WONDERFUL.
WE WE ARE GOING TO GO AHEAD AND
START OUR JUNE EIGHTEENTH.
HEARING WE DO HAVE QUORUM AND I
WILL ASK YOU [inaudible]
AND FOR THE ROLL CALL PLEASE
[inaudible]
LIMON [inaudible]
HERE [inaudible]
AND THAT'S MEDICARE [inaudible]
HERE.
FOR HERE'S A LITTLE BIT
[inaudible]
CANNABIS [inaudible]
FOR CERVANTES.
NOT THIS YEAR CHOI.
CHOICE HERE [inaudible]
YEAH.
SALAS PLANET.
ENOUGH EIGHT MINUTES
[inaudible]
GRAYSON [inaudible]
YEARS.
ALRIGHT WE'RE STARTING
[inaudible]
WEEK.
AND I DO WANT TO WELCOME OUR
NEWEST MEMBER TO THE BANKING
COMMITTEE AND THAT I ASSEMBLY
MEMBER AG APRIL SO THANK YOU
VERY MUCH FOR JOINING OUR
BANKING COMMITTEE.
SO WITH THAT WE WILL I START
WITH S. B..
EIGHT THREE NO JUST KIDDING NINE
THIRTY WERE STARTING WITH NINE
THIRTY YES.
I WILL HAVE YOU GO AHEAD AND
START.
IRWIN WE HAVE ENOUGH. FOR
PURPOSES OF BROADCASTING TO THE
THIRTY EIGHT MILLION PEOPLE ARE
WATCHING THIS HEARING. THREE
PEOPLE THAT ARE WATCHING THIS
HEARING.
MY MOM IS WATCHING HIS HEARING
OKAY [inaudible] TO GO.
SO SO THIS BILL IS A ESTABLISHES
A LIMITED A CHARTER CANNABIS
BANK.
SPONSORS SITTING TO MY LEFT.
BOARD OF EQUALIZATION MEMBER
SOON TO BE A HOPE TREASURER TO
THE CALIFORNIA FIONA MAW.
BOB NOW WHAT ARE WE TRYING TO DO
WHAT'S THE PROBLEM WE'RE TRYING
TO SOLVE AND WHY DO WE
INTRODUCED THIS BILL.
WE HAVE A SITUATION WHERE THE
VOTERS OF CALIFORNIA 57% CLIP
DECIDED TO MAKE CANNABIS LEGAL.
BUT IT'S INCONSISTENT WITH THE
FEDERAL LAW BECAUSE CANNABIS IS
SCHEDULE ONE DRUG.
UNDER THE LAW AND THE FEDERAL
LAW YOU CAN'T TAKE ILLICIT GAINS
FROM ILLEGAL ACTIVITIES AND PUT
IN THE BANK.
SO HOW DO WE DEAL WITH THAT I'M
TOLD BY THE SENATE REPRESENTS
THE NORTHERN PART OF THE STATE
FISH TWO BILLION DOLLARS BURIED
IN BARRELS IN NORTHERN
CALIFORNIA.
WE KNOW THAT WE HAVE EXAMPLE
AFTER EXAMPLE OF HORRIBLE PUBLIC
SAFETY CHALLENGES WITH RESPECT
TO LARGE AMOUNTS OF CASH.
WE KNOW THAT WE HAVE SEEN IN THE
BUDGET THAT WE JUST PASSED
PEOPLE ASKING FOR BUDGET CHANGE
PROPOSALS FOR BULLET PROOF GLASS
AND ALL SORTS OF STUFF BECAUSE
GOVERNMENT CAN'T TAKE IN THE
CASH [inaudible]
BIG PROBLEM.
WE GET A MOTION ON THE FLOOR TO
THE SECOND SO BOTTOM LINE IS TO
CUT TO THE CHASE BECAUSE WE GOT
A BILL THAT'S MOVIN.
AND I GIVE IT TURNED OVER TO THE
SPONSOR THIS MEASURE.
IS IS WE'RE TRYING TO TAKE THE
EXISTING STRUCTURE OF BANKING.
AND KANA BOLT ON A SPECIAL
PURPOSE ENTITY WITH VERY LIMITED
PURPOSES THE IDEA IS TO PROTECT
PUBLIC SAFETY TO GET AS MUCH
CASH OUT OF THE SYSTEM.
THERE'S NEARLY A THOUSAND BANK
BRANCHES IN CALIFORNIA THAT
REMAIN EMPTY BECAUSE BANK
BRANCHES ARE CLOSING SO THE IDEA
OF BEING ABLE TO OPEN A BANK
QUICKLY.
ASIDE FROM GOVERNMENT BLAH BLAH
IS NOT THAT DIFFICULT AND
AND WE'VE SEEN THIS HAPPEN IN
THE IN THE DEVELOPMENT WORLD
WHERE BACK A LOT OF SMALLER
BANKS HAVE STARTED AND THERE'S
BEEN A TREMENDOUS INTEREST WE
BOTH HARD SINCE WE'VE DONE THIS
BILL. FOR A LOT OF FOLKS THAT
WANT TO DO BANKS.
BRIEFLY ALTERNATE OVER TO THAT
OUGHT TO THE SPONSOR IS ONE THAT
YOU CAN PAY YOUR TAXES AND FEES.
WITH THE SPECIAL PURPOSE CHECKS
AND WE HAVE A BIG ONE HERE THAT
ELIZABETH HAVE BIGGER THAN HER
RIGHT THERE THAT BASICALLY
LIMITS ITS PURPOSE AND IT'S A
CLOSED LOOP SYSTEM.
TO YOU CAN PAY YOUR RENT THREE
YOU CAN PAY FOR YOUR VENDORS AND
FOR YOU CAN INVEST IN THE STATE
OF CALIFORNIA JOBS PUBLIC SAFETY.
AND GET THE CASH AT LEAST
TEMPORARILY UNTIL THE FEDERAL
GOVERNMENT CHANGES THINGS NOW WE
HEARD THE PRESIDENT MAKES SOME
COMMENT IN THAT REGARD BUT JUST
LAST WEEK THE SENATE
APPROPRIATIONS COMMITTEE TURNED
DOWN A BILL. TO THE IDEA OF HER
LONG ON THE FEDERAL GOVERNMENT
TRY TO SOLVE THIS PROBLEM IS NOT
WISE WE THINK IT'S RESPONSIBLE
FOR US TO TRY TO TAKE ANYTHING
QUITE WE CAN DO. TO TRY TO DEAL
WITH THIS ISSUE TURN OVER HIM.
