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B
B
A
President
in
the
room,
well,
we
have
a
good
crowd
and
I
think
representative
roland
co-chair
when
we
don't
have
tons
of
meetings
when
we
do
have
meetings
people
show
up.
So
I
think
that's
a
that's
a
good
precedent
to
say
it
so
appreciate
everyone
being
here.
First
off
you
know
we
lost
our
dear
friend
senator
buford,
who
has
been
a
chair
of
this
committee
for
many
years.
A
Close
friend
of
mine
sit
on
the
floor
beside
me
and
gave
me
lots
of
stories
jokes
and
kept
me
on
my
toes
and
so
he's
going
to
be
sorely
missed,
but
I
think
he
would
be
proud
of
the
person
who
took
his
seat
and
with
us
today
for
his
first
committee
meeting,
who
just
won
a
special
election
is
senator
senator
dr
don
douglas,
and
so
dr
senator
douglas.
A
B
Thank
you.
Thank
you,
so
very
much
for
the
introduction.
I
really
am
honored
to
be
here
with
everyone
today.
I
am
looking
forward
to
learning
from
my
colleagues
who
have
sat
here
and
who
have
learned
a
lot,
a
lot
of
things
differently
than
what
what
I've
learned
in
medicine
over
the
last
40
years,
but
I
hope
to
be
able
to
serve
this
body
in
a
respectful
way
and
in
a
way
that
moves
all
of
kentucky
forward.
Thank
you.
A
Appreciate
you
being
here,
congratulations!
Our
first
agenda
item
is
kind
of
have
a
reverse.
Oh
first,
I
need
to
approve
the
minutes
from
the
november
9th
meeting
they'll
have
a
motion
in
a
second
all,
those
in
favor
signify
by
saying
aye
aye
any
opponent.
The
minutes
are
approved,
we'll
move
right
into
our
first
agenda
item,
which
we've
moved
up
because
of
representative
fischer
has
a
engagement
that
we
want
to
make
sure
he
can
make
so
the
federal
home
loan
banking
lending
parity
is
a
information
item
today
and
so
representative
fisher.
A
D
Pavin
parikh
assistant
vice
president
government
relations
officer
and
legislative
council
federal
homeowner
cincinnati.
B
B
This
bill
request
will
allow
kentucky
domiciled
insurance
companies
to
borrow
from
the
federal
home
loan
bank
board
on
the
same
terms
as
kentucky
banks
and
credit
unions
already
do
this.
Bill
has
already
passed
it's
it's
necessary
to
provide
uniformity
among
the
le
for
the
lending
practices
among
the
states
for
insurance
companies,
and
it's
already
passed
in
ohio,
tennessee,
indiana,
west,
virginia
illinois
and
missouri.
D
Thank
you,
mr
chairman,
members
of
the
committee,
thank
you
for
having
us
here
today.
I
want
to
spend
just
a
couple
minutes
just
to
explain
a
little
bit
about
who
the
federal
home
loan
bank
of
cincinnati
is
in
order.
So
you
can
understand
why
we're
coming
to
you
for
this
legislative
fix.
The
federal
home
bank
of
cincinnati
is
one
of
11
federal,
home
loan
banks
around
the
country.
We
are
organized
as
member-owned
cooperatives.
D
Our
members
include
banks,
credit
unions,
insurance
companies,
cdfis
thrifts
and
savings,
and
to
become
a
member.
You
have
to
meet
safety
and
soundness
requirements.
You
have
to
purchase
stock.
You
have
to
have
a
housing
nexus
that
can
be
in
originating
mortgages
that
can
be
being
invested
in
mortgage-backed
securities.
For
example,
we
we
have
as
a
system
across
the
country
approximately
67
to
6
800
members.
The
federal
homo
bank
of
cincinnati
operates
in
ohio,
kentucky
and
tennessee,
and
we
have
628
members
and
we
are
for
lack
of
a
better
term,
a
bank
for
banks.
D
What
you
see
on
this
slide
is
what
our
makeup
looks
like
specifically
in
kentucky
and
what
our
average
asset
sizes
are.
As
I
will
note,
as
the
slide
notes,
one
of
our
members,
our
members,
include
everything
from
the
smallest
credit
union
to
the
largest
bank
and
that
and
for
the
cincinnati
homeland
bank
includes
up
to
jpmorgan
chase.
D
So
we've
taken
those
numbers
out
to
show
you
just
what
we're
looking
at
here
to
make
it
a
little
a
little
bit
more
meaningful,
but,
as
you
can
see,
we
have
members
across
the
financial
institution
landscape
throughout
the
commonwealth.
D
To
talk
about
the
legislation
that
we're
proposing
is
I
want
to
talk
a
little
bit
about
all
of
our
membership
classes,
because
banks,
for
example,
and
credit
unions,
can
be
members
of
the
federal
homeland
bank
system
and
they
are
regulated
by
the
federal
government.
What
we're!
What
we're
hoping
to
do
is
create
parity
between
the
state
systems
and
the
federal
systems
for
our
insurance
members,
our
banking
members.
We
have
lean
priority
when
they
should
something
happen
to
them.
