REP347.46 MURPHY347.46 -347.46 Good347.46 morning,347.7 everybody.347.94 It's349.22 like349.38 the350.02 first350.18 day350.42 of350.58 school350.66 today.350.98 We352.86 have353.1 about353.33 nine353.74 hours353.98 of354.29 testimony354.54 here355.18 today,355.25 but355.5 April356.13 fool's356.62 day.356.86 Right?357.18 So358.06 welcome358.69 to359.1 everybody359.25 for360.06 our360.21 first360.38 hearing360.77 on361.25 Committee361.42 of361.74 Financial362.29 Fervices.363.74 I'm363.74 here363.89 with364.06 my364.31 co364.47 chair,364.63 Senator364.79 Paul365.35 Feeney,365.67 who365.99 I'll366.07 introduce366.39 in366.79 a366.95 second.367.03 So367.83 this368.07 custom369.03 started369.35 years369.75 ago369.99 where370.31 there'd370.63 be370.79 an370.95 informational371.03 hearing371.59 at371.83 the371.99 beginning372.07 of372.39 each372.47 session,372.63 started372.95 many373.27 years373.51 ago.373.75 So373.99 today,374.55 it's374.79 just374.95 for375.67 us375.91 to376.07 hear376.55 from376.86 you377.01 as377.1 to377.18 who377.42 you377.57 are.377.74 We378.06 don't378.21 need378.38 to378.54 hear378.62 about378.77 any379.01 bills379.25 because379.57 it's379.81 time379.98 later380.3 on380.54 that380.69 we'll380.86 hear381.01 testimony.381.5 But382.3 today382.54 is382.77 just382.94 a383.1 quick383.18 one383.9 minute,384.13 30384.86 seconds.385.25 Hi.386.06 I'm386.3 so386.46 and386.69 so.386.86 I387.01 represent387.18 so387.65 and387.81 so.387.98 You388.21 might388.38 hear388.54 me388.62 on388.77 these388.94 bills,389.1 but389.34 that's389.5 it.389.81 Right?390.41 So390.81 there's391.05 be391.29 plenty391.37 of391.69 time391.77 during391.93 this392.17 session392.25 to392.57 testify392.65 on393.13 bills.393.29 Right393.53 now,393.61 there393.85 are394.01 no394.09 bills394.25 before394.57 the394.81 committee394.97 for395.69 this395.85 hearing.396.09 So396.49 just397.13 say397.37 hi,397.53 and,398.73 we'll399.13 say399.37 hi399.61 back,399.77 and400.17 then400.41 we'll401.13 see401.37 you401.53 again401.69 at401.93 a402.09 later402.17 point.402.49 So403.37 I403.61 get403.85 my404 point404.17 across?404.4 Alright.405.85 Okay.406.81 We407.93 have408.08 some408.25 esteemed408.49 members408.81 of409.13 the409.2 committee,409.29 but409.61 at409.76 first,409.93 I410.17 wanna410.25 turn410.49 up410.73 to410.81 my411.05 coach411.37 here411.69 who411.85 I'm412 very412.25 excited412.49 to412.88 share413.37 this413.61 committee413.76 with.414.17 He's414.4 the414.56 smartest,415.38 best415.78 looking,416.02 most416.42 talented416.66 senator417.14 in417.54 the417.7 Senate.419.22 So419.94 I420.1 got420.26 him420.42 back420.58 this420.82 year,420.98 which421.22 is421.46 great.421.62 And,422.1 it's422.42 an422.66 honor422.74 to423.06 work423.14 with423.3 him.423.46 He's423.7 a423.86 friend424.02 prior424.66 to424.98 him425.06 being425.3 a425.46 senator,425.62 and426.42 he's426.66 a426.9 colleague426.98 and427.54 a427.78 great428.29 counterpart428.54 to429.1 this429.18 committee.429.41 So429.74 with429.89 that,429.98 I430.13 wanted430.29 to430.54 introduce430.62 my431.25 good431.5 friend,431.65 Senator432.06 Paul432.38 Feeney.432.62
