY
CAN PROVIDE SOME PRESSURE. AND
I WOULD I WOULD LIKE TO GET THE
AUTHOR TO COMMIT TO ADD
LANGUAGE TO SAY THAT SHOULD.
THE FEDERAL GOVERNMENT THAT
THIS BILL WOULD ALIGN OR THIS
BILL WOULD. GO INTO EFFECT WHEN
THE FEDERAL GOVERNMENT TOOK
ACTION ON THIS- SO THAT OF THAT
POLICY COULD BE ENFORCED- OF.
EQUALLY ACROSS THE STATE AND IF
HE'S WILLING. TO COMMIT TO THAT
ALL SUPPORT THE BILL TODAY.
SENATOR STERN THIS. WOULD YOU
LIKE RESPOND TO SENATOR WEST
THOSE. YES FONT FIRMLY YES
COMMITTED TO THAT. THANK YOU SO
WITH THAT TO- WE WILL GO AHEAD
AND- LOOK FOR MOTION FOR SB
FOUR FOUR NINE. THE MOTION AT
HAS BEEN MOVED BY SENATOR
WESSEL AND- CAN WE PLEASE- THE
MOTION IS DUE PASSED AS AMENDED
FIRST AMENDED AND RE REFER TO
THE COMMITTEE ON ENVIRONMENTAL
QUALITY CONSULTANT PLEASE CALL
THE ROLL. THE MOTION IS TO PASS
AS AMENDED BUT FIRST THE MANDAN
RE REFER TO THE COMMITTEE ON
ENVIRONMENTAL QUALITY LAMONT HI
MON- HOTEL ABOVE. NO BUDGET
ABOVE NO CABALLERO TWENTY. DALY
BILL DALEY NOTE THE RUSSELL HI
TORONTO ARE EGGMAN. EGGMAN I
WITH A HIGH WHAT'S SO HIGH MAN
HI MAN HI PORTANTINO HI
PORTANTINO HI. THAT THE BILL
HAS SIX VOTES IN FAVOR AND I
WAS EXPECTING FAVOR. AND IS OUT
OF COMMITTEE SO THANK YOU VERY
MUCH SENATOR STERN. SENATOR MAN
HAS THE OTHER BILL ON OUR
AGENDA TODAY SB. FOUR SEVEN
SIX. SENATOR MAN PLEASE FEEL
FREE TO PROCEED WHEN YOU ARE
READY. THANK YOU MADAM CHAIR
THANK YOU FELLOW MEMBERS FOR
THE OPPORTUNITY PRESENT SB FOUR
SEVENTY SIX. I WANT TO THANK
THE CHAIR AND THE COMMITTEE
STAFF FOR THEIR- CLOSE
INVOLVEMENT WITH OUR WORK ON
THIS BILL I JUST TO BE CLEAR I
WILL BE ACCEPTING THE PROPOSED
AMENDMENTS OUTLINED THE
COMMITTEE'S ANALYSIS. AND WILL
CONTINUE TO WORK WITH
OPPOSITION TO TRY TO. FIND WAYS
TO S. WAGE AND AMELIORATE SOME
OF THEIR CONCERNS- THE
LEGISLATURE HAS ENACTED
MULTIPLE LAWS SINCE TWO
THOUSAND SEVENTEEN TO TRY TO
REFORM THE PACE PROGRAMS- WE
SEEN IT IF NO. CONSUMER
PROTECTION ARE CLEARLY NEEDED
AS UNSCRUPULOUS CONTRACTORS
CONTINUE TO PREY UPON
VULNERABLE HOMEOWNERS. SB FOUR
SEVEN SIX ESTABLISHES TWO
CRITICAL REFORMS THAT WILL HELP
ADDRESS SOME OF THE MORE COMMON
CONSUMER ABUSES WE CONTINUE TO
SEE. IN PLACE SOLICITATION AND
FINANCING. FIRST THE BILL
REQUIRES A QUALIFIED THIRD
PARTY TO PERFORM AN ENERGY
AUDIT TO ENSURE THE
IMPROVEMENTS TO THE HOME
OOREDOO'S ENERGY CONSUMPTION OR
FOSSIL FUELS USE. A SOLICITOR'S
OFTEN PROVIDE UNREALISTIC
ASSESSMENT ASSESSMENTS ARE
ESTIMATES ABOUT HOW MUCH MONEY
HOMEOWNERS WILL SAVE IN ENERGY
COSTS. CONSUMERS ARE PROMISED
ENERGY SAVINGS THAT MAY NEVER
MATERIALIZE AND PITCHED
UPGRADES OR UP CELLS THAT THEY
DO NOT NEED. THE COMMITTEE'S
ANALYSIS INCLUDES THE STORY OF
AN ELDERLY HOMEOWNER NAMED
LARRY. WHO WAS DUPED BY PACE
CONTRACTOR INTO INSTALLING AIR
CONDITIONER AND TANKLESS WATER
HEATER EVEN THOUGH LARRY IT HAD
A SOLAR POWER WATER HEATER THAT
WAS JUST A FEW MONTHS OLD. THE
CONTRACTOR NEVER COMPLETED
INSTALLATION AND LARRY WAS LEFT
WITH THE CASE ASSESSMENT OF
OVER FORTY SEVEN THOUSAND
DOLLARS. A THIRD PARTY AUDITOR
WOULD NOT HAVE SUGGESTED
REPLACING A SOLAR WATER HEATER
IN GOOD WORKING CONDITION. AND
THE HOMEOWNER COULD HAVE MADE A
MORE INFORMED DECISION. ENERGY
AUDITS ARE COMMON AND REQUIRED
FOR OTHER ENERGY EFFICIENT
PROGRAMS ENERGY EFFICIENCY
PROGRAMS INCLUDING CPUC SINGLE
FAMILY AFFORDABLE SOLAR HOMES
PROGRAM. AND ENERGY SAVINGS
ASSISTANCE PROGRAM AS WELL AS A
COMMERCIAL PACE PROGRAM. THE
SECOND IMPORTANT REFORM THE SP
FOUR SEVENTY SIX MAKES IS
HALTING PAYMENT TO PACE
CONTRACTOR UNTIL THE PROGRAM
ADMINISTRATOR HAS OBTAINED
COPIES OF ALL PERMITS AND FINAL
INSPECTIONS TO VERIFY THAT ALL
WORKERS BEEN ADEQUATELY
PERFORMED. THE DENTAL PAYS HAS
A HISTORY OF CONSUMER
COMPLAINTS REGARDING UNFINISHED
ARE UNACCEPTABLE WORK AND
IMPROVEMENTS SECONDS HERE CUT
CONTRACTORS HAVE CHARGED FOR
BUT NEVER INSTALLED. FOR
EXAMPLE KPIX THE CBS AFFILIATE
IN THE BAY AREA RECENTLY AIRED
AN INTERVIEW WITH MELBA WALKER
SOMEONE WOULD HIRE A CASE
CONTRACTORS REMOVE ASBESTOS
FROM HER BASEMENT. AS WALKER IS
LEGALLY BLIND AND BEDRIDDEN
APEJ SOLICITOR PROMISED HER
THAT THE GOVERNMENT WOULD COVER
THE COSTS FOR THE HOME
IMPROVEMENTS BUT THE CONTRACTOR
NEVER COMPLETED ANY OF THE
WORK. MS WALKER HAD A LIEN
PLACED ON HER HOME IN OUR
MORTGAGE PAYMENTS SHOT UP
SEVERAL HUNDRED DOLLARS. SB
FOUR SEVENTY SIX WOULD PROTECT
CONSUMERS FROM THIS TYPE OF
PREDATORY BEHAVIOR BY VERIFYING
IMPROVEMENTS ARE COMPLETED
BEFORE PAYMENTS TO PAY ITS
CONTRACTORS ARE PROCESS. NOW
WE'VE HEARD FROM OPPOSITION
THAT THEY HAVE CONCERNS ABOUT
OUR BILLS SO LET ME BE CLEAR
THE INTENT OF THIS BILL IS NOT
TO CRIPPLE PACE FINANCING.
BOARD AND THE PROGRAM BUT
RATHER TO ADDRESS THESE ALL TOO
COMMON CONSUMER ABUSES. AND
GIVE CONSUMERS CONFIDENCE IN
PROGRAMS THAT PROMISE
ENVIRONMENTAL BENEFITS AND COST
SAVINGS. WE ARE ACTIVELY
WORKING WITH THE COMMITTEE TO
TRY TO ADDRESS THE MAIN CONCERN
AROUND THE ENERGY AUDIT. INTO
PARTICULAR DIRECTIONS- FIRST WE
ARE TRYING TO CLARIFY AS EASY A
CLEARING YOUR COMMITTEE
ANNOUNCES. THAT THE SCOPE OF
THE AUDIT WOULD BE LOUD LOWER
THAN AND MORE NARROW THAN A
FULL ON ENERGY AUDIT. WE ARE
ALSO LOOKING TO CLARIFY SOME OF
THE REQUIREMENTS FOR BEING AN
ENERGY UNDER UNDER THIS
PARTICULAR REQUIREMENTS. NOT
INSURE THAT THERE'S AN AMPLE
POOL OF ENERGY AUDITORS OUT
THERE TO PERFORM THESE TYPES OF
LIMITED ENERGY AUDITS. BOB WE
DO NOT WANT SIXTEEN HUNDRED
DOLLAR ENERGY AUDITS WE DON'T
WANT TO MAKE IS AN OWNER'S
REQUIREMENT BUT AT THE SAME
TIME. WE THINK IT'S QUITE CLEAR
THAT SOME KIND OF UP FRONT
ASSESSMENT IS NECESSARY. FOR
CONSUMER PROTECTION IN THIS
AREA. ON THE LINE TO TESTIFYING
SUPPORT OF FOUR SEVENTY SIX WE
HAVE STACY TODD. DIRECTOR OF
UCI'S CONSUMER LAW CLINIC. IN
ALL MARQUIS ACHE ORANGE COUNTY
RESIDENT AND VICTIM OF
UNSCRUPULOUS PACE PRACTICES.