D
So
if
a
bank
wants
to
get
collateral
or
wants
to
get
a
loan,
they
propose
they
give
us
collateral
and
we
give
them
a
loan
part
of
how
we
price.
What
that,
what
we
priced
that
loan
at
is
based
upon
a
variety
of
questions,
and
one
of
the
things
that
our
federal
regulator
makes
us
look
at
is
what
would
happen
in
the
case
of
an
insolvency
under
federal
law.
We
have
access
immediately
to
liquidate
that
collateral
for
federally
deposited
for
federally
insured
depository
institutions,
as
insurance
is
regulated
on
state-by-state
basis.
D
We
do
not
have
that
for
insurance
companies
in
each
and
every
state
because
of
that
starting
in
2012.
Our
federal
regulator
looked
to
us
and
said
without
specific
legislation
in
each
individual
state.
You
need
to
price
your
loans
to
insurance
companies
higher.
So
what
our
insurance
companies
are
currently
looking
at
in
a
state
that
we
don't
have
legislation
is
an
additional
two
percent
cost
of
lending
to
as
compared
to
our
banks
and
credit
unions.
D
So
we
have
been
working
as
a
system
across
the
country
to
try
to
get
the
laws
in
each
individual
state
to
to
reach
parity
with
the
federal
with
federal
banking
legislation.
What
you
see
here
is
a
list
of
of
states
where
this
has
happened.
D
D
What
we
are
proposing
is
legislation
that
would
allow
us
to
also
help
the
department
of
insurance
when
we
take
collateral
from
our
insurance
company
members,
we
take
physical
possession
of
that
collateral.
So
what
we
are
hoping
to
be
able
to
do
is
liquidate
that
immediately
should
an
insolvency
occur.
That
would
allow
us
to
get
funds
back
to
the
insurance
company
to
work
with
the
department
of
insurance
in
order
to
make
sure
that
the
department
of
insurance
can
work
with
the
insurance
company
through
insolvency
and
potential
rehabilitation.
D
What
this
language
would
do
is
it
would
put
a
10-day
stay
on
us
exercising
our
rights
on
our
collateral.
So
for
10
days
we
could
be
stayed
from
liquidating
that
collateral,
but
beyond
that
time
we
could
liquidate
it
and
get
that
money
back
within
those
10
days.
We
should.
We
also
will
provide
a
timeline
for
for
the
release
of
the
collateral,
the
payment
of
fees
and
the
redemption
repurchase
of
our
stock.
As
I
mentioned
earlier,
our
members
purchase
stock
in
the
homeland
bank
system
or
the
federal
home
of
mega
cincinnati
to
be
members.
D
So
our
goal
here
is
to
get
rid
of
all
the
excess
stock
in
order
to
that
get
that
money
back
to
the
insurance
company
and
and
again
within
the
idea
of
timelines
within
7
days
receipt
of
this
redemption
request,
we
will
repurchase
any
outstanding
capital
stock
in
excess
of
the
minimum
required
for
them
to
remain
members.
D
So
the
goal
is
to
increase
transparency.
The
goal
is
to
get
that
money
back
to
the
insurance
company,
should
an
insolvency
occur
and
to
codify
what
our
relationship
is
going
to
be.
The
timelines
and
the
communications
between
us
and
the
department
of
insurance
to
help
our
insurance
companies
get
out
of
an
insolvency.
D
A
A
D
It
happened
twice
that
we
that
we
were
keeping
track
of
across
the
country
and
not
even
in
our
district
in
the
last
10
15
years.
So
it
is
a
very
rare
event.
So
we
are
very
hopeful
that
we
never
have
to
actually
utilize
this
legislation
and
that
between
the
regular
communications
we
have
with
the
department
of
insurance
and
with
our
insurance
companies.
A
So
they're
having
to
pay
two
percent
extra,
above
whatever
rate
you're,
basing
it
on
whether
it's
subprime
or
whatever
you
basically
rate
on
correct
for
something
that's
never
going
to
really
be,
has
never
been
used
or
utilized
or
needed.
So
there
it's
just
a
fee,
that's
really
not
necessary
at
all
other
than
it's
just
a
piece
of
legislation
that
needs
to
be
changed.
It's
dilapidated!
Basically,
that.
A
I
As
mr
parikh
mentioned,
this
issue
came
from
the
federal
regulator
in
about
2012,
I
believe,
and
the
department
of
insurance
or
excuse
me.
The
naic
was
approached
by
the
whole
system
in
2013
and
they
figured
out
what
what
would
be
necessary
so
state
started
down
that
path.
We
were
just
retained
in
the
last
month
or
so,
but
I
believe
the
conversations
with
the
federal
home
loan
bank
of
cincinnati
and
the
department
of
insurance
go
back
to
2018
and
I
think,
with
change
in
administration
and
covid
was
really
it.
D
We
passed
it
in
tennessee
in
2019,
in
ohio
in
2017..
The
other
component
of
this
was
from
2012.
When
the
advisory
bulletin
came
out
through
2017,
we
were
still
working
with
our
federal
regulator
to
see
if
there
was
going
to
be
a
workaround,
but
in
mid-2017
they
came
back
to
us
and
said
no,
you
have
to
impose
these
additional
these
additional
collateral
haircuts.
We
believed
at
that
time.