SEN433.1 FEENEY433.1 -433.1 Thank433.1 you,433.25 Mr.433.74 Chairman.434.13 It's434.13 great434.29 to434.54 see434.62 everybody.434.85 Thrilled436.06 to436.29 be436.45 back436.54 on436.77 this436.94 committee437.1 again,437.41 with438.29 my,438.54 my439.1 good439.33 friend,439.5 Jim439.89 Murphy.440.13 You441.47 know,441.63 not441.79 only442.03 friends442.27 long442.75 before,443.07 taking444.03 this444.27 committee444.51 together,444.91 but446.43 even,446.83 you447.15 know,447.23 as447.39 we've447.55 been447.71 going447.87 through448.11 this448.27 last448.59 couple448.83 of449.07 sessions,449.15 I449.47 learned449.63 a449.87 lot,450.03 certainly,450.43 from450.83 representative451.07 Murphy.451.63 In452.59 his452.75 frame452.99 of453.23 reference453.31 has454.64 been454.79 very,454.94 very455.09 helpful455.24 to455.39 me455.54 as455.69 we456.16 kinda456.64 navigate456.76 through456.88 all457.04 these457.13 different457.37 issues.457.6 So457.93 I458 appreciate458.08 the458.56 fact458.64 that458.73 I458.76 get458.81 to459.13 chair459.44 this459.93 committee460.08 with460.49 him460.64 again460.73 and461.37 to461.52 be461.69 here461.85 with462 all462.25 of462.32 you462.49 who462.81 I462.88 know462.96 many463.29 of463.52 frequent463.6 flyers464 are464.4 gonna464.56 be464.81 here,464.96 week465.6 after465.85 week,466.08 month466.25 after466.49 month,466.71 testifying467.11 on467.67 your467.83 important468.39 bills468.79 and469.11 priorities.469.27 They're470.07 important470.31 to470.71 us470.79 too,470.95 and471.11 we471.27 definitely471.43 wanna,471.75 you472.79 know,472.95 we473.03 look473.19 forward473.35 to473.75 hearing474.15 all474.47 about474.63 them474.87 in475.27 the475.43 months475.59 ahead.475.91 But476.87 with477.03 that,477.27 again,477.51 I477.75 just477.91 wanna478.15 say478.55 how478.87 blessed479.03 I479.35 am,479.51 to480.01 be480.1 chairing480.25 this480.5 committee481.13 with481.54 Jim481.94 Murphy482.18 and482.57 all482.74 the482.9 members.482.98 We483.3 have483.46 some483.62 new483.78 members,484.01 some484.5 returning484.81 members,485.22 and485.86 I486.1 will486.18 tell486.34 you486.5 that486.74 this487.69 committee487.94 especially,488.34 really489.46 takes489.69 pride490.01 in490.25 digging490.42 deep490.74 into490.98 all491.3 these491.46 bills.491.62 The492.01 reps,492.25 the492.5 senators492.66 that493.06 are493.22 on493.3 this493.46 committee,493.62 have494.81 really495.06 vetted495.38 a495.78 lot495.86 legislation496.31 over496.71 these496.95 last497.11 couple497.27 of497.51 years.497.59 We497.83 don't497.99 legislate498.23 for498.87 the499.03 sake499.19 of499.35 legislating.499.51 We500.63 actually500.79 look501.03 where501.19 we501.35 can501.43 help501.59 people501.75 in501.99 the502.07 commonwealth,502.15 and502.63 I'm502.79 just502.95 so503.19 grateful503.35 for503.59 all503.75 the503.83 members503.99 of504.23 this504.31 committee.504.47 So504.71 with504.87 that,505.03 I'll505.19 turn505.27 it505.51 back505.59 to506.07 Chair506.23 Murphy506.47 and506.79 the507.03 rest507.19 of507.35 the507.51 members507.59 of507.91 the507.99 committee508.07 to508.31 introduce508.46 themselves.508.7
