WEBVTT
Region: id=rollup2 lines=2 scroll=up
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WELCOME TO OUR JUNE NINETEENTH
00:27:37.156 --> 00:27:39.525 region:rollup2
TWENTY EIGHTEEN HEARING HEARD
00:27:37.756 --> 00:27:41.393 region:rollup2
THE JEDI COMMITTEE THAT WE HAVE
00:27:39.525 --> 00:27:43.262 region:rollup2
TO BILLS ON FILE.
00:27:41.393 --> 00:27:44.897 region:rollup2
A WE WILL BE HEARING.
00:27:43.262 --> 00:27:48.567 region:rollup2
S. B. FIVE FIVE ONE HUESO AN S.
00:27:44.897 --> 00:27:51.436 region:rollup2
B. SIX THREE FIVE HUESO.
00:27:48.567 --> 00:27:53.472 region:rollup2
A WE DO I HAVE.
00:27:51.436 --> 00:27:55.574 region:rollup2
INFORMATIONOF SUPPORT AND
00:27:53.472 --> 00:27:57.676 region:rollup2
OPPOSITION ON TO THAT BILL SO WE
00:27:55.574 --> 00:27:59.611 region:rollup2
WILL SOME OF OUR NEW SUPPORT FOR
00:27:57.676 --> 00:28:01.780 region:rollup2
S. B. FIVE FIVE ONE IS
00:27:59.611 --> 00:28:04.016 region:rollup2
CALIFORNIA BANKERS ASSOCIATION.
00:28:01.780 --> 00:28:06.351 region:rollup2
CALIFORNIA CREDIT UNION LEAGUE
00:28:04.016 --> 00:28:08.587 region:rollup2
UNITED CHAMBER ADVOCACY NETWORK
00:28:06.351 --> 00:28:10.088 region:rollup2
THAT IS SUPPORT OPPOSITION WE
00:28:08.587 --> 00:28:12.124 region:rollup2
HAVE THREE INDIVIDUALS THAT HAVE
00:28:10.088 --> 00:28:14.560 region:rollup2
WRITTEN ON THEIR OWN BEHALF.
00:28:12.124 --> 00:28:16.728 region:rollup2
KATE CHARM CO OWNER OF DOWNTOWN
00:28:14.560 --> 00:28:18.230 region:rollup2
AND BUYING DENNIS* EXECUTIVE
00:28:16.728 --> 00:28:19.898 region:rollup2
DIRECTOR OF ASIAN BUSINESS
00:28:18.230 --> 00:28:21.833 region:rollup2
ASSOCIATION.
00:28:19.898 --> 00:28:23.635 region:rollup2
AND AUBREY STONE PRESIDENT AND
00:28:21.833 --> 00:28:25.170 region:rollup2
C. E. O. OF CALIFORNIA BLACK
00:28:23.635 --> 00:28:26.772 region:rollup2
CHAMBER OF COMMERCE.
00:28:25.170 --> 00:28:28.407 region:rollup2
SO WITH THAT WILL MAKE SURE THAT
00:28:26.772 --> 00:28:29.942 region:rollup2
THOSE ARE NOTED IN THE FILE.
00:28:28.407 --> 00:28:32.077 region:rollup2
IN ADDITION TO THAT --
00:28:29.942 --> 00:28:33.178 region:rollup2
WE WILL BE --
00:28:32.077 --> 00:28:34.713 region:rollup2
WE WANTED TO GIVE A FEW
00:28:33.178 --> 00:28:37.316 region:rollup2
ANNOUNCEMENTS RELATED TO THE
00:28:34.713 --> 00:28:37.816 region:rollup2
BUDGET HIGHLIGHT OF SOME OF THE
00:28:37.316 --> 00:28:38.517 region:rollup2
WORK WE'VE DONE IN THIS
00:28:37.816 --> 00:28:40.218 region:rollup2
COMMITTEE.
00:28:38.517 --> 00:28:42.254 region:rollup2
WE'VE HAD TWENTY THREE MILLION
00:28:40.218 --> 00:28:43.989 region:rollup2
IN THE STATE BUDGET FOR SMALL
00:28:42.254 --> 00:28:45.924 region:rollup2
BUSINESS TECHNICAL SAID --
00:28:43.989 --> 00:28:48.327 region:rollup2
ASSISTANCE CENTERS SO WE'RE VERY
00:28:45.924 --> 00:28:50.362 region:rollup2
EXCITED ABOUT THAT WE WERE ABLE
00:28:48.327 --> 00:28:50.862 region:rollup2
TO WORK TO GET THREE HUNDRED
00:28:50.362 --> 00:28:53.832 region:rollup2
MILLION.
00:28:50.862 --> 00:28:55.467 region:rollup2
FOR ICT PROGRAMS FOR K.
00:28:53.832 --> 00:28:56.535 region:rollup2
TWELVE WHICH IS AN ADDITIONAL
00:28:55.467 --> 00:28:58.303 region:rollup2
HUNDRED MILLION WHEN.
00:28:56.535 --> 00:29:00.973 region:rollup2
THIS FIRST STARTED.
00:28:58.303 --> 00:29:03.342 region:rollup2
AND AS MANY OF YOU KNOW TODAY A
00:29:00.973 --> 00:29:06.245 region:rollup2
SMALL BUSINESS OWNERS OF THE
00:29:03.342 --> 00:29:07.779 region:rollup2
YEAR AND WE SEVERAL OF US UP
00:29:06.245 --> 00:29:08.614 region:rollup2
HERE HAVE ARE SMALL BUSINESS
00:29:07.779 --> 00:29:10.382 region:rollup2
OWNERS.
00:29:08.614 --> 00:29:12.050 region:rollup2
I TO DO HAVE ONE THEY'RE NOT
00:29:10.382 --> 00:29:13.986 region:rollup2
ABLE TO MAKE IT MAKE IT END BUT
00:29:12.050 --> 00:29:15.454 region:rollup2
IF THEY DO WILL ACKNOWLEDGE THEM
00:29:13.986 --> 00:29:17.222 region:rollup2
AND I KNOW ASSEMBLY.
00:29:15.454 --> 00:29:18.757 region:rollup2
ON MARC STEINORTH HAS ONE WOULD
00:29:17.222 --> 00:29:20.726 region:rollup2
YOU LIKE TO INTRODUCE THEM YES
00:29:18.757 --> 00:29:22.327 region:rollup2
IF I'M WITH THE BUT THE CHAIRS
00:29:20.726 --> 00:29:24.396 region:rollup2
INDULGENCE I'D LIKE TO RECOGNIZE
00:29:22.327 --> 00:29:24.763 region:rollup2
MICHAEL RATHER MAKER WHO'S HERE
00:29:24.396 --> 00:29:26.331 region:rollup2
IN THE FRONT --
00:29:24.763 --> 00:29:28.233 region:rollup2
HE IS THE FOUNDER PRESIDENT AND
00:29:26.331 --> 00:29:30.168 region:rollup2
CEO OF M. G. ARE REAL ESTATE
00:29:28.233 --> 00:29:31.637 region:rollup2
PROPERTY MANAGEMENT I'M MICHAEL
00:29:30.168 --> 00:29:32.671 region:rollup2
STARTED WITH BASICALLY THE SUIT
00:29:31.637 --> 00:29:34.206 region:rollup2
ON HIS BACK AND WAS ABLE TO
00:29:32.671 --> 00:29:35.407 region:rollup2
CREATE A PROPERTY MANAGEMENT
00:29:34.206 --> 00:29:36.308 region:rollup2
REAL ESTATE FIRM THAT.
00:29:35.407 --> 00:29:39.144 region:rollup2
IS PRETTY WELL KNOWN AS THE
00:29:36.308 --> 00:29:40.746 region:rollup2
LARGEST INLAND EMPIRE FOR
00:29:39.144 --> 00:29:42.381 region:rollup2
COMMERCIAL REAL ESTATE AND HE IS
00:29:40.746 --> 00:29:44.082 region:rollup2
EMPLOYED AND CREATED JOBS FOR
00:29:42.381 --> 00:29:45.817 region:rollup2
TENS OF THOUSANDS OF RESIDENTS
00:29:44.082 --> 00:29:46.818 region:rollup2
OF THE INLAND EMPIRE AND WE ARE
00:29:45.817 --> 00:29:48.220 region:rollup2
VERY GRATEFUL FOR HIM TO
00:29:46.818 --> 00:29:48.887 region:rollup2
PARTICIPANT AT BE A PARTICIPANT
00:29:48.220 --> 00:29:50.322 region:rollup2
TODAY.
00:29:48.887 --> 00:29:51.823 region:rollup2
AND THAT HE BROUGHT HIS FAMILY
00:29:50.322 --> 00:29:52.891 region:rollup2
MEMBERS AND ALSO --
00:29:51.823 --> 00:29:54.593 region:rollup2
YOU KNOW HIS HIGH RANKING STAFF
00:29:52.891 --> 00:29:55.961 region:rollup2
WITH THEM TO SHARE IN THIS HONOR
00:29:54.593 --> 00:30:02.768 region:rollup2
TODAY SO CONGRATULATIONS MICHAEL
00:29:55.961 --> 00:30:04.603 region:rollup2
RATHER MAKE.
00:30:02.768 --> 00:30:07.039 region:rollup2
CONGRATULATIONS AND WE'RE GONNA
00:30:04.603 --> 00:30:08.707 region:rollup2
GO HEAD AND CALL THE ROLL.
00:30:07.039 --> 00:30:12.044 region:rollup2
FORM [inaudible]
00:30:08.707 --> 00:30:12.444 region:rollup2
SECRETARY.
00:30:12.044 --> 00:30:14.079 region:rollup2
CHAIR QUIRK SILVA.
00:30:12.444 --> 00:30:15.914 region:rollup2
HERE.
00:30:14.079 --> 00:30:17.883 region:rollup2
VICE CHAIR ALAN [inaudible]
00:30:15.914 --> 00:30:19.885 region:rollup2
BERMAN [inaudible]
00:30:17.883 --> 00:30:22.554 region:rollup2
CERVANTES [inaudible]
00:30:19.885 --> 00:30:24.790 region:rollup2
GONZALEZ FLETCHER [inaudible]
00:30:22.554 --> 00:30:27.759 region:rollup2
RODRIGUEZ [inaudible]
00:30:24.790 --> 00:30:30.829 region:rollup2
STEINORTH HERE.
00:30:27.759 --> 00:30:34.232 region:rollup2
MADAM CHAIR WE HAVE QUORUM.
00:30:30.829 --> 00:30:37.602 region:rollup2
AND NOW WE NEED OUR AUTHOR.
00:30:34.232 --> 00:30:38.203 region:rollup2
DO WE DO WE KNOW WHERE YOU.
00:30:37.602 --> 00:30:40.405 region:rollup2
DO WE KNOW WHERE HE SAID YEAH
00:30:38.203 --> 00:30:42.841 region:rollup2
HE'S.
00:30:40.405 --> 00:30:43.542 region:rollup2
RUSSIAN FOREIGN HIS COMMITTEE
00:30:42.841 --> 00:30:44.209 region:rollup2
AND THOSE KIND OF RUN HEALTH ARE
00:30:43.542 --> 00:30:44.876 region:rollup2
A HE DOES HAVE A COMMITTEE HE'S
00:30:44.209 --> 00:30:46.912 region:rollup2
WORKING ON A JUST ESTABLISHED A
00:30:44.876 --> 00:31:00.492 region:rollup2
QUORUM AND HE WILL BE HERE IN A
00:30:46.912 --> 00:31:01.860 region:rollup2
MOMENT [inaudible]
00:31:00.492 --> 00:31:02.160 region:rollup2
REPREHENSIBLE PRETTY
00:31:01.860 --> 00:31:18.276 region:rollup2
[inaudible]
00:31:02.160 --> 00:31:18.276 region:rollup2
BECAUSE
00:31:19.978 --> 00:31:22.748 region:rollup2
THEY KNOW THE VERY BUSY
00:31:21.012 --> 00:31:23.949 region:rollup2
TIME TODAY IN THE CAPITAL OF
00:31:22.748 --> 00:31:26.151 region:rollup2
PEOPLE COMING AND GOING TO
00:31:23.949 --> 00:31:27.219 region:rollup2
COMMITTEES BUT MISTER ASSEMBLY
00:31:26.151 --> 00:31:30.155 region:rollup2
MEMBER BERMAN WHO IS YOUR SMALL
00:31:27.219 --> 00:31:32.190 region:rollup2
BUSINESS --
00:31:30.155 --> 00:31:33.425 region:rollup2
THAT YOU ARE RECOGNIZED TODAY.
00:31:32.190 --> 00:31:35.460 region:rollup2
EVEN IF THEY'RE NOT HERE WE CAN
00:31:33.425 --> 00:31:37.562 region:rollup2
TALK ABOUT IT'S A HARLEY FARMS
00:31:35.460 --> 00:31:38.964 region:rollup2
WHICH IS A FARM OUT ON THE COAST
00:31:37.562 --> 00:31:40.132 region:rollup2
IN PESCADERO.
00:31:38.964 --> 00:31:42.167 region:rollup2
IN MY DISTRICT THAT DOES A LOT
00:31:40.132 --> 00:31:42.901 region:rollup2
OF EDUCATIONAL OPPORTUNITIES FOR
00:31:42.167 --> 00:31:44.636 region:rollup2
FOLKS THAT COME TO VISIT THE
00:31:42.901 --> 00:31:46.338 region:rollup2
FARM -- WE
00:31:44.636 --> 00:31:47.839 region:rollup2
WENT AND VISITED MY STAFF AND I
00:31:46.338 --> 00:31:50.909 region:rollup2
WHEN VISIT LAST YEAR.
00:31:47.839 --> 00:31:53.044 region:rollup2
AND HELD A BABY GO THAT HAVE
00:31:50.909 --> 00:31:54.045 region:rollup2
BEEN ALIVE FOR HOURS --
00:31:53.044 --> 00:31:55.147 region:rollup2
WHICH I THOUGHT WAS ABSOLUTELY
00:31:54.045 --> 00:31:56.314 region:rollup2
AMAZING --
00:31:55.147 --> 00:31:58.183 region:rollup2
SO LOOKING FORWARD TO SEEING
00:31:56.314 --> 00:32:01.286 region:rollup2
THEM A COUPLE HOURS.
00:31:58.183 --> 00:32:04.589 region:rollup2
YEAH THEY A FAMILY FARM OR THEY
00:32:01.286 --> 00:32:06.725 region:rollup2
OR YES THEY ARE ABSOLUTELY --
00:32:04.589 --> 00:32:08.560 region:rollup2
AND MAKE.
00:32:06.725 --> 00:32:10.128 region:rollup2
DAHLE SORTS OF CHEESES AND
00:32:08.560 --> 00:32:11.163 region:rollup2
DELICIOUS THINGS THAT YOU CAN
00:32:10.128 --> 00:32:13.498 region:rollup2
BUY IN THEIR IN THEIR GIFT STORE
00:32:11.163 --> 00:32:15.233 region:rollup2
AT THE AT THE FARM.
00:32:13.498 --> 00:32:16.768 region:rollup2
AND WHAT A FUN ASSEMBLY MEMBER
00:32:15.233 --> 00:32:20.305 region:rollup2
RODRIGUEZ WHO'S YOUR LOCUSTS
00:32:16.768 --> 00:32:20.505 region:rollup2
CAN'T.
00:32:20.305 --> 00:32:23.875 region:rollup2
WORLD.
00:32:20.505 --> 00:32:26.344 region:rollup2
FAMOUS.
00:32:23.875 --> 00:32:30.315 region:rollup2
FOR THEY'RE GONNA CITY OF JINAN
00:32:26.344 --> 00:32:30.949 region:rollup2
CITY LONG TERM.
00:32:30.315 --> 00:32:33.985 region:rollup2
ANYBODY EVER FLIGHT AND AIRPORT
00:32:30.949 --> 00:32:35.921 region:rollup2
--
00:32:33.985 --> 00:32:38.523 region:rollup2
WE SHOULD STOP BY [inaudible]
00:32:35.921 --> 00:32:39.491 region:rollup2
LOGAN'S CAN.
00:32:38.523 --> 00:32:47.098 region:rollup2
WELL KNOWN FOR CANDIDATES NOT
00:32:39.491 --> 00:32:59.744 region:rollup2
JUST HOLIDAYS HERE.
00:32:47.098 --> 00:33:03.048 region:rollup2
LET KILEY PASSING OUT --
00:32:59.744 --> 00:33:03.782 region:rollup2
TEASING US WITH.
00:33:03.048 --> 00:33:05.484 region:rollup2
AND THEN I HAVE [inaudible]
00:33:03.782 --> 00:33:06.117 region:rollup2
FULLERTON. TWO CO OWNERS OF
00:33:05.484 --> 00:33:07.552 region:rollup2
BOURBON STREET WHICH IS A DOWN
00:33:06.117 --> 00:33:08.787 region:rollup2
TOWN LOCAL RESTAURANT AND BAR.
00:33:07.552 --> 00:33:11.556 region:rollup2
BUT IN ADDITION TO THE FOOTBALL
00:33:08.787 --> 00:33:12.757 region:rollup2
AND OF FOOD AND ENTERTAINMENT
00:33:11.556 --> 00:33:14.526 region:rollup2
THEY'VE ALSO BECOME VERY
00:33:12.757 --> 00:33:17.362 region:rollup2
INVOLVED IN THE COMMUNITY DOING
00:33:14.526 --> 00:33:19.497 region:rollup2
AN ANNUAL MARDI GRAS EVENT AND
00:33:17.362 --> 00:33:22.000 region:rollup2
THE EVENT IS TO THIS --
00:33:19.497 --> 00:33:23.468 region:rollup2
US. FOR AWARENESS WITH AUTISM.
00:33:22.000 --> 00:33:26.137 region:rollup2
AND BECAUSE ONE OF THE OWNERS
00:33:23.468 --> 00:33:28.073 region:rollup2
SON HIGH IS AUTISTIC AND AS IT
00:33:26.137 --> 00:33:30.742 region:rollup2
TURNS AROUND THE PERSONAL STORY
00:33:28.073 --> 00:33:32.978 region:rollup2
IS THAT HIS SON WAS IN MY CLASS.
00:33:30.742 --> 00:33:34.446 region:rollup2
A WHEN I WAS TEACHING SO THEY
00:33:32.978 --> 00:33:35.847 region:rollup2
NOW DO --
00:33:34.446 --> 00:33:38.917 region:rollup2
WHERE THEY BRING IN ABOUT FIVE
00:33:35.847 --> 00:33:41.319 region:rollup2
THOUSAND PEOPLE I'M ANNUALLY TO
00:33:38.917 --> 00:33:42.988 region:rollup2
TO FOR OUR EVENT AND RAISE MONEY
00:33:41.319 --> 00:33:45.690 region:rollup2
TO GIVE BACK IN HAVE BUILT --
00:33:42.988 --> 00:33:48.226 region:rollup2
SENSORY GARDENS AND SO FORTH SO
00:33:45.690 --> 00:33:49.961 region:rollup2
THAT IS LARRY HAUSER IN JOHN SKI
00:33:48.226 --> 00:33:51.796 region:rollup2
AND AND THEY'RE NOT HERE BUT I
00:33:49.961 --> 00:33:53.832 region:rollup2
KNOW THEY BE EXCITED TO HEAR
00:33:51.796 --> 00:33:54.132 region:rollup2
ABOUT AND WAGES THEIR SUDDEN
00:33:53.832 --> 00:33:55.934 region:rollup2
[inaudible]
00:33:54.132 --> 00:33:58.670 region:rollup2
ALRIGHT SO.
00:33:55.934 --> 00:34:00.372 region:rollup2
THE SENATOR IS ON ITS WAY.
00:33:58.670 --> 00:34:01.706 region:rollup2
AND NOW WE ARE GOING TO
00:34:00.372 --> 00:34:02.007 region:rollup2
ENTERTAIN YOU WITH NO
00:34:01.706 --> 00:34:04.809 region:rollup2
[inaudible]
00:34:02.007 --> 00:34:06.478 region:rollup2
YEAH [inaudible]
00:34:04.809 --> 00:34:08.513 region:rollup2
OKAY.
00:34:06.478 --> 00:34:24.863 region:rollup2
THIS IS VERY HEAVY SO SEE
00:34:08.513 --> 00:34:24.863 region:rollup2
EVERYBODY SMILING NOW
00:35:33.631 --> 00:35:50.015 region:rollup2
[inaudible]
00:35:33.932 --> 00:35:50.015 region:rollup2
LISTEN
00:36:21.179 --> 00:36:37.495 region:rollup2
[inaudible]
00:36:21.479 --> 00:36:37.495 region:rollup2
OPTION
00:36:51.976 --> 00:37:08.259 region:rollup2
[inaudible]
00:36:52.277 --> 00:37:08.259 region:rollup2
YEAH
00:38:27.071 --> 00:38:30.775 region:rollup2
[inaudible]
00:38:27.372 --> 00:38:33.077 region:rollup2
FAVORITE OF BUSINESS OWNERS AND
00:38:30.775 --> 00:38:33.978 region:rollup2
THIS IS LARRY HAUSER WALKING AND
00:38:33.077 --> 00:38:35.046 region:rollup2
WHERE YOU CAN SAY HI TO
00:38:33.978 --> 00:38:37.482 region:rollup2
EVERYBODY BECAUSE I JUST TOLD
00:38:35.046 --> 00:38:39.350 region:rollup2
YOUR STORY AND HE'S THE OWNER.
00:38:37.482 --> 00:38:42.120 region:rollup2
OF BOURBON STREET AND WE ALSO
00:38:39.350 --> 00:38:44.122 region:rollup2
HAVE BUOYED HIS SON MY BOY.
00:38:42.120 --> 00:38:46.024 region:rollup2
HOW ARE YOU?
00:38:44.122 --> 00:38:46.691 region:rollup2
AND WADE WAS IN MY CLASS WHEN HE
00:38:46.024 --> 00:38:50.395 region:rollup2
WAS IN.
00:38:46.691 --> 00:38:52.697 region:rollup2
THIRD GRADE [inaudible]
00:38:50.395 --> 00:38:53.998 region:rollup2
SO WELCOME [inaudible]
00:38:52.697 --> 00:38:57.435 region:rollup2
QUE.
00:38:53.998 --> 00:39:13.651 region:rollup2
WHERE'S MR HUESO [inaudible]
00:38:57.435 --> 00:39:13.651 region:rollup2
SENATOR HUESO
00:39:36.007 --> 00:39:38.776 region:rollup2
.
00:39:36.140 --> 00:39:41.412 region:rollup2
I'M SORRY EVERYBODY THIS IS ALSO
00:39:38.776 --> 00:39:57.662 region:rollup2
JOSEPHITE JOSEPH A KEY AND HE IS
00:39:41.412 --> 00:39:57.662 region:rollup2
THE CO CO OWNER
00:43:23.768 --> 00:43:27.238 region:rollup2
.
00:43:23.901 --> 00:43:30.575 region:rollup2
OKAY WE ARE WELCOMING OUR AUTHOR
00:43:27.238 --> 00:43:33.444 region:rollup2
SENATOR HUESO TO PRESENT S. B.
00:43:30.575 --> 00:43:35.079 region:rollup2
FIVE FIVE ONE AND SENATOR.
00:43:33.444 --> 00:43:37.081 region:rollup2
THANK YOU MADAM CHAIR MEMBERS --
00:43:35.079 --> 00:43:40.284 region:rollup2
GOOD MORNING --
00:43:37.081 --> 00:43:42.253 region:rollup2
WHEN I'M SORRY SENATOR WE WE DO
00:43:40.284 --> 00:43:44.021 region:rollup2
HAVE SOMEBODY ELSE WHO CAME TO
00:43:42.253 --> 00:43:44.555 region:rollup2
ON MY TRUCK AT THAT?
00:43:44.021 --> 00:43:48.159 region:rollup2
A POSTER ALAN [inaudible]
00:43:44.555 --> 00:43:50.361 region:rollup2
CERVANTES [inaudible]
00:43:48.159 --> 00:43:51.963 region:rollup2
THANK YOU.
00:43:50.361 --> 00:43:54.265 region:rollup2
THANK YOU ARE VERY PROUD TO
00:43:51.963 --> 00:43:55.566 region:rollup2
PRESENT SP FIVE FIVE ONE THIS IS
00:43:54.265 --> 00:43:57.735 region:rollup2
A BILL THAT SEEKS TO PROVIDE.
00:43:55.566 --> 00:43:58.302 region:rollup2
INCREASE ACCESS TO CAPITAL FOR
00:43:57.735 --> 00:43:59.737 region:rollup2
SMALL BUSINESS OWNERS ACROSS
00:43:58.302 --> 00:44:00.805 region:rollup2
STATE.
00:43:59.737 --> 00:44:01.973 region:rollup2
OUR FIRST OF ALL I'D LIKE TO
00:44:00.805 --> 00:44:03.875 region:rollup2
THANK THE CHIEF CONSULTANT OF
00:44:01.973 --> 00:44:05.877 region:rollup2
THE COMMITTEE.
00:44:03.875 --> 00:44:07.378 region:rollup2
I SHE'S DONE JUSTIN AND MASON
00:44:05.877 --> 00:44:08.746 region:rollup2
AMOUNT WORK ON THIS BILL THAT'S
00:44:07.378 --> 00:44:09.747 region:rollup2
ACTUALLY BEEN.
00:44:08.746 --> 00:44:10.948 region:rollup2
PROBABLY MONTHS OF WORK AND
00:44:09.747 --> 00:44:12.383 region:rollup2
REALLY REALLY APPRECIATE WHAT
00:44:10.948 --> 00:44:13.684 region:rollup2
SHE'S DONE TO MAKE THIS A A
00:44:12.383 --> 00:44:14.752 region:rollup2
WONDERFUL BILL.
00:44:13.684 --> 00:44:16.320 region:rollup2
WE COULD HAVE DONE IT WITHOUT
00:44:14.752 --> 00:44:18.122 region:rollup2
HER IN FACT I'M THINKING OF
00:44:16.320 --> 00:44:22.193 region:rollup2
ADDING OR TO OUR ARE --
00:44:18.122 --> 00:44:25.763 region:rollup2
STAFF BUDGET.
00:44:22.193 --> 00:44:27.064 region:rollup2
PRISON IT'S BEEN A LOT OF WORK.