A
B
Yes,
thank
you,
I'm
assuming
that
you
have
talked
to
the
doi
department
of
insurance,
correct.
Yes,
I'm
assuming
they.
I
Oh
sorry,
let
me
take
that
one,
because
I've
had
the
direct
conversations.
We've
had
multiple
meetings
with
them.
They
are
very
comfortable
with
the
concept
of
what
we're
doing
here.
They
have
sent
the
specific
language
as
we
got
the
bill
draft.
I
think,
from
staff
about
a
week
and
a
half
ago,
we've
sent
that
specific
language
to
them.
I
spoke
to
them
again
this
morning.
They've
sent
that
language
off
to
the
naic.
The
question
is
about
uniformity,
kentucky's
process.
I
We
have
the
rehabilitation
process.
I
don't
believe
ohio
and
tennessee
had
that,
so
we're
using
the
exact
same
language,
but
we
have
to
put
it
in
our
statute
twice.
If
you
look
at
the
bill
draft
to
deal
with
the
rehabilitation,
as
well
as
with
the
actual
liquidation
process,
so
it
looks
a
little
different
than
what
it
does
in
those
states
and
they've
sent
it
off
for
verification,
but
they're
very
comfortable
with
what
we're
doing
and
we're
in
an
open
communication
with
them
very
good.
A
D
You
have
an
insurance
charter
and
you
meet
again
the
safety
and
soundness
requirements
and
you
meet
the
housing
nexus
where
you
see
that
in
insurance
companies,
usually
as
investments
in
mortgage-backed
securities,
because
insurance
companies
aren't
originating
mortgages.
But
if
you
have,
if
you
meet
those
threshold
requirements,
that
is
what
it
takes
to
become
a
member
of
the
homeowner
system.
D
So
it's
all
different
classes
of
insurance
companies
that
meet
those
requirements.
G
Have
you
been
briefed
on
these
things
happening
in
washington
on
the
infrastructure
bills,
on
housing,
on
different
things?
I
know
you're
a
large
organization,
but
being
in
the
government
aspect
of
it.
Do
you
have
you
heard
any
briefings
on
what
may
be
coming
down
in
these
packages?
Is
there
anything
for
housing
such
as
home
loans,
maybe
to
not
subsidize
as
much
as
maybe
long-term
interest
rates?
Things
like
that?
D
Yeah,
so
so,
as
a
government
sponsor
enterprise,
you
know
we
are
not
the
government,
but
we
do
work
very
closely
with
the
government.
I
think
that
what
we
have
heard
is
that
that
housing
is
a
priority
and
that
we
are
going
to
be
working
with
whomever
to
to
try
to
make
sure
that
our
members
can
do
can
do
more
housing.
The
way
that
we
fund
housing
is,
in
addition
to
being
a
liquidity
provider
for
our
financial
institutions.
G
Follow
up
real
quick,
mr!
I
like
the
10
point,
that's
what
I'd
like
if
we
could
stay
on
that
just
for
a
minute.
So
what
would
be
the
eligibility
for
that
to
is
that,
depending
on
need
on
areas
that
meet
certain
criteria,
so
is?
Is
that
available
for
you
to
maybe
get
that
information
to
us?
If
we,
if
we
ask
for
it
that
I'm
talking
about
set
aside
money
that
can
go
in
for
unserved
or
undeveloped,
areas
for
housing,.
D
Yeah,
absolutely
so.
The
way
that
that
works
is
it's
a
the
10
set
aside
is
a
competitive
program
that,
in
the
summer
of
every
year,
we
open
an
application
window
and
our
member
institutions
will
partner
with
a
you
know,
a
housing
sponsor
organization
like
a
habitat
for
humanity,
for
example,
fahi's
a
big
one
that
we
do
work
with
in
kentucky
and
they
will
put
together
a
package
and
apply
to
receive
some
some
amount
of
those
funds
and
the
whole
process
is
competitive.
D
It
is
scored,
it
goes
through
our
housing
department
and
they
rank
every
single
project
based
upon
our
specific
district
needs,
based
upon
what
we're
being
told
by
our
federal
regulator
and
in
november,
we
release.
Whatever
our
funding
is
for
that
year,
we
do
have
additional
programs,
we
do
have
additional
voluntary
programs
that
we
engage
with
our
members
on.
But
the
critical
thing
for
us
is
that
all
this
com,
all
this
money-
has
to
flow
directly
through
one
of
our
member
institutions.
D
So
you
know
we
work
with
the
kentucky
bankers,
association,
the
credit
union
league
and
everybody
to
make
sure
that
their
members
are
engaged
with
us
in
that
process.
So
we
can
get
that
money
through
to
them.
Thank
you,
but
I
can
get
you
more
information
absolutely
appreciate.
G
A
A
A
I
guess
our
next
agenda
item
is
with
the
kentucky
bankers
association.
I
see
ballard
and
deborah
and
john
and
everybody
in
the
background
there
talking
about
issues
that
have
come
across
over
the
last
little
bit
talking
about
something
that
representative
smith
brought
up
with
the
with
the
infrastructure
bill
and
different
issues
that
had
been
addressed
and
I
think
they're
changing
daily.