509.02 MURPHY509.02 -509.02 Thank509.02 you,509.26 Senator509.43 Feeney.509.82 So510.06 every510.23 two510.38 years,510.63 members510.87 of511.1 the511.19 house511.26 and511.5 senate511.58 request511.99 committee512.3 assignments.512.63 We513.59 have513.75 a513.9 vetting514.07 process514.38 by514.78 which514.95 we515.11 select515.26 the515.66 hardest515.83 working,516.23 smartest516.78 members517.18 in517.59 the517.66 building.517.9 And518.63 so518.78 I'm518.95 a519.11 let519.18 them519.35 speak519.59 for519.75 themselves.519.99 So520.46 on520.98 my521.22 left521.3 over521.46 here,521.7 forget521.94 it.522.26 My522.34 colleagues522.5 introduced522.9 themselves.523.3 Actually,525.22 we525.62 introduced525.7 by526.18 vice526.9 chair527.22 first.527.54 Sorry.527.78 We528.34 have528.5 a528.74 new528.9 vice529.14 chair529.46 this529.7 year,529.86 David530.18 Biele530.5 from530.82 South531.14 Boston.531.38 Great532.74 legislator,533.06 good534.1 friend,534.42 and534.65 it's534.89 his535.05 first535.3 time535.54 in535.7 this535.86 committee,536.01 so536.34 we're536.58 gonna536.65 go536.89 pretty537.13 easy537.62 on537.86 him538.01 this538.17 term.538.34 I'd538.74 like538.89 to539.05 turn539.22 it539.46 over539.54 to539.7 my539.86 vice540.01 chair,540.25 David540.58 Biele.540.89
542.1 REP542.1 BIELE542.1 -542.1 Thank542.1 you,542.25 Chair542.5 Murphy.542.74 Good,543.3 hello543.86 everyone.544.17 It's544.58 an544.74 honor544.82 to545.05 be545.22 with545.3 you545.46 here545.54 today.545.77 Look546.65 forward546.82 to547.13 the547.38 work547.62 ahead,547.86 on548.74 the548.89 committee.549.37 You550.33 know,550.81 chair551.13 Murphy551.29 has,551.61 done551.93 a552.09 fantastic552.25 job,552.73 you553.77 know,554.01 shepherding554.17 bills554.65 through554.97 and,555.29 doing555.77 a555.93 deep556.09 dive.556.33 So556.57 look556.97 forward557.29 to557.53 being557.77 a557.89 part558.01 of558.25 the558.33 conversations558.49 to558.97 come559.13 on559.45 matters559.61 facing,560.01 the560.73 Commonwealth560.89 and561.45 legislation561.85 before562.33 us.562.61 So562.85 it's563.08 an563.32 honor563.4 to563.57 be563.64 here563.73 and563.88 look563.96 forward564.13 to564.37 getting564.45 to564.68 know564.76 you,565 and565.73 the565.88 issues566.04 a566.45 little566.52 bit566.76 better,566.92 as567.32 a567.49 new567.57 member567.73 to567.96 the568.04 committee.568.13 Thank568.52 you.568.68
569.16 MURPHY569.16 -569.16 Thank569.16 you,569.32 Vice570.13 Chairman570.45 Biele.570.45 So570.45 with570.52 that,570.68 from570.92 the571.73 left,571.88 Kate,572.13 do572.28 you572.37 wanna572.45 say572.76 hello?572.92
573.4 REP573.4 LIPPER-GARABEDIAN573.4 -573.4 Good573.4 morning,573.57 everyone.573.8 Kate574.2 Lipper-Garabedian,574.76 30575.4 second575.73 Middlesex,576.04 and576.52 this576.68 is576.92 my577 third577.16 session577.57 on578.13 the578.37 committee.578.53 So578.77 glad579.01 to579.25 be579.33 back.579.41 I579.53 see579.65 a579.73 lot579.81 of579.97 familiar580.05 faces.580.45
MURPHY581.09 -581.09 Welcome581.09 back,581.41 Kate.581.65 And,581.97 over582.69 here582.93 to583.17 my583.33 right,583.49 all583.81 the583.89 way584.05 down584.21 the584.45 end.584.61
591.41 REP591.41 CHAISSON591.41 -591.41 Michael591.41 Chaisson,591.73 freshman592.53 rep593.09 here.593.33 I593.57 represent593.73 the593.81 Norton.596.66 And,597.46 looking597.95 forward598.18 to598.58 hearing599.14 from599.46 all599.63 you599.7 guys599.87 today600.02 and600.26 learn600.5 a600.82 little600.9 bit601.07 more601.14 about601.3 the601.46 committee601.54 and601.78 the601.95 work602.02 that602.18 we're602.35 gonna602.58 be602.75 doing602.99 here.603.23
603.78 MURPHY603.78 -603.78 Thank603.78 you.604.02 Welcome.604.26 Welcome604.42 to604.75 the604.82 committee.604.99