SO THANK YOU --
WHEN I GOT ELECTED TO THE STATE
BOARD OF EQUALIZATION NOVEMBER?
TWO THOUSAND OF FOURTEEN ITEM I
FOUND OUT THAT THE BOARD WAS
SUPPOSED TO COLLECT SALES TAX ON
DISPENSARIES SO I ASKED HOW MUCH.
DO WE COLLECTED NOBODY KNEW THE
ANSWER.
ALL A PART OF IT IS BECAUSE OF
THE SCHEDULE ONE NATURE BUT
SECONDLY AB ELEPHANT IN THE ROOM
WAS THE LACK OF BACKING ACCESS.
AND SO WE FINALLY FIGURED OUT OR
TRY TO FIGURE OUT HOW MUCH WE
COLLECTED.
OF THE BEST OF OUR ABILITY WE
FIGURED WE COLLECTED ABOUT FORTY
NINE POINT FIVE MILLION DOLLARS.
AND I THINK THAT'S ONLY ABOUT
25% OF THE TAXES THAT ARE
ACTUALLY DO AND THAT'S BECAUSE
WE CANNOT AUDIT.
CASH SO WE NEED A PAPER TRAIL
AND NOT ONLY IS THIS BILL GOOD
FOR PUBLIC SAFETY BUT IT ALSO IS
GOING TO CREATE THAT PAPER
TRAILS THAT WE CAN MAKE SURE
THAT PEOPLE ARE PAYING.
THEIR FAIR SHARE OF TAXES IN
SHORT.
PHIL AMY JENKINS ON BEHALF OF
THE CALIFORNIA CANNABIS INDUSTRY
ASSOCIATION AGAIN I WILL JUST
KEEP MY COMMENTS SHORT AND AND
JUST ECHO THE COMMENTS MADE BY
THE SENATOR AND MISS MY THIS IS
A VERY SIGNIFICANT.
AND REAL ISSUE FOR THE INDUSTRY
WE HAVE AB MEMBERS THAT ARE ARE
ACTUALLY REMAINING ABOUT A
MILLION DOLLARS A MONTH IN TAXES
TO THE STATE.
I'M AND EFFECTS ARE INTRIGUED
ASSOCIATION OUR BANK ACCOUNTS
BEEN SHUT DOWN AND WE DON'T EVEN
TOUCH THE PLANT SO --
WE THANK THE AUTHOR FOR THIS
IMPORTANT BELL AND WE URGE YOUR
AYE VOTE TODAY THANK YOU.
GREAT THANK YOU.
A ANY OTHER WITNESSES IN SUPPORT
PLEASE JUST STATE YOUR NAME AND
AFFILIATION.
I CAN MEET ON BEHALF OF THE LONG
BEACH COLLECTORS ASSOCIATION THE
CALIFORNIA CAMPUS CARRIERS
ASSOCIATION WHICH UC CAMPUS
LIVING IN SUPPORT THE GIVE.
HI KATHY VAN AWESOME MBM
STRATEGY GROUP ON BEHALF OF
COOLEY VOTE WHICH IS VIRTUALLY
VERTICALLY INTEGRATED.
AYE ENTERPRISES OUT OF SAN JOSE
AS WELL AS BLACK BIRD WHICH IS A
DISTRIBUTION.
FACILITY AREN'T WE STRONG
SUPPORT BELT.
GOOD EVENING AARON OR READ ON
BEHALF OF THE CANNABIS
DISTRIBUTION AS SUCH IS ALSO A
STRONG SUPPORT.
GOOD EVENING CARE ALSO BE UP THE
CITY OF SACRAMENTO IN SUPPORT OF
THE BILL.
TONY BIRTLEY HAVE A RIVER
STRIPPING TRANSPORT WILL.
I BET WE BY WITH THE CALIFORNIA
CANNABIS COALITION.
WE HAVE SOME CONCERNS WERE IN
SUPPORT OF THE BILL [inaudible]
THANK YOU.
ANY WITNESSES IN OPPOSITION.
RIGHT SEEN NONE MEMBERS ANY
QUESTIONS OR COMMENTS.
ALRIGHT NOW QUESTIONS COMMENTS
WE DO HAVE A MOTION AND A SECOND
SO I AM.
WOULD YOU LIKE TO CLOSE CENTER
HERTZBERG STATS RIVAL THANK YOU
VERY MUCH GREAT THANK YOU.
PLEASE CALL THE ROLL.
THE MOTION IS DO PAST COMMITTEE
ON BUSINESS AND PROFESSIONS.
LIMON AYE NEWMAN AYE CHEN
[inaudible]
ACOSTA [inaudible]
BURKE [inaudible]
CERVANTES.
CERVANTES AYE CHOI.
CHOI NOT VOTING GABRIEL.
CAROL I GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE GRAYSON.
GRAYSON AYE STONE.
STONE AYE WEBER [inaudible]
WEBER I THREE THE BILL HAS SEVEN
I WILL LEAVE IT OPEN FOR OTHER
I'M MEMBERS TO ADAM.
THANK YOU AND SIT NEXT TO US
SENATOR HERTZBERG WE HAVE S. B.
[inaudible]
THIRTY EIGHT THANK YOU.
MADAM CHAIR IF I COULD HAVE
PERMISSION TO ASK A HOW MANY
MEMBERS OF THIS COMMITTEE HAVE
HURT KNOW WHAT THE BLOCKCHAIN IS
[inaudible]
OKAY.
I'M GONNA MAKE IT SHORT MADAM
CHAIR.
SO.
LOOK HERE'S THE DEAL THERE IS A
REVOLUTION GOING ON IN OUR MIDST
THIS IS CALIFORNIA AND WE'RE
SUPPOSED TO BE THE CUTTING EDGE
I WENT TO THE TECHNOLOGY CARCASS.
AND A NUMBER OF FOLKS DID KNOW
WHAT THE BLOCKCHAIN WAS AND IT'S
GENERALLY LIMITED IN ITS
UNDERSTANDING WITH RESPECT TO
BITCOIN.
AND THAT'S A VERY VERY LIMITED
IDEA IT'S LIKE SAYING THAT THAT
THE INTERNET ONLY RELATES TO
* OR OR WHATEVER THE SALE OF
AMAZON BOOKS OR SOMETHING LIKE
THAT IT IS AN EXTRAORDINARY TOOL.