A
So
we
never
know
what's
coming
at
us,
so
it
may
be
above
our
pay
grade
as
far
as
what's
going
on
at
the
federal
level,
but
it's
still
affecting
all
of
our
kentucky
folks
and
and
yours
institutions.
So
we
appreciate
the
insight
and
I'm
sure
we'll
have
some
questions
so
balor
john
y'all
introduce
yourself
for
the
record
deborah.
You
may
want
to
start
the
rose
between
the
thorns
here
and
so.
J
F
Thank
you,
mr
chairman.
As
always,
we
appreciate
the
opportunity
to
be
present
and
to
present
information
to
the
banking
and
insurance
committees.
Today
we
were
asked
to
update
you
on
the
irs
reporting
requirement
for
banks.
This
has
been
one
of
the
most
hotly
contested
legislative
proposals
of
any
presidential
administration.
In
my
70
years
experience.
F
F
F
F
F
You
may
recall,
when
dodd-frank
passed
most
of
dodd-frank
was
supposed
to
apply
only
to
banks
under
10
billion
dollars
until
the
regulators
decided
that
if
it
was
good
for
one,
it's
good
for
all,
so
our
industry,
along
with
thousands
of
our
customers,
continue
to
watch
for
this
threat
to
re-emerge
and
we're
joined
by
many
other
groups.
The
advocacy
groups
for
every
national
or
state
financial
institution,
as
well
as
business
and
consumer
groups,
have
been
deeply
united
in
their
intense
opposition
to
this
proposal.
F
Often
these
are
people
who
don't
trust
institutions
of
any
kind,
and
the
irs
proposal
will
send
them
running
even
faster
and
probably
many
of
our
current
customers
trying
to
catch
up
to
them.
In
addition
to
all
that,
the
wharton
school
of
business
looked
at
how
this
new
irs
funding
proposal
impacts
the
irs
efficiency.
F
Currently,
the
irs
claims
it
spends
just
over
one
dollar
for
every
300.
It
collects
based
on
the
congressional
budget
office
scoring
of
a
prior
version
of
the
bill.
The
irs
will
be
spending
an
additional
funding
of
80
billion
dollars
to
collect
an
additional
120
billion
dollars
or
a
dollar
fifty
for
every
dollar
spent.
F
F
The
most
honest
of
folks
can
make
simple
mistakes
or
misunderstand
the
massive
tax
codes,
and
the
vast
majority
of
us
can't
afford
a
team
of
tax
professionals
that
makes
us
that
makes
us
the
low-hanging
fruit
for
all
those
new
agents.
Now
let
that
sink
in
for
just
a
second
we're
going
to
spend
80
billion
dollars
to
collect
120
billion
dollars
from
the
very
people
already
struggling
to
provide
the
80
billion
dollars.
F
We
know
and
love.
But
this
isn't
the
only
emerging
issue.
Industry
issue
that
needs
to
be
on
the
committee's
radar
right
around
the
corner
is
cryptocurrency
issues.
You
can't
listen
to
business
news
or
mor
for
more
than
three
minutes
without
some
mention
of
it.
The
sheer
volume
of
the
media,
chatter
has
stoked
a
sense
of
urgency.
F
F
F
The
exceptional
soundness
of
kentucky's
banks
gives
evidence
to
the
wisdom
of
your
approach
with
the
regulation
of
cryptocurrencies.
We
see
no
advantages,
only
risk
for
our
commonwealth
to
start
regulating
in
this
area
before
the
federal
agencies
have
finished
work.
That
is
still
at
least
a
year
out.
F
The
kba's
goal
here
is
the
same
as
your
commit
as
the
committees,
the
safety
and
soundness
of
kentucky's
banking
industry
to
every
kentucky
citizen.
The
word
bank
is
synonymous
with
insurance
oversight,
regulation,
community
reinvestment
and
safety
in
the
in
the
four
decades
that
I've
worked
for
for
this
committee,
I've
seen
its
members
respect
and
uphold
the
integrity
of
kentucky's
financial
services
industry
with
cautious
thoughtful
oversight.
F
A
Well,
the
scary
part
is
the
is
the
number
of
sheer
new
irs
agents.
As
a
former
banker,
I
worked
for
a
bank
there
in
richmond
for
almost
15
years
of
my
career,
and
you
know
those
folks
normally
come
in
when
they
get
hired.
They've
got
to
figure
out
a
way
to
justify
their
job,
and
so
then
we
as
our
bank
was
you
know
900
million
dollars
a
pretty
good
size
bank
for
a
local,
locally
owned
bank.
A
But
then
we
had
to
hire
more
people
that
didn't
do
anything
to
help
the
bottom
line
of
the
bank
actually
making
money
or
service
the
customer
just
had
to
monitor
and
fulfill
all
these
pieces
of
paper
and
no
new
detailed
sheets
for
the
for
the
irs
agents
or
the
agents
that
are
wanting
this
reporting.
So
what
you're
talking
about
is
not
not
fictitious.
A
I
mean
it's
true
hard
dollars
of
how
it's
going
to
affect
institutions,
and
then
you
end
up
getting
all
the
small
institutions
bought
up
by
the
big
institutions
because
they
already
have
the
dynamic
of
their
business
modeled
set
to
be
able
to
handle
all
these
things,
and
so
the
small
guys
can't
service
you
anymore.