606.5 REP606.5 KERANS606.5 -606.5 Good606.5 morning.606.75 Great607.14 to607.46 be607.54 here.607.7 My608.02 name608.11 is608.35 Sally608.5 Kerans.608.91 I609.23 represent609.39 the609.87 13th610.11 Essex610.59 District.611.07 My611.95 third612.35 term612.99 on613.31 this613.47 committee,613.71 except615.23 for615.71 some615.95 time616.19 back616.51 in616.67 the616.91 nineties617.07 when617.55 I617.79 did618.51 some618.75 time618.99 on619.23 the619.31 insurance619.47 committee.620.03 So620.43 delighted621.15 to621.63 be621.79 here.621.95 Thank622.11 you,622.35 Mr623.23 Chairman,623.47 Mr623.47 vice623.47 chairman.623.83
624.38 MURPHY624.38 -624.38 Welcome624.38 back.624.87
627.11 REP627.11 CATALDO627.11 -627.11 Thank627.11 you,627.42 Chair627.75 Murphy,628.07 Chair628.54 Feeney,628.87 Simon629.35 Cataldo.629.66 I630.23 represent630.3 the630.63 14th630.78 Middlesex631.26 District,631.75 which632.23 includes632.54 residents633.02 in633.42 Acton,633.66 Carlisle,633.99 Chelmsford,634.54 and635.26 Concord.635.5 It's635.9 my636.14 second636.38 session636.95 on637.83 the637.99 committee.638.14 Learned638.54 so638.95 much639.18 from639.42 so639.69 many639.85 of640.01 you640.17 in640.41 this640.65 room640.81 last641.05 session641.29 and641.61 looking641.77 forward642.01 to642.33 doing642.57 so642.81 again643.05 this643.37 session.643.61
644.57 MURPHY644.57 -644.57 Welcome644.57 back,644.89 Simon.645.21
647.29 REP647.29 MCGREGOR647.29 -647.29 Bill647.29 McGregor,647.61 the648.09 10th648.25 Suffolk648.49 State648.97 Representative.649.29 I650.01 am650.17 in650.33 my650.49 second650.65 term,650.97 but651.21 this651.45 will651.61 be651.85 my652.09 first652.25 session,653.01 on653.74 financial654.05 services,654.62 and654.93 I'm655.17 looking655.34 forward655.58 to655.82 it.655.89 10th656.77 Suffolk657.01 represents,657.5 West658.29 Roxbury,658.54 half659.5 of659.65 Rosendale,659.89 a660.22 little660.54 bit660.77 of660.86 Jamaica661.01 Plain,661.41 and661.65 South661.89 of662.05 Vermont.662.22
663.1 MURPHY663.1 -663.1 Welcome,663.1 Bill.663.5
665.01 REP665.01 WORRELL665.01 -665.01 Christopher665.01 Worrell,5th666.38 Suffolk666.62 District.667.01 That's667.58 God's668.18 country,668.5 which668.98 is669.22 Dorchester669.38 and670.66 Roxbury.671.06 Second672.66 term,672.98 first673.78 time674.1 on674.9 this675.06 committee.675.3 So675.86 be676.1 very676.74 nice676.98 and677.3 patient677.38 with677.78 me.677.94 Thank678.18 you.678.34
679.14 MURPHY679.14 -679.14 Thank679.14 you,679.38 Chris.679.62 Okay.682.33 So683.13 with683.38 that,683.62 there's684.01 a684.33 sign684.41 up684.65 sheet684.82 we685.05 have685.21 here,685.38 order685.86 people686.17 order686.58 in687.05 the687.21 order687.38 which687.53 they687.7 signed687.93 up.688.1 We688.25 also688.41 have688.58 a688.65 sign688.74 up688.98 sheet689.05 outside.689.38 So690.5 if690.65 you690.74 haven't690.82 signed691.05 up691.29 and691.38 you691.53 wanna691.62 testify,691.86 just692.65 sign692.89 up693.13 outside693.21 the693.62 door693.7 there.693.93 So694.1 with694.25 that,694.33 we're694.58 gonna694.74 get694.98 going695.13 with695.29 testimony.695.53 So696.5 Mary696.82 Gallagher,697.95 commissioner698.27 banks.698.83 Is699.23 Mary699.39 here?699.71
702.51 SPEAKER9702.51 -702.51 Virtually.702.51 She's703.31 online?703.39
708.27 SPEAKER10708.27 -708.27 Can708.27 you708.51 hear708.67 me?708.83
712.22 Yeah.712.22 Do712.77 you713.01
713.1 SPEAKER1713.1 -713.1 have713.1 it?713.18
713.5 SPEAKER10713.5 -713.5 Chair713.5 Murphy,713.74 can714.06 you714.22 hear714.38 me?714.54