YES THANK YOU SENATOR AYE MAN
AYE WE WILL GO AHEAD AND MOVE
ON TO WITNESSES IN SUPPORT- FOR
PREPARED TESTIMONY OF STACY
TAPP PLEASE BEGIN WHEN YOU ARE
READY. THANK YOU AND THANK YOU
TO THE COMMITTEE AND CENTER MAN
FOR ALL OF THEIR WORK ON THE
SPELL I HAD MENTIONED MY NAME
IS STACY PAT AND I'M HERE ON
BEHALF OF THE CLIENT AT UC
IRVINE CONSUMER LAW CLINIC.
WHEN OUR CLINIC STARTED I
CONDUCTED A NEEDS ASSESSMENT TO
DETERMINE OUR FOCUS. BEING
PARTICULAR ATTENTION TO THE
GROWING RACIAL WEALTH GAP.
ISSUE THAT CAME UP AGAIN AND
AGAIN WITH THE STRUGGLE OF
HOMEOWNERS VICTIMIZED BY THE
PAGE PROGRAM. SINCE THEN OUR
CLINIC HAS BEEN OVERWHELMING
HOMEOWNER SEEKING OUR
ASSISTANCE. EVEN WITH A FOCUS
ON REPRESENTING OLDER ADULTS
WERE COMMUNITIES OF COLOR WE
HAD TO SHUT DOWN OUR INTAKE
AFTER ONLY THE FIRST YEAR AND
ARE STILL CLOSED TWO YEARS
LATER DUE TO THE PROTRACTED
LITIGATION NECESSARY TO UNWIND
THESE COMPLEX FRAUDULENT
TRANSACTIONS. BEFORE SEVEN SIX
CAN PREVENT THESE HARMS BY
ENSURING HOMEOWNERS HAVE
CRUCIAL INFORMATION TO INVEST
IN A FACT IT ENERGY EFFICIENT
IMPROVEMENTS. OTHER CLIENTS ARE
ALL LOW TO MODERATE INCOME WE
WANT TO ENSURE A FAIR AND EQUAL
ACCESS TO CREDIT PRODUCT AND
FIRMLY BELIEVE A SMALL UP FRONT
INVESTMENT IN AN ENERGY AUDIT
WILL PAY DIVIDENDS TO THE
HOMEOWNERS AND THE ENVIRONMENT.
THE OPPOSITION HAS WRONGFULLY
ASSUMED HOMEOWNERS WILL BE OVER
BURDENED BY THIS EXPENSE. BUT
THE BILL DOES NOT INDICATE WHO
WILL BEAR THE COST IT COULD BE
COVERED BY THE PROGRAM
ADMINISTRATORS OR WITH PUBLIC
FUNDING AS IN THE CITY OF
SACRAMENTO WHICH USE ENERGY
EFFICIENCY AND CONSERVATION
BLOCK GRANTS. FOR COMMERCIAL.
PACE ENERGY AUDIT. FURTHERMORE
IT DIDN'T RESEARCH INDICATES
THE OP ED AND ACROSS OF SUCH A
PRODUCT. TO AUDIT FARM THAT
THAT IN THE BILL'S REQUIRE. THE
OPPOSITE HAS ALSO CLAY THAT
THERE ARE NO ENOUGH. BUT AGAIN
FAILED THE BUT- WITHIN THE BILL.
OUR RESEARCH ON SIX TIMES THE
NUMBER OF AVAILABLE COMPANIES
THAT CAPACITY TO MEET THE BILL
REQUIREMENTS. AS WE CONTINUE TO
ASSESS COMPATIBLE
CERTIFICATIONS WE BELIEVE THE
ACTUAL NUMBER IS LIKELY EVEN
HIGHER. MORE THE BPI BUILDING
ANALYST CERTIFICATE COMES AT A
LOW COST AND THE STREAMLINED
TRAIN. THAT NEW CERTIFICATIONS
CAN BE QUICKLY OBTAIN TO MEET
INCREASED DEMAND WE BELIEVE
THIS REQUIREMENT WOULD HELP
BUILD MUCH NEEDED
INFRASTRUCTURE ENCOURAGING MORE
EFFECTIVE ENERGY EFFICIENT
RETROFITS. AND CREATING NEW
JOBS. ONE LAST NOTE IS THE
IMPORTANCE OF THE BILL'S
REQUIREMENT TO ENSURE THE
INTERCONNECTION OF SOLAR PANELS
ARE APPROVED BY THE UTILITY
COMPANIES. OUR CLINIC IS
CURRENTLY HANDLING THREE CASES-INVOLVING CASE ASSESSMENT WHICH
IS SOLAR PANELS WERE NOT
CONNECTED BEFORE THE MONEY WAS
RELEASED NOW YEARS LATER TWO OF
THE THREE HOMEOWNER STILL DO
NOT HAVE SOLAR PANELS CONNECTED
TO THE GRID. AGAIN THESE
TRANSACTIONS ARE INCREDIBLY
DIFFICULT TO UNWIND AND THE
IMPACT DEVASTATING TO
HOMEOWNERS. IT IS ESSENTIAL
THESE GUARDRAILS ARE SET UP TO
PREVENT UNNECESSARY
FORECLOSURES SO OUR CLIENTS
LIKE SEVENTY FOUR YEAR OLD ALMA
FOSTER DO NOT LOSE THEIR
FAMILY'S GENERATIONAL HOME. IT
SEEMS A SMALL INVESTMENT TO
PREVENT SUCH CATASTROPHIC KERR.
THANK YOU TO THE COMMITTEE. AND
THE SENATE ARE MEANT FOR THEIR
WORK ON THE- THANK YOU OUR
SECOND WITNESS IN SUPPORT IS
ADDED MY MARKET IS A RESIDENT
OF ORANGE COUNTY IN A PACE
CUSTOMER OF MINE. IF YOU CAN
HEAR ME PLEASE FEEL FREE TO
BEGIN YOUR TESTIMONY. HELLO ALL
MY GOODNESS I'M AMERICA.
FINALLY REACH COUNTY. I WORK
FOR THE- YOU WORKED FOR WELL
OKAY. DALY CALLING FROM ITEM
TRUCK TO. THANK YOU FOR
ALLOWING ME SPEAK BECAUSE I
FEEL I AM OKAY. FOLLOW MORE
WORK WITH THE MY- BUT I HAVE
ONLY AGAINST YOUR PROPERTY
SEVEN ONE. FIFTY SOMEONE HAD
HACKED OUT OF WORK ACTUALLY
PHELPS I WILL NOT BE THERE
POSITION. BECAUSE OF WHAT HE
HAD DONE EVERY DAY I AM SCARED.
RIGHT WILL LOSE MY HOME. THANK
TWO THOUSAND EIGHTEEN THE
PEOPLE FROM AGES CHANNEL
CONCERN. WITH ALL THE PROBLEMS
TO BUILD A MAY BE. CONCRETE
WALL WOULD POSITIVELY OF
CONCRETE WITH SIX MONTHS. LOOK
AT ALL THOSE UNDER EIGHTEEN
HOLE THE YARD ALL THE DATA WILL
BECOME WALL. THE PERSON. SHE
SHOULD PROBABLY WOULD PROVIDE
THE LONG ZERO MONEY THIS WILL
GO TO HELP YOU COME WITH US
COST TRYING. TO NO PAYMENT
UNTIL ONE YEAR AFTER PROJECT.
TOTAL OF THE PROJECT AB ONE
THOUSAND. SILAHKAN THE BETTER
GREAT. TO LET'S TRY TO PUT TO
BE IN THE COMPANY THE BETTER MY
INCOME. TO BE MY DAUGHTER'S.
THE PLAN WAS TO GO OUT FOR AND
INCOME TO PAY FOR THE WHO.
THINKING BACK I FEEL I WILL BE
GLAD TO HELP. BECAUSE ME I CAN.
ARTICLE VERY MY GARAGE TO A YOU.
ALSO I DO NOT REALLY SIGNING
AND FOR YOU PROJECT LOOKING.
LONG ALL OF ZERO ME TO MY HOME
TO COME CAL COMPLETED. WHAT THE
HELL. REALLY KNOW YOUR. I HAVE
HERE- SEVERAL TO PLEASE HELP ON
THIS AND THEY HAVE MY CONTACT
YOU CAN THOUSAND NINETEEN. THE
CREATURE COMPANY W. I FEEL LOS
THAT. FORTY THREE YEAR OLD EVEN
REMOTELY WITH ONE THOUSAND
SEVEN TWENTY ONE. TWO THOUSAND
HUNDRED NINE AND A TWO POINT
THAT MAKE HAD TO LOOK FOR THE
MONTHS THE FARMERS AND THEY
DON'T. STARTED IT MIGHT NOT.
THREE HUNDRED. ALL THIS I LOST
MY SLEEP I GET ANXIETY ATTACKS.
AND I MEAN THERE. MEDIA ARGUING
MIGHT ALSO MADE. I HAVE A LOT
OF POINT THREE MONEY WHICH
ALLOW FOR HELP ON THIS MATTER.
I NEED TO HELP YOU THE KITCHEN
AND I FEEL. THIS IS NOT A THE
THERE IS NOT AN DAIS IT DOES
EIGHTEEN THAT ADAM THINK I CAN
KEEP UP WITH MY CAN MORTGAGE. I
COMPLETELY HOME THE ONLY THING
I HAVE. TO ALIVE I WILL LIKE TO
LOOK. I THINK EVERYBODY
EVERYONE'S WILL HELP YOU HERE
ANYWAY FOR TO LEARN TO SPEAK
TODAY. I AM VERY VERY. THANK
YOU. CAN PLEASE TELL YEAH
CONTACT THE FORCE. SIX CAN.
THANK YOU MISS MARC HAS FOR
YOUR TEST NOW WE WILL LOOK FOR
WHITNEY I THE GALLERY WHERE TO
IN SOME SEEN NO WENT IN THE GAS
WE WILL TO IN ROOM ONE TWELVE
WISH TO TOUCH IN OF SB FOUR SO.