So
now
all
you
get
is
the
big
guys
and
that's
that's,
what's
scary
for
our
local
communities
and
the
community
banks
that
really
service
our
our
districts
and
represent
our
our
constituents.
A
So
this
is
major
information
that
we
need
to
be
concerned
with,
and
I
think
that
I'm
glad
to
see
some
of
it
stop.
But
with
this
administration
honestly,
you
know,
I
think,
whenever
you're
trying
to
throw
80
million
80
billion.
Sorry
that's
with
a
b,
not
a
m
80
billion
to
get
127
from
people.
It
doesn't
seem
like
a
good
return
on
your
investment
to
me.
So
do
we
have
any
questions
or
comments
from
any
of
the
members.
E
Thank
you,
mr
chairman.
This
is
very
very
concerning
to
the
people
of
our
state
from
your
poorest
to
the
wealthiest
people,
and
I
have
clearly
heard
people
saying
get
your
money
out
of
the
banks.
While
you
can
so
it's
going
to
have
a
tremendous
impact.
I
I
already
hear
this.
What
is
it
that
we
can
do
as
a
government
body
to
stop
this
in
the
state
of
kentucky?
I
know
federal
laws
supersede
state
laws,
but
there
has
to
be
something
that
we
can
do
in
legislation
to
protect
our
kentucky
citizens.
E
J
One
of
the
concerns
that
came
up
when
we
were
looking
at
this
was
when
I,
when
I
talked
with
the
the
folks
in
the
house,
and
we
talked
about
the
fact
that
the
actual
language
of
the
threshold
had
been
taken
out.
They
said
yes,
but
the
money
is
still
in
there
and
the
old
adage
in
dc
is,
if
you
can
get
the
money
in,
then
you
can
follow
it
up
with
the
action
later
on,
and
so
you
know,
I
think
I
think
I
think
some
reference
of
the
committee
to
that
concern
would
be
appropriate.
E
Mr
chairman,
I
have
one
other
statement.
It
is
my
grave
concern
that
this
is
an
attempt
towards
global
banking
taken
over
completely
and
once
they
get
control
of
our
money,
then
we're
in
real
trouble.
So,
as
a
legislator
of
kentucky,
I
will
encourage
our
legislative
body
to
do
all
we
can
to
stop
this
from
happening,
especially
here
in
our
state
of
kentucky.
So
thank
you.
Thank.
D
E
If
I
might
respond,
I
I
agree
with
you.
I
think
our
community
banks
are
really
seeing
the
the
brunt
of
all
the
efforts
that
are
made
and-
and
it
does
appear
that
it's
all
going
to
some
form
of
of
at
least
national
banking.
If,
if
not
global-
and
I
think
we
really
have
to
protect
our
our
community
banks,
absolutely.
G
I
challenge
my
colleagues
on
the
other
side
of
the
aisle
to
get
a
hold
of
the
administration
in
washington
and
stop
it
to
stop
the
nonsense
of
trying
to
take
over
people's
lives
through
their
privacy.
This
is
you're.
Talking
about
john
you've
been
around
this
a
long
time.
G
The
people's
income
is
in
their
land
and
their
assets
is
their
privacy,
and
this
you
talking
about
this
would
be
the
far
the
furthest
outreach
I've
ever
seen
in
going
after
people
directly,
knowing
that's
what
you're
institutionalizing
you're
directing
people
to
go
after
people
and
you're
talking
about
freedom
in
our
country,
and
I
challenged
my
colleagues
on
the
other
side
of
the
aisle
to
get
a
hold
of
their
the
the
administration
up
there
and
tell
them
that
the
people
in
kentucky
want
their
privacy
protected.
G
But
I
said
that
because
it
just
hit
me,
mr
chairman,
but
I'd
like
to
ask
a
question
on
crypto
john,
you
may
be
able
to
answer
what
direction
the
banks
are
going.
I
know
one
of
the
banks
I
participate
with
is
accepted.
I
believe
fort
bank
started
the
into
accepting
crypto.
Can
I
ask
you?
Is
there
any
direction
by
the
association
in
your
meetings
that
you're
going
to
be
coming
up
with
any
kind
of
legislative
regulations
that
you
want
us
to
look
at?
G
I
know,
that's
all
being,
as
you
pointed
out
in
your
in
your
remarks
discussed
in
washington,
but
I
think
the
last
session
we
encouraged
a
company
to
come
in
to
kentucky
to
start
doing
mining
and
because
of
the
cost
of
our
low
cost
of
energy,
but
I've
actually
invested
in
in
the
utility
and
one
of
the
utilities
in
xrp
and
and
ripple
which
deals
with
banks
and
transactions,
and
then
they
were
they're
going
through
a
lawsuit,
I
think,
with
sec
over
either
being
a
security
or
a
currency.
G
So
there's
a
lot
of
questions
out
there
in
the
market.
Do
you
have
a
direction
that
you
guys
been
working
on
that
you're
going
to
be
bringing
up?
Maybe
in
this
legislative
cycle,
to
look
at
as
far
as
kentucky
is
concerned,.