00:44:25.763 --> 00:44:28.366 region:rollup2
YEAH NO WILL GET REALLY
00:44:27.064 --> 00:44:30.334 region:rollup2
APPRECIATE ALL OUR HELP THIS
00:44:28.366 --> 00:44:32.203 region:rollup2
IT'S BEEN WONDERFUL --
00:44:30.334 --> 00:44:33.604 region:rollup2
TO I GET HURT IT.
00:44:32.203 --> 00:44:35.506 region:rollup2
INCREDIBLE KNOWLEDGE ABOUT --
00:44:33.604 --> 00:44:36.107 region:rollup2
SMALL BUSINESS FINANCE AND THIS
00:44:35.506 --> 00:44:39.877 region:rollup2
THIS PROGRAM THAT WE'VE WORKED
00:44:36.107 --> 00:44:41.679 region:rollup2
ON FOR ACTUALLY YEARS NOW WE
00:44:39.877 --> 00:44:44.382 region:rollup2
WORK THE WORKING ON CAL CAPTAIN
00:44:41.679 --> 00:44:45.783 region:rollup2
THIS IS SO NOT MY FIRST
00:44:44.382 --> 00:44:46.751 region:rollup2
INVOLVEMENT WITH THE CAL CUP
00:44:45.783 --> 00:44:49.487 region:rollup2
PROGRAM WE WE WERE ABLE TO PASS
00:44:46.751 --> 00:44:50.655 region:rollup2
A BILL. NINE EIGHT ONE I THINK
00:44:49.487 --> 00:44:52.089 region:rollup2
IT WAS NUMBER THAT BROUGHT IN
00:44:50.655 --> 00:44:53.791 region:rollup2
ABOUT ONE POINT.
00:44:52.089 --> 00:44:55.426 region:rollup2
NINE BILLION DOLLARS OF SMALL
00:44:53.791 --> 00:44:57.128 region:rollup2
BUSINESS LOANS ACROSS THE STATE.
00:44:55.426 --> 00:44:59.397 region:rollup2
AT A TIME THAT WAS A VERY VERY
00:44:57.128 --> 00:45:01.165 region:rollup2
NEEDED --
00:44:59.397 --> 00:45:02.133 region:rollup2
SEVERAL YEARS BACK WITH SO.
00:45:01.165 --> 00:45:03.701 region:rollup2
WHEN THE COP AND THE ECONOMY WAS
00:45:02.133 --> 00:45:05.903 region:rollup2
STILL IN REBOUNDS SO --
00:45:03.701 --> 00:45:07.838 region:rollup2
THIS THIS BILL IS IN OUR
00:45:05.903 --> 00:45:08.806 region:rollup2
RESPONSE --
00:45:07.838 --> 00:45:12.610 region:rollup2
TO LOT OF A BUSINESS
00:45:08.806 --> 00:45:13.578 region:rollup2
STAKEHOLDERS --
00:45:12.610 --> 00:45:15.913 region:rollup2
IN THE BUSINESS COMMUNITY THEY
00:45:13.578 --> 00:45:17.815 region:rollup2
THEY HAVE.
00:45:15.913 --> 00:45:20.084 region:rollup2
ALWAYS BEEN VERY CRITICAL OF
00:45:17.815 --> 00:45:21.519 region:rollup2
CALCUTTA IT'S NEVER BEEN --
00:45:20.084 --> 00:45:22.887 region:rollup2
THEIR FIRST CHOICE FURTHER
00:45:21.519 --> 00:45:24.388 region:rollup2
BANKING NEEDS THERE ARE LOAN
00:45:22.887 --> 00:45:26.457 region:rollup2
NEEDS AND WE'RE TRYING TO MAKE
00:45:24.388 --> 00:45:28.492 region:rollup2
IT MORE COMPETITIVE PROGRAM.
00:45:26.457 --> 00:45:30.761 region:rollup2
BUT ALSO A OF OF A BILL THAT
00:45:28.492 --> 00:45:32.663 region:rollup2
MAKES.
00:45:30.761 --> 00:45:34.332 region:rollup2
THE OX EIGHTEEN CREASES ACCESS
00:45:32.663 --> 00:45:39.570 region:rollup2
TO CAPITAL I THINK THAT'S KEY --
00:45:34.332 --> 00:45:41.839 region:rollup2
OUT OF EVERY BUSINESS THAT --
00:45:39.570 --> 00:45:43.107 region:rollup2
GOES OUT TO LOOK FOR A LOAN IN
00:45:41.839 --> 00:45:45.042 region:rollup2
THE STATE OF CALIFORNIA ONLY 10%
00:45:43.107 --> 00:45:46.544 region:rollup2
ACTUALLY GET IT.
00:45:45.042 --> 00:45:48.212 region:rollup2
THAT LEAVES 90% OF THE SMALL
00:45:46.544 --> 00:45:50.247 region:rollup2
BUSINESSES OUT THERE THAT HAVE A
00:45:48.212 --> 00:45:53.618 region:rollup2
HARD TIME GETTING ACCESS.
00:45:50.247 --> 00:45:54.952 region:rollup2
CHU CHU A VERY IMPORTANT LOANS
00:45:53.618 --> 00:45:55.953 region:rollup2
TO IMPROVE THEIR BUSINESSES TO
00:45:54.952 --> 00:45:57.822 region:rollup2
EXPAND THEIR BUSINESSES AND I
00:45:55.953 --> 00:46:00.057 region:rollup2
THINK THAT'S THE KEY.
00:45:57.822 --> 00:46:00.825 region:rollup2
WE WANT TO GET SMALL BUSINESS TO
00:46:00.057 --> 00:46:02.560 region:rollup2
EXPAND THEIR BUSINESS THERE
00:46:00.825 --> 00:46:04.395 region:rollup2
THEY'VE THEY EMPLOY OVER 90% OF
00:46:02.560 --> 00:46:06.831 region:rollup2
CALIFORNIANS.
00:46:04.395 --> 00:46:09.200 region:rollup2
AND THAT OUR STATE.
00:46:06.831 --> 00:46:10.334 region:rollup2
NEEDS TO DO MORE TO TO MAKE SURE
00:46:09.200 --> 00:46:13.571 region:rollup2
THAT ARE SMALL BUSINESSES
00:46:10.334 --> 00:46:15.473 region:rollup2
SUCCEED IN THE STATE --
00:46:13.571 --> 00:46:17.308 region:rollup2
SO THIS BILL --
00:46:15.473 --> 00:46:18.509 region:rollup2
WOULD.
00:46:17.308 --> 00:46:20.177 region:rollup2
WOULD --
00:46:18.509 --> 00:46:21.112 region:rollup2
ENSURE THE CONTINUED SUCCESS OF
00:46:20.177 --> 00:46:22.446 region:rollup2
THE COP CAPRA GRAHAM BY
00:46:21.112 --> 00:46:24.482 region:rollup2
TRANSPORTING.
00:46:22.446 --> 00:46:25.116 region:rollup2
TRANSFERRING THE ADMINISTRATION
00:46:24.482 --> 00:46:25.716 region:rollup2
OF THE PROGRAM TO THE CALIFORNIA
00:46:25.116 --> 00:46:27.285 region:rollup2
PUT [inaudible]
00:46:25.716 --> 00:46:28.853 region:rollup2
FROM.
00:46:27.285 --> 00:46:29.920 region:rollup2
THE CALIFORNIA POLLUTION CONTROL
00:46:28.853 --> 00:46:30.888 region:rollup2
FINANCING AUTHORITY TO THE
00:46:29.920 --> 00:46:32.390 region:rollup2
CALIFORNIA SMALL BUSINESS
00:46:30.888 --> 00:46:33.758 region:rollup2
FINANCE AND ARE.
00:46:32.390 --> 00:46:34.625 region:rollup2
WHICH EXISTS UNDER THE
00:46:33.758 --> 00:46:36.360 region:rollup2
CALIFORNIA FOR STRUCTURE
00:46:34.625 --> 00:46:38.362 region:rollup2
ECONOMIC DEVELOPMENT BACK.
00:46:36.360 --> 00:46:39.897 region:rollup2
MAKE IN --
00:46:38.362 --> 00:46:41.232 region:rollup2
MAKING THESE --
00:46:39.897 --> 00:46:42.833 region:rollup2
SERVICES EASY TO FIND AS OUR
00:46:41.232 --> 00:46:43.868 region:rollup2
FIRST UP TO MAKE SURE PEOPLE GET
00:46:42.833 --> 00:46:45.770 region:rollup2
ACCESS TO THEM.
00:46:43.868 --> 00:46:47.204 region:rollup2
ITS HARD TO LOOK FOR A LOAN IT
00:46:45.770 --> 00:46:48.539 region:rollup2
TO CALIFORNIA POLLUTION CONTROL
00:46:47.204 --> 00:46:50.241 region:rollup2
FINANCING AUTHORITY WHO WHATEVER
00:46:48.539 --> 00:46:51.008 region:rollup2
LOOK THERE FOR A LONG.
00:46:50.241 --> 00:46:52.877 region:rollup2
BUT IT MAKES SENSE THAT --
00:46:51.008 --> 00:46:53.878 region:rollup2
IF.
00:46:52.877 --> 00:46:55.680 region:rollup2
THE CALIFORNIA HAS A BANKING
00:46:53.878 --> 00:46:58.316 region:rollup2
INSTITUTION ALREADY IN EXISTENCE
00:46:55.680 --> 00:47:00.351 region:rollup2
THAT'S DESIGNED TO PROVIDE
00:46:58.316 --> 00:47:03.554 region:rollup2
INFRASTRUCTURE FINANCING.
00:47:00.351 --> 00:47:06.490 region:rollup2
AND ECONOMIC DEVELOPMENT --
00:47:03.554 --> 00:47:07.692 region:rollup2
LOANS STUDDED BE LOCATED THERE.
00:47:06.490 --> 00:47:09.360 region:rollup2
I FOR THE SMALL BUSINESS
00:47:07.692 --> 00:47:11.495 region:rollup2
COMMUNITY FIND EASIER AND TO BE
00:47:09.360 --> 00:47:12.630 region:rollup2
HOUSE UNDER.
00:47:11.495 --> 00:47:14.665 region:rollup2
A STAFF THAT HAS THAT THAT
00:47:12.630 --> 00:47:16.267 region:rollup2
DOCUMENT.
00:47:14.665 --> 00:47:17.968 region:rollup2
A PROPERLY ADMINISTER THIS
00:47:16.267 --> 00:47:19.236 region:rollup2
IMPORTANT PROGRAM.
00:47:17.968 --> 00:47:20.738 region:rollup2
LOCATING CULPEPPER UNDER THE AYE
00:47:19.236 --> 00:47:22.239 region:rollup2
BANQUET PROVIDE.
00:47:20.738 --> 00:47:24.108 region:rollup2
THE PROGRAM POSSIBILITIES FOR
00:47:22.239 --> 00:47:25.443 region:rollup2
ADDITIONAL FUNDING.
00:47:24.108 --> 00:47:27.311 region:rollup2
AND A PROGRAM STRUCK TRUCK SHOW
00:47:25.443 --> 00:47:30.414 region:rollup2
BE MORE BENEFICIAL.
00:47:27.311 --> 00:47:31.515 region:rollup2
TO ENROLLING LENDERS AND HELPING
00:47:30.414 --> 00:47:32.950 region:rollup2
THEIR SMALL BUSINESS CLIENTS
00:47:31.515 --> 00:47:34.852 region:rollup2
WHILE ALLOWING.
00:47:32.950 --> 00:47:35.920 region:rollup2
THIS THE CPC EFFORT TO FOCUS ON
00:47:34.852 --> 00:47:37.521 region:rollup2
ITS PRIMARY MISSION OF POLLUTION
00:47:35.920 --> 00:47:38.556 region:rollup2
CONTROL.
00:47:37.521 --> 00:47:40.524 region:rollup2
HOW?
00:47:38.556 --> 00:47:42.360 region:rollup2
HOT AGENCY TASKED WITH POLLUTION
00:47:40.524 --> 00:47:43.994 region:rollup2
CONTROL WAS EVER A GIVEN THE
00:47:42.360 --> 00:47:46.330 region:rollup2
RESPONSIBILITY PROVIDE FINANCING
00:47:43.994 --> 00:47:48.299 region:rollup2
HIS HIS IS BEYOND ME.
00:47:46.330 --> 00:47:49.667 region:rollup2
BUT IT THIS MAKES MORE SENSE AND
00:47:48.299 --> 00:47:50.668 region:rollup2
I HOPE YOU LOOK REAL CONCURRENT
00:47:49.667 --> 00:47:52.803 region:rollup2
HOPE YOU AGREE.
00:47:50.668 --> 00:47:53.437 region:rollup2
AND SUPPORT THIS BILL WE HAVE US
00:47:52.803 --> 00:47:55.406 region:rollup2
SEVERAL WITNESSES WHO HAVE BEEN
00:47:53.437 --> 00:47:57.341 region:rollup2
--
00:47:55.406 --> 00:47:58.743 region:rollup2
AN INTEGRAL PART OF THAT OF
00:47:57.341 --> 00:48:00.177 region:rollup2
TRANSFORMING THIS PROGRAM
00:47:58.743 --> 00:48:01.645 region:rollup2
MITCHELL MORE WORKABLE PROGRAM
00:48:00.177 --> 00:48:02.580 region:rollup2
WE HAVE.
00:48:01.645 --> 00:48:03.914 region:rollup2
WENDY BROWN WITH THE ISSUES OF
00:48:02.580 --> 00:48:06.717 region:rollup2
THE P. OF RESEARCH OF PUBLIC
00:48:03.914 --> 00:48:09.353 region:rollup2
POLICY FOR OPPORTUNITY FUND.
00:48:06.717 --> 00:48:11.155 region:rollup2
WE HAVE RUSSELL SMITH.
00:48:09.353 --> 00:48:13.157 region:rollup2
WITH OTHER CHIEF CRITICAL
00:48:11.155 --> 00:48:15.025 region:rollup2
OFFICER FOR UPS OF THE GOING
00:48:13.157 --> 00:48:16.827 region:rollup2
PRICE BANK AND THAT WOULD MAKE.
00:48:15.025 --> 00:48:18.129 region:rollup2
NOT A FULL PAGE OF COMMENTS
00:48:16.827 --> 00:48:21.098 region:rollup2
BIRTH BRIEF COME [inaudible]
00:48:18.129 --> 00:48:22.767 region:rollup2
RIGHT.
00:48:21.098 --> 00:48:23.100 region:rollup2
THANK YOU WE GOT A MUCH MOTION
00:48:22.767 --> 00:48:23.734 region:rollup2
AND A SECOND.
00:48:23.100 --> 00:48:24.301 region:rollup2
COULD.
00:48:23.734 --> 00:48:24.835 region:rollup2
GOOD MORNING CHAIRMAN QUIRK
00:48:24.301 --> 00:48:26.270 region:rollup2
SILVA AND MEMBERS OF THE
00:48:24.835 --> 00:48:27.438 region:rollup2
COMMITTEE THANK YOU FOR TAKING
00:48:26.270 --> 00:48:29.173 region:rollup2
THE TIME TO CONSIDER THIS
00:48:27.438 --> 00:48:30.808 region:rollup2
IMPORTANT BILL MY NAME IS WENDY
00:48:29.173 --> 00:48:32.676 region:rollup2
BROWN VICE PRESIDENT OF RESEARCH
00:48:30.808 --> 00:48:34.211 region:rollup2
AND POLICY AT OPPORTUNITY FUND.
00:48:32.676 --> 00:48:36.380 region:rollup2
OPPORTUNITY FUND IS CALIFORNIA'S
00:48:34.211 --> 00:48:37.715 region:rollup2
LARGEST NONPROFIT MICRO LENDER
00:48:36.380 --> 00:48:40.618 region:rollup2
TO SMALL BUSINESSES AND A STRONG
00:48:37.715 --> 00:48:41.285 region:rollup2
SUPPORTER OF S. B..
00:48:40.618 --> 00:48:43.020 region:rollup2
FIVE FIVE ONE TOGETHER WITH
00:48:41.285 --> 00:48:44.488 region:rollup2
LENDERS THE CAL CUP PROGRAMS
00:48:43.020 --> 00:48:45.022 region:rollup2
ACCOMPLISHED AMAZING THINGS FOR
00:48:44.488 --> 00:48:46.090 region:rollup2
CALIFORNIA SMALL BUSINESS
00:48:45.022 --> 00:48:47.992 region:rollup2
OWNERS.
00:48:46.090 --> 00:48:49.460 region:rollup2
HOWEVER DUE TO A LACK OF LENDER
00:48:47.992 --> 00:48:50.327 region:rollup2
CONFIDENCE IN THE PROGRAM THESE
00:48:49.460 --> 00:48:52.029 region:rollup2
ACCOMPLISHMENTS ARE CURRENTLY AT
00:48:50.327 --> 00:48:53.631 region:rollup2
RISK.
00:48:52.029 --> 00:48:55.065 region:rollup2
LENDERS NEED ADMINISTERING
00:48:53.631 --> 00:48:56.801 region:rollup2
PARTNER THAT DEEPLY UNDERSTAND
00:48:55.065 --> 00:48:58.903 region:rollup2
SMALL BUSINESS FINANCE AND
00:48:56.801 --> 00:49:00.704 region:rollup2
VALUES LENDER AND PUT IN ORDER
00:48:58.903 --> 00:49:02.406 region:rollup2
TO CRAFT MYSTIFIED EFFICIENT AND
00:49:00.704 --> 00:49:03.774 region:rollup2
RESPONSIVE PROGRAM POSSIBLE.
00:49:02.406 --> 00:49:05.075 region:rollup2
WE STRONGLY BELIEVE THE CAO CAO
00:49:03.774 --> 00:49:07.011 region:rollup2
PROGRAM SHOULD BE RUN BY OUR
00:49:05.075 --> 00:49:07.778 region:rollup2
STATE SMALL BUSINESS EXPERTS.
00:49:07.011 --> 00:49:09.680 region:rollup2
THE SMALL BUSINESS FINANCE
00:49:07.778 --> 00:49:10.681 region:rollup2
CENTER AT THE I THINK.
00:49:09.680 --> 00:49:12.049 region:rollup2
WITH A SINGULAR FOCUS ON THE
00:49:10.681 --> 00:49:12.850 region:rollup2
NEEDS OF CALIFORNIA SMALL
00:49:12.049 --> 00:49:13.851 region:rollup2
BUSINESS OWNERS AND THOSE
00:49:12.850 --> 00:49:14.952 region:rollup2
SERVING THEM.
00:49:13.851 --> 00:49:16.086 region:rollup2
THAT'S THE SMALL BUSINESS
00:49:14.952 --> 00:49:17.421 region:rollup2
FINANCE CENTER IS BEST
00:49:16.086 --> 00:49:17.922 region:rollup2
POSITIONED TO ENSURE THIS
00:49:17.421 --> 00:49:19.323 region:rollup2
IMPORTANT PROGRAM FUTURE
00:49:17.922 --> 00:49:20.658 region:rollup2
SUCCESS.
00:49:19.323 --> 00:49:21.959 region:rollup2
AS YOU KNOW THE MAJORITY OF
00:49:20.658 --> 00:49:24.261 region:rollup2
PARTICIPATING HOW CAP UNDER
00:49:21.959 --> 00:49:25.763 region:rollup2
SUPPORT S. B. FIVE FIVE ONE WE
00:49:24.261 --> 00:49:26.897 region:rollup2
WANT TO BE ABLE TO FOCUS ON OUR
00:49:25.763 --> 00:49:28.566 region:rollup2
WORK OF SAYING YES TO MORE SMALL
00:49:26.897 --> 00:49:30.267 region:rollup2
BUSINESS OWNERS.
00:49:28.566 --> 00:49:31.502 region:rollup2
ENTREPRENEURS LIKE SHEILA NAVA
00:49:30.267 --> 00:49:32.736 region:rollup2
OWNER OF PORTAL LANGUAGES SCHOOL
00:49:31.502 --> 00:49:33.737 region:rollup2
IN FULLERTON.
00:49:32.736 --> 00:49:35.506 region:rollup2
WITH A MODEST LOAN FROM
00:49:33.737 --> 00:49:37.274 region:rollup2
OPPORTUNITY FUND SHE WAS ABLE TO
00:49:35.506 --> 00:49:38.809 region:rollup2
RENOVATE HER CLASSROOM BY
00:49:37.274 --> 00:49:40.778 region:rollup2
MATERIALS AND GROW HER BUSINESS
00:49:38.809 --> 00:49:42.079 region:rollup2
ALL WITH THE HELP OF CAO CAO
00:49:40.778 --> 00:49:43.514 region:rollup2
PLEASE CONSIDER AN AYE VOTE FOR
00:49:42.079 --> 00:49:44.982 region:rollup2
S. B. FIVE FIVE ONE AND THANK
00:49:43.514 --> 00:49:45.983 region:rollup2
YOU FOR SUPPORTING CALIFORNIA
00:49:44.982 --> 00:49:48.786 region:rollup2
SMALL BUSINESS OWNERS AND THE
00:49:45.983 --> 00:49:50.788 region:rollup2
LENDERS THAT BACK [inaudible]
00:49:48.786 --> 00:49:55.092 region:rollup2
THANK YOU.
00:49:50.788 --> 00:49:57.228 region:rollup2
AND OTHERS THAT ARE IN SUPPORT.
00:49:55.092 --> 00:49:58.762 region:rollup2
HI THANK YOU CHAIRMAN QUIRK
00:49:57.228 --> 00:50:00.030 region:rollup2
SILVA AND THANK YOU MEMBERS OF
00:49:58.762 --> 00:50:01.298 region:rollup2
THE COMMITTEE FOR GIVING ME AN
00:50:00.030 --> 00:50:02.333 region:rollup2
OPPORTUNITY TO TALK MY NAME IS
00:50:01.298 --> 00:50:04.401 region:rollup2
HEIDI PICK MEN AND I AM THE
00:50:02.333 --> 00:50:07.238 region:rollup2
ASSOCIATE DIRECTOR FOR CAMEO THE
00:50:04.401 --> 00:50:09.006 region:rollup2
CALIFORNIA ASSOCIATION FOR MICRO
00:50:07.238 --> 00:50:11.008 region:rollup2
ENTERPRISE OPPORTUNITY.
00:50:09.006 --> 00:50:11.775 region:rollup2
I THINK THIS COMMITTEE FOR TRULY
00:50:11.008 --> 00:50:13.010 region:rollup2
SUPPORTING SMALL BUSINESSES AND
00:50:11.775 --> 00:50:14.879 region:rollup2
WE'RE THRILLED THAT THE TWENTY
00:50:13.010 --> 00:50:16.580 region:rollup2
THREE MILLION DOLLARS THANK YOUS
00:50:14.879 --> 00:50:18.048 region:rollup2
I'M ASSEMBLY MEMBER CERVANTES.
00:50:16.580 --> 00:50:20.050 region:rollup2
I'M CHANGES TO THE CAL CUP
00:50:18.048 --> 00:50:21.919 region:rollup2
PROGRAM HAS DECREASED THE NUMBER
00:50:20.050 --> 00:50:25.356 region:rollup2
OF LENDERS I'M PARTICIPATING IN
00:50:21.919 --> 00:50:26.891 region:rollup2
THIS PROGRAM EITHER WITH BY
00:50:25.356 --> 00:50:28.559 region:rollup2
ENROLLING NEW LOANS OR
00:50:26.891 --> 00:50:30.194 region:rollup2
CONSIDERATION OF LEAVING THE
00:50:28.559 --> 00:50:32.863 region:rollup2
PROGRAM --
00:50:30.194 --> 00:50:34.164 region:rollup2
IT IS IN MOST OF THOSE INCLUDING
00:50:32.863 --> 00:50:35.900 region:rollup2
SOME CAMEO MEMBERS --
00:50:34.164 --> 00:50:37.334 region:rollup2
OUR POSITION IS THAT IT WILL
00:50:35.900 --> 00:50:39.370 region:rollup2
HURT SMALL BUSINESS ACCESS TO
00:50:37.334 --> 00:50:40.537 region:rollup2
CAPITAL AND FOR THE SMALL MICRO
00:50:39.370 --> 00:50:41.906 region:rollup2
BUSINESSES THAT NEED AT THE MASS
00:50:40.537 --> 00:50:43.307 region:rollup2
THANK YOU VERY MUCH.
00:50:41.906 --> 00:50:45.409 region:rollup2
AND THE REMAINDER WILL JUST TAKE
00:50:43.307 --> 00:50:47.077 region:rollup2
YOUR ORGANIZATION AND SUPPORT
00:50:45.409 --> 00:50:48.212 region:rollup2
OKAY THANK YOU VERY MUCH MADAM
00:50:47.077 --> 00:50:49.513 region:rollup2
CHAIR LAURIE CAMERON
00:50:48.212 --> 00:50:50.915 region:rollup2
REPRESENTING THE NATIONAL
00:50:49.513 --> 00:50:52.816 region:rollup2
ASSOCIATION OF WOMEN BUSINESS
00:50:50.915 --> 00:50:54.618 region:rollup2
OWNERS CALIFORNIA.
00:50:52.816 --> 00:50:56.654 region:rollup2
AND SMALL BUSINESS CALIFORNIA
00:50:54.618 --> 00:50:57.855 region:rollup2
AND MARK HERBERT FROM SMALL
00:50:56.654 --> 00:50:58.889 region:rollup2
BUSINESS MAJORITY SHOULD BE HERE
00:50:57.855 --> 00:51:00.257 region:rollup2
I THINK HE'S RUNNING TO THE
00:50:58.889 --> 00:51:01.659 region:rollup2
BUILDING BUT GAVE ME PERMISSION
00:51:00.257 --> 00:51:02.359 region:rollup2
TO ALSO VOICED HIS SUPPORT.
00:51:01.659 --> 00:51:06.096 region:rollup2
WE THINK THIS BILL IS VERY
00:51:02.359 --> 00:51:08.866 region:rollup2
IMPORTANT I THAT BECAUSE FOR NO
00:51:06.096 --> 00:51:12.603 region:rollup2
OTHER REASON THEN TO MOVE.
00:51:08.866 --> 00:51:15.406 region:rollup2
THE SMALL BUSINESS FUNDS. TO GO
00:51:12.603 --> 00:51:15.973 region:rollup2
UP GOBIZ BECAUSE THE LEGISLATURE
00:51:15.406 --> 00:51:17.107 region:rollup2
WILL HAVE THE ABILITY TO BE
00:51:15.973 --> 00:51:18.842 region:rollup2
ABLE.