SEEN WITNESSES IN ROOM ONE
TWELVE WE WILL MOVE TO THE
TELEPHONE LINES. AB MODERATOR
WOULD YOU PLEASE PROMPT ANY
INDIVIDUALS WAITING TO TESTIFY
IN SUPPORT OF SB FOUR SEVEN SIX
AND WE WILL GO AHEAD AND BEGIN.
THANK YOU TO STATE YOUR SUPPORT
PRESS THREE FOUR SEVEN SIX MAIN
QUEUE UP BY PRESSING ONE THEN
ZERO ON YOUR PHONE THAT'S A ONE
FOLLOWED BY ZERO. PHOTO FIRST
ONLINE FIFTY NINE FIVE NINE IS
OPEN. SH GOOD MORNING THIS IS
MIKE BURTON BURKE ON BEHALF OF
THAT STATIC LEGAL SERVICES IN
STRONG SUPPORT AT SB FOUR SEVEN
SIX THANK YOU. OUR NEXT
COMMUNISM LINE SIXTY SIX ZERO.
CASH YES THIS IS DANIELLE KENDO
CHRYSLER ON BEHALF OF THE CO
SPONSORS OF THE BILL THE
CALIFORNIA LOW INCOME CONSUMER
COALITION AND THE NATIONAL
CONSUMER LAW CENTER WE URGE
YOUR AYE THANK YOU. LINE FIFTY
SEVEN FIVE SEVEN IS OPEN. MATT
AND JEREMY SENATORS KEVIN GOLD
WITH CALIFORNIA BANKERS
ASSOCIATION IN SUPPORT OF SB
FOUR SEVEN SIX THANK YOU. NINE
SIXTY TWO SIX TWO. HI THIS IS
KATHLEEN MERION FROM PUBLIC
COUNCIL IN LOS ANGELES I'M
CALLING IN STRONG SUPPORT AND
THAT HE FOUR SEVEN SIX. LINE
FORTY TWO FOUR TWO. GOOD
MORNING CHAIRED REMEMBERED
ROBERT WILSON CALIFORNIA CREDIT
UNION LEAGUE IN SUPPORT THANK
YOU. PINE. FORTY SEVEN FOUR
SEVEN. MORNING THEN SHARED
COMMITTEE MEMBERS HAD SENDS A
LOT OF BEHALF OF THE CALIFORNIA
MORTGAGE BANKERS ASSOCIATION IN
SUPPORT OF SB FOUR SEVENTY SIX.
LINE. SIXTY ONE SIX ONE. GOOD
MORNING SHARON COMMITTEES THIS
IS DESIREE WHEN ONE OF THE
CHECK AND THE DOCUMENT TO
RECEIVE HUNDRED SKEPTICAL
PARTICIPATION CALLING A STRONG
SUPPORT SB. SIX IF ANYONE ELSE
WOULD LIKE TO SHARE THE SUPPORT
FOR S. B. FOUR SEVEN SIX NINE
USE YOUR TELEPHONE TO PRESS ONE
THEN ZERO ONE ZERO PLEASE. WE
DO HAVE ONE ADDITIONAL LINE IN
Q. ONE MOMENT. LINE SIXTY THREE
SIX THREE YOUR LINE IS OPEN.
THIS IS ALLISON YOU KNOW IT
LEGALLY IF IDEA FANDANGO AND
WE'RE STRONGLY IN FAVOR OF SB
FOUR SEVEN SIX THANK YOU. WE
HAVE AN ADDITIONAL NINE IN Q.
ONE MOMENT PLEASE. NINE SIXTY
FOUR SIX FOR YOUR LINE IS OPEN.
GOOD MORNING JERRY NUMBER
CRITICALLY FARING THE PUBLIC
LAWCENTER IN STRONG SUPPORT OF
THE BILL. WITH THAT THERE ARE
NO OTHER LINE SOME QUEUE AT
THIS TIME. THANK YOU MODERATOR
WE HAVE TWO PRIMARY WITNESSES
TO SPEAK IN OPPOSITION OF THE
BILL FIRST WE HAVE COLIN BISHOP
FROM PACE NATION CALLING IF
YOU'RE ON THE LINE PLEASE FEEL
FREE TO START YOUR TESTIMONY.
THANK YOU CHEER THEM ON AND
COMMITTEE MEMBERS MY NAME IS
COLIN BISHOP AND I AM THE
EXECUTIVE DIRECTOR OF PACE
NATION. THE FIRST THING I WANT
TO SAY IS THAT WE ARE APPALLED
AND DISAPPOINTED ANYTIME A
CONTRACTOR TAKES ADVANTAGE OF A
HOMEOWNER. PROVIDERS WORK
DILIGENTLY EVERY DAY TO ENSURE
THIS DOESN'T HAPPEN. AND WE
SHARE YOUR GOAL OF PREVENTING
CONTRACTOR MISCONDUCT BUT WE
DON'T THINK SENATE BILL FOR
SEVENTY SIX AS DRAFTED TODAY
ACCOMPLISHES THIS GOAL. IN
PARTICULAR I URGE YOU TO VOTE
NO ON SENATE BILL FOR SEVENTY
SIX UNLESS IT IS AMENDED TO
REMOVE THE UNFUNDED AUDIT
REQUIREMENTS. AS DRAFTED THIS
BILL WILL EFFECTIVELY EXCLUDE
LOW INCOME FAMILIES FROM
PARTICIPATING IN CALIFORNIA'S
CLEAN ENERGY TRANSITION. THE
COST OF A MANDATORY AUDIT
RANGING FROM FOUR HUNDRED
DOLLARS TO SIXTEEN HUNDRED
DOLLARS NEED TO BE PAID OUT OF
POCKET UP FRONT BY CONSUMERS
BEFORE THE PROJECT CAN BEGIN.
THERE'S NOT A QUICK FIX FOR
SHORT CUT TO ADDRESS THIS
PROBLEM THE COST OF THE ENERGY
AUDIT WOULD DISPROPORTIONATELY
HARM LOW AND MODERATE INCOME
HOMEOWNERS AND PREVENT THEM
FROM IMPROVING THE HEALTH AND
EFFICIENCY. OF THEIR HOMES.
CLEAR TO ME CALIFORNIA'S CARBON
NEUTRALITY GOALS. WE NEED ALL
HANDS ON DECK. NO ONE SHOULD BE
EXCLUDED FROM VOLUNTARY
PARTICIPATION. AND DESPITE
ASSURANCES TO THE CONTRARY
THEY'RE ONLY FORTY ONE BPI
CERTIFIED ENERGY AUDITORS IN
THE STATE OF CALIFORNIA. BY
COMPARISON THERE ARE CURRENTLY
OVER TWO HUNDRED AND TWENTY
THOUSAND LICENSED HOME
IMPROVEMENT CONTRACTORS. THE
AUTO REQUIREMENTS IT'S LIKE
MANDATING THAT EVERY
CALIFORNIANS BRUSH THEIR TEETH
PRIOR TO EATING AT A RESTAURANT
WHILE ONLY PROVIDING A FEW
HUNDRED TOOTHBRUSHES TO GO
AROUND. IN SUCH A SCENARIO
ACOSTA TOOTHBRUSHES WOULD
SKYROCKET FURTHER HARMING LOW
INCOME HOMEOWNERS AND THE
NUMBER OF CALIFORNIANS YOU CAN
EAT AT RESTAURANTS WOULD
PLUMMET. THE AUDIT REQUIREMENTS
FLIES IN THE FACE OF FORTY
YEARS OF EXPERIENCE AND
RESIDENTIAL ENERGY EFFICIENCY.
OKAY OFFICIALS WITH EXPERTISE
ON THESE ISSUES HAVE COUNSELED
CONSISTENTLY AGAINST UNFUNDED
MANDATORY AUDITS AND OFFER
THEIR GUIDANCE TO THE BILL'S
AUTHOR. INDEED IF ENACTED THE
AUDIT REQUIREMENT WILL SUBVERT
THE GOALS CALIFORNIA PUBLIC
OFFICIALS LIKE THE BAY AREA AIR
QUALITY MANAGEMENT DISTRICT THE
NEED PACE IS A FINANCING
OPTIONS TO SUPPORT THE
IMPLEMENTATION OF THEIR
BUILDING DECARBONIZATION WILL.
WE ARE COMMITTED TO WORKING
WITH YOU TO STRENGTHEN PACE FOR
HOMEOWNERS. PLEASE VOTE NO ON
SENATE BILL FOUR SEVENTY SIX
UNLESS THE UNFUNDED AUDIT
REQUIREMENT IS REMOVED. THANK
YOU SO MUCH FOR YOUR
CONSIDERATION. THANK YOU AND
OUR SECOND WITNESS IN
OPPOSITION IS GRETCHEN WITH THE
ADDRESS AT A HOMEOWNER GRETCHEN
PLEASE PROCEED WITH YOUR
TESTIMONY. GOOD MORNING X.