F
Well,
I
think
primarily
for
for
us
the
the
question
is
not
so
much
legislation,
it's
not
so
much.
It's
trying
to
understand
what
what
what
it
is
to
begin
with.
I'm
I'm
not
here
to
tell
you
I'm
not
an
expert
by
any
stretch
of
the
imagination.
F
I
was
telling
my
colleagues
here
this
morning
I
was
listening
to
a
podcast
from
nile,
ferguson
and
and
the
hoover
group
on
the
way
here
this
morning
on
cryptocurrency
and
there's
four
exceptionally
bright
men
from
around
the
world
and
they
were
arguing
over
whether
it
was
good,
bad
or
indifferent.
F
So
I
I
know
that
that
there's
a
couple
of
bills
filed.
I
know
that
that
they
do
concern
us.
Those
bills
do
concern
us
because
the
they
want
in
one
of
them.
I
think
they
want
to
use
the
word
bank
to
to
create
the
cryptocurrency
situation,
but
the
we
do
not
have
any
legislation.
We
are
waking.
We
are
waiting
actually
for
direction
from
the
occ,
the
federal
reserve
and
the
fdic
to
sort
of
give
us
an
idea
of
how
this
can
be
done
and
how
it
can
be
done
safely.
J
And-
and
we
we
will
to
can,
if
I
can
further
comment
on
that,
we
we
will
be
meeting
with
the
sponsor
of
the
two
bills
who's
here
today
and
who
has
a
good
working
relationship
with
us.
We
will
be
meeting
with
that
sponsor
to
try
to
see
where
these
issues
go
and
how
we
work
through
those.
I
will
say
it's
interesting
to
your
comment
that
you
know
the
securities
exchange
commission
classified
cryptocurrencies
and
security
and
the
commodity
futures
trading
commission
said
by
contrast
that
it's
commodity
and
so
they're
they're.
F
And
last
but
not
least,
I
you
know,
I
again,
I'm
no
expert
I've
watched
it.
I've
read
about
it.
I've
read
everything
I
can
get
on
it.
I
listen
to
pot,
obviously
listen
to
podcasts
whenever
I
can
on
it,
but
you
know
you
look
at
it
last
monday
morning,
bitcoin
thanks,
my
son
was
so
excited.
It
was
65
000.
F
I
think,
last
monday
morning
this
morning
it's
56
hundred
he's
not
so
excited
this
morning
as
he
was
last
monday
morning,
but
I
that
kind
of
volatility
really
concerns
tagging
the
name
bank
to
it,
and
because
of
that
I
think
we
have
to
be
very,
very
careful
and
and
we'll
certainly
work
with
the
sponsor.
But
we
have
to
be
very
careful
about
what
you
put
the
name
bank
on,
especially
in
the
state
of
kentucky.
H
We've
been
we've
been
talking
about
this
for
a
while,
which
is
good,
I
mean
honestly,
kentucky
should
take
just
a
moment.
Look
around
this
room,
we're
one
of
probably
three
states
that
have
a
good
grasp
on
this.
I
just
got
back
from
speaking
about
this
exact
issue
in
dubai
and
the
generation
of
the
things
that
I
was
able
to
say
about
the
hash
rate
in
kentucky
and
what
we're
doing
in
kentucky
excited
an
entire
audience
of
people
from
all
over
the
globe.
H
The
natural
resource
committee
here
took
this
issue
on
five
years
ago,
and
we
made
some
decisions
at
other
states
other
than
wyoming
and
ill,
and
a
few
other
people
understood
and
were
awake
at
the
will,
and
I
have
to
tell
you
that
it
feels
good
to
be
on
the
front
of
this
issue
instead
of
dead
last,
so
the
thing
about
cryptocurrency,
good
and
bad.
Every
time.
I
think
I
know
something
about
it
and
I
think
you
guys
know
I
know
quite
a
bit
about
it.
I
find
out
that
I
know
very
little.
H
H
I
think
the
comments
that
have
been
said
about
our
banking
are
exactly
right.
Kentucky
has
been
a
gold
standard
for
how
to
handle
yourself
and
banking,
and
we
have
not
made
a
lot
of
mistakes
that
other
states
have
made.
So
you
legislators
have
not
had
the
calls
of
people
that
have
lost
their
homes
and
stuff
that
some
of
these
other
states
have
endured,
because
we
had
good
leadership
in
there.
This
is
simply
another
hurdle.
H
You
know,
like
it's
been
said
before
in
the
past,
to
quote
we're
throwing
our
hat
over
the
wall,
because
now
we
have
to
go
get
it,
but
we
have
got
a
piece
of
legislation
that
I've
worked
on
and
what's
driving.
This
industry
is
exactly
what
you
all
open
with
all
these
new
irs
agents
crawling
all
over
with
the
ability
of
putting
their
fingers
on
your
money
and
deflating
it
and
and
causing
the
value
to
go
down.
Cryptocurrency
doesn't
suffer
that
people
that
work
in
this
industry
or
mine
cryptocurrency.
H
It
goes
into
a
coin
purse
and
as
government
officials
they
hate
that
because
they
can't
get
their
hands
around
that
money,
it
can
go
anywhere.