00:51:17.107 --> 00:51:20.844 region:rollup2
TO LOOK AT THE PROGRAM. TO
00:51:18.842 --> 00:51:22.246 region:rollup2
EVALUATE THE PROGRAM I'M THAT'S
00:51:20.844 --> 00:51:24.114 region:rollup2
NOT YOU'RE NOT CAPABLE TO DO OF
00:51:22.246 --> 00:51:25.449 region:rollup2
DOING THAT WITH PROGRAM IN THE
00:51:24.114 --> 00:51:26.951 region:rollup2
TREASURER'S OFFICE.
00:51:25.449 --> 00:51:29.320 region:rollup2
WE WORK VERY CLOSELY --
00:51:26.951 --> 00:51:30.454 region:rollup2
ARE ASSOCIATIONS WITH COPIOUS
00:51:29.320 --> 00:51:31.455 region:rollup2
WITH GO BACK WE LIKE THE WAY OR
00:51:30.454 --> 00:51:33.123 region:rollup2
AYE BAKER WE LIKE THE WAY THAT
00:51:31.455 --> 00:51:34.959 region:rollup2
THEY'RE SET UP AND WE WOULD
00:51:33.123 --> 00:51:37.094 region:rollup2
STRONGLY URGE THAT WE MOVE.
00:51:34.959 --> 00:51:39.029 region:rollup2
THE FUNDING OVER TO MY BANK AND
00:51:37.094 --> 00:51:41.865 region:rollup2
KEEP IT WITHIN THE GOVERNOR'S
00:51:39.029 --> 00:51:43.033 region:rollup2
OFFICE THANK YOU THANK YOU.
00:51:41.865 --> 00:51:44.835 region:rollup2
BOB GOOD MORNING AND THANK YOU
00:51:43.033 --> 00:51:46.437 region:rollup2
FOR THE OPPORTUNITY TO SUPPORT
00:51:44.835 --> 00:51:47.871 region:rollup2
THE BILL COME MY NAME IS RUSSELL
00:51:46.437 --> 00:51:49.406 region:rollup2
SMITH I'M THE CHIEF CREDIT
00:51:47.871 --> 00:51:51.041 region:rollup2
OFFICER FOR PACIFIC ENTERPRISE
00:51:49.406 --> 00:51:52.810 region:rollup2
BANK.
00:51:51.041 --> 00:51:55.546 region:rollup2
WE HAVE BEEN THE LARGEST OF
00:51:52.810 --> 00:51:58.349 region:rollup2
LINDA DOLLARS AND INVOLVED EVER
00:51:55.546 --> 00:51:58.849 region:rollup2
SINCE WE OPENED OUR BANKING.
00:51:58.349 --> 00:52:00.150 region:rollup2
TWO THOUSAND SEVEN WE'VE
00:51:58.849 --> 00:52:01.785 region:rollup2
SURPASSED THREE HUNDRED MILLION
00:52:00.150 --> 00:52:03.253 region:rollup2
DOLLARS IN LOAN SOMETIME AGO
00:52:01.785 --> 00:52:05.656 region:rollup2
SECOND LARGEST LENDER IN THE
00:52:03.253 --> 00:52:06.690 region:rollup2
COUNTRY AND S. S. B. C. AYE
00:52:05.656 --> 00:52:07.992 region:rollup2
LENDING.
00:52:06.690 --> 00:52:09.159 region:rollup2
ACCORDING TO TREASURY STUDY.
00:52:07.992 --> 00:52:10.628 region:rollup2
I PERSONALLY BEEN INVOLVED IN
00:52:09.159 --> 00:52:12.596 region:rollup2
THE PROGRAM LONGER THAN ANY
00:52:10.628 --> 00:52:14.098 region:rollup2
OTHER INDIVIDUAL IN A BANK AND
00:52:12.596 --> 00:52:15.1000 region:rollup2
MADE MORE LONG SO I CONSIDER
00:52:14.098 --> 00:52:17.835 region:rollup2
MYSELF. TO BE THE MOST
00:52:15.1000 --> 00:52:20.738 region:rollup2
EXPERIENCE LENDER A DEALING WITH
00:52:17.835 --> 00:52:21.271 region:rollup2
THE PROGRAM SINCE.
00:52:20.738 --> 00:52:22.539 region:rollup2
NINETEEN NINETY FOUR AND I
00:52:21.271 --> 00:52:23.941 region:rollup2
STRONGLY SUPPORT THE BILL AND
00:52:22.539 --> 00:52:25.909 region:rollup2
LOOK FORWARD TO THE
00:52:23.941 --> 00:52:27.611 region:rollup2
ADMINISTRATION OF THE PROGRAM.
00:52:25.909 --> 00:52:29.913 region:rollup2
MOVING OVER TIEBREAK WHERE WE
00:52:27.611 --> 00:52:31.515 region:rollup2
ALREADY WORK WITH THE STATE BANK
00:52:29.913 --> 00:52:32.282 region:rollup2
LOAN GUARANTEE PROGRAM SMALL
00:52:31.515 --> 00:52:33.350 region:rollup2
BUSINESS LOAN GUARANTEE PROGRAM
00:52:32.282 --> 00:52:34.785 region:rollup2
THERE.
00:52:33.350 --> 00:52:35.552 region:rollup2
AND WE KNOW THAT THEIR EXPERTISE
00:52:34.785 --> 00:52:36.987 region:rollup2
SPARE.
00:52:35.552 --> 00:52:38.889 region:rollup2
REALLY SUPPORTS A GOOD PROGRAM
00:52:36.987 --> 00:52:42.092 region:rollup2
AND WE LOOK FORWARD TO THE
00:52:38.889 --> 00:52:42.693 region:rollup2
FUTURE EFFICACY AND LONGEVITY
00:52:42.092 --> 00:52:43.227 region:rollup2
THAT THAT WILL PROVIDE TO THE
00:52:42.693 --> 00:52:45.329 region:rollup2
PROGRAM.
00:52:43.227 --> 00:52:48.132 region:rollup2
THANK YOU AND I UNDERSTAND HE
00:52:45.329 --> 00:52:48.932 region:rollup2
FLEW DOWN OR FLEW UP.
00:52:48.132 --> 00:52:49.600 region:rollup2
TO THINK YOU.
00:52:48.932 --> 00:52:50.934 region:rollup2
THANK YOU.
00:52:49.600 --> 00:52:52.002 region:rollup2
WELCOME THANK YOU I'M JASON
00:52:50.934 --> 00:52:53.771 region:rollup2
LAYING WITH THE CALIFORNIA
00:52:52.002 --> 00:52:57.641 region:rollup2
BANKERS ASSOCIATION AND WERE IN
00:52:53.771 --> 00:52:58.509 region:rollup2
STRONG SUPPORT.
00:52:57.641 --> 00:53:00.144 region:rollup2
MONNING MADAM CHAIR FILL
00:52:58.509 --> 00:53:01.845 region:rollup2
VERMEULE IN REPRESENTING
00:53:00.144 --> 00:53:02.980 region:rollup2
COALITION IS SMALL AND DISABLED
00:53:01.845 --> 00:53:04.181 region:rollup2
VETERAN BUSINESSES.
00:53:02.980 --> 00:53:06.350 region:rollup2
IN THE CALIFORNIA FENCE
00:53:04.181 --> 00:53:09.520 region:rollup2
CONTRACTORS IN STRONG SUPPORT S.
00:53:06.350 --> 00:53:10.187 region:rollup2
B. FIVE FIVE ONE THANK YOU.
00:53:09.520 --> 00:53:11.121 region:rollup2
GOOD MORNING BLUSH UPPER
00:53:10.187 --> 00:53:12.489 region:rollup2
REPRESENTING THE CALIFORNIA
00:53:11.121 --> 00:53:15.592 region:rollup2
ASIAN PACIFIC ISLANDER CHAMBER
00:53:12.489 --> 00:53:16.093 region:rollup2
OF COMMERCE IN SUPPORT.
00:53:15.592 --> 00:53:17.828 region:rollup2
GOOD MORNING DAY BUTLER
00:53:16.093 --> 00:53:19.863 region:rollup2
REPRESENTING UNITED CHAMBER
00:53:17.828 --> 00:53:20.898 region:rollup2
ADVOCACY NETWORK A NETWORK OF A
00:53:19.863 --> 00:53:22.499 region:rollup2
LOCAL CHAMBERS OF COMMERCE HERE
00:53:20.898 --> 00:53:22.733 region:rollup2
IN SACRAMENTO MARKETPLACE IN
00:53:22.499 --> 00:53:24.568 region:rollup2
SUPPORT.
00:53:22.733 --> 00:53:25.669 region:rollup2
THANK YOU.
00:53:24.568 --> 00:53:30.507 region:rollup2
ARE COVER WITH SMALL BUSINESS
00:53:25.669 --> 00:53:32.876 region:rollup2
MAJORITY IN SUPPORT.
00:53:30.507 --> 00:53:34.878 region:rollup2
ALL RIGHT AND LET'S GO AHEAD AND
00:53:32.876 --> 00:53:36.146 region:rollup2
ASK IF WE HAVE ANYBODY WHO IS
00:53:34.878 --> 00:53:49.026 region:rollup2
OPPOSED THAT WOULD LIKE.
00:53:36.146 --> 00:53:50.727 region:rollup2
TO BE ON RECORD.
00:53:49.026 --> 00:53:52.229 region:rollup2
MORNING CLUB WELCOME.
00:53:50.727 --> 00:53:53.630 region:rollup2
THANK YOU CHAIR WOMAN SENATOR
00:53:52.229 --> 00:53:55.365 region:rollup2
HUESO AND MEMBERS OF THE
00:53:53.630 --> 00:53:56.633 region:rollup2
COMMITTEE I'M RENEE WEBSTER
00:53:55.365 --> 00:53:57.801 region:rollup2
HAWKINS AND THE EXECUTIVE
00:53:56.633 --> 00:53:59.236 region:rollup2
DIRECTOR OF THE CALIFORNIA
00:53:57.801 --> 00:54:01.138 region:rollup2
POLLUTION CONTROL.
00:53:59.236 --> 00:54:02.206 region:rollup2
FINANCING AUTHORITY AND I WANT
00:54:01.138 --> 00:54:03.974 region:rollup2
TO THANK THE COMMITTEE FOR ITS
00:54:02.206 --> 00:54:08.145 region:rollup2
LONG SUPPORT OF THE CAL CAP IN
00:54:03.974 --> 00:54:09.346 region:rollup2
OTHER PROGRAMS AT CB CFA. FOR
00:54:08.145 --> 00:54:10.981 region:rollup2
FORTY FIVE YEARS CPC FAA HAS
00:54:09.346 --> 00:54:12.182 region:rollup2
BEEN A NATIONALLY RESPECTED
00:54:10.981 --> 00:54:13.617 region:rollup2
SUBJECT MATTER EXPERTS IN PUBLIC
00:54:12.182 --> 00:54:15.586 region:rollup2
FINANCE.
00:54:13.617 --> 00:54:17.187 region:rollup2
WITH A MISSION TO UNLOCK PRIVATE
00:54:15.586 --> 00:54:18.455 region:rollup2
CAPITAL TO SUPPORT PROJECTS
00:54:17.187 --> 00:54:19.723 region:rollup2
COULD CRITICALLY IMPORTANT TO
00:54:18.455 --> 00:54:20.891 region:rollup2
STATE AND LOCAL ECONOMIC
00:54:19.723 --> 00:54:22.726 region:rollup2
DEVELOPMENT.
00:54:20.891 --> 00:54:25.062 region:rollup2
AND SUSTAINABILITY GOALS.
00:54:22.726 --> 00:54:26.630 region:rollup2
YES CPC FAA'S ORIGINS STARTED
00:54:25.062 --> 00:54:28.665 region:rollup2
WITH ISSUING BONDS FOR HARD TO
00:54:26.630 --> 00:54:30.767 region:rollup2
FINANCE ENVIRONMENTAL PROJECTS
00:54:28.665 --> 00:54:32.302 region:rollup2
TO ACHIEVE LANDFILL DIVERSION
00:54:30.767 --> 00:54:34.505 region:rollup2
AND BROWNFIELDS REMEDIATION.
00:54:32.302 --> 00:54:36.740 region:rollup2
QUICKLY HOWEVER RECOGNIZING THE
00:54:34.505 --> 00:54:38.041 region:rollup2
GREAT EXTENT TO WHICH FAMILY RUN
00:54:36.740 --> 00:54:39.510 region:rollup2
AND OTHER SMALL BUSINESSES FILL
00:54:38.041 --> 00:54:41.178 region:rollup2
THE WASTE MANAGEMENT INDUSTRY
00:54:39.510 --> 00:54:42.913 region:rollup2
HERE IN CALIFORNIA.
00:54:41.178 --> 00:54:44.448 region:rollup2
IN NINETEEN EIGHTY ONE CPC A
00:54:42.913 --> 00:54:46.250 region:rollup2
FAKE CREATED AN INCENTIVE
00:54:44.448 --> 00:54:48.585 region:rollup2
PROGRAM TO REIMBURSE THE SMALL
00:54:46.250 --> 00:54:50.053 region:rollup2
BUSINESSES THE COST OF ISSUANCES
00:54:48.585 --> 00:54:51.255 region:rollup2
TO LOWER THE COST OF DEBT OF
00:54:50.053 --> 00:54:52.322 region:rollup2
FINANCING AND THAT PROGRAM
00:54:51.255 --> 00:54:54.792 region:rollup2
REMAINS VIABLE IN STRONG.
00:54:52.322 --> 00:54:56.026 region:rollup2
TODAY.
00:54:54.792 --> 00:54:58.362 region:rollup2
THE SMALL BUSINESS ASSISTANCE
00:54:56.026 --> 00:54:59.796 region:rollup2
FUND THAT CB CFA NURTURED ALSO
00:54:58.362 --> 00:55:03.901 region:rollup2
BECAME THE SOURCE OF CAL CAP
00:54:59.796 --> 00:55:04.835 region:rollup2
WHICH CP CFA CREATED IN NINETEEN
00:55:03.901 --> 00:55:06.336 region:rollup2
NINETY FOUR TO PROVIDE FINANCIAL
00:55:04.835 --> 00:55:08.038 region:rollup2
INSTITUTIONS.
00:55:06.336 --> 00:55:10.407 region:rollup2
AN EXTRA CENTER TO LEND TO SMALL
00:55:08.038 --> 00:55:12.109 region:rollup2
BUSINESSES A POOLED LOSS RESERVE
00:55:10.407 --> 00:55:14.011 region:rollup2
FUND TO CALL UPON SHOULD ANY
00:55:12.109 --> 00:55:15.979 region:rollup2
QUALIFYING LOANS TO SMALL
00:55:14.011 --> 00:55:17.648 region:rollup2
BUSINESSES DEFAULT.
00:55:15.979 --> 00:55:20.484 region:rollup2
THE DESIGN OF CAL CAP AND THEN
00:55:17.648 --> 00:55:23.053 region:rollup2
AND NOW IS INTENTIONALLY SIMPLE.
00:55:20.484 --> 00:55:23.620 region:rollup2
UNLIKE LOAN GUARANTEE PROGRAMS
00:55:23.053 --> 00:55:25.756 region:rollup2
THAT THE STATE AND THE SMALL
00:55:23.620 --> 00:55:27.090 region:rollup2
BUSINESS ADMINISTRATION OFFERS
00:55:25.756 --> 00:55:29.626 region:rollup2
CP CFA DOES NOT UNDERWRITE THE
00:55:27.090 --> 00:55:31.495 region:rollup2
LOANS WE DIFFER A WHOLLY TO THE
00:55:29.626 --> 00:55:32.629 region:rollup2
PARTICIPATING LENDERS.
00:55:31.495 --> 00:55:34.264 region:rollup2
NOR DO WE DIRECT THE
00:55:32.629 --> 00:55:36.166 region:rollup2
PARTICIPATING LENDERS TO OFFER
00:55:34.264 --> 00:55:37.167 region:rollup2
CERTAIN LOAN TERMS.
00:55:36.166 --> 00:55:38.602 region:rollup2
UNLIKE INTEREST BUY DOWN
00:55:37.167 --> 00:55:40.437 region:rollup2
PROGRAMS THERE'S NO NEED FOR
00:55:38.602 --> 00:55:41.939 region:rollup2
LENDERS TO DEFER TO MARKET
00:55:40.437 --> 00:55:43.807 region:rollup2
COMPARISONS TO PRESCRIBE THE
00:55:41.939 --> 00:55:46.143 region:rollup2
INTEREST RATES THEY OFFER.
00:55:43.807 --> 00:55:48.278 region:rollup2
INSTEAD THE CAL CAP PROGRAM
00:55:46.143 --> 00:55:50.047 region:rollup2
MAINTAIN SIMPLE CRITERIA FOR
00:55:48.278 --> 00:55:52.015 region:rollup2
DETERMINING THE ELIGIBILITY OF
00:55:50.047 --> 00:55:54.184 region:rollup2
ELIGIBLE BORROWERS AND THE USES
00:55:52.015 --> 00:55:55.519 region:rollup2
OF LOAN PROCEEDS AND DEFERS TO
00:55:54.184 --> 00:55:57.454 region:rollup2
THE CREDIT POLICIES OF THE
00:55:55.519 --> 00:55:59.256 region:rollup2
PARTICIPATING BANKS.
00:55:57.454 --> 00:56:01.725 region:rollup2
LENDERS SUBMIT A TWO PAGE
00:55:59.256 --> 00:56:03.827 region:rollup2
APPLICATION TO CP CFA TO ENROLL
00:56:01.725 --> 00:56:05.462 region:rollup2
LOANS AND THE COW CAP PROGRAM
00:56:03.827 --> 00:56:07.231 region:rollup2
AND CAN EVEN DO THAT AFTER THE
00:56:05.462 --> 00:56:08.865 region:rollup2
LOAN IS DISBURSED SO THAT THEIR
00:56:07.231 --> 00:56:09.1000 region:rollup2
FIRST PRIORITY REMAINS WITH
00:56:08.865 --> 00:56:10.867 region:rollup2
SERVING THEIR SMALL BUSINESS
00:56:09.1000 --> 00:56:12.002 region:rollup2
BORROWERS.
00:56:10.867 --> 00:56:14.972 region:rollup2
AND PROVIDING THAT THE CAPITAL
00:56:12.002 --> 00:56:16.840 region:rollup2
THAT THEY NEED.
00:56:14.972 --> 00:56:19.176 region:rollup2
UNDER THIS ADMINISTRATION THE CP
00:56:16.840 --> 00:56:21.712 region:rollup2
CFA AND THE LEADERSHIP OF CP CFA
00:56:19.176 --> 00:56:23.580 region:rollup2
HAS FOLLOWED TWIN STARS HIGH
00:56:21.712 --> 00:56:26.083 region:rollup2
CUSTOMER SERVICE AND PRUDENT
00:56:23.580 --> 00:56:27.985 region:rollup2
ADMINISTRATION OF PUBLIC FUNDS.
00:56:26.083 --> 00:56:30.621 region:rollup2
IN EVERY PROGRAM EVERY BUSINESS
00:56:27.985 --> 00:56:31.521 region:rollup2
IT TRANSACTION EVERY DECISION WE
00:56:30.621 --> 00:56:33.156 region:rollup2
REFERENCE THESE EQUALLY
00:56:31.521 --> 00:56:34.258 region:rollup2
IMPORTANT VALUES.
00:56:33.156 --> 00:56:35.525 region:rollup2
SO WHAT DOES THIS LOOK LIKE AND
00:56:34.258 --> 00:56:36.960 region:rollup2
CAL CAP.
00:56:35.525 --> 00:56:38.695 region:rollup2
IT MEANS THAT OUR ANALYSTS HAVE
00:56:36.960 --> 00:56:40.297 region:rollup2
A PERSONAL RELATIONSHIP WITH THE
00:56:38.695 --> 00:56:41.265 region:rollup2
LOAN OFFICERS AT EACH OF THE PER
00:56:40.297 --> 00:56:42.766 region:rollup2
CAPITA IS A PAYDAY LENDING
00:56:41.265 --> 00:56:44.835 region:rollup2
INSTITUTIONS.
00:56:42.766 --> 00:56:46.236 region:rollup2
IT MEANS NOT INSERTING OURSELVES
00:56:44.835 --> 00:56:47.704 region:rollup2
UNNECESSARILY BETWEEN THE
00:56:46.236 --> 00:56:49.306 region:rollup2
LENDERS IN THEIR BORROWERS SO
00:56:47.704 --> 00:56:51.141 region:rollup2
THAT THE LENDERS CAN CONTROL THE
00:56:49.306 --> 00:56:53.110 region:rollup2
CLIENT RELATIONSHIP.
00:56:51.141 --> 00:56:54.678 region:rollup2
IT MEANS WORKING INNOVATIVELY
00:56:53.110 --> 00:56:56.513 region:rollup2
WITH THE LENDERS TO ASSIST THEM
00:56:54.678 --> 00:56:58.649 region:rollup2
WITH COMPLEX PORTFOLIO SALES AND
00:56:56.513 --> 00:57:00.117 region:rollup2
ACQUISITIONS.
00:56:58.649 --> 00:57:01.485 region:rollup2
IT MEANS THAT THE STAFF IS
00:57:00.117 --> 00:57:03.287 region:rollup2
READILY AVAILABLE TO DISCUSS
00:57:01.485 --> 00:57:04.988 region:rollup2
NOVEL LENDING SCENARIOS IN A
00:57:03.287 --> 00:57:07.291 region:rollup2
CHANGING ECONOMY WITH THE
00:57:04.988 --> 00:57:09.393 region:rollup2
LENDERS AND HOW ARE SIMPLE RULES
00:57:07.291 --> 00:57:10.994 region:rollup2
APPLIED OF THOSE SCENARIOS.
00:57:09.393 --> 00:57:12.696 region:rollup2
IT ALSO MEANS BEING CONSISTENT
00:57:10.994 --> 00:57:14.064 region:rollup2
OPEN AND TRANSPARENT IN ALL
00:57:12.696 --> 00:57:15.766 region:rollup2
DECISION MAKING AND OPERATIONS
00:57:14.064 --> 00:57:17.067 region:rollup2
OF THE PROGRAM.
00:57:15.766 --> 00:57:18.669 region:rollup2
IT MEANS MAINTAINING THE
00:57:17.067 --> 00:57:21.004 region:rollup2
ADMINISTRATIVE COSTS OF THE
00:57:18.669 --> 00:57:23.006 region:rollup2
PROGRAMS TO WELL BELOW 5% OF OUR
00:57:21.004 --> 00:57:24.808 region:rollup2
ANNUAL PROGRAM EXPENDITURES
00:57:23.006 --> 00:57:27.444 region:rollup2
DESPITE RISING COSTS OF OVERHEAD
00:57:24.808 --> 00:57:29.212 region:rollup2
IN OTHER EMPLOYEE BENEFITS.
00:57:27.444 --> 00:57:31.415 region:rollup2
IT ALSO MEANS WALKING A DELICATE
00:57:29.212 --> 00:57:33.383 region:rollup2
TYPE TIGHT ROPE BETWEEN ALLOWING
00:57:31.415 --> 00:57:35.419 region:rollup2
THE PROMISE AND LIGHT TOUCH OF
00:57:33.383 --> 00:57:37.287 region:rollup2
THE CAL CAP PROGRAM TO FLOURISH
00:57:35.419 --> 00:57:38.422 region:rollup2
WHILE KEEPING WATCH TO ENSURE
00:57:37.287 --> 00:57:39.923 region:rollup2
THAT THE PROGRAM DOESN'T
00:57:38.422 --> 00:57:42.426 region:rollup2
UNINTENTIONALLY INCUBATE A
00:57:39.923 --> 00:57:43.794 region:rollup2
PORTFOLIO OF TROUBLED ASSETS.
00:57:42.426 --> 00:57:45.896 region:rollup2
AFTER THE NATIONAL TRAGEDY
00:57:43.794 --> 00:57:48.598 region:rollup2
SPURRED FROM WIDESPREAD SUBPRIME
00:57:45.896 --> 00:57:49.466 region:rollup2
LENDING EVERYONE OF US IN THIS
00:57:48.598 --> 00:57:50.500 region:rollup2
ROOM ARE IT.
00:57:49.466 --> 00:57:52.102 region:rollup2
ARE FOCUSED ON BEING GOOD
00:57:50.500 --> 00:57:53.737 region:rollup2
STEWARDS TO ENSURE THAT WE ARE
00:57:52.102 --> 00:57:54.938 region:rollup2
NOT UNWITTINGLY SUBSIDIZING
00:57:53.737 --> 00:57:57.140 region:rollup2
PROGRAMS ENCOURAGE UNWISE
00:57:54.938 --> 00:57:58.675 region:rollup2
LENDING.
00:57:57.140 --> 00:58:00.444 region:rollup2
SO ADMITTEDLY MUCH OF THE REASON
00:57:58.675 --> 00:58:02.145 region:rollup2
WHY I THINK WE ARE HERE IS DUE
00:58:00.444 --> 00:58:04.414 region:rollup2
TO THE MIXED RECEPTION ABOUT CPC
00:58:02.145 --> 00:58:06.249 region:rollup2
FAA'S ADOPTION OF WHAT WE CALL
00:58:04.414 --> 00:58:07.951 region:rollup2
OVER CAPTURE MECHANISM AND CAL
00:58:06.249 --> 00:58:09.019 region:rollup2
CAP FOR SMALL BUSINESS PROGRAM.
00:58:07.951 --> 00:58:11.855 region:rollup2
AND I WANT TO TAKE A MOMENT TO
00:58:09.019 --> 00:58:13.156 region:rollup2
EXPLAIN TO YOU WHAT IT IS ON IT
00:58:11.855 --> 00:58:14.825 region:rollup2
IT SOUNDS LIKE YOU'VE BEEN
00:58:13.156 --> 00:58:16.093 region:rollup2
SHARED OR SUGGESTED TO YOU THAT
00:58:14.825 --> 00:58:17.361 region:rollup2
IT'S HARMFUL.
00:58:16.093 --> 00:58:19.096 region:rollup2
AND THAT IT WAS SPRUNG PERHAPS
00:58:17.361 --> 00:58:20.864 region:rollup2
UPON THE LENDERS THROUGH HASTILY
00:58:19.096 --> 00:58:21.798 region:rollup2
ADOPTED.
00:58:20.864 --> 00:58:23.200 region:rollup2
EMERGENCY REGULATIONS BUT IN
00:58:21.798 --> 00:58:25.402 region:rollup2
FACT [inaudible]
00:58:23.200 --> 00:58:27.604 region:rollup2
WHEN?