COMMITTEE CHAIR AND MEMBERS OF
THE COMMITTEE THANK YOU FOR
ALLOWING ME THE OPPORTUNITY TO
ADDRESS YOU- THE A
TELECONFERENCING MY NAME IS
GRETCHEN GUTIERREZ I AM A
HOMEOWNER IN THE COACHELLA
VALLEY EASTERN RIVERSIDE
REGION. WHERE I RESIDED IN THE
CITY OF PROCEDURAL CITY FOR THE
LAST ELEVEN YEARS I'M ALSO A
FORMER PEACE CUSTOMER HOWEVER
I'M CALLING IN TODAY TO EXPRESS
OPPOSITION TO THE CURRENT BILL
AS IT IS PROPOSED. LATELY MORE
THAN SIX YEARS AGO I DETERMINED
THAT IT WAS NECESSARY TO MAKE
IMPROVEMENTS TO MY RESIDENCE IN
ORDER TO IMPROVE MY ENERGY
EFFICIENCY AND REDUCE MY
MONTHLY UTILITY COSTS. AT THAT
POINT IN TIME I WAS PAYING
ANYWHERE BETWEEN FIVE HUNDRED
AND SIX HUNDRED DOLLARS A MONTH
IN MY ELECTRICAL SERVICES NOT
ALSO WITH- INCLUDING MY WATER
SERVICES AS WELL AS- AN
ADDITIONAL UTILITY CAUGHT. UPON
REVIEWING IN THE VARIOUS
OPTIONS THAT WERE AVAILABLE TO
ME AT THAT POINT IN TIME TO
MAKE IMPROVEMENTS TO MY HOME. I
DETERMINE THAT THE PACE PROGRAM
PROVIDED THE BEST PLAN TO
HANDLE THE NECESSARY
IMPROVEMENTS AND RETROFITS TO
MY HOME WITHOUT HAVING TO PAY
CASH OUT OF POCKET OR MAKING A
HEFTY DOWN PAYMENT TO PURCHASE
THINGS. SUCH AS SOLAR OR NEW
AIR CONDITIONING UNIT THAT WAS
ONE OF THE MOST ATTRACTIVE
FEATURES OF PACE FINANCING TO
ME AT THAT TIME. HAD I BEEN
CONDITIONED TO CONDUCT A FULL
ENERGY HOT IT AND DO AN OUT OF
POCKET EXPENSE PRIOR TO EVEN A
PRE APPROVAL TO KNOW WHAT MY
FINANCING OPTIONS WOULD BE OR
WHAT TYPE OF IMPROVEMENTS I
WOULD NEED TO HAVE. THAT WOULD
HAVE- DRAMATICALLY MADE SOME
DECISIONS AS TO WHETHER OR NOT
I WOULD HAVE PROCEEDED WITH
MAKING THOSE VERY NECESSARY
RETROFITS TO MY HOME.
ADDITIONALLY THE COACHELLA
VALLEY REGION. WHERE I LIVE IS
A HIGH. YOUR ZONE. AND WE DO
RUN A- AND HOW. YOU TELL BILLS
OUT HERE. WE ALSO HOWEVER. HAVE
HOMEOWNERS IN A LOWER ECONOMIC
STRATA WITH OUR MEDIAN INCOMES
ACROSS THE REGION. AND
CONDUCTING A FULL ENERGY AUDIT
AT THEIR OWN EXPENSE PRIOR TO
DOING ANY IMPROVEMENTS OR
HAVING. APPROVAL FOR PRODUCT TO
BE INSTALLED INTO THEIR HOME TO
HELP WITH THEIR ENERGY
EFFICIENCIES. WOULD BE A NON
STARTER FOR MOST OF OUR
RESIDENTS- DAY JUST SIMPLY DO
NOT HAVE THOSE FUNDS AVAILABLE
TO DO THOSE TYPE OF
EXPENDITURES. TO CONDUCT AN
ENERGY AUDIT IN ADVANCE OF
INSTALLATION OF NEW UPGRADES.
FOR ANY TYPES OF PRODUCTS
WHETHER THEY BE SOLAR- AIR
CONDITIONING UNITS WATER
HEATERS. RETROFITTING OF
WINDOWS ETCETERA THEY JUST
DON'T HAVE THOSE FUNDS
AVAILABLE TO THEM. WE AUTHOR
HANDICAPPED WITH A LIMITED
NUMBER OF ENERGY AUDITORS THAT
COULD POTENTIALLY BE CONDUCTING
THOSE SERVICES HERE IN OUR
AREA. WE ARE DEFINITELY NOT A
NOT A MAINSTREAM METROPOLITAN
AREA. AND HAVING SOMEONE THAT
WOULD TO POTENTIALLY BE COMING
TO US FROM OUT OF THE AREA
WOULD DELAY ANY POSSIBLE
OPTIONS FOR. FOLKS TO LOOK AT-
BRINGING THESE PROJECTS FORWARD
IN THEIR HOMES- AGAIN WE ARE IN
A AREA THAT. SEES EXCEPT THAT
HE WAVES WE'D LIKE TO HAVE WORK
CONDUCTED IN A TIMELY MANNER.
AND IF WE HAVE TO WAIT WEEKS OR
MONTHS IN ORDER TO HAVE AN
AUDIT DONE COMPLETED REVIEW.
AND THEN ANY TYPES OF FINANCING
OR PROGRAMS BROUGHT TO US. TO
DO THOSE. UPGRADES IT IT JUST
EXACERBATES THE PROBLEM AND WE
CONTINUE TO PAY OFF THOSE HIGH
ENERGY COSTS. S. B. WE'RE GONNA
STICK AROUND. BECAUSE OF THE
TIME LIMIT. THANK YOU- SO IN
INCOME I SAY B. SEVEN SIX ****
CURRENTLY PROPOSED- I WOULD
OPPOSE THAT BILL THANK YOU FOR
YOUR TIME. THANK YOU VERY MUCH
AND MISS GOOD HERE IS FOR YOUR
TESTIMONY NOW WE'LL MOVE ON TO
WITNESSES IN OPPOSITION HERE IN
THE GALLERY. SEE NO WITNESSES
IN OPPOSITION THE GALLERY WILL
MOVE TO WITNESSES IN OPPOSITION
OF SP FOUR SEVEN SIX IN ROOM
ONE TWELVE. C. NO WITNESSES IN
OPPOSITION IN THAT ROOM ONE
TWELVE WE WILL MOVE TO
WITNESSES WAITING TO TESTIFY
VIA TELECONFERENCE MODERATOR IF
YOU COULD PLEASE PROMPT THE
INDIVIDUALS WAITING TO TESTIFY
IN OPPOSITION OF SB FOUR SEVEN
SIX WE WILL GO AHEAD AND BEGIN.
THANK YOU TO STATE YOUR
OPPOSITION TO SB FOUR SEVENTY
SIX YOU MAY USE YOUR TELEPHONE
KEYPAD TO PRESS ONE AND THEN
ZERO. ONE FOLLOWED BY ZERO
PLEASE. FOR THE FIRST TIME LINE
NINETEEN ONE NINE YOUR LINE IS
OPEN. MADAM CHAIR AND SENATORS
FEEL ON BEHALF OF FOR NEW
FINANCIAL. TIMES SPEAKING WITH
YOU MADAM CHAIR THE AUTHOR
ABOUT YOUR STAFF ON THIS
MEASURE. MAIN OPPOSE UNLESS AND-
ON S. B. FOUR SEVEN SIX FOR THE
REASONS PREVIOUSLY STATED THANK
YOU. NINE FIFTY THREE FIVE
THREE IS OPEN. THANK YOU CAN
DOWN IN STONE ADVOCACY ON
BEHALF OF THE CALIFORNIA SOLAR
AND STORAGE ASSOCIATION DIDN'T
OPPOSE UNLESS AMENDED
PROVISIONS AS TO THE AUDIT
PROVISIONS OF THE BILL LOOK
FORWARD TO LOOKING AT IT MORE
CLOSELY. WITH THE AUTHOR
ACCEPTING THOSE AMENDMENTS AND
WILL LOOK AT IT AGAIN- ONCE
THOSE COME OUT. THANK YOU VERY
MUCH. NINE THIRTY SEVEN THREE
SEVEN. WE'LL WAIT FOR THE
FINANCIAL WE ARE ALSO- IN THE
OPPOSED MARK FUHRMAN SAID HAVE
A QUERY. NEXT IN LINE. FORTY
FOUR ZERO. GOOD MORNING
CHAIRMAN AND MEMBERS NOW THIS
IS RACHEL CALLS REPRESENTING
PACE FUNDING GROUP AND WE ALSO
OPPOSE THIS BILL UNLESS AMENDED
THANK YOU. LINE NINE LINE NINE
IS OPEN. GOOD MORNING MADAM
CHAIR AND COMMITTEE MEMBERS MY
NAME IS JUSTIN STRONG WITH WIDE
GREEN ENERGY FUND FOR THE
POSITION OF THE CLOTHES AND
LESS AMENDED ON SP. FOUR SEVEN
SIX. NEXT DEADLINE. FIFTY EIGHT
FIVE EIGHT. MY NAME IS CHRIS
PETERSON I REPRESENT FORTY FIVE
FINANCIAL WE ARE OPPOSED TO THE
MOST AMENDED. IF THERE ARE
OTHER PHONE LINES I'D LIKE TO
STATE THAT- POSITION OF
OPPOSITION TO THE SP FOUR SEVEN
SIX. PLEASE PRESS ONE BUTTON
ZERO AT THIS TIME ONE ZERO. I
DON'T KNOW FOR THE LINES IN Q.
THANK YOU MODERATOR NOW WE WILL
MOVE TO MEMBER QUESTIONS OR
COMMENTS MMBERS ANY QUESTIONS
OR COMMENTS SENATOR WEST SO.
THANK YOU MADAM CHAIR AND- YOU
KNOW I'VE HE'S JUST BEEN THIS
PACE PROGRAM JUST SEEMS TO COME
BACK EVERY SINGLE YEAR- REFORMS
AMENDMENTS IT JUST SEEMS THAT
IT'S AN ONGOING STRUGGLE TO GET
THIS PROGRAM. PROGRAM TO WORK
IT WAS AS IT WAS IN INITIALLY
INTENDED I'VE BEEN WORKING ON
THIS SINCE TWO THOUSAND EIGHT.
SHOULD BE DATING BACK TO MY
TIME IN THE CITY COUNCIL SAN
DIEGO WE'RE TRYING TO. GET A
PROGRAM GOING THAT WAS-
PREVENTED BY- THE FANNIE MAE
PROGRAM BASICALLY SAID THAT
DECLARED IT ILLEGAL. AND THAT
TOOK SEVERAL YEARS BEFORE WE
COULD PROBABLY. COME BACK WITH
SOMETHING THAT CONFORM TO- THE
FEDERAL REQUIREMENTS AND OF
COURSE WE CAME UP WITH THIS
PROGRAM THAT HAS ALREADY BEEN
REFORMED AT LEAST. TWO OTHER
TIMES THAT I CAN THINK OF THIS
PROGRAM IS ALWAYS COME THROUGH
TO MY COMMITTEE SO- I'VE BEEN
PRIVY TO ALL THE DIFFERENT
REFORMS HAVE BEEN MADE BUT THEY
JUST DON'T SEEM TO WORK-
WHATEVER HAPPENS THERE'S ALWAYS
SOME LEVEL. OF THIS INHERENT
CONSUMER FRAUD IN THIS IN THE
CIS I DON'T KNOW OF TO WHAT
EXTENT WE CAN CONTINUE TO AMEND
THIS PROGRAM AND HAVE IT
CONTINUE TO WORK THE WAY IT
WAS. ORIGINALLY IN ENVISIONED.