You
are,
you
can
be
in
afghanistan
or
italy,
it
doesn't
matter,
you
can
access
your
coin
purse
and
you
can
do
so.
The
speed
that
is
unbelievable
just
share
a
quick
story
with
you.
I
I
just
had
to
close
on
a
piece
of
property,
and
I
got
this
piece
of
property
out
of
a
a
bankruptcy
deal,
and
you
know
how
these
go.
You
have
a
certain
time
of
day.
H
H
I
could
not
get
that
wired
to
where
I
needed
it
to
go
in
less
than
three
days
I
had
a
buddy
who
was
with
me
at
the
time
who
is
a
big
miner,
so
he
swiped
a
bitcoin
card
from
an
account
and
took
care
of
it
instantly,
which
I'm
still
mesmerized
at
the
fact
it
took.
I
think
that's
three
hundredths
of
a
second
is
what
the
speed
of
a
transaction
for
one
of
these
are
so
we
know
this
is
happening,
and
most
people
are
going
to
want
that
to
think
that
they
won't
want
that.
H
What
we're
trying
to
do
is
say,
look
we
know
this
speeds
out,
they're
incredible,
and
we
know
what
the
federal
government
holds
you
all
to.
As
far
as
a
bank,
you
you'd
love
to
be
able
to
do
that
for
a
bank,
but
the
loopholes
my
bank
had
to
go
through
in
order
to
get
that
money
down
there
by
law
in
order
to
be
in
compliance,
would
not
let
them
do
that
speed.
H
So,
if
we're
able
to
give
you
all
the
ability
of
doing
asset
management
in
a
way
like
we're
seeing
wyoming
do
now,
wyoming's
fought
some
battles
down
there.
That's
why
we've
left
our
stuff
a
little
bit
blank
and
there's
another
bill.
That's
actually
the
one
we're
really
working
on,
but
I
wanted
to
put
something
out
there.
So
we
could
start
the
dialogue
this
year
earlier
than
we
did
last
year,
but
just
to
wrap
up.
H
It
is
a
very
exciting
time
for
what's
going
on
and
for
the
people
that
saw
the
the
crypto
stuff
drop,
there's
a
group
of
people
that
were
happy
but
there's
a
whole
another
group
of
people
that
were
sad
but
there's
another
group
of
people
that
that
didn't
lose
money
during
that,
because
it
really
came
down
to
what
you're
mining,
what
machines
you're
operating
in.
So
during
this
period
of
time,
these
guys
operating
the
os
109s
are
not
that
bummed
out
today.
H
So
it's
a
market,
that's
emerging
in
a
way
that
it's
hard
for
us
to
really
understand
unless
you're
in
the
thick
of
it
and
that
changes
daily.
But
we
should
be
excited
about
it.
You're
leading
the
country
you've
got
a
lot
of
people
chasing
us.
I
got
a
call
from
arkansas
yesterday
from
a
member
of
the
general
assembly
there
that
wants
to
mimic
the
bill
that
we
did
and
that's
nice
to
feel
that
way.
Representative
up
church
in
it
we've
been
here
for
a
while.
So
we
are
we're
leading
the
way.
H
H
I
think
you
all
see
there's
some
bad
out
there,
but
there's
some
other
stuff
that
you
all
would
love
to
have
in
the
tools
for
the
banking
community
and
if
kentucky
can
get
those
before
anybody
else,
does
the
asset
management
of
what
you're,
seeing
in
trust
where
people
have
banked
that
their
their
savings
and
they've
left
trust
to
universities
and
that's
in
bitcoin.
Where
are
they
going
to
go
to
get
the
money?
H
There
are
thousands
of
crypto
and
blockchain
mining
bills
and
data
center
bills
out
there,
but
there
still
have
to
catch
up
to
kentucky.
So
let's
not
lose
the
edge.
I
challenge
each
one
of
you
to
really
look
into
it
and
realize
that
we're
looking
at
something
that
other
people
are
not
there
yet
we're
that
far
over
the
hill
and
let's
turn
it
into
a
win
for
kentucky.
Thank
you.
A
C
Thank
you,
mr
chairman,
and
when
I
asked
to
speak,
I
didn't
think
I
was
going
to
tie
all
this
back
together
as
much
as
I
was
when
we
got
there,
but
I
think
with
all
the
comments
that
have
gone
on,
I
think
it's
really
really
important
at
this
point
in
time.
I
think
I
am
the
only
active
banker
in
the
general
assembly.
I've
spent
my
entire
career
in
consumer
banking,
commercial,
banking,
at
the
local
level.
C
C
Yes,
there
are
many
banks
that
are
state
chartered
banks.
Many
of
the
states
that
many
of
the
banks
that
we
see
in
our
commonwealth
are
state
chartered
banks
and
we
have
a
department
of
financial
institution
that
has
a
role
as
a
regulator
but
they're
a
dual
regulatory
role,
along
with
the
fdic
and
the
other
federal
regulators
in
that
position,
and
so
as
as
has
been
stated,
federal
law
is
generally
going
to
trump
anything
we
do
in
the
banking
space
and
that's
an
extremely
important
distinction
that
everybody
needs
to
fully
understand.