THAT IN MY JUDGMENT IS THE NEXT
STEP OF WHERE THE INTERNET GOES
AND WISE IS IMPORTANT.
BECAUSE IT OFFERS TO FUNDAMENTAL
DIMENSIONS ONE A MUCH DEEPER
LEVEL OF SECURITY IN TERMS OF
DATA ON THE INTERNET AND TO IT%
OFFERS IN MY JUDGMENT WILL SEE
DOWN THE LINE MARK MY WORDS.
A REAL ABILITY TO EQUALIZE
PEOPLE'S ABILITY TO EARN A
LIVING --
AND AND RIGHT NOW PEOPLE ARE
SELLING YOUR DATA ALL DAY LONG
IN MAKING MONEY ON IT AND THE
RICH ARE GETTING RICHER.
AND THE POOR MAKING NOTHING ON
IT THIS IS AN OPPORTUNITY TO
ACTUALLY GET PAID AND LIKE
REWARDS POINTS IF YOU WILL
ULTIMATELY WORK GOES WHAT IS THE
IDEA BEHIND THE BLOCKCHAIN IN
THE SIMPLEST TERMS SIMPLEST
TERMS.
RIGHT WHAT WOULD YOU HAVE THE
INTERNET BASICALLY GOT A BIG
POOL OF INFORMATION AND WHAT
STOPS IT FROM FROM PEOPLE
GETTING ACCESS TO WHAT IS IN
ESSENCE.
CODES THAT THAT WOULD THAT THAT
STOP PEOPLE FROM GETTING IN BUT
ONCE THEY BREAK IN WE'VE SEEN
WHAT'S HAPPENED AT UCLA.
AT THE STATE ALL OVER THE PLACE.
THE BLOCKCHAIN IS BY ITS NATURE
FUNDAMENTALLY DIFFERENT AND IN
ESSENCE EACH PIECE OF DATA HOUSE.
OUR UNIQUE NUMBER.
IT HAS A NUMBER THAT'S ATTACHED
TO THIS PIECE OF DATA A NUMBER
THAT'S ATTACHED TO THIS SPEECH
TODAY TO AND IT'S DATED IT'S
ALMOST IMPOSSIBLE BECAUSE IN
ORDER TO GET FROM POINT A TO
POINT B..
YOU HAVE TO TRACE EVERYTHING
ALONG THE LINE IT'S ALMOST
IMPOSSIBLE TO BREAK THE CODE
THAT'S WHITE STARTED WITH BIG
POINT IF IF ANYBODY SAW RECENTLY
THERE'S BEEN A SERIES OF ADS ON
TELEVISION FOR A MAJOR COMPANY
ADVERTISING BLOCKCHAIN. FOR
PURPOSES OF TRACKING WITH ITS
PACKAGES OF THE DIAMOND RING ON
YOUR FINGER OR WHATEVER ELSE IT
MAY BE.
AND SO WHAT WHAT HAPPENED IS I
WANTED TO COME UP WITH A WAY TO
INTRODUCE THIS NOTION THE
LEGISLATURE I STARTED OUT WITH
THE CONCEPT.
OF OF DOING NON TITLE A LAND
TITLE I MET WITH THE PRIME
MINISTER OF AND WHAT TO IN THE
ISLANDS IT HE SAYS THAT'S WHAT
THEY'RE DOING BUT WE COULDN'T DO
IT BECAUSE THE TITLE INSURANCE
COMPANIES WILL.
PUT THEM OUT OF BUSINESS WANTED
TO MERGING BIRTH CERTIFICATES
AND DRIVER'S LICENSES FOR TO
MAKE SURE THAT THEY WANT PHONE
IT UP.
I COULDN'T DO THAT BECAUSE THE
STATE OF CALIFORNIA SAYS TOO
COMPLICATED SO HOW CAN I STICK
MY TOE IN THE WATER WORLD THAT
BEGINS TO IT INTRODUCED THIS
CONCEPT AND WHAT WE DID.
WAS TO DO IT IN THE AREA OF
CORPORATIONS CLOSELY HELD
CORPORATIONS THAT ARE FORMED IN
CALIFORNIA.
AND SO IF YOU WANT OF DUKE DO A
BILL BLOCKCHAIN YOU COULD PUT
THAT THE BUT WHAT WE SAID IN
THIS BILL WHICH YOU CAN PUT THE
INFORMATION ON YOUR ARTICLES OF
INCORPORATION.
AND THEN YOU COULD BASICALLY USE
A BLOCKCHAIN METHODOLOGY
DISTRIBUTED LEDGER FOR PURPOSES
OF MAINTAINING YOUR SHERIFF
TICKETS WISE THAT RELEVANT IN
TERMS OF A PUBLIC POLICY AGENDA
GIVE TWO BRIEF EXAMPLES OF LIKE
CLOTHES.
AND TURN OVER THE WITNESSES.
ONE WE HAD A SITUATION IN SAN
FRANCISCO WHERE --
SOMEBODY OPENED UP A PHONY
ACCOUNT BANK ACCOUNT WHICH OF
THE SAME NAME AS THE BONDING
COMPANY AND AS A CONSEQUENCE OF
THAT.
THEY THEY THEY WERE ABLE TO
STEAL THE MONEY AND MOVE VIA THE
RECOUNT RIGHT WE SEE THE ORANGE
COUNTY THE SAME THING HAPPENED
WITH STOCK CERTIFICATES.
IF YOU SEE YOUR FUTURE IF IT IF
YOU GO TO A BANK AND ONE OPEN
ACCOUNT SAYS THAT  HAVE
BLOCKCHAIN LEDGER THE BANK OR
WANT TO KNOW THAT YOU CAN'T
PHONY IT UP.
AND SO THE IDEA WAS AT LEAST A
TOE IN THE WATER THERE'S BEEN A
LOT OF INTEREST AMONG OF AMONG
SILICON VALLEY TO DO THIS.
IT'S A FIRST STEP.
AND THAT WAS IT.
AND I WONDER MY EXPERT WITNESSES
AND WATCHING SINCE WE DO HAVE A
MOTION A SECOND I'LL ASK FOR
SUPPORTERS AYE. TO BE AT THE
CONFLICT THAT WILL THINK YOU.
THANK YOU FOR AM THANK YOU MADAM
CHAIR AND AND COMMITTEE.