714.93 SPEAKER1714.93 -714.93 Commissioner714.93 Gallagher,715.58 are716.06 you716.13 there?716.22
717.5 SPEAKER9717.5 -717.5 Yes.717.5 Can717.82 you718.06 hear718.22 me?718.38
720.22 SPEAKER1720.22 -720.22 Okay.720.22 We720.54 can720.7 see720.93 you.721.1 Mary,722.06 can722.38 you722.46 hear722.62 us?722.77
722.86 SPEAKER9722.86 -722.86 You722.86 can't722.93 hear723.18 me.723.34
723.38 SPEAKER10723.38 -723.38 Can723.38 you723.42
723.5 SPEAKER1723.5 -723.5 hear723.5 us723.65 okay?723.89
725.3 SPEAKER9725.3 -725.3 I725.3 can725.46 hear725.7 you.725.94 Can726.1 you726.34 not726.42 hear726.58 me?726.66
726.98 SPEAKER1726.98 -726.98 I726.98 do727.14 now.727.3 Yeah.727.46 Gotcha.727.78 Okay.728.66 Great.728.98 That's729.14 good.729.38 Welcome.729.62
731.38 MARY731.38 GALLAGHER731.38 -731.38 MASS731.38 DIVISION731.38 OF731.38 BANKS731.38 POLICY731.38 GROUP731.38 -731.38 Thank731.38 you.731.62 Good731.86 morning.732.18 Good732.9 morning,733.06 Chairman733.3 Murphy,733.62 Chairman734.1 Feeney,734.58 members735.14 of735.54 the735.62 committee,735.78 new736.1 members736.26 of736.58 the736.75 committee.736.84 My737.15 name737.24 is737.48 Mary737.63 Gallagher.737.96 I738.84 serve739.08 as739.32 the739.39 commissioner739.55 at739.96 the740.12 Massachusetts740.2 Division740.84 of741.15 Banks.741.32 I'm742.12 joining742.36 you,742.67 virtually743.15 this743.55 morning.743.63 I'm743.96 sorry744.04 not744.27 there744.43 in744.6 person.744.75 I'm745.08 actually745.15 down745.48 in745.72 Washington745.88 DC746.36 meeting746.75 with747.08 other747.72 state747.96 banking748.2 departments748.67 and749.15 our749.42 federal749.58 regulators,750.06 the751.42 theme752.7 of753.02 the753.1 week753.18 is753.42 we753.66 are753.82 living753.9 in754.22 interesting754.38 times.754.94 So,755.74 I'm756.62 sorry756.86 to757.18 not757.34 be757.5 there757.66 in757.82 person,757.98 but758.3 I'm758.54 joining758.7 you759.02 for759.18 two759.42 purposes.759.58 First760.7 and761.02 foremost,761.18 to762.14 thank762.3 you,762.62 for764.29 your764.45 leadership764.61 and,765.49 really766.21 in766.68 championing766.92 being767.57 champions767.88 for768.76 the769 multi769.17 year769.49 effort769.8 in770.68 modernizing771.4 the772.13 commonwealth's772.21 money773.25 transmission773.49 law,774.37 in774.85 the775 last775.17 session,775.49 which776.05 culminated776.29 with776.85 the777.09 successful777.25 enactment777.8 of778.61 chapter779 312779.67 of779.91 the780.07 acts780.15 of780.39 2024,780.87 which781.51 the781.83 governor781.99 signed782.47 on782.71 January782.95 first783.43 of783.67 this783.83 year.783.91
784.79 Your784.79 leadership785.03 and785.75 support786.15 in786.55 moving786.71 that786.95 legislation,787.19 really788.63 helped788.87 Massachusetts,789.11 come790.55 into790.71 line791.11 with791.27 the791.45 rest791.61 of791.76 the791.85 country791.92 and792.33 I792.57 am792.64 grateful792.88 for793.45 your793.85 many794.57 years794.8 of795.21 collaboration795.45 and796 support796.16 and797.13 I797.45 felt797.85 strongly798.16 enough798.57 that798.8 I798.97 wanted799.04 to799.37 thank799.45 you799.61 on799.85 the800 record,800.09 as800.73 you800.88 start801.04 off801.29 the801.52 new801.68 session.801.92 This803.29 brings803.52 me803.76 in803.92 my804.09 second804.25 purpose804.57 for804.88 joining805.04 you805.37 this805.52 morning805.68 which806 is806.25 to806.57 really807.25 underscore,807.57 