SO YOU KNOW I DO BELIEVE
SOMETHING NEEDS TO BE DONE AND
NOW I WANT TO WORK WITH THE
AUTHORED MOVE THIS BILL FORWARD
MOVE THIS ISSUE FORWARD. AND A
THERE ARE DEFINITELY CONCERNED
SOMEONE ASKED THE AUTHOR IF YOU
WOULD CONSIDER- SOME AMENDMENTS
AND- WE- WE DISCUSSED THE
CONCEPT A LITTLE BIT EARLIER
AND IT YOU KNOW BUT NATIONALLY
WHEN. THE NET METERING FOR
PROGRAM WAS ESTABLISHED TO
ENCOURAGE PEOPLE TO A- A- A PUT
SOLAR ON THE ROOF- WE PROVIDED
THEM WITH A VERY ATTRACTIVE
PRICE- USE THAT AS A AS A MEANS
TO- FRIED SOLAR IN OF COURSE AT
THAT IT'S BEEN A VERY EFFECTIVE
PROGRAM BECAUSE PEOPLE. SEEN
THAT BY ADDING SOLAR THEY CAN
SOMETIMES YOU'RE FREE POWER.
AND SO THAT- IN IN COMBINATION
WITH PACES REALLY HELP TO GET
THIS PROGRAMS TAKE OFF BUT-
NOW. OFTENTIMES WITH PACE THERE
ARE SOMETIMES CONSUMERS THAT
ARE. I LEFT WITH A VERY VERY
BIG DEBTS THAT OFTEN INVOLVES
TURF. FIRST TO SAVE WATER AND
SHOULDERS TO SAVE ENERGY SO.
I'D LIKE TO IN IN MOVING
FORWARD WITH THIS I'D LIKE TO
OFFER TO CONSIDER. THAT IN SOME
LANGUAGE THAT WOULD- AGAIN- I
THINK HAVING THIS ASSESSMENT IS
GOING TO HELP OF. TECH
CONSUMERS FROM HAVING TO-
PURCHASE MORE THAN THEY
ACTUALLY NEED AND I THINK IT'S
IMPORTANT AT HOME HOMES BE.
SELF SUFFICIENT THAT THEY DON'T
GET SOLD ON THE PANELS ONE OF
THE THINGS HAVE BEEN HAPPENING
TO THE THIS IS THAT THEY'RE
SOLD PANELS THAT EXCEED. THE
LIMITS BEYOND WHAT THE HOME
ACTUALLY NEEDS. AND I DON'T
THINK THAT WAS EVER REALLY
ENVISION ANY KIND OF PROGRAM
WITH THE STATE. AND OFTEN TIMES
THE COST OF THAT IS MUCH HIGHER
THAN A PANEL THAT ACTUALLY
SUSTAIN THE HOME. AND IT'LL
SERVE EVERYONE A LOT BETTER TO
MAKE SURE THAT EACH HOME IS
SELF SUFFICIENT. AND AND- AS
AND THE PEOPLE THAT ARE
SUBSIDIZED IN THIS PROGRAM THE
PEOPLE YOU ARE USUALLY PEOPLE
DON'T HAVE SOLAR. AREN'T LEFT
WITH THEBILL TO ALSO
SUBSIDIZED TO SOMETHING THAT.
WILL LEAVE A HOMEOWNER
HOMEOWNER WITH A- BIGGER BILL
NOT JUST A DOUBLE CRIME. LIKE
TO CONSIDER. THAT YOU ARE
LANGUAGE THAT IN IN THESE
REPORTS. THAT IT ALSO INCLUDE A
RECOMMENDATION IN TERMS OF WHAT
SOLIS HAD. TO MAKE SURE THAT
THE- THE APPROPRIATE SOLAR
PANELS AND ENERGY SAVINGS
PROVISIONS ARE TAKEN TO MAKE
SURE. THAT THE PEOPLE OF THE
STATE WHAT THEY NEED AND NOT
MORE THAN THAT BECAUSE IT HAS
AN OVERALL COSTS IN THE ENTIRE
SYSTEM. THAT IS UNNECESSARY AND
OVER BURDENSOME SAID WANTED TO
ASK YOU A FEW BE WILLING TO DO
THAT MOVING FORWARD NOT MAYBE
NOT TODAY BUT AS A BILL MOVES
FOR. CENTERMAN WOULD ELECTRIFY
YOU SO THE SHORT ANSWER IS YES
AND I DO KNOWLEDGE HERE- YOUR
COMMENTS ABOUT CHANGES TO NET
METERING WILL CHANGE THE
ECONOMICS OF PACE PROGRAM- AND
CERTAINLY AS YOU ALLUDE TO THIS
IS A THIS IS A PROGRAM THAT HAS
HAD A LOT OF PRIDE IN IT. AND
WHAT WE ARE TRYING TO DO WITH
THIS BILL IS TO ANSWER LIKE
GOLDILOCKS WE'RE NOT TRYING TO
GET IT TOO MUCH REGULATION BUT
WE'RE TRYING TO DO ENOUGH
CONSUMER PROTECTION HERE TO TRY
TO- PROVIDED A MEANINGFUL CHECK
ON SOME OF THE PIECES THAT WERE
SAYING- AND SO I THINK THIS
SUGGESTION YOU MADE WHICH IS
SIMILAR TO SUITABILITY
ASSESSMENTS AND OTHER TYPES OF
CONSUMER LENDING. WOULD
ABSOLUTELY BE APPROPRIATE AND I
WOULD BE EAGER TO WORK WITH YOU
ON ON MAKING THIS BETTER AND
THAT'S SOMETHING I'D EMPHASIZES
WE'RE TRYING TO GET THIS RIGHT-
WE DON'T WANT TO KILL THE PACE
PROGRAM WE WANT TO TRY TO
CREATE THE RIGHT LEVEL OF
REGULATION HERE BUT CLEARLY
SOME LEVEL OF REFORM IS NEEDED-
AND SO- YOU KNOW CERTAINLY
WOULD BENEFIT FROM YOUR
EXPERTISE AND IT'S A GREAT
SUGGESTION THE MAIN ONE THAT WE
WOULD LIKE TO. WORK WITH YOU
ON- IMPLEMENTING AND STAFF
THANK YOU SENATOR THANK YOU
THANK YOU SENATOR. WESTERN NEXT
TO SENATOR DOLLY. THANK YOU.
MADAM CHAIR SO- I THINK SENATOR
NO WAY SO BRINGS UP THE POINTS
THAT I WISH OF PERSONAL ONE
SIZE FITS ALL DOESN'T WORK IN
IN CALIFORNIA HAS AS MANY
PEOPLE KNOW THAT. THIS IS THE
LARGEST GEOGRAPHICAL DISTRICT
IN THE STATE WITH VERY POOR
PEOPLE. SO I DON'T I WANT YOU
TO DRESS TO ISSUES THAT I THINK
WILL BE REALLY CRITICAL FIRST
OF ALL I HATE THE FACT THAT WE
HAVE PEOPLE WHO FRAUD OTHER
PEOPLE JUST IT'S FRUSTRATING
AND ONE THING ABOUT THIS
COMMITTEE THAT I'M- NEW TO
SINCE I'VE BEEN AT THE SENATE I
WASN'T ON IN THIS FAMILIES
THAT. I REALLY REALIZE THERE'S
A LOT OF PEOPLE OUT THERE TO
TAKE ADVANTAGE OF OTHER PEOPLE
WHETHER IT'S CREDIT CARDS ARE
WHAT I'VE LEARNED AND I'VE AND
I'VE BEEN SUPPORTIVE OF HOSE-
BILLS TO GO THROUGH HERE THAT.
PROTECT PEOPLE FROM. IS THAT
NOT THEIR OWN KNOWLEDGE NOT
KNOWING THAT THEY'RE GETTING
TAKEN ADVANTAGE OF SO. THE PACE
PROGRAM'S BEEN AROUND A LONG
TIME AND IT'S VERY EFFECTIVE IT
DOES DO WHAT WE WANT IN SOME
CASES IF WE HAVE GOOD
CONTRACTORS. THE DOES WHAT
PEOPLE WANT TO GET DONE SO I
DON'T WANT TO LIMIT THE PROGRAM
BUT I ALSO WANNA MAKE SURE WE
STRIKE A BALANCE AND I THINK
AND I APPRECIATE THE AUTHOR.
GETTING ALL OF THE TEN MINUTES
BEFORE THE MEETING WE'VE BEEN
TRYING TO I'VE BEEN REACHED OUT
OVER THEWEEKEND AND I
APPRECIATE THAT. BECAUSE THIS
IS A THIS IS A TIGHT ROPE I
THINK THAT YOU'RE TRYING TO
WALK HERE TO DO THE RIGHT
THING. SO TWO QUESTIONS THAT
NEED TO BE ANSWERED FOR ME IS.
THE AVAILABILITY OF. PEOPLE DO
DO THE INSPECTION NUMBER ONE I
THINK IS. ANOTHER VISIT THERE'S
NUMBERS ALL OVER THE PLACE
FIFTY. S. I DON'T KNOW IF
THAT'S TRUE OR NOT- BUT IT
NEEDS TO BE ADDRESSED FOR
PEOPLE THAT. LIVE IN A VERY.
GEOGRAPHIC AREA WHERE TRAVEL
TIMES ARE HUGE IN IT WILL DRIVE
THAT COST UP NUMBER ONE. AND
THEN NUMBER TWO THE COST OF THE
AUDIT AND WHAT THAT LOOKS LIKE-
SO THOSE ARE TWO THINGS I THINK
WILL BE CRITICAL FOR MY JUST.