00:58:25.402 --> 00:58:28.805 region:rollup2
CBC FAA AS WELL AS THE AYE BANK
00:58:27.604 --> 00:58:30.307 region:rollup2
RECEIVED OUR FEDERAL AS S. B. C.
00:58:28.805 --> 00:58:31.908 region:rollup2
I MONIES WE WERE DIRECTED TO
00:58:30.307 --> 00:58:33.710 region:rollup2
MAKE SURE THAT THOSE MONIES WERE
00:58:31.908 --> 00:58:35.245 region:rollup2
SUSTAINABLE BEYOND THE FIRST
00:58:33.710 --> 00:58:37.347 region:rollup2
EXPENDITURE OF THOSE FUNDS.
00:58:35.245 --> 00:58:38.749 region:rollup2
AND SO TWO YEARS BEFORE OUR RULE
00:58:37.347 --> 00:58:40.784 region:rollup2
MAKING LAST SUMMER WE BEGIN A
00:58:38.749 --> 00:58:42.686 region:rollup2
DIALOGUE WITH THE LENDERS ABOUT
00:58:40.784 --> 00:58:43.787 region:rollup2
THE NEED TO SET SOME KIND OF
00:58:42.686 --> 00:58:45.322 region:rollup2
LOAN --
00:58:43.787 --> 00:58:46.957 region:rollup2
RULES AND PARAMETERS ON THE LOS
00:58:45.322 --> 00:58:48.592 region:rollup2
RESERVE ACCOUNTS IN ORDER TO
00:58:46.957 --> 00:58:50.660 region:rollup2
SUPPORT AN INCREASE CONTINUED
00:58:48.592 --> 00:58:52.229 region:rollup2
SMALL BUSINESS LENDING LONG
00:58:50.660 --> 00:58:53.497 region:rollup2
AFTER THE FIRST EXPENDITURE THE
00:58:52.229 --> 00:58:55.565 region:rollup2
FEDERAL FUNDS.
00:58:53.497 --> 00:58:57.167 region:rollup2
CB CFA ENCOURAGE DIALOGUE
00:58:55.565 --> 00:58:58.935 region:rollup2
THROUGH MULTIPLE ROUND TABLES
00:58:57.167 --> 00:59:00.470 region:rollup2
INFORMAL CONVERSATIONS WITH
00:58:58.935 --> 00:59:01.838 region:rollup2
LENDERS ANNOUNCEMENTS
00:59:00.470 --> 00:59:04.007 region:rollup2
PRESENTATIONS AT MONTHLY BOARD
00:59:01.838 --> 00:59:07.077 region:rollup2
MEETINGS AND ULTIMATELY A PUBLIC
00:59:04.007 --> 00:59:07.677 region:rollup2
SYMPOSIUM IN APRIL.
00:59:07.077 --> 00:59:09.346 region:rollup2
TWENTY SEVENTEEN IN WHICH THE
00:59:07.677 --> 00:59:12.048 region:rollup2
LENDERS WHO SPOKE ALL SUPPORTED
00:59:09.346 --> 00:59:12.582 region:rollup2
A RECAPTURE MECHANISM TO SUPPORT
00:59:12.048 --> 00:59:14.384 region:rollup2
THE SUSTAINABILITY OF THE
00:59:12.582 --> 00:59:16.820 region:rollup2
PROGRAM.
00:59:14.384 --> 00:59:18.288 region:rollup2
FOLLOWING THAT SYMPOSIUM THE CFO
00:59:16.820 --> 00:59:19.956 region:rollup2
OF THE NAME SPONSOR OF THIS BILL
00:59:18.288 --> 00:59:21.525 region:rollup2
OFFERED FULL SUPPORT FOR THE
00:59:19.956 --> 00:59:23.427 region:rollup2
RECAPTURE FORMULA THAT WAS
00:59:21.525 --> 00:59:24.728 region:rollup2
WRITTEN INTO S. B. FIVE FIVE ONE
00:59:23.427 --> 00:59:25.595 region:rollup2
IN JUNE.
00:59:24.728 --> 00:59:27.330 region:rollup2
TWENTY SEVENTEEN STATING TO ME
00:59:25.595 --> 00:59:29.166 region:rollup2
DIRECTLY NO ONE CAN CALL THIS
00:59:27.330 --> 00:59:30.434 region:rollup2
UNREASONABLE.
00:59:29.166 --> 00:59:32.102 region:rollup2
ADDITIONALLY HE AND OTHER
00:59:30.434 --> 00:59:33.703 region:rollup2
LENDERS URGED CP CFA TO MOVE
00:59:32.102 --> 00:59:34.871 region:rollup2
WITH PASTE WITH OUR REGULATIONS
00:59:33.703 --> 00:59:36.339 region:rollup2
SO THAT THERE WOULD BE NO BREAK
00:59:34.871 --> 00:59:38.408 region:rollup2
IN THE PROGRAM FOLLOWING THE
00:59:36.339 --> 00:59:40.077 region:rollup2
DEPLETION OF FUNDS.
00:59:38.408 --> 00:59:41.878 region:rollup2
SO INDEED THE IDEA EVERY CAPTURE
00:59:40.077 --> 00:59:43.613 region:rollup2
ON A LOS RESERVE RATHER CREDIT
00:59:41.878 --> 00:59:44.714 region:rollup2
ENHANCEMENT IS NOT NEW.
00:59:43.613 --> 00:59:46.450 region:rollup2
OTHER PUBLICLY FUNDED LOSS
00:59:44.714 --> 00:59:48.885 region:rollup2
RESERVE PROGRAMS INCLUDE MAXIMUM
00:59:46.450 --> 00:59:50.620 region:rollup2
FINE THRESHOLDS RANGING FROM
00:59:48.885 --> 00:59:51.788 region:rollup2
5220% BASED ON OUR SURVEY ACROSS
00:59:50.620 --> 00:59:54.825 region:rollup2
THE NATION.
00:59:51.788 --> 00:59:56.760 region:rollup2
ARE COLLATERAL SUPPORT PROGRAM.
00:59:54.825 --> 00:59:58.528 region:rollup2
WITH A STEP DOWN RECAPTURE OF
00:59:56.760 --> 01:00:00.230 region:rollup2
THE AMOUNT OF CASH COMMENSURATE
00:59:58.528 --> 01:00:01.097 region:rollup2
WITH THE DRAWDOWN OF IN THE PAY
01:00:00.230 --> 01:00:02.866 region:rollup2
OFF THE OF THE OUTSTANDING
01:00:01.097 --> 01:00:04.801 region:rollup2
BALANCE.
01:00:02.866 --> 01:00:07.037 region:rollup2
THE CAL CAP ATA AND CAL CAP
01:00:04.801 --> 01:00:09.039 region:rollup2
SEISMIC SAFETY PROGRAMS APPROVED
01:00:07.037 --> 01:00:10.407 region:rollup2
AND FUNDED BY THIS LEGISLATURE
01:00:09.039 --> 01:00:11.942 region:rollup2
DIRECTED US TO INCLUDE RECAPTURE
01:00:10.407 --> 01:00:13.944 region:rollup2
FEATURES.
01:00:11.942 --> 01:00:15.779 region:rollup2
AND IN TWENTY SIXTEEN THE AIR
01:00:13.944 --> 01:00:16.880 region:rollup2
RESOURCES BOARD DIRECT US TO
01:00:15.779 --> 01:00:18.482 region:rollup2
INCORPORATED.
01:00:16.880 --> 01:00:19.950 region:rollup2
MECHANISM AS WELL.
01:00:18.482 --> 01:00:21.318 region:rollup2
SO THE CAL CAP FOR SMALL
01:00:19.950 --> 01:00:23.220 region:rollup2
BUSINESS REMAINS THE ONLY LOSS
01:00:21.318 --> 01:00:25.388 region:rollup2
FOR THE RESERVE PROGRAM THAT WE
01:00:23.220 --> 01:00:26.523 region:rollup2
OPERATE WITHOUT.
01:00:25.388 --> 01:00:28.191 region:rollup2
ONE THIS COMMITTEE SUPPORTED THE
01:00:26.523 --> 01:00:30.627 region:rollup2
RECAPTURE MECHANISM WITH SIX
01:00:28.191 --> 01:00:31.428 region:rollup2
EYES IN JUNE TWENTY SEVENTEEN
01:00:30.627 --> 01:00:32.896 region:rollup2
BECAUSE IT SERVE THOSE TWIN
01:00:31.428 --> 01:00:34.397 region:rollup2
GOALS OF SERVING MORE SMALL
01:00:32.896 --> 01:00:36.733 region:rollup2
BUSINESSES WILL PRUDENTLY
01:00:34.397 --> 01:00:39.236 region:rollup2
MANAGING PUBLIC FUNDS.
01:00:36.733 --> 01:00:41.271 region:rollup2
ALSO IN JUNE TWENTY SEVENTEEN
01:00:39.236 --> 01:00:43.006 region:rollup2
THE BOARD OF CP CFA CONVENED A
01:00:41.271 --> 01:00:44.741 region:rollup2
PUBLIC MEETING WITH AN IN DEPTH.
01:00:43.006 --> 01:00:46.510 region:rollup2
PRESENTATION AND DISCUSSION OF
01:00:44.741 --> 01:00:48.512 region:rollup2
HOW IT WOULD WORK INCLUDING THE
01:00:46.510 --> 01:00:49.846 region:rollup2
ADDITION OF AN OPT IN FEATURE TO
01:00:48.512 --> 01:00:51.915 region:rollup2
ALLOW EACH LENDER TO ELECT
01:00:49.846 --> 01:00:54.351 region:rollup2
WHETHER OR NOT TO PARTICIPATE IN
01:00:51.915 --> 01:00:56.119 region:rollup2
THE RECAPTURE.
01:00:54.351 --> 01:00:57.420 region:rollup2
I ALSO DO WANT TO CORRECT SOME
01:00:56.119 --> 01:00:59.489 region:rollup2
PART OF THE RECORD BEFORE YOU
01:00:57.420 --> 01:01:00.824 region:rollup2
TODAY THE ANALYSIS ANALYSIS THAT
01:00:59.489 --> 01:01:02.592 region:rollup2
WAS PUBLISHED YESTERDAY.
01:01:00.824 --> 01:01:04.394 region:rollup2
SUGGESTS THAT IT WAS BASED ON A
01:01:02.592 --> 01:01:06.997 region:rollup2
PRESENTATION --
01:01:04.394 --> 01:01:09.032 region:rollup2
AND STATEMENTS MADE AT A JULY.
01:01:06.997 --> 01:01:11.234 region:rollup2
DIED TWENTY SEVENTEEN BOARD
01:01:09.032 --> 01:01:12.602 region:rollup2
MEETING OF CP CFA THAT PERHAPS
01:01:11.234 --> 01:01:14.771 region:rollup2
TRIGGERED THE LENDERS TO BACK
01:01:12.602 --> 01:01:15.705 region:rollup2
AWAY FROM THE JUNE TWENTY
01:01:14.771 --> 01:01:17.307 region:rollup2
SEVENTEEN VERSION OF THE BILL.
01:01:15.705 --> 01:01:18.775 region:rollup2
AND CHANGE COURSE BUT THAT IS
01:01:17.307 --> 01:01:19.943 region:rollup2
NOT QUITE TRUE.
01:01:18.775 --> 01:01:21.011 region:rollup2
THE BILL WAS PULLED FROM THE
01:01:19.943 --> 01:01:23.446 region:rollup2
BANKING COMMITTEE THE WEEK
01:01:21.011 --> 01:01:24.981 region:rollup2
BEFORE THAT CB CFA BOARD MEETING
01:01:23.446 --> 01:01:26.917 region:rollup2
AND AN EMAIL FROM --
01:01:24.981 --> 01:01:28.485 region:rollup2
THE AUTHORS STAFF TO ME BEFORE
01:01:26.917 --> 01:01:30.153 region:rollup2
THAT BOARD MEETING CONFIRMED THE
01:01:28.485 --> 01:01:32.222 region:rollup2
INTENT.
01:01:30.153 --> 01:01:33.957 region:rollup2
SIDE TO SHIFT GEARS.
01:01:32.222 --> 01:01:35.492 region:rollup2
INDEED THE LENDERS ARE NOT A
01:01:33.957 --> 01:01:37.060 region:rollup2
MONOLITHIC GROUP WE PRIDE
01:01:35.492 --> 01:01:38.628 region:rollup2
OURSELVES IN OFFERING A SIMPLE
01:01:37.060 --> 01:01:39.896 region:rollup2
AND ACCESSIBLE LOAN LOSS RESERVE
01:01:38.628 --> 01:01:41.398 region:rollup2
PROGRAM.
01:01:39.896 --> 01:01:42.699 region:rollup2
ADMITTEDLY IT'S DIFFICULT OFFER
01:01:41.398 --> 01:01:44.100 region:rollup2
A PROGRAM THAT MEETS THE LENDING
01:01:42.699 --> 01:01:45.735 region:rollup2
PORTFOLIOS.
01:01:44.100 --> 01:01:48.305 region:rollup2
SUCH A WIDE VARIETY OF LENDERS
01:01:45.735 --> 01:01:49.272 region:rollup2
FROM SMALL NONPROFIT CDF EYES TO
01:01:48.305 --> 01:01:51.141 region:rollup2
COMMUNITY BANKS TO CORPORATE
01:01:49.272 --> 01:01:52.776 region:rollup2
LENDERS.
01:01:51.141 --> 01:01:54.811 region:rollup2
FROM OUR VANTAGE POINT AT THE
01:01:52.776 --> 01:01:55.946 region:rollup2
TREASURER'S OFFICE WE SEE.
01:01:54.811 --> 01:01:57.881 region:rollup2
THE STRESSES IN THE BANKING AND
01:01:55.946 --> 01:02:00.750 region:rollup2
LENDING IS IN INDUSTRY WE SEE
01:01:57.881 --> 01:02:02.285 region:rollup2
THE 46% REDUCTION IN LENDING
01:02:00.750 --> 01:02:03.954 region:rollup2
INSTITUTIONS IN CALIFORNIA OVER
01:02:02.285 --> 01:02:05.422 region:rollup2
THE LAST TEN YEARS.
01:02:03.954 --> 01:02:07.457 region:rollup2
WE ALSO SEE ALTERNATIVE
01:02:05.422 --> 01:02:08.992 region:rollup2
FINANCING OPPORTUNITIES ENTER
01:02:07.457 --> 01:02:10.694 region:rollup2
THE ARENA AND APPLAUD THE
01:02:08.992 --> 01:02:12.262 region:rollup2
ADVOCACY TO PUT A LID ON
01:02:10.694 --> 01:02:13.997 region:rollup2
PREDATORY BUSINESS LENDING.
01:02:12.262 --> 01:02:15.732 region:rollup2
WALL AT THE SAME TIME SUPPORTING
01:02:13.997 --> 01:02:16.633 region:rollup2
PUBLIC FINANCING SOLUTIONS THAT
01:02:15.732 --> 01:02:17.467 region:rollup2
MEET THE NEED OF THE
01:02:16.633 --> 01:02:18.468 region:rollup2
ENVIRONMENTAL JUSTICE
01:02:17.467 --> 01:02:20.136 region:rollup2
COMMUNITIES AND OTHER
01:02:18.468 --> 01:02:22.439 region:rollup2
UNDERSERVED BUSINESSES.
01:02:20.136 --> 01:02:24.140 region:rollup2
AND SO IN THAT TMOSPHERE WE
01:02:22.439 --> 01:02:26.009 region:rollup2
APPRECIATE THAT ANY PROGRAM
01:02:24.140 --> 01:02:27.877 region:rollup2
IMPROVEMENT WE OFFER MAY NOT BE
01:02:26.009 --> 01:02:30.113 region:rollup2
A PERFECT FIT. FOR EVERY LENDERS
01:02:27.877 --> 01:02:31.848 region:rollup2
BUSINESS PLAN BUT NONETHELESS
01:02:30.113 --> 01:02:33.350 region:rollup2
WE'VE ALWAYS REMAINED AN HONEST
01:02:31.848 --> 01:02:35.151 region:rollup2
BROKER AND COMMITTED TO OUR DUAL
01:02:33.350 --> 01:02:36.953 region:rollup2
START DRIVERS OF HIGH CUSTOMER
01:02:35.151 --> 01:02:38.421 region:rollup2
SERVICE AND PRUDENT OVERSIGHT.
01:02:36.953 --> 01:02:39.656 region:rollup2
AND WE ALSO APPRECIATE THAT
01:02:38.421 --> 01:02:41.691 region:rollup2
WHILE SOME LENDERS MAY WANT
01:02:39.656 --> 01:02:42.559 region:rollup2
INCREASED FLEXIBILITY OR NEW
01:02:41.691 --> 01:02:43.126 region:rollup2
TOOLS TO MEET THE CHANGING
01:02:42.559 --> 01:02:44.027 region:rollup2
MARKET.
01:02:43.126 --> 01:02:47.230 region:rollup2
AT THE VERY SAME TIME WE'RE TOLD
01:02:44.027 --> 01:02:48.965 region:rollup2
BY LENDERS LOWER AND BE MORE.
01:02:47.230 --> 01:02:49.966 region:rollup2
SO IT IS INDEED A FINE TYPE
01:02:48.965 --> 01:02:51.935 region:rollup2
WROTE THAT WE WERE POCKET WE
01:02:49.966 --> 01:02:53.403 region:rollup2
RESPECT THAT.
01:02:51.935 --> 01:02:55.171 region:rollup2
GIVEN THE SIGNIFICANT PROGRAM
01:02:53.403 --> 01:02:56.740 region:rollup2
CHANGES THIS LAST YEAR IT IS
01:02:55.171 --> 01:02:58.074 region:rollup2
NOTABLE THAT LENDER CONFIDENCE
01:02:56.740 --> 01:02:59.709 region:rollup2
DOES REMAIN STRONGER THAN EVER
01:02:58.074 --> 01:03:01.177 region:rollup2
AS EVIDENCED BY THE FACT THAT
01:02:59.709 --> 01:03:04.514 region:rollup2
RIGHT NOW LOAN ENROLLMENT VOLUME
01:03:01.177 --> 01:03:05.615 region:rollup2
IS UP OVER THIS TIME LAST YEAR.
01:03:04.514 --> 01:03:07.317 region:rollup2
SO ADMITTEDLY IN ADDRESSING YOU
01:03:05.615 --> 01:03:08.518 region:rollup2
THIS MORNING TRYING TO FIND OUT
01:03:07.317 --> 01:03:09.552 region:rollup2
THE REAL REASON FOR MOVING THE
01:03:08.518 --> 01:03:11.488 region:rollup2
PROGRAM.
01:03:09.552 --> 01:03:12.856 region:rollup2
WHICH IS SUCCESSFUL BY EVERY
01:03:11.488 --> 01:03:14.491 region:rollup2
MEASURE AWAY FROM THE
01:03:12.856 --> 01:03:15.725 region:rollup2
ADMINISTRATION THAT GAVE BIRTH
01:03:14.491 --> 01:03:16.726 region:rollup2
TO IT AND RAISED IT.
01:03:15.725 --> 01:03:18.528 region:rollup2
HAS FELT A LITTLE BIT LIKE
01:03:16.726 --> 01:03:20.864 region:rollup2
PUNCHING A PILLOW THE RATIONALE
01:03:18.528 --> 01:03:21.431 region:rollup2
HAS CHANGED FROM CONVERSATION TO
01:03:20.864 --> 01:03:22.599 region:rollup2
CONVERSATION AND FROM DAY TO
01:03:21.431 --> 01:03:23.800 region:rollup2
DAY.
01:03:22.599 --> 01:03:25.468 region:rollup2
SO WITH THAT I WOULD DO REMAIN
01:03:23.800 --> 01:03:27.470 region:rollup2
PRESENT TO ANSWER ANY QUESTIONS
01:03:25.468 --> 01:03:29.406 region:rollup2
YOU HAVE I WOULD LIKE IDENTITY
01:03:27.470 --> 01:03:31.307 region:rollup2
TREASURER STEVE WHEREAS TO ALSO
01:03:29.406 --> 01:03:32.542 region:rollup2
HAVE SOME COMMENT SINK.
01:03:31.307 --> 01:03:33.543 region:rollup2
THANK YOU THANK YOU CHAIRWOMAN
01:03:32.542 --> 01:03:34.210 region:rollup2
AND TO THE MEMBERS OF THE
01:03:33.543 --> 01:03:35.612 region:rollup2
COMMITTEE AND SENATOR HUESO IT'S
01:03:34.210 --> 01:03:37.247 region:rollup2
MY PLEASURE TO BE HERE MY NAME
01:03:35.612 --> 01:03:38.782 region:rollup2
IS STEVE WHERE AS I'M THE CHIEF
01:03:37.247 --> 01:03:39.683 region:rollup2
DEPUTY TREASURER FOR ECONOMIC
01:03:38.782 --> 01:03:40.350 region:rollup2
DEVELOPMENT IN THE STATE
01:03:39.683 --> 01:03:41.451 region:rollup2
TREASURER'S OFFICE I'M HERE TO
01:03:40.350 --> 01:03:43.253 region:rollup2
REPRESENT.
01:03:41.451 --> 01:03:45.055 region:rollup2
A STATE TREASURER JOHN CHUNG I
01:03:43.253 --> 01:03:46.423 region:rollup2
ALSO CAN AND CONVEY THE
01:03:45.055 --> 01:03:48.058 region:rollup2
OPPOSITION OF CONTROLLER BETTY
01:03:46.423 --> 01:03:49.459 region:rollup2
AND I THINK HER LETTER
01:03:48.058 --> 01:03:50.827 region:rollup2
MUST GOT LOST IN TRANSIT BUT
01:03:49.459 --> 01:03:51.795 region:rollup2
THEY'VE INDICATED TO US THAT
01:03:50.827 --> 01:03:52.929 region:rollup2
THEY ARE ALSO OPPOSED TO THE
01:03:51.795 --> 01:03:53.963 region:rollup2
BILL -- I'M
01:03:52.929 --> 01:03:55.565 region:rollup2
HERE IN PARTICULAR BECAUSE I
01:03:53.963 --> 01:03:57.100 region:rollup2
CHAIR THE CALIFORNIA POLLUTION
01:03:55.565 --> 01:03:57.934 region:rollup2
CONTROL FINANCE AUTHORITY ON
01:03:57.100 --> 01:03:58.702 region:rollup2
BEHALF OF THE TREASURE AND SO I
01:03:57.934 --> 01:04:01.104 region:rollup2
KNOW.
01:03:58.702 --> 01:04:02.939 region:rollup2
A LITTLE BIT TO INTIMATELY HOW
01:04:01.104 --> 01:04:03.606 region:rollup2
HOW THE PROGRAM WORKS --
01:04:02.939 --> 01:04:04.507 region:rollup2
WE'VE RD SHARE WITH COMMITTEE I
01:04:03.606 --> 01:04:05.875 region:rollup2
THINK A TREMENDOUS SUCCESSES
01:04:04.507 --> 01:04:07.544 region:rollup2
THAT -- THAT
01:04:05.875 --> 01:04:08.878 region:rollup2
WE'VE WITNESSED OVER TWENTY FIVE
01:04:07.544 --> 01:04:10.380 region:rollup2
YEARS OF THE PROGRAM --
01:04:08.878 --> 01:04:13.016 region:rollup2
IN FACT SINCE THAT TREASURE TOOK
01:04:10.380 --> 01:04:14.250 region:rollup2
OFFICE IN NINETEEN IN TWENTY
01:04:13.016 --> 01:04:16.186 region:rollup2
FIFTEEN WE SEEN A METEORIC RISE
01:04:14.250 --> 01:04:17.020 region:rollup2
IN THE NUMBER OF APPLICATIONS
01:04:16.186 --> 01:04:18.221 region:rollup2
THE NUMBER OF BUSINESSES THAT
01:04:17.020 --> 01:04:18.755 region:rollup2
ARE SIR.
01:04:18.221 --> 01:04:20.457 region:rollup2
I THINK THAT WAS SOMEWHAT
01:04:18.755 --> 01:04:21.691 region:rollup2
EVIDENT IN THE INFORMATION THAT
01:04:20.457 --> 01:04:23.159 region:rollup2
YOU RECEIVE FROM THE PROPONENTS.
01:04:21.691 --> 01:04:24.828 region:rollup2
OF THAT FACT IS CONTINUE TO BE
01:04:23.159 --> 01:04:25.895 region:rollup2
SUCCESSFUL PROGRAM THE QUESTION
01:04:24.828 --> 01:04:28.131 region:rollup2
WHETHER THAT CONTINUES TO BE THE
01:04:25.895 --> 01:04:29.399 region:rollup2
CASE BUT AS RENEE JUST SAID IN
01:04:28.131 --> 01:04:30.633 region:rollup2
THE LAST YEAR WE'VE ACTUALLY
01:04:29.399 --> 01:04:32.535 region:rollup2
SEEN AN INCREASE.
01:04:30.633 --> 01:04:33.703 region:rollup2
IN THE NUMBER OF APPLICATIONS SO
01:04:32.535 --> 01:04:35.171 region:rollup2
YOU'RE BASICALLY LOOK AT A
01:04:33.703 --> 01:04:36.439 region:rollup2
PROGRAM THAT NOT ONLY SUCCESSFUL
01:04:35.171 --> 01:04:38.174 region:rollup2
IN DOING OUTREACH.
01:04:36.439 --> 01:04:39.542 region:rollup2
BUT IN PARTICULAR DOING OUTREACH
01:04:38.174 --> 01:04:41.211 region:rollup2
TO LEVERAGE PRIVATE DOLLARS WHEN
01:04:39.542 --> 01:04:43.713 region:rollup2
WE ENTERED OFFICE.
01:04:41.211 --> 01:04:45.148 region:rollup2
THE A LEVERAGE RATIO IS.
01:04:43.713 --> 01:04:46.182 region:rollup2
SIX ONE IT'S NOW 1-821- THAT
01:04:45.148 --> 01:04:48.118 region:rollup2
MEANS FOR EVERY DOLLAR THAT WE
01:04:46.182 --> 01:04:48.685 region:rollup2
PUT IN A LOAN LOSS RESERVE.
01:04:48.118 --> 01:04:50.620 region:rollup2
EIGHTEEN DOLLARS OF PRIVATE
01:04:48.685 --> 01:04:52.188 region:rollup2
ACTIVITY ARE TAKING PLACE OUT IN
01:04:50.620 --> 01:04:52.722 region:rollup2
THE CALIFORNIA BUSINESS
01:04:52.188 --> 01:04:53.857 region:rollup2
ENVIRONMENT I THINK THAT'S
01:04:52.722 --> 01:04:55.358 region:rollup2
PRETTY INCREDIBLE.