I AM JOSEPH A RAIL AND I'M HERE
REPRESENTING THE BLOCKCHAIN
ADVOCACY COALITION.
AND TO SPEAK ON SENATE BILL.
EIGHT THREE THE BLOCKCHAIN SHARE
CERTIFICATE EXCHANGE.
WE SUPPORT THIS BILL BECAUSE MY
PERSONAL FACT FINDING RESEARCH
HAS REVEALED TO ME AND MANY
OTHERS THE BENEFITS A BLOCKCHAIN
TECHNOLOGY.
I HAVE HEARD ABOUT SOME
QUESTIONS THAT YOU ALL HAVE BEEN
BEFORE WE GET. TO ANSWERING YOUR
QUESTIONS I LIKE TO GIVE YOU
SOME BACKGROUND MYSELF.
I AM A FORMER FINGER REGISTER
SECURITIES ADVISER AND TRADER.
I'VE SPENT MORE THAN FIVE YEARS
IN THE SECURITIES INDUSTRY
BEFORE LEAVING TO PURSUE
ADVANCED EDUCATION.
AND TO ENTER THE BLOCKCHAIN
INDUSTRY SPACE.
I HAVE BOOTSTRAPPED A BLOCKCHAIN
SERVICE BUSINESS CALLED CAGE
CHAIN.
AND I ENVISION THERE BEING A
FRIENDLY [inaudible]
REGULATORY ENVIRONMENT FOR
BLOCKCHAIN BASED BUSINESSES.
THANK YOU FOR YOUR TIME AND I'M
AVAILABLE TO ANSWER YOUR
QUESTIONS.
THANK YOU.
ANY OTHER WITNESSES IN SUPPORT
YES -- GOOD
EVENING MADAM CHAIR AND MEMBERS
OF THE COMMITTEE.
THANK YOU FOR THIS OPPORTUNITY
TO SPEAK FOR YOU THIS EVENING MY
NAME IS KAMAL HOVERED.
AND I REPRESENT THE BLOCKCHAIN
ABBAS ADVOCACY COOK COALITION
ALONG WITH.
ALL MARKET INCORPORATED.
WHICH IS A CALIFORNIA BASED
BLOCKCHAIN COMPANY.
ON MY FIRST CAME ACROSS DUH.
WATCHING TECHNOLOGY IN TWO
THOUSAND THIRTEEN WHILE I WAS
CONDUCTING RESEARCH AT
STANFORD'S ROCK CENTER FOR
CORPORATE GOVERNANCE WHICH IS A
JOINT COLLABORATION.
BETWEEN THE GRADUATE SCHOOL OF
BUSINESS AND STANFORD LAW SCHOOL --
EVER SINCE THEN I BECAME
INTRIGUED AND ENAMORED BY THIS
TECHNOLOGY.
AND HAVE BEEN STUDYING AND
RESEARCHING EVER SINCE --
EIGHT THREE EIGHT AND IT'S
EFFORT TO DEFINE WHAT BLOCKCHAIN
IS AND ALLOW COMPANIES TO
TRANSFER STOCK ISSUANCES OVER UP
WATCHING TECHNOLOGY AND
DISTRIBUTED LEDGERS.
SOME YOU MAY BE ASKING WHAT
BLOCKCHAIN TECHNOLOGY IS AND I
WILL HELP ONCE AGAIN TO DEFINE
IT.
IT IS AN ELECTRONIC LEDGER OF
TRANSACTIONS TAKING PLACE ACROSS
A DECENTRALIZED NETWORK.
WHERE PARTICIPANTS ARE ABLE TO
VERIFY TRANSACTIONS?
WITHOUT THE NEED OF A
CENTRALIZED AUTHORITY EVERY
TRANSACTION IS SECURED.
USING BANK GRADE SECURITY
ENCRYPTION.
AND IS ASSIGNED A REFERENCE
IDENTIFICATION NUMBER FOR
TRANSPARENCY IN AUDIT PURPOSES.
BLOCKCHAIN HAS THE ABILITY TO
IMPROVE NUMEROUS SECTORS IN
INDUSTRIES WITHIN THE STATE.
AND DRIVE ECONOMIC GROWTH.
THROUGH THE IMPLEMENTATION OF
SENSIBLE OUR REGULATIONS SUCH AS
S. B..
EIGHT THREE EIGHT I'M HAPPY TO
ANSWER ANY QUESTIONS YOU MAY
HAVE AT THIS TIME AND THANK YOU
AGAIN FOR THE OPPORTUNITY TO
SPEAK FOR YOU.
GREAT ANY OTHER WITNESSES AND
SUPPORT NAME AND AFFILIATION
PLEASE.
CNN ANY WITNESSES IN OPPOSITION.
CNN I'LL TAKE IT BACK TO
COMMITTEE ANY QUESTIONS OR
COMMENTS.
S. AMBER SOME.
I JUST JUST THE COMET I'M AND
SUPPORT THE BILL TODAY AND I
THINK LOOKING AT DIFFERENT
TECHNOLOGIES IS IS IS GOOD AND
IS INTERESTING.
BUT ONE OF THE THINGS THAT THAT
THAT ULTIMATELY HAS TO GET OUT
WITH HIS IF YOU LOOK AT THE
BLOCKCHAIN THE BLOCKCHAIN PUBLIC
KEY PRIVATE KEY.
ENCRYPTION AT ITS AT ITS
SIMPLEST ME THAT'S REALLY.
ULTIMATELY ALL THAT IT IS IN
THERE SOME PROTECT BUT UNDER THE
EXISTING BLOCKCHAIN BITCOIN FOR
EXAMPLE THAT'S BEEN USE IT HAS
SOME VULNERABILITIES WHEN.
WHEN YOU HAVE ENOUGH OR WHEN YOU
DON'T HAVE ENOUGH PEOPLE WHO ARE
USING IT?
YOU DO HAVE THE ABILITY TO HAVE
ANOTHER CHAIN APPAREL CHAIN
THAT'S CREATED SO IF YOU'RE
USING.
IF YOUR SAMPLE SIZES ARE SMALL
AS POTENTIALLY NUMBER OF FOLKS
IN A CLOSELY HELD CORPORATION.
AND YOU USING THAT AS A
MECHANISM TO TRACK THE THE STOCK
AND ANY STOCK TRANSACTIONS
BECAUSE JUST TRACKING THE STOCK.
IRA Y. WOULD NEED YOU SOMETHING
THIS COMPLICATED.