FOR MY DISH AND I WANT TO TELL
YOU I'M NOT GOING TO SUPPORT
YOUR BILL TODAY AND THE REASON
I'M GONNA TELL YOU THE REASON
WHY. NOT THAT I DON'T THINK
YOU'LL GET THERE AND I MAY BE
ABLE TO SUPPORT IT IS THE FACT
THAT. IF YOU LAY OFF OF THE
BILL IT HAS NO OPPOSITION AND
THEN THERE'S NO INCENTIVE TO
WORK. AS A REPUBLICAN I DON'T
WANT TO SUPPORT TO BUILD AND
HAVE TO COME BACK IN LATER NOT
GET WHAT I WANT I WANT YOU TO
GET WHERE YOU'RE GOING. SO I
WILL BE THE OPPOSITION TODAY
THIS SAYS HEY WE NEED TO WORK
ON THIS. BECAUSE I DO WANT TO
SUPPORT THE BILL EVENTUALLY.
BUT I THINK THERE'S SOME
CRITICAL. THINGS THOSE TWO
THINGS. FOR SURE- I THINK NEED
TO BE ADDRESSED AND EVEN
OPPOSITION BROUGHT IT UP AND-
IF YOU'RE IN. BEAVER OR YOU'RE
IN. L. A. SAN FRANCISCO AND SAN
DIEGO IS A WAY DIFFERENT WORLD
OUT THERE TO GETTING
CONTRACTORS. AND GETTING THE
GETTING THE EVALUATION IS DONE.
PROPERLY AND IN A IN A MANNER
WHERE THEY'RE- COST EFFECTIVE
SO THAT WE CAN ACTUALLY THEN
USE THE PROGRAM SO THOSE ARE MY
QUESTIONS TO YOU. THE AND
COMMENTS. AND APPRECIATE YOU
REACHING OUT. THANK YOU CENTER
I APPRECIATE YOUR COMMENTS I
APPRECIATE YOU MAKING YOURSELF
WILLING TO. HAVE DIALOGUE
BEFORE THIS HEARING- I
RECOGNIZE YOUR CONCERNS AND I
GUESS I'D FIRST POINT OUT THAT.
WE THINK THAT THE NUMBER
SUBMITTED BY OPPOSITION ARE ON
THE HIGH SIDE- OUR OWN
ESTIMATES- STAFF AND SPONSORS
OF WHAT THESE ARTISTS CURRENTLY
CONSCIOUS FOUR HUNDRED TO SEVEN
HUNDRED DOLLARS. THEY STATED
THEIR ONLY FORTY ONE HUNDRED
AND STATE OUR FINDINGS ARE. IF
THEY'RE SIX HUNDRED FORTY FIVE
ONE CERTIFIED RAIDERS IN THE
STATE OF CALIFORNIA THROUGH
HERS AND CAL CERTS. AND THERE
ARE AN ADDITIONAL TWO HUNDRED
FIFTY EIGHT CERTIFIED THROUGH
BPI NOW. I WILL SAY THAT'S
ALMOST A THOUSAND THAT'S STILL
NOT ENOUGH FOR THE SCOPE OF
WE'RE TALKING ABOUT- SO ONE OF
THE THINGS THAT. WE ARE DOING
IS WORKING WITH COMMITTEE STAFF
WORKING WITH STAKEHOLDERS. AND
I WILL SAY WE'VE ASKED
OPPOSITION IF THEY WOULD WORK
WITH US AND- WE HAVE NOT HEARD
BACK ANY SUGGESTIONS ON HOW WE
CAN. TRY TO MAKE THIS A BETTER
THIS ON REQUIREMENT THAT WE'VE
SIMPLY BEEN TOLD REPEATEDLY THE
AUDIT REQUIREMENT WILL KILL THE
PROGRAM- I THINK IF WE CAN. GET
IT WIDELY AVAILABLE AND LOWER
THE COSTS WE CAN ACHIEVE THE
PURPOSES. OF- THAT THEY WERE
TRYING TO KEY WHICH IS PREVENT.
THE CONSUME. FRAUD THAT WERE C.
IN THIS IN THIS PRO. RIGHT NOW.
AND AGAIN I DON'T THIS AS A
THIS PART. PROGRAM BECAUSE IT
IS STATE SPONSORED BECAUSE IT
IMPOSES A UNIQUE BURDEN ON THE-
HOMEOWNER. IS ONE THAT REQUIRED
TO HAVE A PUBLIC PURPOSE UNLIKE
OTHER FINANCING PROGRAMS OUT
THERE- BUT WE ARE LOOKING WITH.
MANY STAFF ON WHAT CAN WE DO TO
NARROW THE REQUIREMENT OF THE
ON IT BECAUSE WE'RE NOT LOOKING
FOR A SOUP TO NUTS ENERGY ON IT
HERE. WE'RE LOOKING FOR
SOMETHING LIKE A SUITABILITY.
ASSESSMENT FOR A PARTICULAR
PROPOSED HOME IMPROVEMENT- WERE
WE WANT TO CLARIFY THE CRITERIA
THAT WE'RE GONNA BE LOOKING AT
WE ALSO THINK THAT. WE DON'T
NEED A TRADITIONAL ENERGY
AUDITOR. TO ASSESS THIS TYPE OF
ON IT SO WE'RE LOOKING TO SEE.
HOW WE CAN EXPAND THE POOL OF
ENERGY AUDITORS AND WE WOULD BE
EAGER TO WORK WITH YOU CENTER.
AND ANYONE ELSE WILLING TO WORK
WITH US TO TRY TO FIGURE OUT
WHAT THE RIGHT WAY TO DO THIS
IS. WE'RE ALSO LOOKING AT
PUBLIC SUBSIDIES AND WHAT
PUBLIC SUBSIDIES MIGHT BE
AVAILABLE TO FUND THIS
PARTICULAR- ENERGY AUDIT. IF
YOU ARE LOW INCOME- WE THINK
THE CDC MIGHT HAVE SOME SOURCES
OF FUNDING THERE MIGHT BE SOME
OTHER PLACES WE CAN LOOK AT THE
WORLD WORKING WITH COMMITTEE
STAFF. THAT TO TRY TO ADDRESS
THESE CONCERNS AND WILL
CONTINUE TO DO THAT. REGARDLESS
OF HOW YOU VOTE TODAY CENTER
AND I WILL. HOPEFULLY CONTINUE
TO WORK WITH YOU. ONE ONE LAST.
QUESTION TO IF I MAY. PLEASE
ENTER- WHEN WE TALK ABOUT THE
COUNTRY IN YOU KNOW MAYBE IN I
KNOW THAT THERE'S A- IT'S
DIFFICULT TO TRACK THEM DOWN
AND BUT IF THEY'VE HAD MAYBE IT
MAYBE SOME WORK ON THAT IN
WOULD BE- IT WOULD BE
BENEFICIAL. IF THEY'VE HAD SEX
A COMPLAINT OR SOMETHING MAYBE
THEY AREN'T ABLE TO USE THE
PROGRAM ANYMORE I MEAN MAYBE
THERE'S SOME ON THE OTHER SIDE
OF THAT WE CAN LOOK AT TO WEED
OUT THESE. BAD ACTORS OUT THERE
FOR THEM SO JUST SOME THOUGHTS
I'VE BEEN THROUGH I'M I'M I
WANT THE PROGRAM TO GO ON AND I
REALIZE ARE SOME ISSUES WITH
THE SITE I WILL WORK WITH YOU-
AND I HAPPENED TO JUST IN MY
OWN BUSINESS BE DOING SOME
CHANGING OF- WHICH IS AN
INCENTIVE PROGRAMS A GRANT
PROGRAM TO CHANGE LIGHTING IN
MY IN MY SHOP. IN IN A SIMPLE
YOU CALL UP YOU GIVEN THE VOWED
TO KILL WHAT YOU USE TELL WHAT
KIND OF LIKE TO HAVE IN THE U.
S. THIS PROGRAM IS I HAVE TO
PURCHASE SUPPLIES FOR TO GET
HIM INSTALLED. MYSELF AND THEN
THEY GIVE ME A GRANT.
UNFORTUNATELY HELLO OF PEOPLE
THAT ARE LOW INCOME DON'T HAVE
THAT ABILITY TO. PUT THE MONEY
UP FRONT AND DO IT THAT'S WHY
THIS PROGRAM IS AVAILABLE IS.
BENEFICIAL I THINK SO. I LOOK
FORWARD TO WORKING WITH YOU ON
YOUR BILL. THANK YOU SENATOR
AND I LOOK FORWARD TO WORKING
WITH YOU AND HEARING YOUR
SUGGESTIONS ON HOW TO IMPROVE.
THANK YOU SENATOR DOLLY CENTER
COMING AT ALL. THANK YOU VERY
MUCH MADAM CHAIR- I AM I REALLY
LIKE THIS BILL I JUST WANT TO
SAY THAT THAT PART OF THE
CHALLENGE AND- I APPRECIATE
THE- THE COMMENTS. FROM FROM MY
GOOD FRIEND FROM SAN DIEGO
BECAUSE IT'S THIS PRO PROGRAM.
ABOUT ONE OF THE CHALLENGESIN
THE PROGRAM IS THAT. IT IT IS
TERRIFIC IT CREATES AN
OPPORTUNITY FOR PEOPLE TO BE
ABLE TO- GET SOME REAL- REALLY
IMPORTANT. SOLAR PROJECTS
TAKING CARE OF ON ON AND FOR
SOME OF THE AREAS THAT HAVE A
HIGH ENERGY USES BECAUSE IT'S
REALLY HOT IN THE SUMMER AND
REALLY COLD IN THE WINTER. THIS
IS A GODSEND BUT- BUT- IT IS
PART OF THE PROGRAM WE DIDN'T
SET UP. THE CONSUMER PROTECTION
REQUIREMENTS BECAUSE IT WAS
SUCH A GREAT PROGRAM AND
BECAUSE IT WAS DONE. FOR GOOD
ENVIRONMENTAL REASONS WE JUST
DIDN'T SET UP ANY CONSUMER
PROTECTION WE DIDN'T SET UP
ENOUGH CONSUMER PROTECTION.
OPPORTUNITIES SO THAT- PEOPLE
OF LIMITED MEANS COULD BE
PROTECTED AND BECAUSE THIS
PROGRAM ASSUMES- A PRINCIPAL.