C
And
as
we
talk
about
this
this
proposal,
I
think
you
were
very
articulate
ballard
in
some
of
the
comments
that
you
made.
I
I've
heard
secretary
the
treasury
secretary,
janet
yellen,
talk
about
how
this
proposal
was
meant
to
go
after
millionaires
and
billionaires
who
were
tax,
cheats
well,
the
reality
is
million
and
millionaires
and
billionaires
don't
operate
in
six
hundred
dollar
daily
transactions.
C
C
Proposals
like
this
affect
the
average
everyday
kentuckian
and
the
average
everyday
american
in
a
huge
way,
folks
who
are
on
the
lower
end
of
the
financial
spectrum
and
folks
who
are
just
upper
middle
class
folks
and
those
are
the
folks
that
will
be
affected
by
a
proposal
like
this
that's
going
on
in
washington.
Right
now,
I
want
to
say
we
are
federally
regulated
in
the
banking
industry.
I
can
remember
a
time
when
bankers
had
a
lot
more
ability
and
leeway
to
to
kind
of
get
through
some
of
the
federal
regulations.
C
C
Saying
you
don't
know
my
community,
you
don't
know
anything
about
my
business
stay
out
of
my
business.
That
would
be
unheard
of
today
in
the
regulatory
structure
that
we
work
in,
but
40
50
years
ago.
That
was
where
we
were
at,
but
the
reality
is,
banks
will
comply
with
whatever
federal
law
gets
put
on
the
books,
because
those
are
who
our
regulators
are
and
we
want
to
meet
the
highest
regulatory
standards
we
can,
but
we
don't
work
for
the
irs.
We
don't
work
for
the
federal
government.
C
I
will
tell
you
that
this
proposal
has
raised
more
concerns
amongst
customers
and
constituents
of
mine
who
have
brought
this
up
to
me
not
prompted
by
me,
but
have
just
brought
it
to
my
office
or
brought
it
to
an
email
from
me
and
not
just
concerns,
but
frankly,
fears
about
the
federal
government
digging
in
and
getting
into
what
they
consider
their
private
financial
information.
C
And
I
would
say
that
the
federal
government
should
spend
more
time
right
now,
focusing
on
an
issue
like
cryptocurrency
than
it
should
on
an
issue
like
this
irs
reporting
requirement.
The
reality
is,
I
think,
cryptocurrency
is
here,
and
it's
probably
here
to
stay,
but
it's
not
something
that
any
or
very
many
at
least
kentucky
small
kentucky.
C
It's
here
to
stay
it's
a
wave
of
the
future,
but
until
there's
some
federal
action,
because
of
us
being
so
federally
regulated,
I
don't
think
you'll
ever
see
us
really
take
that
dive
into
the
pond.
Some
may
dip
their
feet
in
the
water
and
try
to
figure
it
out
as
we
move
forward,
but
as
far
as
really
getting
involved
in
that.
I
think
the
volatility
is
just
too
much
currently
for
us
to
ever
want
to
take
that
on,
and
so
I
didn't
really
mean
to
tie
those
two
things
together.
C
But
I
think,
if
we're
going
to
talk
about
the
future
of
banking,
if
we're
going
to
talk
about
the
future
of
financial
services
markets,
it's
not
diving
into
the
privacy
of
the
everyday
blue-collar
workers
bank
account
that
we
need
to
be
talking
about
at
the
federal
level.
It's
talking
about
the
emerging
markets
in
financial
services
and
how
they
need
to
be
regulated
to
protect
the
consumer.
Like
kentucky
banks
have
protected
consumers
for
centuries.
A
Appreciate
that
representative
meredith,
well,
it's
an
issue
that
we
wanted
to
talk
about.
We
knew
it
been
brought
forward
to
lots
of
people
and
lots
of
communities,
and
so
we
know
that
you
guys
are
working
on
us.
We
appreciate
your
efforts
and
I'm
sure
there's
going
to
be
lots
of
conversations
about
this
and
cryptocurrency
in
the
weeks
and
months
to
come.
So
are
there
any
other
questions
or
comments.
G
It's
I
just
have
a
comment
for
you,
mr.
A
It
thank
you.
Well,
it's
not
me.
It's
definitely
our
quality
staff.
So
I'll
tell
the
ladies
up
here
that
you,
you
appreciate
their
service.
Without
that
being
said,
I
think
everybody.
A
I
don't
have
any
more
meetings
that
go
on
up
here
in
in
december,
but
if
we
don't
see
you,
I
hope
everybody
has
a
merry
christmas
and
all
the
good
holidays
and
we'll
be
up
here
raring
and
ready
to
go
in
the
very
first
of
january
for
the
the
lovely
60-day
session
that
ends
up
being
like
140
days
or
something
I've
never
figured
it
out.
Oh,
I
had
another
one
more
question.
Yes,
ma'am.
E
Thank
you,
mr
chairman,
I'm
to
ask
that
I
don't
know
who
would
do
this.
You
may
be
yourself
but
draft
a
letter
to
all
of
our
u.s
legislators
senators
and
allow
our
committee
people
that
wants
to
get
on
board
to
vote
against
the
proposal
on
the
regulation
of
the
banking
to
monitor
our
money
and
our
privacy.
Sure.