01:04:53.857 --> 01:04:57.427 region:rollup2
UP I SHOULD ALSO MENTION THAT WE
01:04:55.358 --> 01:04:58.061 region:rollup2
HAVE A VERY EXTENSIVE OUTREACH
01:04:57.427 --> 01:04:59.429 region:rollup2
TO THOSE WHO HAVE TRADITIONALLY
01:04:58.061 --> 01:05:00.797 region:rollup2
BEEN UNDER SIR.
01:04:59.429 --> 01:05:02.465 region:rollup2
AND THAT INCLUDES BOTH THE IN
01:05:00.797 --> 01:05:04.401 region:rollup2
AND MINORITY COMMUNITIES THAT WE
01:05:02.465 --> 01:05:04.901 region:rollup2
NEED TO HAVE TRADITIONALLY HAD A
01:05:04.401 --> 01:05:06.202 region:rollup2
HARD TIME WITH ACCESS TO
01:05:04.901 --> 01:05:08.071 region:rollup2
CAPITAL.
01:05:06.202 --> 01:05:09.439 region:rollup2
THEY NOW RECEIVE 61% OF THE
01:05:08.071 --> 01:05:10.373 region:rollup2
LOANS THAT ARE MADE TO THE CAL
01:05:09.439 --> 01:05:12.142 region:rollup2
CAP PROGRAM I THINK ANOTHER
01:05:10.373 --> 01:05:13.843 region:rollup2
REMARKABLE STEP.
01:05:12.142 --> 01:05:14.744 region:rollup2
SO WITH ALL THAT SAID YOU MIGHT
01:05:13.843 --> 01:05:16.379 region:rollup2
ASK WHAT WOULD WE DOING HERE
01:05:14.744 --> 01:05:17.781 region:rollup2
TODAY WHY ARE WE PROPOSING TO
01:05:16.379 --> 01:05:19.816 region:rollup2
TAKE THIS PROGRAM AWAY.
01:05:17.781 --> 01:05:21.117 region:rollup2
FROM A VERY SUCCESSFUL PROGRAM
01:05:19.816 --> 01:05:22.719 region:rollup2
FOR TWENTY FIVE YEARS AND HANDED
01:05:21.117 --> 01:05:24.087 region:rollup2
OVER TO ANOTHER STATE AGENCY.
01:05:22.719 --> 01:05:25.922 region:rollup2
WELL AS RENEE HAS SUGGESTED IT
01:05:24.087 --> 01:05:26.990 region:rollup2
BOILS DOWN TO ONE THING.
01:05:25.922 --> 01:05:29.025 region:rollup2
THE RECAP YOUR PROVISION WHICH
01:05:26.990 --> 01:05:30.093 region:rollup2
WE ADOPTED AS SUPPORT LAST YEAR
01:05:29.025 --> 01:05:31.561 region:rollup2
ON THAT BOARD INCLUDES BOTH THE
01:05:30.093 --> 01:05:33.129 region:rollup2
TREASURE CONTROLLER.
01:05:31.561 --> 01:05:33.830 region:rollup2
AND DIRECTOR FINANCE WILL VOTED
01:05:33.129 --> 01:05:35.899 region:rollup2
UNANIMOUSLY TO ADOPT THAT
01:05:33.830 --> 01:05:37.133 region:rollup2
PROVISION WHAT THAT PROVISION
01:05:35.899 --> 01:05:38.168 region:rollup2
DOES IS IT SAYS.
01:05:37.133 --> 01:05:39.636 region:rollup2
BUT I LENDERS IF YOU HAVE IDLE
01:05:38.168 --> 01:05:41.204 region:rollup2
FUNDS THAT WE PROVIDE YOU THE
01:05:39.636 --> 01:05:42.705 region:rollup2
CAL KEPT PROGRAM THAT YOU ARE
01:05:41.204 --> 01:05:44.407 region:rollup2
NOT MAKING LOANS WITH.
01:05:42.705 --> 01:05:46.242 region:rollup2
THAT MONEY SHOULD BE RETURNED TO
01:05:44.407 --> 01:05:47.811 region:rollup2
THE STATE RETURN TO SEE BEEFY
01:05:46.242 --> 01:05:49.612 region:rollup2
CFA SO THAT WE CAN FUND.
01:05:47.811 --> 01:05:51.247 region:rollup2
MORE BUSINESSES AND THAT'S IN
01:05:49.612 --> 01:05:53.550 region:rollup2
FACT WHAT WE'VE BEEN DOING --
01:05:51.247 --> 01:05:55.251 region:rollup2
AND IN FACT WE'VE GOTTEN COMPLY.
01:05:53.550 --> 01:05:56.853 region:rollup2
WHO BOUGHT IT OUT?
01:05:55.251 --> 01:05:58.588 region:rollup2
YOU KNOW THAT WE WE PERFECTLY
01:05:56.853 --> 01:05:59.622 region:rollup2
UNDERSTAND THAT BUT WE THINK.
01:05:58.588 --> 01:06:00.890 region:rollup2
THAT IF YOU'RE GOING TO RUN A
01:05:59.622 --> 01:06:01.991 region:rollup2
SUCCESSFUL PROGRAM YOU SHOULD
01:06:00.890 --> 01:06:04.027 region:rollup2
PUT THAT MONEY TO WORK IT
01:06:01.991 --> 01:06:05.195 region:rollup2
SHOULDN'T BE USED --
01:06:04.027 --> 01:06:07.630 region:rollup2
BY MANY OF THE PROPONENTS OF
01:06:05.195 --> 01:06:09.098 region:rollup2
THIS BILL TO BASICALLY PAD THEIR
01:06:07.630 --> 01:06:10.400 region:rollup2
THEIR ASSET SHEETS THAT'S JUST
01:06:09.098 --> 01:06:11.301 region:rollup2
NOT WHAT THE PROGRAM WAS
01:06:10.400 --> 01:06:12.335 region:rollup2
INTENDED TO DO.
01:06:11.301 --> 01:06:13.503 region:rollup2
IS NOT IN THE SPIRIT OF SMALL
01:06:12.335 --> 01:06:15.071 region:rollup2
BUSINESS.
01:06:13.503 --> 01:06:16.673 region:rollup2
SO I IMPLORE YOU TO THINK ABOUT
01:06:15.071 --> 01:06:17.774 region:rollup2
THAT THAT IN FACT THAT'S THE
01:06:16.673 --> 01:06:18.141 region:rollup2
WHOLE PURPOSE FOR WHY WE'RE HERE
01:06:17.774 --> 01:06:20.410 region:rollup2
TODAY.
01:06:18.141 --> 01:06:22.011 region:rollup2
AND A WHAT IT SEEMS TO BE IS
01:06:20.410 --> 01:06:23.379 region:rollup2
JUST A BRAZEN ATTEMPT. TO CHERRY
01:06:22.011 --> 01:06:24.881 region:rollup2
PICK WHICH STATE AGENCY ARE WE
01:06:23.379 --> 01:06:26.015 region:rollup2
GOING TO DO BUSINESS WITH.
01:06:24.881 --> 01:06:27.450 region:rollup2
THAT TENDS TO BE THE LENDERS
01:06:26.015 --> 01:06:28.318 region:rollup2
CREDO AND IF.
01:06:27.450 --> 01:06:30.053 region:rollup2
FOR IT WE WANT TO BE SUPPORTIVE
01:06:28.318 --> 01:06:30.620 region:rollup2
THAT WE SHOULD ALLOW A LOT OF
01:06:30.053 --> 01:06:32.021 region:rollup2
OTHER PEOPLE TO GO AND PICK
01:06:30.620 --> 01:06:33.122 region:rollup2
THEIR OWN STATUS.
01:06:32.021 --> 01:06:34.490 region:rollup2
I HAPPEN TO SIT ON THE AYE BACK
01:06:33.122 --> 01:06:35.525 region:rollup2
ON BEHALF OF THE TREASURE AND I
01:06:34.490 --> 01:06:36.092 region:rollup2
HAVE GREAT RESPECT FOR THE IBEX
01:06:35.525 --> 01:06:37.961 region:rollup2
STAFF BUT I CAN I CAN ASSURE
01:06:36.092 --> 01:06:39.495 region:rollup2
YOU.
01:06:37.961 --> 01:06:40.897 region:rollup2
THAT AT LEAST FOR THE
01:06:39.495 --> 01:06:42.599 region:rollup2
FORESEEABLE FUTURE THEY WILL NOT
01:06:40.897 --> 01:06:44.334 region:rollup2
RUN THIS PROGRAM AS EFFICIENTLY
01:06:42.599 --> 01:06:45.568 region:rollup2
AS AS THE CAL CAP PROGRAM THAT'S
01:06:44.334 --> 01:06:47.036 region:rollup2
ADMINISTERED.
01:06:45.568 --> 01:06:48.304 region:rollup2
BY CPC IF THEY BECAUSE THEY
01:06:47.036 --> 01:06:49.405 region:rollup2
DON'T HAVE THE KNOWLEDGE OR THAT
01:06:48.304 --> 01:06:52.141 region:rollup2
EXPERIENCE IN THIS PARTICULAR
01:06:49.405 --> 01:06:53.109 region:rollup2
AREA OF LOAN LOSS RESERVE SO.
01:06:52.141 --> 01:06:54.444 region:rollup2
AGAIN I ASK THAT --
01:06:53.109 --> 01:06:55.912 region:rollup2
I WOULD SUGGEST THAT WE OPEN
01:06:54.444 --> 01:06:57.213 region:rollup2
THIS UP FOR AN INTERIM HEARING I
01:06:55.912 --> 01:06:58.248 region:rollup2
THINK THAT'S A PERFECT SETTING
01:06:57.213 --> 01:07:00.116 region:rollup2
TO TRY TO ADDRESS.
01:06:58.248 --> 01:07:00.717 region:rollup2
WHAT THE ISSUES ARE HERE I DON'T
01:07:00.116 --> 01:07:01.951 region:rollup2
THINK YOU'RE GONNA FIND AT ALL
01:07:00.717 --> 01:07:04.020 region:rollup2
ON THIS BILL?
01:07:01.951 --> 01:07:04.621 region:rollup2
SO WITH THAT I'LL CONCLUDING IF
01:07:04.020 --> 01:07:06.089 region:rollup2
HAPPY TO ANSWER ANY QUESTIONS
01:07:04.621 --> 01:07:07.423 region:rollup2
THAT YOU MIGHT HAVE.
01:07:06.089 --> 01:07:09.392 region:rollup2
THANK YOU MEMBERS DO WE HAVE ANY
01:07:07.423 --> 01:07:11.060 region:rollup2
QUESTIONS.
01:07:09.392 --> 01:07:14.530 region:rollup2
ALRIGHT WITH THAT DO WE HAVE
01:07:11.060 --> 01:07:15.765 region:rollup2
ANYBODY ELSE WHO OWN I'M SORRY
01:07:14.530 --> 01:07:16.900 region:rollup2
WHAT IF THERE'S ANYBODY ELSE IN
01:07:15.765 --> 01:07:17.534 region:rollup2
OPPOSITION THAT MORNING HERE
01:07:16.900 --> 01:07:20.203 region:rollup2
FROM YEAH YOU KNOW IF THERE'S
01:07:17.534 --> 01:07:21.204 region:rollup2
ANY ANYBODY ELSE WHO IS OPPOSED.
01:07:20.203 --> 01:07:35.485 region:rollup2
IF YOU ARE PLEASE STATE YOUR
01:07:21.204 --> 01:07:36.619 region:rollup2
NAME AND GOOD MORNING WE'RE JUST
01:07:35.485 --> 01:07:38.721 region:rollup2
GONNA STATE ARE NAMED
01:07:36.619 --> 01:07:39.555 region:rollup2
ORGANIZATION MY NAME IS SHARON
01:07:38.721 --> 01:07:40.623 region:rollup2
EVANS CURRENT MEMBER BOARD
01:07:39.555 --> 01:07:41.891 region:rollup2
MEMBER OF THE CALIFORNIA CHAMBER
01:07:40.623 --> 01:07:42.358 region:rollup2
OF COMMERCE.
01:07:41.891 --> 01:07:43.560 region:rollup2
A MEMBER OF THE MILKEN
01:07:42.358 --> 01:07:44.827 region:rollup2
INSTITUTE.
01:07:43.560 --> 01:07:46.763 region:rollup2
ON STEERING COMMITTEE FOR
01:07:44.827 --> 01:07:48.598 region:rollup2
MINORITY CAPITAL ACCESS AND I
01:07:46.763 --> 01:07:49.165 region:rollup2
CHAIR THE HEALTH SOUTHERN
01:07:48.598 --> 01:07:50.533 region:rollup2
CALIFORNIA MINORITY BUSINESS
01:07:49.165 --> 01:07:52.669 region:rollup2
ALLIANCE.
01:07:50.533 --> 01:07:53.570 region:rollup2
AND YOUR POST I AM A POST OKAY
01:07:52.669 --> 01:07:55.505 region:rollup2
THANK YOU.
01:07:53.570 --> 01:07:56.940 region:rollup2
AND THANK YOU MISTER MORRIS.
01:07:55.505 --> 01:07:58.308 region:rollup2
AND WOOD I PUT THERE ARE SOME
01:07:56.940 --> 01:08:00.009 region:rollup2
QUESTIONS WILL GO AHEAD AND TAKE
01:07:58.308 --> 01:08:02.312 region:rollup2
THOSE ASSEMBLY MEMBER BERMAN
01:08:00.009 --> 01:08:05.348 region:rollup2
GREAT THANK YOU VERY MUCH --
01:08:02.312 --> 01:08:07.016 region:rollup2
SO I THOUGHT --
01:08:05.348 --> 01:08:07.817 region:rollup2
AND I'VE A IMMENSE AMOUNT OF
01:08:07.016 --> 01:08:09.986 region:rollup2
RESPECT --
01:08:07.817 --> 01:08:11.721 region:rollup2
FOR CENTER HUESO MAYBE NOT YOUR
01:08:09.986 --> 01:08:13.923 region:rollup2
PUNCTUALITY THIS MORNING BUT BUT
01:08:11.721 --> 01:08:15.658 region:rollup2
DEFINITELY FOR THE SENDER --
01:08:13.923 --> 01:08:18.227 region:rollup2
BUT ALSO --
01:08:15.658 --> 01:08:20.196 region:rollup2
FOR YOU KNOW TREASURE --
01:08:18.227 --> 01:08:21.197 region:rollup2
CHUNG IN CONTROLLER YE --
01:08:20.196 --> 01:08:22.732 region:rollup2
AND THERE SEEMS TO BE A REAL
01:08:21.197 --> 01:08:24.233 region:rollup2
DIVIDE AS TO WHY WE'RE DOING
01:08:22.732 --> 01:08:24.767 region:rollup2
THIS AND WHETHER OR NOT IT'S IN
01:08:24.233 --> 01:08:25.601 region:rollup2
THE BEST INTERESTS OF THE
01:08:24.767 --> 01:08:26.836 region:rollup2
PROGRAM.
01:08:25.601 --> 01:08:28.371 region:rollup2
IN THE SMALL BUSINESSES THAT
01:08:26.836 --> 01:08:30.907 region:rollup2
WE'RE TRYING TO LAND TO SO --
01:08:28.371 --> 01:08:31.975 region:rollup2
I GUESS ONE QUESTION THAT I HAVE
01:08:30.907 --> 01:08:33.242 region:rollup2
IS IT YOU KNOW IF.
01:08:31.975 --> 01:08:34.444 region:rollup2
IF THE FRUSTRATION SEEMS TO BE
01:08:33.242 --> 01:08:37.113 region:rollup2
AROUND THIS RECAPTURE THE UP
01:08:34.444 --> 01:08:37.747 region:rollup2
POLICY.
01:08:37.113 --> 01:08:39.415 region:rollup2
BUT THERE EEDS TO BE AWAY THEM
01:08:37.747 --> 01:08:41.384 region:rollup2
DIDN'T TAKE CONTINUE TO HAVE THE
01:08:39.415 --> 01:08:42.952 region:rollup2
PROGRAM BE SUSTAINABLE WHICH I
01:08:41.384 --> 01:08:44.354 region:rollup2
THINK THAT WAS MEANT TO ADDRESS
01:08:42.952 --> 01:08:46.689 region:rollup2
WHAT ARE THE PLANS YOU KNOW
01:08:44.354 --> 01:08:48.324 region:rollup2
REMOVE THIS FROM FROM THE OTHER
01:08:46.689 --> 01:08:49.959 region:rollup2
KERN AGENCY.
01:08:48.324 --> 01:08:51.694 region:rollup2
TO TO GOBIZ WHAT'S GOBIZ GONNA
01:08:49.959 --> 01:08:52.261 region:rollup2
DO DIFFERENTLY TO MAKE SURE YOU
01:08:51.694 --> 01:08:54.097 region:rollup2
HAVE TO MAKE SURE THAT WE
01:08:52.261 --> 01:08:55.298 region:rollup2
MAINTAIN THE SUSTAINABILITY OF
01:08:54.097 --> 01:08:56.899 region:rollup2
THE PROGRAM IF THEY'RE PLANNING
01:08:55.298 --> 01:08:57.767 region:rollup2
ON ROLLING BACK THE IDEA OF
01:08:56.899 --> 01:08:59.836 region:rollup2
RECAPTURE [inaudible]
01:08:57.767 --> 01:09:00.637 region:rollup2
WELL.
01:08:59.836 --> 01:09:01.738 region:rollup2
IF YOU LOOK AT THE HISTORY OF
01:09:00.637 --> 01:09:04.540 region:rollup2
THE AYE BACK THE AYE BACK ALSO
01:09:01.738 --> 01:09:06.442 region:rollup2
HAS A VERY ILLUSTRIOUS HISTORY.
01:09:04.540 --> 01:09:08.144 region:rollup2
OF OF GATHERING FUNDS OF
01:09:06.442 --> 01:09:09.412 region:rollup2
DISBURSING FUNDS MAKING LOANS OF
01:09:08.144 --> 01:09:11.648 region:rollup2
MANAGING A VERY VERY LARGE
01:09:09.412 --> 01:09:12.815 region:rollup2
PORTFOLIO --
01:09:11.648 --> 01:09:14.150 region:rollup2
THEY ARE --
01:09:12.815 --> 01:09:16.019 region:rollup2
WORKING WITHIN THE GOBIZ
01:09:14.150 --> 01:09:17.954 region:rollup2
DEPARTMENT WHICH I BELIEVE IS
01:09:16.019 --> 01:09:19.622 region:rollup2
WITHIN ITSELF THE GLOBALIST
01:09:17.954 --> 01:09:20.990 region:rollup2
ABOUT PARTNER WAS PUT TOGETHER.
01:09:19.622 --> 01:09:22.725 region:rollup2
ABOUT SIX YEARS AGO UNDER
01:09:20.990 --> 01:09:23.693 region:rollup2
PROGRAM THAT I WAS INVOLVED IN
01:09:22.725 --> 01:09:25.128 region:rollup2
IT TRYING TO CREATE A VERY
01:09:23.693 --> 01:09:27.330 region:rollup2
COMPETITIVE.
01:09:25.128 --> 01:09:29.298 region:rollup2
A BUSINESS AGENCY HERE IN THE
01:09:27.330 --> 01:09:31.501 region:rollup2
STATEWILL THAT WILL FOCUS ON
01:09:29.298 --> 01:09:33.936 region:rollup2
BUSINESS EXPANSION A RETENTION.
01:09:31.501 --> 01:09:34.537 region:rollup2
SO WITHIN THE FRAMEWORK OF WHAT
01:09:33.936 --> 01:09:36.005 region:rollup2
WE ESTABLISH FOR GOLD IS SO I
01:09:34.537 --> 01:09:37.206 region:rollup2
MEAN.
01:09:36.005 --> 01:09:38.574 region:rollup2
IF YOU LOOK AT THE GLOBUS
01:09:37.206 --> 01:09:39.876 region:rollup2
PROGRAM AND WHAT.
01:09:38.574 --> 01:09:41.677 region:rollup2
WHAT THE POWERS THE LEGISLATURE
01:09:39.876 --> 01:09:42.912 region:rollup2
GAVE TO GO BASE TO TO BUSINESS
01:09:41.677 --> 01:09:44.280 region:rollup2
EXPANSION OR RICK RETENTION IN
01:09:42.912 --> 01:09:45.448 region:rollup2
THE?
01:09:44.280 --> 01:09:47.483 region:rollup2
I DON'T THINK THAT THERE IS
01:09:45.448 --> 01:09:48.785 region:rollup2
ANOTHER STATE.
01:09:47.483 --> 01:09:50.420 region:rollup2
IN THE COUNTRY THAT HOUSE THAT
01:09:48.785 --> 01:09:51.821 region:rollup2
PORTFOLIO THAT WE PROVIDED
01:09:50.420 --> 01:09:53.623 region:rollup2
GULBIS TO DO.
01:09:51.821 --> 01:09:55.324 region:rollup2
A TAX CREDITS --
01:09:53.623 --> 01:09:57.827 region:rollup2
BUSINESS SUPPORT SERVICES JUST
01:09:55.324 --> 01:10:00.329 region:rollup2
THE WHOLE ARRAY OF PROGRAMS THAT
01:09:57.827 --> 01:10:01.330 region:rollup2
ARE ESSENTIALLY HERE.
01:10:00.329 --> 01:10:02.765 region:rollup2
THAT ASSISTING PEOPLE THAT
01:10:01.330 --> 01:10:03.766 region:rollup2
STRAINING CALIFORNIA MOVING TO
01:10:02.765 --> 01:10:05.168 region:rollup2
CALIFORNIA AND THRIVING IN
01:10:03.766 --> 01:10:06.335 region:rollup2
CALIFORNIA.
01:10:05.168 --> 01:10:08.471 region:rollup2
THEY HAVE A FOOTPRINT THAT'S
01:10:06.335 --> 01:10:10.039 region:rollup2
ACROSS THE STATE.
01:10:08.471 --> 01:10:11.474 region:rollup2
AND THEY'VE BEEN ABLE TO
01:10:10.039 --> 01:10:12.442 region:rollup2
PENETRATE ALL PARTS OF THE STATE
01:10:11.474 --> 01:10:13.910 region:rollup2
EQUALLY.
01:10:12.442 --> 01:10:16.646 region:rollup2
AN EQUALLY PROVIDE INCENTIVES
01:10:13.910 --> 01:10:17.880 region:rollup2
ACROSS THE STATE. ONE OF THE ONE
01:10:16.646 --> 01:10:19.449 region:rollup2
OF THE CRITICISMS THAT HAS HAS
01:10:17.880 --> 01:10:20.616 region:rollup2
COME OUT OF THIS I'VE BEEN
01:10:19.449 --> 01:10:22.118 region:rollup2
INVOLVED IN THIS I THINK THERE'S
01:10:20.616 --> 01:10:24.187 region:rollup2
A LOT OF STAKEHOLDERS.
01:10:22.118 --> 01:10:25.488 region:rollup2
THE UN IT ON EVEN.
01:10:24.187 --> 01:10:27.490 region:rollup2
ALLOCATION OF FUNDS ACROSS THE
01:10:25.488 --> 01:10:28.758 region:rollup2
STATE OF CO CAP.
01:10:27.490 --> 01:10:29.292 region:rollup2
CAL KEPT WHICH WILL WAS SUPPOSED
01:10:28.758 --> 01:10:30.693 region:rollup2
TO REACH EVERY PART OF THE
01:10:29.292 --> 01:10:33.062 region:rollup2
STATE.
01:10:30.693 --> 01:10:35.264 region:rollup2
AND I'M VERY CRITICAL AT HOW --
01:10:33.062 --> 01:10:36.733 region:rollup2
THOSE FUNDS WERE ALLOCATED TO
01:10:35.264 --> 01:10:39.135 region:rollup2
BUSINESSES THEY WERE.
01:10:36.733 --> 01:10:42.638 region:rollup2
THERE THEIR ENORMOUS --
01:10:39.135 --> 01:10:44.574 region:rollup2
EMPTIED A AREAS OR DEATH OR OR
01:10:42.638 --> 01:10:45.074 region:rollup2
OR FINANCE DESERT'S ACROSS THE
01:10:44.574 --> 01:10:46.309 region:rollup2
STATE ONE OF THEM IS MY
01:10:45.074 --> 01:10:48.978 region:rollup2
DISTRICT.
01:10:46.309 --> 01:10:51.114 region:rollup2
CAL CAP --
01:10:48.978 --> 01:10:53.082 region:rollup2
HAD ZERO TO KNOW A LOANS IN MY
01:10:51.114 --> 01:10:54.851 region:rollup2
DISTRICT AND AND I ACTUALLY
01:10:53.082 --> 01:10:55.985 region:rollup2
WORKED VERY HARD TO WORK WITH
01:10:54.851 --> 01:10:56.719 region:rollup2
THE BUSINESS COMMUNITY IN MY
01:10:55.985 --> 01:10:58.421 region:rollup2
DISTRICT.
01:10:56.719 --> 01:11:00.123 region:rollup2
THE LENDERS IN MY DISTRICT THE
01:10:58.421 --> 01:11:02.024 region:rollup2
MEDIA IN MY DISTRICT TO GET THIS
01:11:00.123 --> 01:11:04.026 region:rollup2
PROGRAM --
01:11:02.024 --> 01:11:06.162 region:rollup2
PROMOTED AND YET NO LOW LOANS
01:11:04.026 --> 01:11:08.598 region:rollup2
WERE MADE AND BUT I THINK THAT
01:11:06.162 --> 01:11:11.067 region:rollup2
THAT YOU KNOW.
01:11:08.598 --> 01:11:12.368 region:rollup2
LOOK THE THE I AM NOT I'M NOT
01:11:11.067 --> 01:11:13.369 region:rollup2
HERE TO DISPARAGE ANYBODY I'M
01:11:12.368 --> 01:11:14.770 region:rollup2
JUST SAYING AS A LEGISLATURE WE
01:11:13.369 --> 01:11:16.539 region:rollup2
CAN.
01:11:14.770 --> 01:11:17.440 region:rollup2
WE WE CAN --
01:11:16.539 --> 01:11:19.075 region:rollup2
WORK WITH OUR STATE LIFT
01:11:17.440 --> 01:11:20.743 region:rollup2
STAKEHOLDERS AND COMMUNITY IN
01:11:19.075 --> 01:11:22.712 region:rollup2
THE PEOPLE THAT ARE EXPERTS IN.