PLACE OVER THE MORTGAGE OVER
THAT. THE THE MORTGAGE AND THE
TAXES- IT CREATES A SITUATION
WHERE- PEOPLE WHO DON'T
UNDERSTAND WHAT THAT MEANS AND
DON'T UNDERSTAND THE IMPACT IT
HAS. ON CAN BE- TAKEN ADVANTAGE
OF AND THAT'S REALLY
UNFORTUNATE I THINK THIS THIS
BILL- CAN HELP TO FLIP THAT
BUT- I ALSO- UNDERSTAND THAT IT
DID THE AUDIT. DISCUSSION NEEDS
TO BE NARROWED- I'VE TALKED TO
THE CENTER SENATOR ABOUT THAT.
WE'RE NOT TALKING ABOUT. DOING
A FULL AUDIT WHERE YOU'RE
TRYING TO DETERMINE WHETHER YOU
NEED DOUBLE PANED WINDOWS AND
INSTALL NEW INSULATION AND
THOSE KINDS OF THINGS. THAT
WERE REALLY TALKING ABOUT. WHAT
THE PACE PROGRAM CAN PROVIDE
AND I THINK. THERE ARE A NUMBER
OF FUNDS IN DIFFERENT AGENCIES
THAT MAY BE AVAILABLE TO BE
ABLE TO PAY FOR THIS UP FRONT.
SO THAT WE CAN GET REALLY GOOD
VALUE FOR THE PROPERTY OWNER
THAT'S THINKING ABOUT USING THE
PACE PROGRAM SOME OF THE
SUPPORT THIS BILL TODAY AND-
LOOK FORWARD TO CONTINUING TO
WORK WITH THE GOOD SENATOR.
THANK YOU SENATOR CAMBIADO
SENATOR DO NOT SO. THANK YOU
MADAM CHAIR- I ALSO APPLIED THE
AUTHOR FOR THIS BILL- WELL HE'S
ADDRESSING THE ISSUE OF.
SPECIALLY POOR PEOPLE COMMIT
VULNERABLE COMMUNITIES THAT ARE
PROBABLY. GETTING SCAMMED YOU
KNOW AT TIMES- IN ADDITION TO
THAT I HEARD OVER AND OVER AND
READ HERE DID NOT ENOUGH
AUDITORS IN CALIFORNIA THAT'S
MUSIC TO MY EARS BECAUSE WE'RE
TALKING ABOUT MORE JOBS. MORE
JOBS MORE JOBS THAT PEOPLE
COULD BE TRAINED FOR. MORE JOBS
THAT PEOPLE FROM CERTAIN
COMMUNITIES THAT HAVE BEEN LEFT
OUT CAN BE TRAINED FOR. AT THE
SAME TIME THAT WE'RE ADDRESSING
A CLIMATE ISSUE AND A CLEAN
ENERGY ISSUE AND I'M- LIKE THIS
IS THIS IS A NEW OPPORTUNITY-
YOU KNOW THAT THAT WE COULD
ACTUALLY GUIDE. THE HIRING FROM
TARGETED FRONT LINE COMMUNITIES
THAT'S WHAT WE COULD DO AND
MAKE SURE THAT THEY'RE GOOD
WAGES AND THEY'RE TRAINED
ACCURATELY SO WITH THAT I JUST
WANT TO SHARE WITH THE AUTHOR
OF A PROGRAM THAT WE- SOME
FOLKS PUT TOGETHER IN LOS
ANGELES WITH THE LOS ANGELES
DEPARTMENT OF WATER AND POWER.
IN THE ELECTRICAL WORKERS LOCAL
EIGHTEEN. IT'S THEY CREATED A
NEW UTILITY PRETTY CRAFT TRAIN
ME PROGRAM- AND THEY HAVE
RECEIVED- HIGH ROAD TRAINING
PARTNERSHIP GRANT FROM THE
STATE AND IT COULD BE A MODEL
NOT MAYBE NOT FIT PERFECT BUT
IT COULD BE A MODEL- THEY'VE
TRAINED. OVER THREE HUNDRED AND
FIFTY A PARTICULARLY FROM
COMMUNITIES OF VULNERABLE
COMMUNITIES COMMUNITIES OF
COLOR 90% OF THEM GOT HIRED BY
THE DEPARTMENT OF WATER AND
POWER. THEY BECAME A JOURNEY
LEVEL ON A WORKERS- THEY
LEARNED ENERGY EFFICIENCY
RETROFIT SOLAR INSTALLATION
THEY LEARN HOW TO SUPERVISE
WORK THAT WAS NEEDED- AND
ULTIMATELY. THEY ARE NOW ON
TRACK WITH THE BRAND NEW CAREER
THAT WAS OPENED UP TO THEM SO I
THINK ONE POSSIBILITY IS WHERE
ALL WE COULD PARTNER OR THE
PARTNER COULD BE A PUBLIC THE
PUBLIC UTILITY. OF WHERE AGAIN
YOU KNOW WE KNOW THAT THEY'LL
BE PROPERLY TRAINED- AND LEAD
TO GOOD WELL WAGE JOBS AND- YOU
KNOW MAKE SURE THAT WE'RE ALSO
ADDRESSING A SOCIAL ANNA AND
THE COMMUNITY CONCERNS SO. I
THINK THIS THIS LACK OF THIS
NOT HAVING ENOUGH ENERGY
AUDITORS MAKES HIM VERY EXCITED
THAT WILL NOW BE ABLE TO
RECRUIT AND TRAIN HOPEFULLY. I
DON'T KNOW THOUSANDS AND
THOUSANDS OF PEOPLE IN EACH OF
OUR COMMUNITIES SO. A WHOLE
BUNCH OF THOUGHT LIKE THAT-
TRIGGERS SOMETHING IN YOUR BILL
THANK YOU. I WOULD SAY I WOULD
BE EAGER TO LEARN MORE ABOUT
THE PROGRAM AND HOW WE CAN- TRY
TO. TARGET PEOPLE FOR THESE
JOBS COMING FROM MOST
VULNERABLE COMMUNITIES BECAUSE
THAT BE FANTASTIC. THANK YOU
SENATORS AND ALSO CENTER
PORTANTINO. JUST VERY BRIEFLY I
ECHO A LOT OF THE COMPANIES
THAT HAVE BEEN MADE YOU KNOW
CLEARLY THE AUTHOR IS
RECOGNIZING THAT THIS IS A
PROGRAM THAT- NEEDS REFORM BUT
NOT TO BE DISSOLVED AND I LOOK
FORWARD TO SEEING THE
AMENDMENTS AS THEY PROGRESS
OBVIOUSLY IT'S GONNA COME TO
APPROPRIATIONS AND LOOK FORWARD
TO WORKING WITH THE OFFICE.
THANK YOU CENTER PORTANTINO. S.
H. OBERG. HELLO- AN ICON YES
OKAY GOOD MORNING THANK YOU
MADAM CHAIR IF YOU CAN JUST GET
A LITTLE CLOSER TO YOUR MICRO
AREA THANK YOU MADAM CHAIR-
THANK YOU SENATOR MAN FOR
BRINGING THIS- FORWARD I'VE
BEEN AS A REAL TOUR HAD AN
OPPORTUNITY TO SEE HOW THE PAYS
PROGRAM HAS EVOLVED IN THE PAST
SEVERAL YEARS AND HOW IT'S BEEN
AMENDED IN ORDER TO MAKE IT. A
SAFER MORE EFFECTIVE PROGRAM I
REMEMBER FIRSTHAND AND BEING IN
IN OUR LOCAL BOARD OF REALTORS-
MEETINGS AND HEARING THE
STORIES PERSONAL STORIES OF THE
ISSUES THAT HAPPENED SO
GRATEFUL TO SEE THAT YOU ARE
GOING FORWARD IN PROTECTING OUR
OUR CONSUMERS I DO OF COURSE
FROM A REAL TO PERSPECTIVE AND
IN HAVING YOUR PRESENTED MANY
MANY BUYERS. OF COURSE- AND
KNOWING HOW COSTLY IT IS TO GO
THROUGH THE- ONE PURCHASING A
HOME AND A NUMBER TO JUST YOU
KNOW THE COST OF MAINTAINING A
HOME ONCE YOU OWN IT YOU KNOW
EDUCATING. HAVING THE FINANCIAL
LITERACY FOR HOMEOWNERS I ONCE
THEY PURCHASED A HOME AND
SAYING OKAY HAVE YOU PREPARE
NOW TO MOVE FORWARD WITH. DOING
THESE IMPROVEMENTS YOUR HOME AS
YOU BY YOUR FIRST STARTER HOME
USUALLY. WOULD YOU MIND
INTERESTING A LITTLE BIT- WHAT
YOUR GOAL WHAT YOUR VSION IS
AS FAR AS THE INSPECTION COST-
FOR THE AUDITOR IN EXPANDING
THE POOL OF WHO COOPER. FOR
FORM THE- AUDITS IN ORDER TO
REDUCE THE COST- TO SOMETHING
MORE AFFORDABLE AND MORE AT
COMPETING CONDUCIVE TO HAVING
THESE ARTISTS BECAUSE THE LAST
THING WE WANT TO DO IS OF
COURSE CURTAIL- PEOPLE'S
OPPORTUNITY TO BE ABLE TO
PURSUE THE- THE PACE PROGRAM IN
ORDER TO DO THE IMPROVEMENTS.
THAT WOULD BE SO BENEFICIAL FOR
THEM AS AS HOMEOWNERS- YOUR
THOUGHTS ON THAT PROCESS AND SO
THAT YOU KNOW OUR- WE CAN HAVE
A LITTLE MORE REASSURANCE AS TO
WHAT YOUR THOUGHTS ARE AND IN
PROTECTING. THE CONSUMERS AND
MAKING AND NOT A FINANCIAL
BURDEN BUT A CONDUIT OF BOTH
PROTECTION IN IT- VISIBILITY.