BUT IF WHAT YOU DO IS TRY TO
TRACK.
TRANSACTIONS THEN THAT'S
SOMETHING THAT THAT THE
BLOCKCHAIN CAN BE SOMETHING
THAT'S EFFECTIVE FOR BUT IF YOU
HAVE A SMALL ENOUGH NUMBER OF
USERS IN THAT.
THEN YOU HAVE THE POSSIBILITY OF
OF HAVING A SECONDARY CHAIN
THAT'S GREAT ADVICE BUT BY FOLKS
THAT COME IN AND PARTICULARLY
REPLICATE THAT DATA ESPECIALLY.
PRIOR TO THAT THAT THE NEXT
WHATEVER THE NEXT BLOCK IS BEING
VERIFIED SO THEY CREATE A
COMPETING BLOCK THAT THEN GETS
VERIFIED BEFORE YOUR EXISTS IN
THIS INTO THE EXISTING
TECHNOLOGY.
BEFORE YOUR CURRENT POCKETS TECH
GETS VERIFIED.
THEN THE FRAUDULENT CHAIN NOW
BECOMES THE PRIMARY CHAIN AND
YOU'VE NOW ABSOLUTELY CORRUPTED
YOUR ABILITY TO HAVE INTEGRITY
IN IN YOUR SYSTEM.
AND SO THIS IS ONE OF THINGS
THAT I THINK THAT THOSE WHO WERE
DOING THE RESEARCH AND REALLY
DIGGING INTO INTO BOXING
TECHNOLOGY.
IT HAS SOME REALLY INTERESTING
POSSIBILITIES BUT ALSO HAS SOME
VULNERABILITIES IN FOR MANY USES
FOR SOMETHING INSIGNIFICANT
SECURITIES.
WHICH I THINK IS VERY VIABLE WE
HAVE TO MAKE SURE THAT THE
PRODUCTS ARE THERE THAT THE
CHECKS AND BALANCES ARE IN PLACE.
SO THAT WE DON'T HAVE A
SITUATION THAT WE'RE CREATING A
PHANTOM CHAIN THAT THEN.
OVER ESSENTIALLY OVERRIDES IN
AND OVER VALIDATES THE THAT THE
PRIMARY CHAIN RECORD THE
ORIGINAL CHANGE SO SETTING UP
THE POSSIBILITY HAS GOT TO BE
THERE BUT WHAT I THINK WHEN THE
PIECE IS THAT WE'RE GOING TO
NEED.
IS THAT IS SOMETHING TO TO BE
ABLE TO VERIFY AND ENSURE THAT
THERE IS IN FACT [inaudible]
SECURITY.
AROUND HOW THAT CHANGE DEVELOPS
OVER TIME AND MAKING SURE THAT
THAT WE HAVE THE VIABLE CHANGE
AND NOT THE PHANTOM CHAIN THAT
GETS THEN BUILD AND TAKES OVER
KNOW THE AUTHORITY OF THAT THAT.
THE CHAIN THAT IS THE THAT IS
THE THAT IS THE AUTHORIZED AND
SO.
BA YEAH GREAT INTERESTING BUT I
I HAVEN'T SEEN IMPLEMENTATIONS
YET THAT WE'RE QUITE THERE BUT
AS FAR AS OPENING UP THE
POSSIBILITY AND SIMILAR CALDERON
HAS A BILL TO ASK THE STATE TO
LOOK AT BLOCKING TECHNOLOGIES.
THAT'S I THINK A MECHANISM TO BE
ABLE TO BUILD IN THE SAFEGUARDS
TO ENSURE THAT THAT WE HAVE A
ROBUST AND THE THE PROTECTIONS
AROUND IT REGARDLESS OF THE SIZE.
OF THE USERS FEAR THAT THAT ARE
USING THAT THAT TECHNOLOGY.
GOOD SO BUT I THINK THIS IS THIS
APPROPRIATE STEP AT THIS POINT.
THANK YOU SOME NUMBERS SHOWN A
SOMBER JUDGE I THANK YOU IDEA --
WOULD BE SUPPORTING NOT DISARM
SADDAM NOT MY UNDERSTANDING --
USING --
BLOCKCHAIN TECHNOLOGY TO A
RECORD -- OR
THE TRANSACTION A INFORMATION
NAMES IN --
WHATEVER ELMONT CYCAS.
DIFFERENCE BETWEEN THIS SO A NEW.
AUTHORIZATION USING THE PLOT
CHAIN VERSUS ARE.
ALREADY ARE.
MY OWNERSHIP OF A CERTAIN STOCK
IS ALREADY.
UP CAPTURE THE IN.
BY THE BE SURE.
HA HA MANY SHARES HIGH HAVE.
SO WHAT THE DIFFERENCE IS THAT
THE US NUMBER ONE QUESTION
NUMBER -- TO
QUESTION AND JUST TO FINISH UP
IS THAT THE ARE.
IT IS SAID THE BLOCKCHAIN
TECHNOLOGIES SAME AS SOMETHING I
HEARD THAT BITCOIN.
THAT I CAN USE.
OBVIOUSLY I I I I CAN I CAN CASH
OUT THE MY YOU KNOW THE STOCK
WORDINGS AND THAT THAT IS A CASH
[inaudible]
BUT THE IT IS OF VERY
CONTROVERSIAL --
ABOUT THAT THE BITCOIN NATURE
BUT THE WHAT THE RELATIONSHIP
WITH THIS I MAY BE.
THIS OUR TECHNICIANS SECOND CAN
EXPLAIN FOR THE THE
DISTINGUISHING --
FROM MY UNDERSTANDING THIS SO IT
QUEENS AND THE BLACK CHAIN.
OF RECORDING.
YEAH FIRST OF ALL THE THE IDEA
OF THE LEDGER THE WRITTEN LEDGER.
BUT OVER THE YEARS WE HAVE
ENGAGED IN THIS SERIES OF
LEGISLATION TODAY IT SEEMS LIKE
IT'S OLD STUFF.
BUT WE HAD PROBLEMS OF ALL HAVE
BEEN ONLY WHAT SIGNATURES COULD
USE A FAX TRANSMISSION COULD YOU
USE DOCUSIGN.
BUT ONE OF THE ISSUES THAT WE
HAVE DEALT WITH OVER THE LAST
MANY YEARS IS TRYING TO UPDATE
THE LAW.