01:11:20.743 --> 01:11:23.446 region:rollup2
IN AND WANTED PARTICIPANTS
01:11:22.712 --> 01:11:26.983 region:rollup2
PROGRAM I HAD A HARD TIME
01:11:23.446 --> 01:11:28.518 region:rollup2
GETTING LENDERS IN MY COMMUNITY.
01:11:26.983 --> 01:11:29.919 region:rollup2
TO A PARTICIPANT PROGRAM A LOT
01:11:28.518 --> 01:11:30.620 region:rollup2
OFTHEM HAD NOT EVEN HEARD OF IT
01:11:29.919 --> 01:11:35.158 region:rollup2
AND I UNDERSTAND.
01:11:30.620 --> 01:11:36.926 region:rollup2
YOU KNOW THE THEY CP.
01:11:35.158 --> 01:11:38.895 region:rollup2
THE CBC FAA.
01:11:36.926 --> 01:11:40.663 region:rollup2
HAS BEEN VERY SUCCESSFUL AND IN
01:11:38.895 --> 01:11:41.998 region:rollup2
CERTAIN AREAS AND THEY HAVE AND
01:11:40.663 --> 01:11:43.032 region:rollup2
THEY HAVE A GREAT STAFF AND THEY
01:11:41.998 --> 01:11:44.167 region:rollup2
HAVE DONE A GREAT JOB
01:11:43.032 --> 01:11:45.968 region:rollup2
ADMINISTERING THE PROGRAM BUT IT
01:11:44.167 --> 01:11:47.503 region:rollup2
CAN BE DONE BETTER.
01:11:45.968 --> 01:11:49.639 region:rollup2
AND IT CAN BE PUT IN WITH AN
01:11:47.503 --> 01:11:52.275 region:rollup2
APARTMENT THAT IS FOCUSED.
01:11:49.639 --> 01:11:53.876 region:rollup2
ON PROVIDING THE SERVICES --
01:11:52.275 --> 01:11:55.811 region:rollup2
WITH TWO PEOPLE THAT HAVE
01:11:53.876 --> 01:11:56.979 region:rollup2
CONTACT WITH EVERYDAY.
01:11:55.811 --> 01:11:58.281 region:rollup2
AND I THINK THAT THAT IS WHAT
01:11:56.979 --> 01:11:59.382 region:rollup2
WE'RE TRYING TO ACCOMPLISH HERE
01:11:58.281 --> 01:12:00.850 region:rollup2
WE'RE TRYING TO MAKE THIS
01:11:59.382 --> 01:12:02.985 region:rollup2
PROGRAM SUSTAINABLE.
01:12:00.850 --> 01:12:04.353 region:rollup2
IT HAS NOT BEEN --
01:12:02.985 --> 01:12:05.488 region:rollup2
IT IN THAT REGARD I MEAN WE HAVE
01:12:04.353 --> 01:12:06.789 region:rollup2
BEEN PUTTING MONEY INTO THIS
01:12:05.488 --> 01:12:08.524 region:rollup2
PROGRAM AND IT SHOULD BE AT
01:12:06.789 --> 01:12:10.359 region:rollup2
THOSE FUNDS SHOULD NOT ONLY
01:12:08.524 --> 01:12:11.861 region:rollup2
REGENERATE BUT GROW.
01:12:10.359 --> 01:12:13.563 region:rollup2
AND THAT IS MY HOPE AND DOING
01:12:11.861 --> 01:12:15.131 region:rollup2
THIS AND AGAIN I'M WORKING WITH
01:12:13.563 --> 01:12:17.266 region:rollup2
A LARGER STAKEHOLDER COMMUNITY
01:12:15.131 --> 01:12:18.234 region:rollup2
UNDERSTAND DEPARTMENT SUPPOSED.
01:12:17.266 --> 01:12:20.136 region:rollup2
BUT IF YOU LOOK AT THE LARGER
01:12:18.234 --> 01:12:21.437 region:rollup2
STAKEHOLDER COMMUNITY THERE IN
01:12:20.136 --> 01:12:23.039 region:rollup2
SUPPORT IN THIS NOT JUST LENDING
01:12:21.437 --> 01:12:24.774 region:rollup2
INSTITUTIONS.
01:12:23.039 --> 01:12:27.043 region:rollup2
IT'S A CHAMBERS OF COMMERCE IT'S
01:12:24.774 --> 01:12:28.411 region:rollup2
A BUSINESSES THEMSELVES --
01:12:27.043 --> 01:12:30.546 region:rollup2
IT'S IT'S BEEN INCLUDES LENDING
01:12:28.411 --> 01:12:31.948 region:rollup2
INSTITUTIONS WITHOUT THEM WE CAN
01:12:30.546 --> 01:12:33.516 region:rollup2
NOT DIMINISH AKAKA.
01:12:31.948 --> 01:12:35.451 region:rollup2
THEY'RE THE ONES THAT ARE THE
01:12:33.516 --> 01:12:36.719 region:rollup2
THAT HAVE THE INFRASTRUCTURE IN
01:12:35.451 --> 01:12:38.120 region:rollup2
THE RESOURCES AND THE EXPERTISE
01:12:36.719 --> 01:12:39.322 region:rollup2
TO ISSUE THESE LOANS.
01:12:38.120 --> 01:12:42.325 region:rollup2
WITH THE SUPPORT OF THE STATE OF
01:12:39.322 --> 01:12:43.826 region:rollup2
COURSE BUT THEY ARE OUT THERE IF
01:12:42.325 --> 01:12:45.895 region:rollup2
WE CAN GET THEM TO PARTICIPATE.
01:12:43.826 --> 01:12:47.496 region:rollup2
THIS MONEY WILL NOT FLOW EQUALLY
01:12:45.895 --> 01:12:48.831 region:rollup2
ACROSS THE STATE WHICH IS WHAT
01:12:47.496 --> 01:12:51.167 region:rollup2
WHAT SHOULD BE DONE SHOULD BE
01:12:48.831 --> 01:12:52.134 region:rollup2
EQUITABLE ACCESS FOR ALL PEOPLE
01:12:51.167 --> 01:12:52.735 region:rollup2
OF CALIFORNIA EVERY SINGLE
01:12:52.134 --> 01:12:56.105 region:rollup2
COUNTY.
01:12:52.735 --> 01:12:57.406 region:rollup2
IN EVERY SINGLE COMMUNITY.
01:12:56.105 --> 01:12:58.741 region:rollup2
THANK YOU YOU CANNOT SORRY CHEN
01:12:57.406 --> 01:12:59.976 region:rollup2
JUST TO FOLLOW UP --
01:12:58.741 --> 01:13:00.576 region:rollup2
TO THANK YOU VERY MUCH AND I
01:12:59.976 --> 01:13:02.144 region:rollup2
WANT TO GIVE YOU A CHANCE TO
01:13:00.576 --> 01:13:03.379 region:rollup2
REPLY IN A SECOND BUT I'M STILL
01:13:02.144 --> 01:13:04.747 region:rollup2
TRYING TO UNDERSTAND IF WE
01:13:03.379 --> 01:13:05.915 region:rollup2
CHANGE IT.
01:13:04.747 --> 01:13:07.183 region:rollup2
DO YOU KNOW FOR TRANSFER TO A
01:13:05.915 --> 01:13:08.951 region:rollup2
DIFFERENT AGENCY WHAT IS THAT
01:13:07.183 --> 01:13:11.487 region:rollup2
AGENCY GONNA DO DIFFERENTLY TO
01:13:08.951 --> 01:13:12.255 region:rollup2
MAINTAIN ITS SUSTAINABILITY --
01:13:11.487 --> 01:13:12.922 region:rollup2
ME SPECIFICALLY IF THEY'RE NO
01:13:12.255 --> 01:13:14.223 region:rollup2
LONGER NEEDED AND IF THEY'RE NO
01:13:12.922 --> 01:13:15.491 region:rollup2
LONGER GOING TO BE UTILIZING
01:13:14.223 --> 01:13:16.692 region:rollup2
RECAPTURE POLICY.
01:13:15.491 --> 01:13:17.994 region:rollup2
WHAT?
01:13:16.692 --> 01:13:23.833 region:rollup2
WHAT'S THE PLAN AND HOW YOU KNOW
01:13:17.994 --> 01:13:26.402 region:rollup2
BY.
01:13:23.833 --> 01:13:27.436 region:rollup2
I COULD SPEAK TO THAT AS A BAKER
01:13:26.402 --> 01:13:30.006 region:rollup2
EAT DO YOU LIKE WHAT I'M TRYING
01:13:27.436 --> 01:13:31.774 region:rollup2
TO MIKE UP A LITTLE CLOSE LIKE
01:13:30.006 --> 01:13:34.143 region:rollup2
THAT SHE'S MAD AT ME TO BUT IT.
01:13:31.774 --> 01:13:35.244 region:rollup2
A RECAPTURE SEEMS TO BE THE BIG
01:13:34.143 --> 01:13:37.813 region:rollup2
ISSUE HERE AND OBVIOUSLY
01:13:35.244 --> 01:13:39.482 region:rollup2
SUSTAINABILITY OF THE PROGRAM.
01:13:37.813 --> 01:13:40.983 region:rollup2
I HAPPEN TO KNOW THAT THE PEOPLE
01:13:39.482 --> 01:13:42.318 region:rollup2
THAT I BANKER BANKERS I THINK
01:13:40.983 --> 01:13:43.452 region:rollup2
LIKE BANKERS THEY UNDERSTAND
01:13:42.318 --> 01:13:44.887 region:rollup2
ECONOMICS THEN UNDERSTAND
01:13:43.452 --> 01:13:46.756 region:rollup2
FORECASTING.
01:13:44.887 --> 01:13:48.925 region:rollup2
THEY UNDERSTAND RESERVES THEY
01:13:46.756 --> 01:13:50.793 region:rollup2
ALSO UNDERSTAND THAT THE LOSSES
01:13:48.925 --> 01:13:51.894 region:rollup2
THAT BANKS TAKEN THE PORTFOLIOS.
01:13:50.793 --> 01:13:53.162 region:rollup2
FOR THE PAST EIGHT YEARS ON A
01:13:51.894 --> 01:13:54.430 region:rollup2
REALLY NOTHING COMPARED TO WHAT
01:13:53.162 --> 01:13:55.531 region:rollup2
THEY COULD BE IN A DOWN CYCLE
01:13:54.430 --> 01:13:57.266 region:rollup2
JUST TAKE A LOOK AT WHAT
01:13:55.531 --> 01:13:58.901 region:rollup2
HAPPENED AFTER TWO THOUSAND AND
01:13:57.266 --> 01:14:00.403 region:rollup2
EIGHT SO THAT THE ARBITRARY.
01:13:58.901 --> 01:14:02.571 region:rollup2
LEVEL OF RESERVES THAT WAS
01:14:00.403 --> 01:14:05.207 region:rollup2
DICTATED WITH THE RECENT
01:14:02.571 --> 01:14:07.243 region:rollup2
LEGISLATION --
01:14:05.207 --> 01:14:08.778 region:rollup2
WAS THAT IT JUST SET ARBITRARY
01:14:07.243 --> 01:14:10.479 region:rollup2
THAT PICKED A NUMBER 10% SHOULD
01:14:08.778 --> 01:14:11.047 region:rollup2
BE ALL YOU NEED.
01:14:10.479 --> 01:14:13.549 region:rollup2
WELL WHEN YOU'RE MAKING LOS
01:14:11.047 --> 01:14:15.318 region:rollup2
TOMORROW TO MARGINAL BORROWERS
01:14:13.549 --> 01:14:18.154 region:rollup2
YOU TO BE READY FOR THAT DOWN
01:14:15.318 --> 01:14:19.722 region:rollup2
CYCLONE ECONOMY HAS A BANK.
01:14:18.154 --> 01:14:20.990 region:rollup2
I HAVE TO PROVE TO MY REGULATORS
01:14:19.722 --> 01:14:22.692 region:rollup2
THAT I'M READY FOR THAT THAT
01:14:20.990 --> 01:14:25.628 region:rollup2
I'VE FACTORED IN FACT THERE'S A
01:14:22.692 --> 01:14:27.963 region:rollup2
WHOLE NEW --
01:14:25.628 --> 01:14:29.231 region:rollup2
ACCOUNTING INDUSTRY STANDARD FOR
01:14:27.963 --> 01:14:30.800 region:rollup2
THE BANKS TO CALCULATE THE
01:14:29.231 --> 01:14:31.400 region:rollup2
RESERVES NOT BASED ON THE OLD
01:14:30.800 --> 01:14:32.968 region:rollup2
WAY.
01:14:31.400 --> 01:14:34.036 region:rollup2
BASED ON LIFE OF THE LOAN
01:14:32.968 --> 01:14:35.604 region:rollup2
INCLUDING THE LIKELIHOOD OF A
01:14:34.036 --> 01:14:37.540 region:rollup2
DOWN ECONOMY.
01:14:35.604 --> 01:14:39.742 region:rollup2
SO I CANNOT SAY CATEGORICALLY
01:14:37.540 --> 01:14:42.345 region:rollup2
THAT THE ARBITRARY 10% LEVEL OF
01:14:39.742 --> 01:14:44.480 region:rollup2
RESERVES THAT WAS STATED TO BE
01:14:42.345 --> 01:14:46.215 region:rollup2
OF OF APPROPRIATE INSUFFICIENT
01:14:44.480 --> 01:14:49.018 region:rollup2
IN THIS LEGISLATION.
01:14:46.215 --> 01:14:50.219 region:rollup2
IS IN FACT A GOOD NUMBER NUMBER.
01:14:49.018 --> 01:14:51.253 region:rollup2
ONE SO WHEN YOU SAY WELL WHAT
01:14:50.219 --> 01:14:52.521 region:rollup2
YOU KNOW WHAT'S GOING TO BE
01:14:51.253 --> 01:14:53.856 region:rollup2
BETTER AT IBEC I JUST THINK THAT
01:14:52.521 --> 01:14:55.758 region:rollup2
THEY'RE BANKERS THEY UNDERSTAND
01:14:53.856 --> 01:14:56.892 region:rollup2
THE BIG PICTURE OF WHAT LENDERS
01:14:55.758 --> 01:15:00.129 region:rollup2
ARE UP AGAINST.
01:14:56.892 --> 01:15:01.297 region:rollup2
IN TERMS OF WHAT'S YOU KNOW
01:15:00.129 --> 01:15:02.565 region:rollup2
WHAT'S A WRITER'S RESERVE MAN
01:15:01.297 --> 01:15:03.799 region:rollup2
HOW DO YOU GET THERE I'LL TELL
01:15:02.565 --> 01:15:05.234 region:rollup2
YOU WHAT I DID.
01:15:03.799 --> 01:15:06.502 region:rollup2
AT MY BANK AND I THINK I'M
01:15:05.234 --> 01:15:08.037 region:rollup2
PRETTY MUCH THE TARGET OF THE
01:15:06.502 --> 01:15:09.538 region:rollup2
STATEMENT.
01:15:08.037 --> 01:15:11.440 region:rollup2
THAT WE HAVE VITAL RESERVES THAT
01:15:09.538 --> 01:15:12.007 region:rollup2
WERE JUST HOLDING ON TO THEY
01:15:11.440 --> 01:15:14.477 region:rollup2
DON'T SHOW UP ON OUR BALANCE
01:15:12.007 --> 01:15:16.078 region:rollup2
SHEET.
01:15:14.477 --> 01:15:17.780 region:rollup2
I CREATED THE IDLE RESERVES BY
01:15:16.078 --> 01:15:19.815 region:rollup2
DOING PRUDENT LENDING NOT TAKING
01:15:17.780 --> 01:15:21.684 region:rollup2
LOSSES DURING A LOT OF LOANS.
01:15:19.815 --> 01:15:23.085 region:rollup2
AND I DID IT BECAUSE I WANTED TO
01:15:21.684 --> 01:15:24.854 region:rollup2
HAVE A I KNEW THEIR AGENCY WAS
01:15:23.085 --> 01:15:26.689 region:rollup2
RUNNING OUT OF FUNDS EIGHT YEARS
01:15:24.854 --> 01:15:28.357 region:rollup2
AGO EVERYBODY KNEW.
01:15:26.689 --> 01:15:29.392 region:rollup2
THE FUNDS WERE GOING TO RUN OUT.
01:15:28.357 --> 01:15:31.127 region:rollup2
THEN THIS S. B. C. I'M WHEN HE
01:15:29.392 --> 01:15:32.161 region:rollup2
SHOWED UP.
01:15:31.127 --> 01:15:33.529 region:rollup2
WE SAID WE STILL KNEW THAT IT
01:15:32.161 --> 01:15:38.000 region:rollup2
WOULD RUN OUT IN APRIL OF LAST
01:15:33.529 --> 01:15:39.668 region:rollup2
YEAR BUT YOU KNOW WE KNEW WAS
01:15:38.000 --> 01:15:41.604 region:rollup2
COMING WE ALSO KNEW THE SIXTY
01:15:39.668 --> 01:15:43.205 region:rollup2
MILLION DOLLARS HAD TO BE SPENT.
01:15:41.604 --> 01:15:44.907 region:rollup2
OR THEY WOULD LOSE IT HAVE TO
01:15:43.205 --> 01:15:46.642 region:rollup2
GIVE IT BACK TO THE US TREASURY.
01:15:44.907 --> 01:15:48.043 region:rollup2
SO THEY CREATED A MECHANISM TO
01:15:46.642 --> 01:15:49.345 region:rollup2
GRAB THAT SIXTY MILLION DOLLARS
01:15:48.043 --> 01:15:50.312 region:rollup2
RATHER THAN TO GIVE IT BACK THEY
01:15:49.345 --> 01:15:51.781 region:rollup2
PUT IT IN THE COLLATERAL
01:15:50.312 --> 01:15:53.082 region:rollup2
ENHANCEMENT PROGRAM WHERE IT
01:15:51.781 --> 01:15:54.150 region:rollup2
STILL IS.
01:15:53.082 --> 01:15:55.284 region:rollup2
THAT PROGRAM DOESN'T LEVERAGE
01:15:54.150 --> 01:15:57.386 region:rollup2
FUNDS.
01:15:55.284 --> 01:15:59.588 region:rollup2
ANYWHERE NEAR WHAT THE CAPITAL
01:15:57.386 --> 01:16:00.756 region:rollup2
ACCESS PROGRAM GOES.
01:15:59.588 --> 01:16:01.857 region:rollup2
THE US TREASURY STUDY OF A
01:16:00.756 --> 01:16:03.559 region:rollup2
COUPLE YEARS AGO SAID THE
01:16:01.857 --> 01:16:05.327 region:rollup2
CAPITAL ACCESS PROGRAMS LEVERAGE
01:16:03.559 --> 01:16:06.762 region:rollup2
YOUR PUBLIC FUNDS THE MOST OF
01:16:05.327 --> 01:16:08.230 region:rollup2
ANY PROGRAM AND A BANK LENDER
01:16:06.762 --> 01:16:09.365 region:rollup2
DOES IT PRUDENTLY AND DOESN'T
01:16:08.230 --> 01:16:10.032 region:rollup2
TAKE LOSSES THAT COULD BE
01:16:09.365 --> 01:16:11.767 region:rollup2
PERPETUAL.
01:16:10.032 --> 01:16:13.235 region:rollup2
THAT'S WHAT I INTENDED WHEN I
01:16:11.767 --> 01:16:14.503 region:rollup2
KNEW.
01:16:13.235 --> 01:16:15.905 region:rollup2
THAT THE FUNDS WERE GOING TO RUN
01:16:14.503 --> 01:16:16.872 region:rollup2
OUT A CREATED SURPLUS RESERVES
01:16:15.905 --> 01:16:18.107 region:rollup2
AND I VOLUNTEERED TO THE
01:16:16.872 --> 01:16:20.209 region:rollup2
DIRECTOR THAT WE WOULD BE
01:16:18.107 --> 01:16:21.811 region:rollup2
WILLING TO MAKE LOANS WITH NO
01:16:20.209 --> 01:16:23.779 region:rollup2
CONTRIBUTION TO RESERVES.
01:16:21.811 --> 01:16:26.916 region:rollup2
IF WE WERE ALLOWED TO USE OUR
01:16:23.779 --> 01:16:28.651 region:rollup2
RESERVE POOL THE WAY WE WANTED.
01:16:26.916 --> 01:16:30.619 region:rollup2
TO I HAD MANY CONVERSATIONS FOR
01:16:28.651 --> 01:16:31.487 region:rollup2
TWO YEARS AND EVERYTHING I SAID
01:16:30.619 --> 01:16:32.822 region:rollup2
PRETTY MUCH I COULD NOT COME.
01:16:31.487 --> 01:16:34.423 region:rollup2
A RESPONSE HERE BUT WE
01:16:32.822 --> 01:16:35.891 region:rollup2
APPRECIATE THIS AND I DO WANT TO
01:16:34.423 --> 01:16:39.028 region:rollup2
REMIND EVERYBODY THIS IS DOUBLE
01:16:35.891 --> 01:16:40.529 region:rollup2
REFERRED TO BANKING AND SO WILL
01:16:39.028 --> 01:16:41.997 region:rollup2
HAVE THAT INPUT AS WELL THINK
01:16:40.529 --> 01:16:43.132 region:rollup2
FUTURE WOMAN I I'LL TRY TO BE AS
01:16:41.997 --> 01:16:45.167 region:rollup2
BRIEF AS I CAN'T --
01:16:43.132 --> 01:16:46.402 region:rollup2
LET ME FIRST GO TO THE ISSUE OF
01:16:45.167 --> 01:16:48.737 region:rollup2
WHAT WOULD HAPPEN.
01:16:46.402 --> 01:16:49.405 region:rollup2
BOB YOU HAVE RECOGNIZING GO BACK
01:16:48.737 --> 01:16:50.873 region:rollup2
TO THE FACT THAT THIS IS
01:16:49.405 --> 01:16:51.407 region:rollup2
PUNCTURED.
01:16:50.873 --> 01:16:53.042 region:rollup2
PRIMARILY BY THE LEADING
01:16:51.407 --> 01:16:53.976 region:rollup2
INTRIGUED BY CALIFORNIA BANKERS
01:16:53.042 --> 01:16:55.644 region:rollup2
ASSOCIATION SO THEY WANT TO
01:16:53.976 --> 01:16:56.145 region:rollup2
DICTATE WHAT'S GONNA HAPPEN I
01:16:55.644 --> 01:16:57.480 region:rollup2
CAN ASSURE YOU BECAUSE I
01:16:56.145 --> 01:16:58.948 region:rollup2
CHECKED.
01:16:57.480 --> 01:17:00.516 region:rollup2
BUT NO ONE IT AT GOBIZ OR THE
01:16:58.948 --> 01:17:01.183 region:rollup2
AYE BANK HAVE INDICATED ANY
01:17:00.516 --> 01:17:01.884 region:rollup2
INTEREST IN TAKING THIS PROGRAM
01:17:01.183 --> 01:17:03.452 region:rollup2
OVER.
01:17:01.884 --> 01:17:04.420 region:rollup2
SO LET'S BE VERY CLEAR ABOUT
01:17:03.452 --> 01:17:06.722 region:rollup2
THAT YOU'RE GONNA GIVE THEM A
01:17:04.420 --> 01:17:07.189 region:rollup2
PROGRAM FOR WHICH THEY HAVE NOT
01:17:06.722 --> 01:17:08.791 region:rollup2
INDICATED ANY INTEREST
01:17:07.189 --> 01:17:10.726 region:rollup2
[inaudible] TO ASSUME.
01:17:08.791 --> 01:17:11.727 region:rollup2
I'M TO GOAD SO WHAT WILL HAPPEN
01:17:10.726 --> 01:17:13.128 region:rollup2
IN THE FUTURE IS MORE THAN
01:17:11.727 --> 01:17:15.197 region:rollup2
LIKELY THEY'RE GOING TO GET
01:17:13.128 --> 01:17:16.632 region:rollup2
HEAVILY LOBBIED. TO DROP TO
01:17:15.197 --> 01:17:18.534 region:rollup2
RECAPTURE PROVISION SO THAN FACT
01:17:16.632 --> 01:17:19.535 region:rollup2
THE LANDERS CAN CONTINUE TO KEEP
01:17:18.534 --> 01:17:21.270 region:rollup2
THAT MONEY IN AND WITH
01:17:19.535 --> 01:17:22.271 region:rollup2
REGARDLESS OF MISREPRESENTATION.
01:17:21.270 --> 01:17:23.739 region:rollup2
THAT'S EXACTLY WHAT HE WOULD
01:17:22.271 --> 01:17:24.840 region:rollup2
LOVE TO DO IS KEEP THAT MONEY
01:17:23.739 --> 01:17:25.808 region:rollup2
AND BASICALLY HOLD IT FOR
01:17:24.840 --> 01:17:26.842 region:rollup2
HIMSELF EVEN THOUGH HE BE ISN'T
01:17:25.808 --> 01:17:28.144 region:rollup2
USING IT IF HE WANTS TO MAKE NEW
01:17:26.842 --> 01:17:29.311 region:rollup2
LOANS THAT'S GREAT.
01:17:28.144 --> 01:17:31.580 region:rollup2
BUT I'M JUST SAYING WHY WOULD WE
01:17:29.311 --> 01:17:32.381 region:rollup2
OPEN THAT BACK INTO.
01:17:31.580 --> 01:17:33.983 region:rollup2
I MEAN WHICH WE'VE ACTUALLY
01:17:32.381 --> 01:17:35.284 region:rollup2
ADDED TO OUR ROSTER.
01:17:33.983 --> 01:17:36.452 region:rollup2
SINCE WE DON RECAPTURE WE HAVE
01:17:35.284 --> 01:17:38.420 region:rollup2
NEW LENDERS.
01:17:36.452 --> 01:17:39.555 region:rollup2
AND SO AGAIN IT'S I THINK THIS
01:17:38.420 --> 01:17:40.222 region:rollup2
THIS BOILS DOWN TO THIS ONE
01:17:39.555 --> 01:17:41.457 region:rollup2
ISSUE.
01:17:40.222 --> 01:17:43.325 region:rollup2
IS THAT WHERE IS RECAPTURING
01:17:41.457 --> 01:17:44.960 region:rollup2
GOING TO END UP AND WHO'S GOING
01:17:43.325 --> 01:17:45.961 region:rollup2
TO ENFORCE IT AND IF.
01:17:44.960 --> 01:17:47.163 region:rollup2
IF -- AGAIN
01:17:45.961 --> 01:17:48.597 region:rollup2
UP FOR THE LIMITED TIME THAT
01:17:47.163 --> 01:17:50.399 region:rollup2
I'LL BE ON THE AYE BANK WORK I
01:17:48.597 --> 01:17:50.1000 region:rollup2
WOULD CERTAINLY.