I'M SORRY IT WAS A LITTLE HARD
TO HEAR YOU BUT AS THE QUESTION
I AS I UNDERSTAND IT- WHAT IS
THE SCOPE OF THE AUDIT AND THE
REQUIREMENTS TO BE AN AUDITOR
UNDER THIS PROGRAM. PARTICULAR
REQUIREMENT. YES AND ALSO A
WITH REGARDS TO THE COST AND IF
WE ADD YOUR THOUGHTS ON IT- THE
STILL AT FOUR HUNDRED DOLLARS
TO TWO HUNDRED DOLLARS IT. IT'S
LITTLE STEVE. YOUR THOUGHTS ON
HOW WE COULD EXPAND THE POOL OF
INSPECTORS IN ORDER TO CONDUCT
THE AUDITS AND THAT HOW THAT
WOULD ALLOW US TO REDUCE THE
COST TO SERVE IT'S MORE
FEASIBLE. FOR HOMEOWNERS
BECAUSE THE LAST. THING WE WANT
TO DO IS- THE FIRST BFI. BURDEN
ON ON THE HOMEOWNERS RIGHT IN
NUMBER TWO AT. THE TRYING TO
REDUCE THE- THE ABILITY FOR
THEM TO PURSUE HAVING THESE
THESE HOME IMPROVEMENTS WE
DON'T WANT TO DISSUADE THEM WE
WANT TO ENCOURAGE AND
INCENTIVISE YEAH. SO AND YOUR
THOUGHTS ON EXPANDING THE POOL-
SO THAT MORE. SAY HOME
INSPECTORS ARE REGULAR HOME
INSPECTOR TO DO THATOR IN H.
FAQ. COMPANY WHAT YOUR THOUGHTS
ON THAT. YEAH- SO FEW QUESTIONS
AND THEN I'LL TRY TO ADDRESS
EACH IN TURN AND SENATORS MAN
SORRY TO INTERRUPT YOU AND I'M
WONDERING ACTUALLY DUE TO THE
TIME IF WE COULD- CLOSE RECIPES
AND ALSO PERHAPS CLOSE AT THE
SAME TIME SEEN NO OTHER
ADDITIONAL COMMENTS. PERFECT
HAPPY TO DO THAT SENATOR I
APPRECIATE YOUR YOUR QUESTIONS.
I GUESS THE FIRST THING I
EMPHASIZE IS THAT THIS PACE
PROGRAM IS NOT THE ONLY SOURCE
OF FINANCING OBVIOUSLY
AVAILABLE FOR HOME IMPROVEMENTS
OR OR HOME IMPROVEMENTS. THAT
ARE MEANT TO IMPROVE ENERGY
EFFICIENCY- AND ALSO POINT OUT
AGAIN THAT BECAUSE THIS PROGRAM
IS SENATOR CABALLERO DESCRIBED-
PUTS A SUPER SENIOR LEAN. ON
THE CROSSES PROGRAM IT IS
UNIQUE. AND CAN CREATE ENORMOUS
COSTS FOR HOMEOWNERS IF IT IF
THEY GET UP SOLD IF THEY GET
SOLD SOME KIND OF IMPROVEMENT
THAT DOESN'T HELP THEM- AND
THAT'S THE FRONT OR TRYING TO
ADDRESS- WE WANT A MODEST COST
UP FRONT. I DON'T HAVE A NUMBER
IN MIND I'LL SAY THAT. WE
BELIEVE THE OPPOSITION'S
NUMBERS ON ENERGY AUDITS ARE
GROSSLY INFLATED- WE HAVE FOUND
IN OUR RESEARCH THAT THE
AVERAGE COST IS SOMEWHERE
BETWEEN TWO HUNDRED TO SEVEN
HUNDRED DOLLARS FOR ON IT. WE
WOULD LIKE TO GET IT DOWN FROM
THERE. IS A LOWER INTO THAT IN
DOWN FROM THERE IDEALLY- YOU
KNOW WE EAGER TO WORK WITH YOU
AND OTHER MEMBERS AND THE STAFF
TO FIGURE OUT WHAT THE-
PARTICULAR AUDIT REQUIREMENTS
WOULD BE- BUT OFF THE TOP OF MY
HEAD I'M ENVISIONING SOMETHING
THAT WOULD BE. TAILORED MORE TO
THE PARTICULAR SUGGESTED
IMPROVEMENTS- AND MORE LIKE AS
I DESCRIBED EARLIER A
SUITABILITY. ASSESSMENT IS THIS
RIGHT FOR THE HOMEOWNER DOES IT
PROVIDE ENERGY IMPROVEMENTS
DOESN'T PROVIDE. ENERGY
IMPROVEMENTS AND COST SAVE IN
THAT ARE APPROPRIATE THEIR SIX.
SO THAT THEY HAVE. THEY CAN
LOOK AT- THE GIVES AND REAL
SENSE INSIDE AND CENTER POINT
SHOULD. YOU KNOW YOU DON'T WANT
TO GET UP SOLD INTO SOLAR THAT
YOU DON'T NEED MY AND YOU KNOW
THAT CAN ADD A LOT OF COSTS HOW
DO WE PREVENT THAT FROM
HAPPENING- AND THAT'S KIND OF
THE GOAL OF. THE AUDIT WE'RE
WE'RE TRYING TO ENVISION WOULD
LOOK LIKE- WE'RE OPEN TO
SUGGESTIONS ON THIS I WOULD AND
STRESSES IS A MALLEABLE PROCESS
AND WE'RE JUST TRYING TO GET IT
RIGHT- SIMILARLY WITH THE
AUDITOR REQUIREMENTS- WE'RE
WORKING WITH STAFF RIGHT NOW.
I'LL CONFESS WE HAVEN'T YET
LOOK AT WHAT THE EXISTING
REQUIREMENTS ARE IN DETAIL
ENOUGH TO BE ABLE TO INFORM US.
AS TO HOW THIS A LITTLE BIT YOU
KNOW GIVEN THE REQUIREMENTS OF
WHAT WE'RE SORT OF ENVISIONING.
I DON'T THINK WE WOULD NEED
SORT OF THE SAME TYPES OF
LIMITATIONS- YOU KNOW. WHAT WE
DO INTO SPEAKING CHAPLAIN NOT
NECESSARILY LOOKING TO CREATE
THOUSAND DOLLAR PER ON IT.
THANK JOBS AND WE DO WANT TO
MAKE THIS AFFORDABLE. WE ARE
ALSO LOOKING AS I MENTIONED
EARLIER INTO WHETHER THEY'RE
PUBLIC SOURCES OF FINANCING
THAT CAN HELP FRONT THE UP
FRONT COSTS OF THIS AUDIT. BUT
OVERALL YOU KNOW IT IT'S WE
THINK THIS IS PENNY WISE- THIS
IS. NOT NOT PENNYWISE POUND
FOOLISH THAT. TAKE THE ATTITUDE
THAT AN AUDIT THAT COULD WEED
OUT A LOT OF FRAUD. YOU KNOW
HE'S IS PENNY WISE POUND
FOOLISH THAT IS TO SAY. YOU
MIGHT SAVE A LITTLE BIT ON THE
FRONT END BUT GIVEN HOW MUCH.
HOMEOWNERS ARE. STRAPPED WITH
THE HUGE COSTS. THE CREW
INTEREST OVER TIME. WE THINK IS
A PRO. A AND- WE ARE OPEN TO
FIGURE OUT HOW WE CAN TAILOR.
THANK YOU SAID I'M AND WITH
THAT I WOULD SAY RESPECTFULLY
ASK FOR A VOTE AND I WOULD
EMPHASIZE WE ARE LOOKING TO
WORK WITH EVERYBODY THAT THE
EXTENT POSSIBLE WILL CONTINUE
DOING THAT BUT I RESPECTFULLY
ASK RIVAL. THANK YOU SENATOR
MAN AND THANKS TO THE COMMITTEE
FOR A ROBUST CONVERSATION SO
WITH THAT TO- DO WE HAVE A
MOTION. MOVED BY SENATOR WEST
SO AND THE MOTION IS DUE PASS
AS AMENDED FIRST AMEND AND
REFERRED TO THE COMMITTEE ON
APPROPRIATIONS FOR LESS OFTEN
PLEASE CALL THE ROLL. THE
MOTION IS THE PATH AMENDED THE
FIRST AMENDED RE REFER TO THE
COMMITTEE ON APPROPRIATIONS
LAMONT. HI THE LOAN A TOTAL OF
NINE THE TURBO GUY CABALLERO.
WOI DALY NO DALY NO THEY'RE
ALSO HI THERE I EGGMAN. EGGMAN
HI WAS SO. WAS SO MANY. MAN
FIVE FOUR. HI PORTANTINO. OKAY
THE EIGHT THANK YOU WE HAVE A
EIGHT IN SUPPORT OF THE BILL
ONE- OFFICE. SO WE WILL GO
AHEAD NOW AND LIFT THE CALL ON
THE CONSENT CALENDAR. THE
MOTION IS TO ADOPT THE CONSENT
CALENDAR- CHAU ABOVE. I BUT
CHAU BUG EYED. AND JUST FOR THE
CONSENT CALENDAR HAS NINE VOTES
AND IS OUT SO WITH THAT WE
HAVE- EVERYONE'S VOTED ON ALL
THE BILLS WE WILL GO AHEAD AND
THINK ALL THE INDIVIDUALS WHO
PARTICIPATED IN PUBLIC
TESTIMONY TODAY IF YOU WERE NOT
ABLE TO TESTIFY TODAY PLEASE
SUBMIT YOUR COMMENTS OR
SUGGESTIONS IN WRITING TO THE
SENATE BANKING AND FINANCIAL
INSTITUTIONS COMMITTEE OR VISIT
OUR WEBSITE YOUR COMMENTS AND
SUGGESTIONS ARE IMPORTANT TO US
AND WE WANT TO INCLUDE YOUR
TESTIMONY. IN THE OFFICIAL
HEARING RECORD THANK YOU AND WE
APPRECIATE YOUR PARTICIPATION
THANK YOU TO EVERYONE FOR YOUR
PATIENCE AND CRIMES COOPERATION
WE HAVE CONCLUDED THE AGENDA
FOR THE SENATE BANKING AND
FINANCIAL INSTITUTIONS
COMMITTEE AND THE COMMITTEE IS
ADJOURNED.