AS TO FINDING NEW TECHNOLOGIES
AND DEFINED IN THE LAW AND SO
THIS DOES THAT NUMBER.
ONE TWO I THINK IT HELPS PRESENT
PROTECT AGAINST FRAUD BECAUSE
WITH YOU WANT TO USE IT YOU NEED
TO PUT YOUR ARTICLES OF
INCORPORATION.
IF SOMEBODY WERE TO GO TO A BANK
THEY WOULD THEN ASK THE QUESTION
A OF OF OF WHERE THE LEDGER WAS
AND IT'S A BETTER WAY TO PROTECT
IT.
SO IT'S IT'S ONE OF THOSE THINGS
WERE WERE MODERNIZING THE LAW
AND HAVING INCREMENTAL CHANGE
WITH RESPECT TO SOME LEVEL OF
SECURITY.
THE IDEA BLOCKCHAIN IS JUST
SIMPLY ONE OF THE MECHANISMS BY
WHICH YOU BUILD ON BUT SHE'S
MADE --
BITCOIN IS JUST ONE OF THE MANY
MANY A WASTE TO UTILIZE THE
BLOCKCHAIN THE BLOCKCHAIN IS THE
FOUNDATION ALMOST LIKE THE
INTERNET AND AN ARM THAT IS USED
FOR DIFFERENT THINGS.
IT BECAME HAD NOTORIETY AND IT'S
OUT SET BECAUSE THE BLOCKCHAIN
WAS REALLY THE PLACE WHERE SHE
IS ME BITCOIN WAS THE PLACE
WHERE WE FIRST STARTED.
YET SO IT'S USUALLY NO NEXUS
BETWEEN THE TWO EXCEPT FOR THE
BIT COINS BE USING THE
BLOCKCHAIN HERE WE'RE NOT AS IS
NO CONNECTION AND WHAT WE'RE
DOING THAT POINT AT ALL YOU WILL
THROUGH BUT POINT AS A RESULT OF
THIS.
OKAY.
THINK.
THINK ANY OTHER QUESTIONS OR
COMMENTS.
ALRIGHT THIS BILL DOES HAVE A DO
PASSED TO ASSEMBLY PRIVACY AND
CONSUMER PROTECTION COMMITTEE.
THAT RECOMMENDATION AND WE HAVE
A MOTION AND A SECOND PLACES ARE
CLOSED I JUST SAY SOMETHING
FORMS FINTECH FIFTY LIST FIFTY
TOP FINANCIAL TECHNOLOGY
COMPANIES GLOBALLY. ELEVEN OF
THOSE COMPANIES A BLOCKCHAIN
COMPANIES THIS IS NOT A SMALL
BALL DEAL IN TWO THOUSAND
SEVENTEEN TWENTY SEVEN POINT
FOUR BILLION DOLLARS WAS
INVESTED IN THESE KINDS OF
COMPANIES.
THIS IS A BIG DEAL IN CALIFORNIA
NEEDS TO STEP TAKE A STEP IN THE
RIGHT DIRECTION TO START
ENGAGING IN THIS PROCESS ASK FOR
AN AYE VOTE.
THANK YOU CENTER HERTZBERG.
ALRIGHT WE WILL CALL THE ROLL
PLEASE.
LIMON AYE LIMON AYE CHEN.
CHEN AYE ACOSTA [inaudible]
BURKE [inaudible]
CERVANTES.
CERVANTES AYE CHOI AYE CHOI AYE
GABRIEL.
CABLE I GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE GRAYSON.
GRAYSON AYE STONE STONE AYE
WEBER [inaudible]
WEBER I THE BILL HAS AND NINE
AYE VOTES WE WILL IT UP OPEN FOR
OTHER MEMBERS TO ADD ON THINK
HUMAN CHAIR THANK YOU MEMBERS
APPRECIATE A MONEY ISSUE THANK
YOU [inaudible]
FULLER BELL.
I COULD HAVE MADE
.
THANK YOU CENTER AT YOUR
PLEASURE OF THANK YOU MADAM
CHAIR AND MEMBERS SO.
OF I LIKE --
TO IT'S MY PLEASURE TO PRESENT
THIS BILL S. B. --
EIGHT ONE EIGHT THIS IS
INVOLVING THE FORECLOSURE CRISIS
OF CALIFORNIA.
OF FORECLOSURE CRISIS DOESN'T
SEEM TO GO AWAY AND IT'S STILL
HERE [inaudible]
SO -- THIS
BILL -- THAT
WE PRESENT TODAY.
DEALS WITH A CRISIS SOME OF OUR
NEIGHBORHOODS HAVE NEVER FULLY
RECOVERED AT IF YOU WANT TO LOOK
AT IT THAT WAY AND THAT'S REALLY
THE TRUTH OKAY --
MANY OF OUR CALIFORNIA'S LOS
HOMES -- IN
A LOT OF WAYS WRONGLY BECAUSE WE
FAILED TO ADEQUATELY REALLY --
REGULATE --
MORTGAGE SERVICING INDUSTRY.
THE STATE FINALLY TOOK ACTION
AND TWENTY TWELVE THIS WAS THE
HOMEOWNER BILL OF RIGHTS.
IT WAS SIGNED INTO LAW BY
GOVERNOR BROWN.
THE LAWS GIVE HOMEOWNERS THE
BUILDINGS TO POSTPONE
FORECLOSURE OF TO SERVICER
FAILED TO FOLLOW THE RULES.
THEY ALSO GIVE SERVICES THE
ABILITY TO CORRECT ERRORS AND
THEN PROCEED WITH THE
FORECLOSURE IF IT WAS WARRANTED.
THE LAW DIDN'T STOP --
FORECLOSURES BUT GAVE HOMEOWNERS
A FAIR CHANCE TO SAVE THEIR
HOMES.
AND IT WORK.
THIS THIS JANUARY THE HOME OUR
BILL OF RIGHTS BECAME WEAKER
BECAUSE OF THE LEGISLATIVE
SUNSET OF THAT LAW.
S. B. EIGHT ONE EIGHT WILL
RESTORE THE HOMEOWNERS BILL OF
RIGHTS TO ITS ORIGINAL FORM.
THE THERE THESE ARE COMMONSENSE
CONSUMER PROTECTIONS.
OF THAT HAVE BEEN AND STATUS QUO
FOR THE PAST FIVE YEARS.