01:17:50.399 --> 01:17:52.801 region:rollup2
PUSH THEM IF THEY WERE TO GET
01:17:50.1000 --> 01:17:54.570 region:rollup2
THIS PROGRAM. TO CONTINUE TO
01:17:52.801 --> 01:17:55.905 region:rollup2
HOLD THE LENDERS FEET TO THE
01:17:54.570 --> 01:17:57.339 region:rollup2
FIRE BUT AGAIN THAT'LL BE A
01:17:55.905 --> 01:17:57.940 region:rollup2
DECISION PRIDE WELL BEYOND THE
01:17:57.339 --> 01:17:58.541 region:rollup2
TIME.
01:17:57.940 --> 01:18:01.710 region:rollup2
THAT I'M SERVING ON THE BOARD
01:17:58.541 --> 01:18:03.112 region:rollup2
THE THANK YOU AND UP AS MY
01:18:01.710 --> 01:18:04.180 region:rollup2
MEMBER STEINORTH.
01:18:03.112 --> 01:18:05.748 region:rollup2
YES THANK YOU VERY MUCH --
01:18:04.180 --> 01:18:07.783 region:rollup2
ASSEMBLY MEMBER BERMAN COVERED A
01:18:05.748 --> 01:18:09.018 region:rollup2
LOT OF MY COMMENTS BUT I'M JUST
01:18:07.783 --> 01:18:11.053 region:rollup2
IT'S INTERESTING THAT SMALL
01:18:09.018 --> 01:18:12.321 region:rollup2
BUSINESS DAY AND WE ALL KNOW AS
01:18:11.053 --> 01:18:13.189 region:rollup2
AS SMALL BUSINESS PEOPLE I'VE
01:18:12.321 --> 01:18:14.690 region:rollup2
HAD THE PRIVILEGE OF BEING A
01:18:13.189 --> 01:18:15.591 region:rollup2
SMALL BUSINESSMAN FOR OVER
01:18:14.690 --> 01:18:17.793 region:rollup2
TWENTY YEARS AT THE SINGLE
01:18:15.591 --> 01:18:19.428 region:rollup2
GREATEST PROBLEMS. FOR SMALL
01:18:17.793 --> 01:18:20.462 region:rollup2
BUSINESSES UNDER CAPITALIZATION.
01:18:19.428 --> 01:18:21.797 region:rollup2
JUST POINT LIKE THAT IS THE
01:18:20.462 --> 01:18:23.299 region:rollup2
SINGLE GREATEST REASON FOR
01:18:21.797 --> 01:18:24.567 region:rollup2
BUSINESS TO FAIL YOU CAN HAVE
01:18:23.299 --> 01:18:26.135 region:rollup2
THE BEST PRODUCT HAVE AN
01:18:24.567 --> 01:18:26.735 region:rollup2
ABSOLUTELY OPEN MARKET BUT
01:18:26.135 --> 01:18:28.571 region:rollup2
WITHOUT THE PROPER
01:18:26.735 --> 01:18:29.905 region:rollup2
CAPITALIZATION YOU CANNOT GET
01:18:28.571 --> 01:18:32.241 region:rollup2
YOUR PRODUCT TO MARKET.
01:18:29.905 --> 01:18:33.075 region:rollup2
OR TO THE MEET THE NEEDS OF THE
01:18:32.241 --> 01:18:35.578 region:rollup2
MARKET AND ULTIMATELY YOU WILL
01:18:33.075 --> 01:18:36.645 region:rollup2
FAIL SO MY QUESTION IS IS IT'S
01:18:35.578 --> 01:18:38.347 region:rollup2
IT'S FUNNY BECAUSE I I WAS
01:18:36.645 --> 01:18:39.548 region:rollup2
SERVING A BMP FOR A LONG TIME IN
01:18:38.347 --> 01:18:41.317 region:rollup2
THIS REALLY REMINDS ME A LOT OF
01:18:39.548 --> 01:18:41.984 region:rollup2
US GOT THE PRACTICE ISSUE.
01:18:41.317 --> 01:18:43.652 region:rollup2
WHERE YOU KNOW WE'RE LOOKING AT
01:18:41.984 --> 01:18:44.853 region:rollup2
IT OR KIND OF SCRATCHING HEADS
01:18:43.652 --> 01:18:46.188 region:rollup2
GOING OKAY WHAT WE'VE GOTTA A
01:18:44.853 --> 01:18:47.222 region:rollup2
GOOD AMOUNT OF DOLLARS THAT WE
01:18:46.188 --> 01:18:48.924 region:rollup2
WANT TO MAKE SURE GET TO THE
01:18:47.222 --> 01:18:49.558 region:rollup2
WHITE RIGHT RECIPIENTS AND WE'RE
01:18:48.924 --> 01:18:51.727 region:rollup2
LOOKING WILL WHAT'S THE BEST
01:18:49.558 --> 01:18:54.597 region:rollup2
VEHICLE? TO BRING THOSE DOLLARS
01:18:51.727 --> 01:18:55.598 region:rollup2
TO THOSE RISK SO MY QUESTION
01:18:54.597 --> 01:18:57.433 region:rollup2
WOULD I WOULD LIKE EFFECTIVE
01:18:55.598 --> 01:18:58.567 region:rollup2
INVOLVED ON THE REPRESENT FROM
01:18:57.433 --> 01:18:59.468 region:rollup2
THE BANKERS TO JOIN US AS WELL
01:18:58.567 --> 01:19:00.936 region:rollup2
THE ANSWER --
01:18:59.468 --> 01:19:02.137 region:rollup2
I WOULD REALLY LIKE TO KNOW I
01:19:00.936 --> 01:19:03.339 region:rollup2
MEAN I UNDERSTAND THE RECAPTURE
01:19:02.137 --> 01:19:04.273 region:rollup2
PART THAT IS THAT IS UNIQUE I
01:19:03.339 --> 01:19:05.941 region:rollup2
WANT TO MAKE SURE THAT EVERY
01:19:04.273 --> 01:19:07.276 region:rollup2
DOLLAR IS BEING UTILIZED
01:19:05.941 --> 01:19:08.777 region:rollup2
APPROPRIATELY AND IT'S NOT
01:19:07.276 --> 01:19:09.511 region:rollup2
SITTING ON A LEDGER SEEDS SHEET
01:19:08.777 --> 01:19:10.679 region:rollup2
SOMEWHERE.
01:19:09.511 --> 01:19:12.114 region:rollup2
AND LET'S IT'S ON THE SMALL
01:19:10.679 --> 01:19:13.582 region:rollup2
BUSINESS PERSON STE LEDGER SHEET
01:19:12.114 --> 01:19:15.451 region:rollup2
WHERE IT NEEDS TO BE TO BE ABLE
01:19:13.582 --> 01:19:16.752 region:rollup2
TO HELP THEM CREATE JOBS TO
01:19:15.451 --> 01:19:17.586 region:rollup2
MIGRATE QUESTION IS --
01:19:16.752 --> 01:19:19.321 region:rollup2
YOU KNOW JUST A BLANKET
01:19:17.586 --> 01:19:21.023 region:rollup2
STATEMENT WHO WOULD BE THE MOST
01:19:19.321 --> 01:19:22.191 region:rollup2
EFFECTIVE DEPARTMENT TO MAKE
01:19:21.023 --> 01:19:23.926 region:rollup2
SURE THAT THE MOST AMOUNT OF
01:19:22.191 --> 01:19:25.694 region:rollup2
FUNDS ARE DISTRIBUTED TO THE
01:19:23.926 --> 01:19:28.130 region:rollup2
RIGHT PEOPLE IN THE MOST TIMELY
01:19:25.694 --> 01:19:29.565 region:rollup2
MANNER.
01:19:28.130 --> 01:19:30.032 region:rollup2
MAY I RESPOND TO FARMERS
01:19:29.565 --> 01:19:31.233 region:rollup2
THINKING.
01:19:30.032 --> 01:19:32.768 region:rollup2
SO OPPORTUNITY FUND IS A SMALL
01:19:31.233 --> 01:19:34.903 region:rollup2
BUSINESS UNDER WE'VE BEEN AROUND
01:19:32.768 --> 01:19:36.238 region:rollup2
FOR OVER TWENTY YEARS ADMINS AND
01:19:34.903 --> 01:19:37.606 region:rollup2
LET OUT OVER THREE HUNDRED
01:19:36.238 --> 01:19:38.841 region:rollup2
MILLION DOLLARS AROUND THE STATE
01:19:37.606 --> 01:19:39.908 region:rollup2
TO TO SMALL BUSINESS OWNERS.
01:19:38.841 --> 01:19:41.910 region:rollup2
AND WE'VE BEEN WORKING WITH THE
01:19:39.908 --> 01:19:43.545 region:rollup2
P. CFA FOR TWO YEARS TO TRY TO
01:19:41.910 --> 01:19:44.013 region:rollup2
RESOLVE THIS ISSUE AND IT IT
01:19:43.545 --> 01:19:44.913 region:rollup2
REALLY GOES FAR BEYOND
01:19:44.013 --> 01:19:47.082 region:rollup2
RECAPTURE.
01:19:44.913 --> 01:19:48.651 region:rollup2
AND FOR EXAMPLE AFTER THE
01:19:47.082 --> 01:19:50.019 region:rollup2
RECAPTURE PROVISIONS AND THEY
01:19:48.651 --> 01:19:51.754 region:rollup2
THEN PASSED REGULATIONS TO
01:19:50.019 --> 01:19:53.088 region:rollup2
CHANGE THE RULES ABOUT HOW WE
01:19:51.754 --> 01:19:54.690 region:rollup2
COULD RESTRUCTURE LOANS AND
01:19:53.088 --> 01:19:56.792 region:rollup2
GREATLY LIMITING.
01:19:54.690 --> 01:19:58.293 region:rollup2
RESTRUCTURING BASICALLY MEANS IF
01:19:56.792 --> 01:19:59.962 region:rollup2
A SMALL BUSINESS OWNER IS HAVING
01:19:58.293 --> 01:20:01.497 region:rollup2
A HARD TIME PAYING BACK ALONE WE
01:19:59.962 --> 01:20:02.665 region:rollup2
CAN GIVE THEM MORE TIME.
01:20:01.497 --> 01:20:04.199 region:rollup2
AND TO PAY BACK BECAUSE THAT'S
01:20:02.665 --> 01:20:05.000 region:rollup2
WHAT WE WANT WE WANT TO GET PAID
01:20:04.199 --> 01:20:06.935 region:rollup2
BACK SO THE BUSINESS OWNER CAN
01:20:05.000 --> 01:20:07.903 region:rollup2
THRIVE AND WE DON'T HAVE TO DIP
01:20:06.935 --> 01:20:09.738 region:rollup2
INTO RESERVES.
01:20:07.903 --> 01:20:11.540 region:rollup2
AND THESE REGULATIONS DESPITE
01:20:09.738 --> 01:20:12.741 region:rollup2
LOTS OF WONDER OPPOSITION REALLY
01:20:11.540 --> 01:20:14.176 region:rollup2
RESTRICTED OUR ABILITY TO
01:20:12.741 --> 01:20:15.411 region:rollup2
RESTRUCTURE OUR LOANS AND SO
01:20:14.176 --> 01:20:16.578 region:rollup2
THAT HAS NOTHING TO DO WITH
01:20:15.411 --> 01:20:18.714 region:rollup2
RECAPTURE --
01:20:16.578 --> 01:20:20.649 region:rollup2
BUT IT'S IT'S AN INDICATION TO
01:20:18.714 --> 01:20:22.384 region:rollup2
ME OF THAT OF THE FACT THAT.
01:20:20.649 --> 01:20:23.052 region:rollup2
I AM I BEING MUCH BETTER
01:20:22.384 --> 01:20:24.553 region:rollup2
UNDERSTANDS.
01:20:23.052 --> 01:20:25.721 region:rollup2
AND THE NEEDS OF LENDERS AND
01:20:24.553 --> 01:20:29.291 region:rollup2
THEREFORE SMALL BUSINESS SAYS
01:20:25.721 --> 01:20:29.992 region:rollup2
THAT CP CFA AND IN FACT. TO THAT
01:20:29.291 --> 01:20:31.794 region:rollup2
TO THAT --
01:20:29.992 --> 01:20:33.429 region:rollup2
SUGGESTION THAT AND I THINK
01:20:31.794 --> 01:20:35.531 region:rollup2
ISN'T READY TO TAKE THIS ON A
01:20:33.429 --> 01:20:36.298 region:rollup2
NUMBER OF THE STAFF FROM CP CFA
01:20:35.531 --> 01:20:37.132 region:rollup2
ACTUALLY LAUGHED A NUMBER OF
01:20:36.298 --> 01:20:37.866 region:rollup2
YEARS AGO.
01:20:37.132 --> 01:20:41.837 region:rollup2
AND MOVED OVER THERE SO THE
01:20:37.866 --> 01:20:44.306 region:rollup2
EXPERTISE AND AND LASTLY I WOULD
01:20:41.837 --> 01:20:45.841 region:rollup2
JUST SAY THAT AND A GRAPHIC WITH
01:20:44.306 --> 01:20:46.942 region:rollup2
IT YESTERDAY RELEASED BY HAVE
01:20:45.841 --> 01:20:48.644 region:rollup2
THE TREASURER'S OFFICE KIND OF
01:20:46.942 --> 01:20:49.178 region:rollup2
SHOWING HOW THIS PROGRAM WORKS
01:20:48.644 --> 01:20:50.846 region:rollup2
AND HOW THAT.
01:20:49.178 --> 01:20:52.147 region:rollup2
STATE MONEY COMES AND GOES TO
01:20:50.846 --> 01:20:52.648 region:rollup2
THE SMALL BUSINESS THERE'S A
01:20:52.147 --> 01:20:53.549 region:rollup2
FACT SHEET THE CAME OUT
01:20:52.648 --> 01:20:54.917 region:rollup2
YESTERDAY.
01:20:53.549 --> 01:20:56.685 region:rollup2
AND REALLY INTERESTINGLY IT
01:20:54.917 --> 01:20:58.320 region:rollup2
COMPLETELY IGNORES THE FACT THAT
01:20:56.685 --> 01:20:59.655 region:rollup2
LENDERS ALSO PUT IN THE SAME
01:20:58.320 --> 01:21:00.689 region:rollup2
AMOUNT OF MONEY AT THE STATE THE
01:20:59.655 --> 01:21:01.790 region:rollup2
LENDERS ARE NOWHERE IN THE
01:21:00.689 --> 01:21:03.625 region:rollup2
PICTURE EXCEPT AS RECIPIENTS OF
01:21:01.790 --> 01:21:06.462 region:rollup2
THE FUNDS --
01:21:03.625 --> 01:21:08.731 region:rollup2
AND SO WHAT WE NEED IS AND AN
01:21:06.462 --> 01:21:10.299 region:rollup2
AGENCY THAT UNDERSTANDS LENDING.
01:21:08.731 --> 01:21:11.800 region:rollup2
AND UNDERSTAND THAT WE ARE
01:21:10.299 --> 01:21:14.136 region:rollup2
PARTNERS IN THIS THAT WE ARE NOT
01:21:11.800 --> 01:21:15.471 region:rollup2
I'M LOOKING FOR A HANDOUT RATHER
01:21:14.136 --> 01:21:17.139 region:rollup2
THAN WE CAPTURE WHAT THE BILL
01:21:15.471 --> 01:21:18.173 region:rollup2
ORIGINALLY HAD AND IT WAS
01:21:17.139 --> 01:21:19.541 region:rollup2
SOMETHING WHERE EACH LENDER
01:21:18.173 --> 01:21:20.642 region:rollup2
COULD USE THEIR POOL.
01:21:19.541 --> 01:21:22.010 region:rollup2
IF THERE WAS NO MORE STATE MONEY
01:21:20.642 --> 01:21:23.645 region:rollup2
THEY COULD USE THEIR POOL TO
01:21:22.010 --> 01:21:25.581 region:rollup2
KEEP AND ROLLING AROUND SO WERE
01:21:23.645 --> 01:21:27.015 region:rollup2
ALL FOR USING THAT MONEY TO THE
01:21:25.581 --> 01:21:28.817 region:rollup2
BEST USE POSSIBLE.
01:21:27.015 --> 01:21:30.352 region:rollup2
THE IDEA OF CHANGING THE RULES
01:21:28.817 --> 01:21:31.620 region:rollup2
AFTER THE FACT ON LENDERS AND
01:21:30.352 --> 01:21:33.088 region:rollup2
AND CHANGING THE RULES OF THE
01:21:31.620 --> 01:21:34.690 region:rollup2
GAME IS WHAT I THINK WE ALL ARE
01:21:33.088 --> 01:21:36.225 region:rollup2
QUITE OPPOSED.
01:21:34.690 --> 01:21:38.727 region:rollup2
TO SELLING IN CONCLUSION.
01:21:36.225 --> 01:21:40.462 region:rollup2
YOU CAN SEE FROM THOSE WHO ARE
01:21:38.727 --> 01:21:41.663 region:rollup2
SUPPORTIVE AND WE FEEL LIKE
01:21:40.462 --> 01:21:43.432 region:rollup2
WE'VE DONE ALL WE CAN TO WORK
01:21:41.663 --> 01:21:43.999 region:rollup2
WITH THIS AGENCY AND WE BELIEVE
01:21:43.432 --> 01:21:44.833 region:rollup2
I THINK IT'S TRULY THAT THE
01:21:43.999 --> 01:21:46.535 region:rollup2
EXPERT [inaudible]
01:21:44.833 --> 01:21:48.003 region:rollup2
THANK YOU.
01:21:46.535 --> 01:21:49.238 region:rollup2
THANK YOU ALRIGHT ANY OTHER
01:21:48.003 --> 01:21:54.877 region:rollup2
QUESTIONS.
01:21:49.238 --> 01:21:58.413 region:rollup2
WE JUST LOST MISTER [inaudible]
01:21:54.877 --> 01:22:00.549 region:rollup2
YOU.
01:21:58.413 --> 01:22:01.316 region:rollup2
I IN FACT IN DATA IN TERMS OF
01:22:00.549 --> 01:22:03.852 region:rollup2
COMMUNITIES THIS BILL I WE
01:22:01.316 --> 01:22:05.120 region:rollup2
ALREADY HAD TO OPPOSITION SPOKE
01:22:03.852 --> 01:22:08.557 region:rollup2
SPOKE FAIRLY.
01:22:05.120 --> 01:22:09.158 region:rollup2
LENGTHY AND SO WHAT WE TYPICALLY
01:22:08.557 --> 01:22:10.826 region:rollup2
DAVE DO IS JUST HAVE YOUR WAY
01:22:09.158 --> 01:22:12.261 region:rollup2
AND THANK YOU.
01:22:10.826 --> 01:22:14.663 region:rollup2
UP ALRIGHT SO WHAT WE'RE GONNA
01:22:12.261 --> 01:22:16.698 region:rollup2
DO IS --
01:22:14.663 --> 01:22:18.967 region:rollup2
SENATOR HUESO DO YOU HAVE ANY
01:22:16.698 --> 01:22:19.835 region:rollup2
CLOSING REMARKS.
01:22:18.967 --> 01:22:21.069 region:rollup2
I SIMPLY --
01:22:19.835 --> 01:22:22.638 region:rollup2
THIS IS BEEN A GREAT DISCUSSION
01:22:21.069 --> 01:22:23.305 region:rollup2
I THINK I ROOTED OUT ALL THE
01:22:22.638 --> 01:22:24.673 region:rollup2
ISSUES --
01:22:23.305 --> 01:22:26.141 region:rollup2
REGARDED REGARDING THIS THIS
01:22:24.673 --> 01:22:29.311 region:rollup2
MATTER --
01:22:26.141 --> 01:22:30.579 region:rollup2
BUT I ALSO IN TERMS OF THE
01:22:29.311 --> 01:22:31.647 region:rollup2
COMMENT THAT WAS MADE AYE AYE.
01:22:30.579 --> 01:22:33.182 region:rollup2
WHILE THE AYE BACK BECAUSE IT
01:22:31.647 --> 01:22:34.016 region:rollup2
TAKEN A POSITION ON THIS BILL
01:22:33.182 --> 01:22:35.851 region:rollup2
THEY HAVE --
01:22:34.016 --> 01:22:37.286 region:rollup2
COLLABORATED AND AND CREATING
01:22:35.851 --> 01:22:39.354 region:rollup2
LANGUAGE SO.
01:22:37.286 --> 01:22:39.988 region:rollup2
IF IT DOES END UP ARE ON THEIR
01:22:39.354 --> 01:22:42.024 region:rollup2
DOORSTEP THEY WILL THEY WILL BE
01:22:39.988 --> 01:22:43.892 region:rollup2
--
01:22:42.024 --> 01:22:44.827 region:rollup2
IT THIS BILL IS READY FOR THEM
01:22:43.892 --> 01:22:45.661 region:rollup2
IMPLEMENT.
01:22:44.827 --> 01:22:49.298 region:rollup2
IMMEDIATELY WHAT THEN ARE HOW
01:22:45.661 --> 01:22:51.033 region:rollup2
THEY OPERATE --
01:22:49.298 --> 01:22:54.269 region:rollup2
YOU KNOW THIS BILL IS ABOUT --
01:22:51.033 --> 01:22:55.137 region:rollup2
AGAIN CONTINUING OUR EFFORTS TO
01:22:54.269 --> 01:22:56.572 region:rollup2
TO MAKE CALIFORNIA COMPETITOR
01:22:55.137 --> 01:22:58.173 region:rollup2
STATE CRANE DEPARTMENT THAT
01:22:56.572 --> 01:22:59.007 region:rollup2
OFFERS ALL THE TOOLS AND TOOL
01:22:58.173 --> 01:23:00.409 region:rollup2
BELT.
01:22:59.007 --> 01:23:01.944 region:rollup2
NECESSARY TO DO THAT WORK FOR
01:23:00.409 --> 01:23:03.612 region:rollup2
SMALL BUSINESSES.
01:23:01.944 --> 01:23:05.414 region:rollup2
AND TO PROVIDE THE MOST YOU USER
01:23:03.612 --> 01:23:06.648 region:rollup2
FRIENDLY SYSTEM.
01:23:05.414 --> 01:23:08.217 region:rollup2
IN A MANNER THAT MAKES SENSE IN
01:23:06.648 --> 01:23:09.184 region:rollup2
AT WITHIN AN ORGANIZATION THAT'S
01:23:08.217 --> 01:23:11.153 region:rollup2
FULLY EQUIPPED.
01:23:09.184 --> 01:23:13.155 region:rollup2
CHIU TO PROVIDE --
01:23:11.153 --> 01:23:15.023 region:rollup2
BANKING.
01:23:13.155 --> 01:23:15.490 region:rollup2
OR DO LENDING.
01:23:15.023 --> 01:23:17.459 region:rollup2
NEEDS TO THE PEOPLE OF
01:23:15.490 --> 01:23:18.293 region:rollup2
CALIFORNIA.
01:23:17.459 --> 01:23:20.362 region:rollup2
SO THAT I ASK FOR YOUR SUPPORT
01:23:18.293 --> 01:23:21.930 region:rollup2
THANK YOU THANK YOU SENATOR AND
01:23:20.362 --> 01:23:23.065 region:rollup2
BEFORE WE CALL FOR A VOTE I
01:23:21.930 --> 01:23:23.966 region:rollup2
WOULD LIKE TO MAKE A FEW
01:23:23.065 --> 01:23:26.168 region:rollup2
COMMENTS.
01:23:23.966 --> 01:23:29.238 region:rollup2
UP A FEW OF YOU WHO HAVE WATCHED
01:23:26.168 --> 01:23:30.038 region:rollup2
THESE HEARINGS THAT I HAVE RUN I
01:23:29.238 --> 01:23:30.539 region:rollup2
ALWAYS LIKE TO BRING IT BACK TO
01:23:30.038 --> 01:23:33.208 region:rollup2
THE PEOPLE.
01:23:30.539 --> 01:23:35.143 region:rollup2
BIOS LIKE TO BRING IT TO US
01:23:33.208 --> 01:23:37.546 region:rollup2
WHETHER IT IS THAT TO A YOUNG
01:23:35.143 --> 01:23:38.914 region:rollup2
BUSINESS OWNER WHO IS JUST
01:23:37.546 --> 01:23:41.283 region:rollup2
THINKING OR DREAMING ABOUT
01:23:38.914 --> 01:23:43.752 region:rollup2
STARTING A BUSINESS WHETHER IT
01:23:41.283 --> 01:23:45.521 region:rollup2
SOMEBODY WHO HAS RETIRED AND NOW
01:23:43.752 --> 01:23:47.122 region:rollup2
WANTS TO START A BUSINESS.
01:23:45.521 --> 01:23:49.525 region:rollup2
AND THEY'RE LOOKING AT WHERE DO
01:23:47.122 --> 01:23:51.526 region:rollup2
I START AND YOU KNOW.
01:23:49.525 --> 01:23:52.928 region:rollup2
IT DEPENDING ON THE TIME PERIOD
01:23:51.526 --> 01:23:54.029 region:rollup2
MAYBE A HANDFUL OF YEARS AGO
01:23:52.928 --> 01:23:55.397 region:rollup2
THEY WOULD HAVE GONE TO THEIR
01:23:54.029 --> 01:23:56.565 region:rollup2
CHAMBER OF COMMERCE THEY MIGHT
01:23:55.397 --> 01:23:58.700 region:rollup2
HAVE GOT LOOKED UP.
01:23:56.565 --> 01:24:01.136 region:rollup2
A ON GOOGLE SOMETHING ABOUT
01:23:58.700 --> 01:24:02.638 region:rollup2
STARTING A BUSINESS AND A
01:24:01.136 --> 01:24:05.741 region:rollup2
VARIOUS --
01:24:02.638 --> 01:24:08.210 region:rollup2
INFORMATION WOULD POP AS WE'VE
01:24:05.741 --> 01:24:10.212 region:rollup2
GONE INTO OUR COMMUNITIES AND
01:24:08.210 --> 01:24:11.680 region:rollup2
THROUGHOUT THE STATE ONE OF THE
01:24:10.212 --> 01:24:13.782 region:rollup2
THINGS THAT WE AS A STATE OF
01:24:11.680 --> 01:24:15.083 region:rollup2
BEEN PROMOTING HIS GOBIZ IT'S A
01:24:13.782 --> 01:24:18.487 region:rollup2
ONE STOP SHOP.