how808.93 much809.09 we809.33 at809.49 the809.57 division809.65 appreciate810.13 your811.09 leadership,811.41 your812.29 partner.812.53 You're815.81 at816.37 the816.53 ready816.69 to817.49 be817.65 a817.81 resource817.97 technical818.45 resource818.93 for819.41 you819.65 and819.89 the820.05 committee,820.21 when821.65 and821.97 as822.21 needed,822.45 as823.6 you823.83 start824.07 to824.24 delve824.48 into824.79 the825.27 many825.67 bills,826 in826.55 this826.71 session.826.95 And827.27 we827.51 just827.75 wanna827.91 be828.15 there828.32 for828.48 you,828.71 always829.75 available.830.15 Don't832.07 hesitate832.24 to832.79 reach832.88 out.833.12 So834.15 thank834.39 you834.55 for834.71 your834.88 continued835.03 support836.09 and836.25 leadership836.41 in837.21 the837.45 last837.61 session,837.85 and838.25 I838.97 wish839.13 you839.37 the839.61 best,839.77 in841.05 this841.29 new,842.65 season.843.69 So844.33 thanks844.57 very844.89 much.845.13 I845.37 don't845.53 know845.69 if845.77 you845.85 have846.01 any846.17 questions846.33 for846.65 me,846.81 but847.05 I847.45 really847.61 just847.85 wanted848.01 to848.29 say848.41 thank848.53 you848.62 and848.77 good849.17 luck.849.33
849.82 MURPHY849.82 -849.82 Thanks,849.82 commissioner.850.13 That850.77 bill851.01 would851.17 not851.25 have851.5 happened851.58 without851.89 your852.13 advocacy852.77 the853.25 last853.41 couple853.65 of853.89 terms.854.05 So,854.45 that855.17 money855.33 transmission855.58 was856.38 all856.7 about856.86 you.857.1 So857.58 congrats857.89 on858.29 that.858.38
858.7 GALLAGHER858.7 -858.7 It's858.7 funny.858.93 I859.33 feel860.38 like860.62 that's860.93 last861.41 session,861.65 money865.58 transmission's865.9 done.866.86 And,866.94 we're867.74 working867.9 very868.14 hard868.3 to868.46 promulgate868.7 the869.26 regulations869.34 and869.98 get870.38 it870.54 implemented,870.7 but871.42 it871.74 would871.82 never871.98 have872.22 happened872.38 without872.54 your872.78 leadership,873.1 honestly,873.58 from873.98 this874.14 committee.874.38 And,875.02 so876.06 I876.3 really876.62 I876.94 just877.02 appreciate877.68 and878.33 value878.57 so878.96 much879.04 your,879.37 collaboration.880.4 So881.04 have882.08 a882.13 great,882.16 hearing882.8 and,883.52 we'll884.25 see884.49 you884.64 soon.884.73
884.96 MURPHY884.96 -884.96 We'll884.96 see885.04 you885.21 soon.885.28 Thank885.61 you.885.76 Okay.886.8 Glenn887.21 Sorry.887.92 Senator888.73 Feeney.889.04
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922.55 SPEAKER1922.55 -922.55 Thank922.55 you.922.79 Joining924.39 by924.63 our924.79 colleagues924.87 in,925.27 Representative925.83 of926.23 Tram926.31 Nguyen,926.63 welcome.927.67 So929.75 with929.99 that,930.23 we'll930.39 move930.55 on930.79 to930.95 the931.11 next931.19 person's933.57 name933.96 enlisted934.21 here,934.52 Glenn934.76 cap935.08 Glenn935.33 Kaplan.935.64 Hey,937.33 Glenn.937.49 Welcome938.85 back,939.33 Glenn.939.57