I'VE BEEN WORKING CLOSELY WITH
THE INDUSTRY TO ADDRESS A COUPLE
OF PAIN POINTS THAT THEY HAVE.
AND IN THE HOMEOWNER BILL WRITES
A PROPOSAL.
AND HAVE AGREED TO TAKE TO
AMENDMENTS WHICH WILL REMOVE ALL
OPPOSITION.
THE FIRST AMENDMENT ADDS THE
DEADLINE BUT WHAT BY WHICH THE
HOMEOWNER NEEDS TO SUBMIT A LOAN
MODIFICATION.
APPLICATION FIVE BUSINESS DAYS
BEFORE THE SCHEDULES FORECLOSURE
STATE.
AND I THINK THAT'S A VERY
IMPORTANT TO HIM [inaudible]
AMENDMENT.
THE SECOND AMENDMENT A CLARIFIES
THAT IF A BORROWER REQUEST IN
WRITING THE LOAN SERVICERS STOP
CONTACTING THEM.
ABOUT THE MORTGAGE LOAN.
THE SERVICES THE SERVICES OR
SERVICER IS ABLE TO DO SO.
OF MY STAFF HAS WORKED WITH THE
LEGISLATIVE COUNSEL.
OUGHT TO FINALIZE LANGUAGE IS
BEFORE THIS BILL IS IT ONE EIGHT
IS HEARD IN THEM ASSEMBLY
JUDICIARY COMMITTEE.
AND I BELIEVE THE FORMER FORMER
OPPOSITION INSERTED THE AID TO
TESTIFIED OF OUR AGREEMENT.
THAT WE HAVE MADE.
EVERY HOMEOWNER DESERVES A FAIR
TRANSPARENT PROCESS AND BEFORE
LOSING THEIR HOMES.
AND KEEP YOUR HOME CALIFORNIA
PROGRAMS THAT WE HAVE SERVED A
STATE PROGRAM --
RECEIVED OVER TO TH TWENTY EIGHT
THOUSAND THREE HUNDRED
APPLICATIONS FROM FINANCIALLY
DISTRESSED HOMEOWNERS IN TWENTY
SEVENTEEN THE LAW. TWENTY EIGHT
THOUSAND THREE IT'S AMAZING.
HOMEOWNERS HIT BY FIRES IN OUR
WINE COUNTRY IN SOUTHERN
CALIFORNIA FACE ECONOMIC
CHALLENGES.
OR AT RISK ALSO OF LOSING AND
DEFAULTING ON MORTGAGE PAYMENTS.
CONGRESS AND FEDERAL REGULATORS
ARE HARD AT WORK DISMANTLING
POLICIES THAT A PROTECTIVE
HOMEOWNERS IN BORROWERS FROM THE
KIND OF PREDATORY MORTGAGE LOANS
THAT HELP BECAUSE THE
FORECLOSURE CRISIS IN THE
BEGINNING.
CALIFORNIA SHOULD NOT SIT.
AND WAIT FOR ANOTHER FORECLOSURE
CRISIS WE ALREADY HAVE OUR OUR
HOUSING CRISIS WE WE NEED TO
KEEP PEOPLE IN THEIR HOMES
FORECLOSURES HURT FAMILIES
NEIGHBORHOODS.
AND THE CALIFORNIA ECONOMY.
WE NEED TO BE PROACTIVE.
AND MAKE SURE VULNERABLE
HOMEOWNERS HAVE PROTECTIONS IN
THE PLACE AND I HAVE WITNESSES
MADAM CHAIR ALTERNATE OVER TO
THE WITNESSES THANK YOU.
THANK YOU CENTER.
GOOD AFTERNOON GOOD AFTERNOON
RONALD COLMAN HERE ON BEHALF OF
THE CALIFORNIA LOW INCOME
CONSUMER COALITION CLICK --
WE ARE HERE IN STRONG SUPPORT OF
SB EIGHT ONE EIGHT THIS
CERTAINLY WILL GO A LONG WAY TO
HELP HOMEOWNERS STAY IN THEIR
HOMES IF THEY ARE IN FACT FACING
A FORECLOSURE AND IT'S REALLY
IMPORTANT TO REESTABLISH THESE
PROTECTIONS.
THESE PROTECTIONS GAVE
HOMEOWNERS A FIGHTING CHANCE TO
SAVE THEIR HOMES IT WAS ALMOST A
SENSE THAT IT WAS.
DUE PROCESS IF YOU WILL --
IT THROUGH THE FORECLOSURE
PROCESS TO GIVE HOMEOWNERS
RIGHTS TO FIGURE OUT WHAT WOULD
BE BEST TO FIX THEIR SITUATION
CALIFORNIA WAS GROUND ZERO IN
pMAJOR DEVASTATION THROUGHOUT THE
STATE.
AFTER THOUSANDS OF CALIFORNIANS
DID LOSE THEIR HOME CERTAINLY
CALIFORNIA DID MOVE FORWARD AND
TO ESTABLISH THE HOMEOWNERS BILL
OF RIGHTS WHICH WENT FAR.
CLICK OF THE COALITION OF MOSTLY
LEGAL SERVICES PROVIDERS WITH
ATTORNEYS WHO SPECIALIZE IN
CONSUMER ON CONSUMER PROTECTION
ISSUES FOR LOW INCOME
CALIFORNIANS DURING THAT TIME
OUR ATTORNEYS HAD LARGE VOLUMES
OF CASES.
THAT COULD NOT MOVE FORWARD BAR
WORDS NEVER HAD A REAL
OPPORTUNITY TO BE ABLE TO SAVE
THEIR HOME.
WHILE THEY WERE SEEKING LOAN
MODIFICATIONS THE FORECLOSURE
PROCESS ON THEIR HOME KEPT GOING.
SERVICES WERE LOSING DOCUMENTS
LEFT AND RIGHT AND FAMILIES WERE
SUFFERING THROUGH A MAZE OF A
PROCESS AND WEREN'T GIVEN
ACCURATE RELIABLE UNNECESSARY
INFORMATION TO BE ABLE TO SAVE
THEIR HOMES.
FAMILIES WERE LEFT HOMELESS
NEIGHBORHOODS WERE LEFT EMPTY
AND OUR COMMUNITIES WERE
ESSENTIALLY LEFT BLIGHTED ONCE
THE TWENTY TWELVE BILL WAS
IMPLEMENTED OUR ATTORNEY CITED
THAT THESE BARRIERS AND
IMPEDIMENTS ACTUALLY STOPPED TO
PAY FEES TO EXIST.