01:24:15.083 --> 01:24:20.989 region:rollup2
AND WHEN YOU HEAR GOBIZ AND A WE
01:24:18.487 --> 01:24:23.258 region:rollup2
ARE MOVING TOWARDS TRYING TO GET
01:24:20.989 --> 01:24:25.227 region:rollup2
AN APP FOR IT TRYING TO MAKE IT
01:24:23.258 --> 01:24:28.597 region:rollup2
A USER FRIENDLY WHETHER THE ON A
01:24:25.227 --> 01:24:31.099 region:rollup2
MOBILE DEVICE AYE EVEN RECENTLY
01:24:28.597 --> 01:24:32.034 region:rollup2
ON ON THE THE US ASSEMBLY STATE
01:24:31.099 --> 01:24:33.735 region:rollup2
FLOOR.
01:24:32.034 --> 01:24:35.637 region:rollup2
A BILL MOVE FORWARD WHICH IS HOW
01:24:33.735 --> 01:24:38.006 region:rollup2
A REBRANDING CALIFORNIA WHAT ARE
01:24:35.637 --> 01:24:40.509 region:rollup2
STATES PRIORITY SO THAT WE CAN
01:24:38.006 --> 01:24:43.078 region:rollup2
BE THE VOICE OF A REALLY AYE
01:24:40.509 --> 01:24:43.979 region:rollup2
DEFINING WHAT CALIFORNIA IS AS A
01:24:43.078 --> 01:24:45.814 region:rollup2
BUSINESS.
01:24:43.979 --> 01:24:48.717 region:rollup2
ECONOMIC --
01:24:45.814 --> 01:24:51.787 region:rollup2
POWER HOUSE SO WHEN I JUST THINK
01:24:48.717 --> 01:24:54.590 region:rollup2
OF THAT PERSON WHO KNOWS. ZERO
01:24:51.787 --> 01:24:57.059 region:rollup2
ABOUT HELP CAP OR A OR B. OR ANY
01:24:54.590 --> 01:24:59.194 region:rollup2
OF THE ACRONYMS THAT WE ALL KNOW
01:24:57.059 --> 01:25:00.629 region:rollup2
AND CAN FIRSTHAND SAY BECAUSE WE
01:24:59.194 --> 01:25:03.198 region:rollup2
ARE IN THE WEEDS UP HERE THAT
01:25:00.629 --> 01:25:04.900 region:rollup2
MEANS WE KNOW --
01:25:03.198 --> 01:25:07.369 region:rollup2
ALL KINDS OF AGENCIES WE CAN
01:25:04.900 --> 01:25:09.004 region:rollup2
SPEAK TO BUT MOST PEOPLE DON'T
01:25:07.369 --> 01:25:09.938 region:rollup2
TO ME WHAT MAKES SENSE ABOUT
01:25:09.004 --> 01:25:11.306 region:rollup2
THIS IS YES WE HAVE THE
01:25:09.938 --> 01:25:13.475 region:rollup2
RECAPTURE ISSUE WE HAVE OTHER
01:25:11.306 --> 01:25:15.043 region:rollup2
ISSUES THAT WILL BE REFERRED. TO
01:25:13.475 --> 01:25:17.379 region:rollup2
BANKING BUT THE BIGGEST THING IS
01:25:15.043 --> 01:25:18.914 region:rollup2
HOW DOES THE AVERAGE PERSON WHO
01:25:17.379 --> 01:25:20.682 region:rollup2
DOESN'T HAVE ANY BAY --
01:25:18.914 --> 01:25:23.418 region:rollup2
ANY BACKGROUND AND JUST WANTS TO
01:25:20.682 --> 01:25:24.753 region:rollup2
START WEARS WHAT ARE THEY GOING
01:25:23.418 --> 01:25:26.054 region:rollup2
TO THINK WHEN THEY'RE WANTING TO
01:25:24.753 --> 01:25:27.089 region:rollup2
START A BUSINESS DO I GO TO THE
01:25:26.054 --> 01:25:29.658 region:rollup2
POLLUTION.
01:25:27.089 --> 01:25:31.693 region:rollup2
OF OR DO I GO TO A BILL BIDS AND
01:25:29.658 --> 01:25:33.228 region:rollup2
SO THAT'S REALLY FOR ME WHAT
01:25:31.693 --> 01:25:34.863 region:rollup2
DRIVES ME TO SUPPORT THIS
01:25:33.228 --> 01:25:35.998 region:rollup2
BECAUSE I WANT PEOPLE TO GET THE
01:25:34.863 --> 01:25:37.899 region:rollup2
ACCESS.
01:25:35.998 --> 01:25:40.469 region:rollup2
THAT WE KNOW THEY NEED AND I
01:25:37.899 --> 01:25:41.637 region:rollup2
WANT THEM TO BE ABLE TO START
01:25:40.469 --> 01:25:43.705 region:rollup2
THAT --
01:25:41.637 --> 01:25:44.973 region:rollup2
DREAM THAT THEY HAVE I KNOW THAT
01:25:43.705 --> 01:25:47.009 region:rollup2
THERE'S A LOT OF OTHER ISSUES
01:25:44.973 --> 01:25:49.444 region:rollup2
EMBEDDED AND I CERTAINLY DO NOT
01:25:47.009 --> 01:25:51.713 region:rollup2
WANT THE TREASURER'S OFFICE --
01:25:49.444 --> 01:25:53.048 region:rollup2
TO TIM TO LEAVE HERE FEELING
01:25:51.713 --> 01:25:54.916 region:rollup2
LIKE THERE IS IN A WAY TO
01:25:53.048 --> 01:25:56.952 region:rollup2
CONTINUE PARTNERING AND AS
01:25:54.916 --> 01:25:58.620 region:rollup2
MISTER MORRIS SAID YOU KNOW HE
01:25:56.952 --> 01:26:00.188 region:rollup2
IS ON BOTH SO I KNOW YOU HAVE
01:25:58.620 --> 01:26:01.456 region:rollup2
THE LENDS FROM FOR BOTH.
01:26:00.188 --> 01:26:05.427 region:rollup2
BUT WITH THAT --
01:26:01.456 --> 01:26:08.163 region:rollup2
I MISTER SECRETARY CAN YOU TAKE
01:26:05.427 --> 01:26:11.166 region:rollup2
ROLE.
01:26:08.163 --> 01:26:11.833 region:rollup2
ITEM NUMBER ONE SENATE BILL.
01:26:11.166 --> 01:26:13.335 region:rollup2
FIVE FIFTY ONE THE MOTION IS DO
01:26:11.833 --> 01:26:15.137 region:rollup2
PASS WITH AMENDMENTS TO ASSEMBLY
01:26:13.335 --> 01:26:15.537 region:rollup2
COMMITTEE ON BANKING AND FINANCE
01:26:15.137 --> 01:26:18.240 region:rollup2
CHAIR QUIRK SILVA.
01:26:15.537 --> 01:26:20.742 region:rollup2
AYE.
01:26:18.240 --> 01:26:21.343 region:rollup2
VICE CHAIR ALAN RISK IS ME.
01:26:20.742 --> 01:26:21.710 region:rollup2
CHAIR QUIRK SILVA AYE MEISTER
01:26:21.343 --> 01:26:23.712 region:rollup2
ALAN [inaudible]
01:26:21.710 --> 01:26:25.647 region:rollup2
BERMAN [inaudible]
01:26:23.712 --> 01:26:28.684 region:rollup2
CERVANTES.
01:26:25.647 --> 01:26:31.987 region:rollup2
CERVANTES AYE GONZALEZ FLETCHER.
01:26:28.684 --> 01:26:33.588 region:rollup2
GONZALEZ FLETCHER AYE RODRIGUEZ.
01:26:31.987 --> 01:26:33.889 region:rollup2
RODRIGUEZ AYE STEINORTH
01:26:33.588 --> 01:26:37.726 region:rollup2
[inaudible]
01:26:33.889 --> 01:26:40.429 region:rollup2
STEINORTH I THANK YOU MADAM
01:26:37.726 --> 01:26:40.996 region:rollup2
CHAIR MEMBERS.
01:26:40.429 --> 01:26:44.066 region:rollup2
LIKE THEY MIGHT.
01:26:40.996 --> 01:26:47.169 region:rollup2
OF SENATOR HUESO YOU HAVE ONE
01:26:44.066 --> 01:26:48.203 region:rollup2
MORE BILL --
01:26:47.169 --> 01:26:59.414 region:rollup2
THAT BILL IS OUT.
01:26:48.203 --> 01:27:01.950 region:rollup2
THANK YOU. FOR JOINING US.
01:26:59.414 --> 01:27:07.589 region:rollup2
GO FOR THE BETTER.
01:27:01.950 --> 01:27:10.058 region:rollup2
OUR PEOPLE STAND.
01:27:07.589 --> 01:27:12.661 region:rollup2
ALRIGHT WE HAVE ITEM NUMBER TO
01:27:10.058 --> 01:27:17.299 region:rollup2
ALSO BY SENATOR HUESO AND AGAIN
01:27:12.661 --> 01:27:17.933 region:rollup2
SPEAKING OF GOBIZ S. B..
01:27:17.299 --> 01:27:19.835 region:rollup2
SIX THIRTY FIVE THANK YOU HAVE A
01:27:17.933 --> 01:27:22.137 region:rollup2
MOTION AND A SECOND SOUNDS
01:27:19.835 --> 01:27:24.439 region:rollup2
PRETTY GOOD AND WILL MAKE THIS
01:27:22.137 --> 01:27:25.006 region:rollup2
IS SIMPLY ASK FOR YOUR SUPPORT
01:27:24.439 --> 01:27:29.978 region:rollup2
FOR THIS BILL THAT WOULD --
01:27:25.006 --> 01:27:31.546 region:rollup2
CREATE --
01:27:29.978 --> 01:27:32.948 region:rollup2
FIRST OF ALL I WANT I WANT TO
01:27:31.546 --> 01:27:34.583 region:rollup2
MENTION THAT I WANT TO TAKE THE
01:27:32.948 --> 01:27:35.751 region:rollup2
SUGGEST COMMITTEE AMENDMENTS
01:27:34.583 --> 01:27:37.519 region:rollup2
THANK YOU FOR THAT --
01:27:35.751 --> 01:27:38.453 region:rollup2
THIS BILL WOULD CREATE OP
01:27:37.519 --> 01:27:40.021 region:rollup2
OPPORTUNITY ZONES WITHIN THE
01:27:38.453 --> 01:27:42.157 region:rollup2
STATE OF CALIFORNIA.
01:27:40.021 --> 01:27:44.059 region:rollup2
AND ALSO IT WOULD --
01:27:42.157 --> 01:27:44.993 region:rollup2
CREATE PROMISE ZONES STATE OF
01:27:44.059 --> 01:27:48.163 region:rollup2
CALIFORNIA PROGRAMS THAT WILL
01:27:44.993 --> 01:27:48.697 region:rollup2
BRING OF MORE INVESTMENT DOLLARS
01:27:48.163 --> 01:27:49.831 region:rollup2
TO CALIFORNIAN AS FOR YOUR
01:27:48.697 --> 01:27:51.600 region:rollup2
SUPPORT.
01:27:49.831 --> 01:27:52.134 region:rollup2
I CAN'T ARGUE WITH THAT OKAY
01:27:51.600 --> 01:27:54.236 region:rollup2
THANK YOU MADAM CHAIR AND
01:27:52.134 --> 01:27:55.604 region:rollup2
MEMBERS MORE TOP ON BEHALF OF
01:27:54.236 --> 01:27:56.705 region:rollup2
THE CITY OF SAN DIEGO MAYOR
01:27:55.604 --> 01:27:57.806 region:rollup2
KEVIN FAULCONER IN THE ENTIRE
01:27:56.705 --> 01:27:59.341 region:rollup2
CITY COUNCIL.
01:27:57.806 --> 01:28:00.842 region:rollup2
WE ARE THE PROUD SPONSORS OF THE
01:27:59.341 --> 01:28:02.711 region:rollup2
MEASURE WE ASK FOR YOUR AYE VOTE
01:28:00.842 --> 01:28:05.013 region:rollup2
AND WITH ME TODAY IS CATHARINE
01:28:02.711 --> 01:28:06.181 region:rollup2
CROW. TO OFFER JUST A FEW BRIEF
01:28:05.013 --> 01:28:08.083 region:rollup2
COMMENTS --
01:28:06.181 --> 01:28:08.650 region:rollup2
IN THE INTEREST OF TIME AND
01:28:08.083 --> 01:28:10.085 region:rollup2
ANSWER ANY QUESTIONS YOU MAY
01:28:08.650 --> 01:28:10.685 region:rollup2
HAVE.
01:28:10.085 --> 01:28:12.521 region:rollup2
WELCOMES GOOD MORNING EVERYONE
01:28:10.685 --> 01:28:13.989 region:rollup2
--
01:28:12.521 --> 01:28:15.490 region:rollup2
YES I JUST THINK THAT THIS IS
01:28:13.989 --> 01:28:17.692 region:rollup2
WOOD IS GREAT THAT YOU ARE
01:28:15.490 --> 01:28:20.862 region:rollup2
SUPPORTING US WE HAVE --
01:28:17.692 --> 01:28:22.197 region:rollup2
NO PROMISE OWN IDEAS WITH THE
01:28:20.862 --> 01:28:23.932 region:rollup2
DESIGNATION NO MONEY CAME WITH
01:28:22.197 --> 01:28:25.734 region:rollup2
THAT DESIGNATION --
01:28:23.932 --> 01:28:28.303 region:rollup2
SO THE PREFERENCE POINTS THAT WE
01:28:25.734 --> 01:28:29.671 region:rollup2
ARE AWARDED ON FEDERAL GRANTS
01:28:28.303 --> 01:28:31.740 region:rollup2
HAS MADE A HUGE DIFFERENCE IN
01:28:29.671 --> 01:28:32.274 region:rollup2
GETTING OUR MEMBERS TO TO COME
01:28:31.740 --> 01:28:33.341 region:rollup2
TOGETHER AND WORK
01:28:32.274 --> 01:28:35.777 region:rollup2
COLLABORATIVELY.
01:28:33.341 --> 01:28:41.950 region:rollup2
SOVIET YEAR CONSIDERATION AYE
01:28:35.777 --> 01:28:44.186 region:rollup2
ANYBODY ELSE IN SUPPORT.
01:28:41.950 --> 01:28:46.388 region:rollup2
OKAY TOTAL RODRICK WILLIAMS AND
01:28:44.186 --> 01:28:47.722 region:rollup2
I'M HERE IN DUAL CAPACITY ON THE
01:28:46.388 --> 01:28:48.824 region:rollup2
DIRECTOR OF THE SACRAMENTO
01:28:47.722 --> 01:28:50.625 region:rollup2
PROMISE ZONE.
01:28:48.824 --> 01:28:51.760 region:rollup2
AND DIRECTOR OF DEVELOPMENT FOR
01:28:50.625 --> 01:28:53.295 region:rollup2
THE SACRAMENTO HOUSING AND
01:28:51.760 --> 01:28:54.930 region:rollup2
REDEVELOPMENT AGENCY WHICH
01:28:53.295 --> 01:28:56.498 region:rollup2
SERVES WELL TO CITY UP TO A
01:28:54.930 --> 01:28:57.732 region:rollup2
SACRAMENTO AND THE COUNTY.
01:28:56.498 --> 01:28:59.801 region:rollup2
AND I'M THE CHAIRMAN OF THE
01:28:57.732 --> 01:29:01.970 region:rollup2
DISADVANTAGED OUT COMMUNITIES
01:28:59.801 --> 01:29:04.539 region:rollup2
ADVISORY GROUP FOR BOTH A UP
01:29:01.970 --> 01:29:05.006 region:rollup2
CALIFORNIA PUBLIC UTILITIES
01:29:04.539 --> 01:29:06.041 region:rollup2
COMMISSION AND ENERGY
01:29:05.006 --> 01:29:08.109 region:rollup2
COMMISSION.
01:29:06.041 --> 01:29:09.778 region:rollup2
I'M WE ARE IN TOTAL SUPPORT OF
01:29:08.109 --> 01:29:11.213 region:rollup2
THIS BILL WE'VE HAD.
01:29:09.778 --> 01:29:11.846 region:rollup2
GREENLEE WE'VE BEEN EXTREMELY
01:29:11.213 --> 01:29:14.449 region:rollup2
SUCCESSFUL AT THE NATIONAL LEVEL
01:29:11.846 --> 01:29:15.817 region:rollup2
--
01:29:14.449 --> 01:29:17.185 region:rollup2
WHETHER CHALLENGE HAS BEEN AND
01:29:15.817 --> 01:29:18.520 region:rollup2
CONTINUES TO BE IS AT THE STATE
01:29:17.185 --> 01:29:20.255 region:rollup2
LEVEL.
01:29:18.520 --> 01:29:22.490 region:rollup2
AND BEING ABLE TO USE LOCAL
01:29:20.255 --> 01:29:24.259 region:rollup2
RESOURCES TO LEVERAGE THOSE
01:29:22.490 --> 01:29:25.994 region:rollup2
FEDERAL DOLLARS IF ABSOLUTELY
01:29:24.259 --> 01:29:27.329 region:rollup2
IMPORTANT FOR OUR SUCCESS.
01:29:25.994 --> 01:29:29.331 region:rollup2
AND SO WE APPRECIATE THE
01:29:27.329 --> 01:29:31.766 region:rollup2
OPPORTUNITY TO BE HERE TO
01:29:29.331 --> 01:29:33.235 region:rollup2
SUPPORT THE BILL AND APPRECIATE
01:29:31.766 --> 01:29:34.169 region:rollup2
HOW SENATOR HUESO OF LEADERSHIP
01:29:33.235 --> 01:29:35.770 region:rollup2
IN THIS EFFORT.
01:29:34.169 --> 01:29:37.505 region:rollup2
THANK YOU VERY MUCH.
01:29:35.770 --> 01:29:39.407 region:rollup2
THANK YOU SO MUCH MADAM CHAIR
01:29:37.505 --> 01:29:40.709 region:rollup2
DAVID JONES BEHALF THE CITY OF A
01:29:39.407 --> 01:29:41.276 region:rollup2
SACRAMENTO WHEN THEY'RE IN
01:29:40.709 --> 01:29:42.510 region:rollup2
STRONG SUPPORT OF THIS BILL
01:29:41.276 --> 01:29:44.913 region:rollup2
THANK YOU.
01:29:42.510 --> 01:29:46.448 region:rollup2
I DO WE HAVE ANYBODY OPPOSED.
01:29:44.913 --> 01:29:48.883 region:rollup2
OUR IT WILL BRING IT BACK ANY
01:29:46.448 --> 01:29:49.517 region:rollup2
QUESTIONS FROM THE MEMBERS.
01:29:48.883 --> 01:29:51.953 region:rollup2
AND I WILL JUST SAY WE ARE VERY
01:29:49.517 --> 01:29:53.989 region:rollup2
--
01:29:51.953 --> 01:29:55.223 region:rollup2
EXCITED ABOUT THIS BILL AS WELL
01:29:53.989 --> 01:29:57.225 region:rollup2
BECAUSE WE KNOW THAT IT'S ALSO
01:29:55.223 --> 01:29:59.394 region:rollup2
GONNA ENCOMPASS OPPORTUNITY
01:29:57.225 --> 01:30:00.962 region:rollup2
ZONES AND I THINK AGAIN WHEN WE
01:29:59.394 --> 01:30:02.063 region:rollup2
LOOK ACROSS THE STATE WE KNOW
01:30:00.962 --> 01:30:03.665 region:rollup2
THAT --
01:30:02.063 --> 01:30:05.734 region:rollup2
PRETTY MUCH ACROSS THE STATE
01:30:03.665 --> 01:30:07.569 region:rollup2
EVERY REGION HAS SOME
01:30:05.734 --> 01:30:08.904 region:rollup2
OPPORTUNITIES OWNS IN THEM SO
01:30:07.569 --> 01:30:11.172 region:rollup2
THANK YOU.
01:30:08.904 --> 01:30:14.009 region:rollup2
ANDA MISTER CHAIR.
01:30:11.172 --> 01:30:15.977 region:rollup2
I MEAN MISTER CHAIR MISTER
01:30:14.009 --> 01:30:17.245 region:rollup2
SECRETARY.
01:30:15.977 --> 01:30:18.280 region:rollup2
YES WE DO HAVE A FIRST AND
01:30:17.245 --> 01:30:21.583 region:rollup2
SECOND WE HAD [inaudible]
01:30:18.280 --> 01:30:23.251 region:rollup2
YES.
01:30:21.583 --> 01:30:24.719 region:rollup2
GONZALEZ IS A FIRST AND YES GO
01:30:23.251 --> 01:30:26.488 region:rollup2
AHEAD.
01:30:24.719 --> 01:30:28.123 region:rollup2
ITEM NUMBER.
01:30:26.488 --> 01:30:29.190 region:rollup2
TWO SENATE BILL SIX THIRTY FIVE
01:30:28.123 --> 01:30:30.158 region:rollup2
THE MOTION IS DUE PASSED WITH
01:30:29.190 --> 01:30:31.326 region:rollup2
AMENDMENTS TO ASSEMBLY COMMITTEE
01:30:30.158 --> 01:30:33.194 region:rollup2
ON APPROPRIATIONS CHAIR QUIRK
01:30:31.326 --> 01:30:34.863 region:rollup2
SILVA AYE.
01:30:33.194 --> 01:30:35.063 region:rollup2
CHAIR QUIRK SILVA AYE PLACER
01:30:34.863 --> 01:30:35.897 region:rollup2
ALLEN.
01:30:35.063 --> 01:30:37.699 region:rollup2
BERMAN [inaudible]
01:30:35.897 --> 01:30:38.400 region:rollup2
CERVANTES.
01:30:37.699 --> 01:30:40.869 region:rollup2
CERVANTES.
01:30:38.400 --> 01:30:43.905 region:rollup2
GONZALEZ FLETCHER.
01:30:40.869 --> 01:30:45.407 region:rollup2
GONZALEZ FLETCHER AYE RODRIGUEZ.
01:30:43.905 --> 01:30:45.707 region:rollup2
RODRIGUEZ AYE STEINORTH
01:30:45.407 --> 01:30:47.976 region:rollup2
[inaudible]
01:30:45.707 --> 01:30:49.244 region:rollup2
STEINORTH BY.
01:30:47.976 --> 01:30:55.950 region:rollup2
AND YOUR BILL IS OUT THERE IN
01:30:49.244 --> 01:30:57.052 region:rollup2
THE FUTURE.
01:30:55.950 --> 01:30:59.254 region:rollup2
LEGISLATION PART WE'RE GONNA GO
01:30:57.052 --> 01:31:01.456 region:rollup2
AHEAD AND KEEP THE ROLE OPEN FOR
01:30:59.254 --> 01:31:02.724 region:rollup2
ABOUT SIX MINUTES.
01:31:01.456 --> 01:31:11.900 region:rollup2
AND THAT IS IF WE HAVE ANY ADD
01:31:02.724 --> 01:31:19.341 region:rollup2
ONS THANK YOU [inaudible]
01:31:11.900 --> 01:31:27.315 region:rollup2
LITTLE [inaudible]
01:31:19.341 --> 01:31:43.431 region:rollup2
YOU KNOW [inaudible]
01:31:27.315 --> 01:31:43.431 region:rollup2
IN THIS
01:31:57.912 --> 01:32:00.515 region:rollup2
.
01:31:58.046 --> 01:32:00.949 region:rollup2
IF I EVER [inaudible]
01:32:00.515 --> 01:32:17.132 region:rollup2
WE DON'T [inaudible]
01:32:00.949 --> 01:32:17.132 region:rollup2
GROWTH
01:37:45.059 --> 01:37:45.993 region:rollup2
.
01:37:45.193 --> 01:37:51.566 region:rollup2
YOU GONNA ME [inaudible]
01:37:45.993 --> 01:37:53.534 region:rollup2
WAS.
01:37:51.566 --> 01:37:54.669 region:rollup2
MR SECRETARY KERRY WE OPEN THE
01:37:53.534 --> 01:37:56.804 region:rollup2
ROLE PLEASE.
01:37:54.669 --> 01:37:58.339 region:rollup2
ITEM NUMBER.
01:37:56.804 --> 01:37:58.906 region:rollup2
ONE SENATE BILL FIVE FIFTY ONE
01:37:58.339 --> 01:37:59.907 region:rollup2
THE MOTION IS TO PASS WITH
01:37:58.906 --> 01:38:01.309 region:rollup2
MEMBERS TO ASSEMBLY COMMITTEE ON
01:37:59.907 --> 01:38:02.777 region:rollup2
BANKING AND FINANCE VICE CHAIR
01:38:01.309 --> 01:38:08.783 region:rollup2
ALLEN BERMAN [inaudible]
01:38:02.777 --> 01:38:11.552 region:rollup2
BERMAN I YEAH.
01:38:08.783 --> 01:38:12.220 region:rollup2
ITEM NUMBER TO SENATE BILL SIX
01:38:11.552 --> 01:38:13.020 region:rollup2
THIRTY FIVE MOTIONS TO PASS WITH
01:38:12.220 --> 01:38:14.322 region:rollup2
AMENDMENTS TO ASSEMBLY COMMITTEE
01:38:13.020 --> 01:38:16.224 region:rollup2
ON APPROPRIATIONS.
01:38:14.322 --> 01:38:19.327 region:rollup2
ALLEN BERMAN.
01:38:16.224 --> 01:38:20.795 region:rollup2
BERMAN I THINK YOU.
01:38:19.327 --> 01:38:21.896 region:rollup2
WAS GONNA CALL YOU SENATOR I'M
01:38:20.795 --> 01:38:25.133 region:rollup2
CALLING EVERYBODY DIFFERENT
01:38:21.896 --> 01:38:28.069 region:rollup2
NAMES TODAY THANK YOU SENATOR
01:38:25.133 --> 01:38:29.370 region:rollup2
ABOUT THAT ASSEMBLY MEMBER.
01:38:28.069 --> 01:38:36.477 region:rollup2
YOU ARE WELCOME AND THAT WILL
01:38:29.370 --> 01:38:36.778 region:rollup2
CONCLUDE OUR SESSION TODAY
01:38:36.477 --> 01:38:39.347 region:rollup2
[inaudible]
01:38:36.778 --> 01:38:45.586 region:rollup2
LOOKS LIKE [inaudible]
01:38:39.347 --> 01:38:45.586 region:rollup2
YEAH SOME