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1151.61 LAUREN1151.61 PETERS1151.61 -1151.61 MASS1151.61 CHIA1151.61 -1151.61 Good1151.61 morning,1151.77 Chair1152.33 Murphy,1152.57 Chair1153.05 Feeney,1153.37 and1153.93 other1154.17 distinguished1154.41 members1154.89 of1155.21 the1155.37 committee.1155.53 My1156.57 name1156.73 is1156.89 Lauren1157.05 Peters,1157.29 and1157.61 I'm1157.77 the1157.93 executive1158.33 director1158.89 of1159.21 the1159.29 Center1159.45 for1159.69 Health1159.85 Information1160.17 and1160.73 Analysis,1160.89 otherwise1161.85 known1162.33 as1162.57 CHIA.1162.81 It's1164.26 a1164.41 privilege1164.49 to1164.89 be1164.97 here1165.13 today1165.3 to1165.7 testify1165.86 on1166.41 behalf1166.58 of1166.89 CHIA,1167.06 and1168.1 to1168.26 highlight1168.34 some1168.65 of1168.82 the1168.89 agency's1168.97 pertinent1169.54 work1169.93 to1170.1 this1170.26 committee.1170.41 I'll1171.54 be1171.7 brief1171.86 today,1172.1 but1172.65 would1172.89 direct1173.13 you1173.45 to1173.62 our1173.78 written1174.02 testimony1174.34 that1175.06 has1175.3 more1175.7 details.1175.93 So1177.52 as1178.24 an1178.32 independent1178.56 agency1179.04 of1179.44 the1179.6 Commonwealth,1179.68 CHIA1180.4 serves1180.64 as1180.96 the1181.12 state's1181.28 primary1181.6 hub1181.92 for1182.16 health1182.48 care1182.72 data1182.96 and1183.2 analytics1183.44 to1184.16 inform1184.32 and1184.72 advance1184.88 data1185.28 driven1185.6 policy1185.92 making.1186.32 We1187.92 fulfill1188.16 this1188.64 mission1188.8 through1189.2 our1190.01 robust1190.09 datasets,1190.57 analytic1191.29 resources,1191.77 which1192.57 enables1192.8 the1193.29 agency1193.44 to1193.92 carry1194.09 out1194.33 our1194.57 core1194.72 functions1195.04 such1195.53 as1195.85 measuring1196.16 health1196.64 care1196.88 spending1197.13 to1197.61 measure1197.77 the1198.57 state's1198.72 performance1199.44 against1199.92 the1200.24 cost1200.33 growth1200.57 benchmark,1200.88 examining1202.16 trends1202.72 in1203.04 insurance1203.2 premiums1203.61 and1204.09 cost1204.33 sharing1204.57 to1204.92 inform1205.08 and1205.4 advance1205.56 policies1205.96 related1206.44 to1206.84 health1207.48 equity1207.72 and1208.12 affordability,1208.36 and1209.72 collecting1209.96 and1210.44 monitoring1210.6 provider1211.16 financials1211.64 to1212.2 support1212.36 market1212.68 stability.1212.92
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4063.88 CHRISTINE4063.88 DIZON4063.88 -4063.88 MASS4063.88 PUBLIC4063.88 BANKING4063.88 GROUP4063.88 -4063.88 My4063.88 name4064.04 is4064.2 Christine4064.44 Dizon.4064.92 I4065.4 wanna4065.48 thank,4065.72 Chair4066.36 Feeney4066.52 and4066.84 Chair4067 Murphy4067.16 for4067.56 allowing4067.72 me4068.12 to4068.2 testify.4068.36 I'm4069.32 a4069.48 professor4069.72 of4070.28 law4070.6 at4070.84 Harvard4071 Law4071.4 School4071.64 where4071.88 I4072.04 work4072.12 on4072.36 the4072.44 monetary4072.6 system4073.08 and4073.4 on4073.56 constitutional4073.8 law,4074.44 and4075.08 I'm4075.32 here4075.56 to4075.72 tell4075.88 you4076.04 about4076.14 the4076.3 work4076.39 of4076.55 the4076.63 Mass4076.86 Public4077.18 Banking4077.66 Group,4078.07 which4078.3 is4078.55 a4078.7 coalition4078.78 of4079.18 about4079.43 204079.74 civic4080.07 organizations.4080.39 Public4081.91 banks4082.3 are4082.86 a4083.34 powerful4083.51 strategy4084.14 for4084.63 economic4084.86 development.4085.34 That4086.47 they4087.11 are4087.34 particularly4087.51 suited4088.39 for4088.55 times4088.79 like4089.19 this4089.35 when4089.67 economic4090.07 stress4090.55 is4090.95 intense4091.19 and4091.99 when4092.15 state-centered4092.95 initiative4093.35 is4094.07 essential.4094.63 Both4095.51 of4095.83 these4095.91 conditions4096.23 are4096.79 likely4096.95 to4097.35 persist.4097.51 So,4098.07 as4098.63 for4098.87 economic4099.11 stress,4099.59 the4099.83 likely4099.99 