FAMILIES DESERVE A FAIR CHANCE
TO SAVE THEIR HOMES WE THINK THE
HOMEOWNERS BILL OF RIGHTS DOES
DO THAT AND WE URGE YOU TO RE
ESTABLISH THESE PROTECTIONS AND
ASK YOUR AYE BOAT THANK YOU.
THANK YOU ANY OTHER WITNESSES
AND SUPPORT PLEASE JUST STATE
YOUR NAME AND AFFILIATION.
BUT IF THEY MY MICHAEL
MCLAUGHLIN I VOLUNTEER WITH A
SHARPIE AND A LP SUPPORTS.
S. B. EIGHT EIGHT EIGHTY LIKE.
GLAZER LEWIS ME HAVE A CENTER
FOR RESPONSIBLE LENDING IN
STRONG SUPPORT.
TELL JACKSON WITH THE CALIFORNIA
NURSES ASSOCIATION AND STRONG
SUPPORT.
ALEXANDER HER NAME WITH THE
WESTERN CENTER ON LAW AND
POVERTY IN STRONG SUPPORT.
THANK YOU ANY WITNESSES IN
OPPOSITION [inaudible]
MEMBERS.
MADAM CHAIR AND MEMBERS MIKE
BELOW DIVE TO PAY AT CLIENTS OF
INTEREST HERE THE CALIFORNIA
MORTGAGE ASSOCIATION WANT TO
THANK SENATOR BELL AND HIS
SPONSORS FOR WORKING WITH US
WE'RE NEUTRAL.
THE UNITED TRUSTEES ASSOCIATION
IS A GROUP THAT ACTUALLY
CONDUCTS THE NON JUDICIAL
FORECLOSURES AND WE BELIEVE THIS
IS AN IMPROVEMENT TO THE LA
BECAUSE OF THE AMENDMENTS THAT
SENATOR BELL HAS AGREED TO WE
SUPPORT THE BILL.
THANK YOU.
MADAM CHAIR MEMBERS KEVIN GOULD
OF CALIFORNIA BANKERS
ASSOCIATION WE ARE MOVING OUR
OPPOSITION BASED UPON THE
AMENDMENTS SENATOR DESCRIBED IN
HIS OPENING STATEMENT THANK YOU.
THANK YOU MEMBERS ANY COMMENTS
OR QUESTIONS [inaudible]
THE BILL.
WE DO HAVE.
AND THAT THANK YOU WE HAVE A
MOTION AND A SECOND AND ALSO A
SOMBER ACOSTA AS IMPRESSION JUST
A QUICK CA THANK YOU TO SENATOR
BELFER.
YOU KNOW COMING IN AND AND
INCLUDING ME IN THE PROCESS AND
MAKING THIS UP A BETTER BILL I
REALLY APPRECIATE THE MEMBERS
THAT YOU'VE TAKEN.
SUPPORTING THE BILL THANK YOU.
SO I UNDERSTAND THAT THE BILL IS
NOT BEING AMENDED AT THIS
COMMITTEE SO JUST MOVE THE BILL.
YES THE AMENDMENTS WILL BE MADE
AND I IN THE NEXT COMMITTEE
THERE IS A DO PASS ADD TO
ASSEMBLY JUDICIARY I WOULD DO
YOU HAVE ANY CLOSING REMARKS
YOU'D LIKE TO MAKE THANK YOU ARM
EVERYBODY FOR THE TOUGH PROCESS
WITH THAT OVER THE LAST SIX
MONTHS WITH --
IT'S VERY IMPORTANT THAT WE HAVE
CONSENSUS NOW.
THANK YOU MADAM CHAIR FOR YOUR
WORK ON THE SITE.
THANK YOU FOR YOUR WORK ON THIS.
ALRIGHT WE WILL CALL THE ROLL.
PUSH MOTION IS DUE PASSED
COMMITTEE ON JUDICIARY LAMONT
AYE AYE LIMON AYE CHEN.
CHEN AYE ACOSTA.
ACOSTA AYE BURKE.
BURKE I CERVANTES.
SO MONTHS AYE CHOI AYE CHOI AYE
GABRIEL [inaudible]
CABLE I GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE GRAYSON.
GRAYSON AYE STONE STONE AYE
MURDER [inaudible]
WEBER I IRATE AT THIS BILL A IS
OUT UNANIMOUSLY THANK YOU VERY
MUCH.
WE DO HAVE A CONSENT AGENDA --
MEMBERS WE HAVE.
GREAT.
WE HAVE A MOTION FOR THE CONSENT
AGENDA AND WE WILL CALL THE ROLL.
SB ELEVEN THIRTY NINE S. B.
ELEVEN EIGHTY THREE SB 12-1 SP.
THIRTEEN SIXTY ONE WE WANT AYE
WE WON'T AYE CHEN.
GEN AYE ACOSTA.
ACOSTA AYE BURKE BIRD I
CERVANTES.
CERVANTES AYE CHOI.
CHOI CHOI AYE APRIL.
CABLE I GONZALEZ FLETCHER.
THOSE FLETCHER AYE GRAYSON
[inaudible]
GRAYSON GRAYSON.
GRAYSON AYE STONE.
STONE AYE WEBER [inaudible]
WEBER I THE CONSENT AGENDA IS
OUT UNANIMOUSLY WE WILL ADD ON
NOW.
ALRIGHT SO WE WILL GO IN ORDER
AND WE WILL START WITH ADD ONS.
FOR S. B. EIGHT THREE EIGHT
HERTZBERG.
DO PASSED COMMITTEE ON PRIVACY
AND CONSUMER PROTECTION ACOSTA.
ACOSTA AYE BURKE [inaudible]
BURKE I IRATE THAT BILL IS OUT
ALUM. ELEVEN TWO ZERO PUT
[inaudible]
ALRIGHT.
THE NEXT BILL IS S. B. NINE
THREE ZERO HERTZBERG.
MOTIONS DO PASSED COMMITTEE ON
BUSINESS AND PROFESSIONS CHEN.
CHEN AYE ACOSTA.
ACOSTA AYE BURKE [inaudible]
BURKE I ALRIGHT THAT BILL IS OUT --
WITH TEN VOTING I AM WHEN I'M
NOT VOTING.
AND THOSE ARE THE ONLY ONES WE
HAVE LEFT WE WILL ADJOURN A
HEARING