of4100.41 recession4100.57 is4101.13 rising.4101.36 As4101.77 you4101.93 know,4102.09 the4102.57 federal4102.73 government4103.13 is4103.53 in4103.69 disarray.4103.85 Federal4105.6 funding4105.93 is4106.24 thus4106.41 falling4106.73 just4107.13 as4107.45 it4107.93 is4108.09 more4108.32 necessary4108.57 than4109.05 ever.4109.28 In4109.77 these4109.93 circumstances,4110.32 the4111.2 states4111.36 will4111.77 bear4112.01 a4112.24 heavier4112.32 load4112.81 to4113.25 support4113.49 our4113.81 communities4114.05 in4114.53 creative4114.85 ways,4115.33 and4116.05 a4116.21 state4116.37 public4117.17 bank4117.49 could4117.81 address4117.97 both4118.37 those4118.61 issues.4118.85
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4261.01 MICHAEL4261.01 SWACK4261.01 -4261.01 CARSEY4261.01 SCHOOL4261.01 OF4261.01 PUBLIC4261.01 POLICY4261.01 -4261.01 Hi.4261.01 Thanks4261.41 for4261.73 having4261.89 us,4262.13 Chairman4262.69 Feeney4263.01 and4263.41 Chairman4263.57 Murphy.4263.89 You're4266.13 probably4266.29 thinking4266.69 right4267.09 now4267.33 you're4268.13 probably4268.37 thinking4268.69 when's4269.33 the4269.57 lunch4269.85 break?4270.16 But4271.05 I'm4272.32 not4272.49 sure4272.56 if4272.65 you're4272.73 thinking4272.81 Harvard4273.05 law,4273.36 constitutional4273.69 law,4274.16 you're4274.32 gonna4274.49 be4274.65 busy4274.73 the4274.89 next4274.97 few4275.2 years.4275.36 This4275.52 is4276.09 ridiculous.4276.24 So4277.69 my4278.56 name4278.73 is4278.89 Michael4279.13 Swack.4279.52 I4280.24 work4280.41 at4280.65 the4280.81 Center4280.89 for4281.2 Impact4281.36 Finance4281.69 at4282.09 the4282.16 University4282.32 of4282.81 New4282.97 Hampshire,4283.13 although4283.6 I'm4283.93 a4284.09 Massachusetts4284.32 resident.4284.48 Anyhow,4288.15 you're4290.87 pricing4291.11 why4291.43 does4291.67 Massachusetts4291.91 need4292.63 a4292.79 public4292.87 bank?4293.27 Chris4293.75 touched4294.31 on4294.71 some4294.87 of4295.03 that,4295.19 but4295.35 a4295.75 public4295.91 bank,4296.39 even4297.53 though4298.41 there4298.57 are4298.81 a4299.14 number4299.22 of4299.69 banks4299.77 in4300.26 Massachusetts4300.65 and4301.45 credit4301.85 unions,4302.26 there's4303.69 still4304.01 a4304.34 big4304.41 unmet4304.81 need.4305.3 This4305.94 is4306.18 particularly4306.49 true4307.05 for4307.38 capital4307.53 that4307.94 serves4308.18 the4308.49 needs4308.65 of4308.97 low4309.38 and4309.53 moderate-income4310.09 communities.4310.49 And4312.09 in4312.33 fact,4312.41 Massachusetts4313.53 has4314.25 314314.49 certified4315.37 community4316.17 development4316.65 financial4317.29 institutions.4317.93 These4318.81 institutions4319.05 are4319.61 really4319.85 the4320.25 capillaries,4320.49 the4321.21 ones4321.37 that4321.69 get4321.93 money4322.17 to4322.97 communities4323.29 that4323.93 the4324.33 banks4324.41 are4324.81 not4324.97 able4325.29 to4325.61 serve.4325.77 And4326.6 so4326.84 they're4326.91 the4327.16 ones4327.31 that4327.56 make4327.8 the4328.03 loans4328.19 to,4328.68 for4329.07 affordable4329.23 housing,4329.8 small4330.99 businesses,4331.31 farms4333.07 in4333.64 Massachusetts4334.35 that4335.16 that,4335.4 that4336.6 the4336.84 commercial4337.16 banks4337.64 aren't4337.95 able4338.27 to4338.52 serve.4338.6
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4699.13 SPEAKER14699.13 -4699.13 Welcome,4699.13 Senator.4699.52
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