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A
Good
morning
and
welcome
to
the
first
meeting
of
the
house
standing
committee
on
banking
and
insurance,
we
have
a
bill
and
a
resolution
for
the
committee
to
consider
this
morning,
but
before
we
get
started,
if
you
would,
madam
secretary,
please
call
the
roll.
C
C
A
Present
and
we
do
have
a
quorum-
looks
like
we
are
authorized
to
conduct
business
this
morning
before
we
get
started.
I
want
to
introduce
a
an
intern.
We
have
working
for
us
this
session
or
working
for
our
staff
of
the
bni
committee,
miss
abigail
jewell.
If
you
would
wave
at
everyone
she's
a
uk
student
who'll
be
working
with
her
bni
committee
staff
and
she'll
also
be
helping
out
on
the
judiciary
committee.
So
let's
please
make
her
feel
welcome.
A
Any
other
member
have
a
guest
in
the
room
or
that
they'd
like
to
introduce.
We
don't
have
a
big
crowd,
so
I'd
say
not
we'll
go
ahead
and
get
started.
The
first
bill
for
consideration
this
morning
is
house
bill
171
by
representative
fisher.
If
you
would
please
introduce
yourself
your
guest
and
you
may
proceed.
C
C
The
federal
home
loan
bank
board
lends
money
to
member
financial
institutions,
including
banks
and
insurance
companies,
to
provide
additional
capital
and
liquidity
to
those
financial
institutions
house
bill
171
will
allow
kentucky
domiciled
insurance
companies
to
borrow
from
the
federal
home
loan
bank
on
the
same
terms
as
kentucky
banks
and
credit
unions.
Do
this
bill
has
passed
in
21
states,
including
our
neighbors
in
ohio,
tennessee,
indiana,
west
virginia
illinois
and
missouri.
C
A
Second,
on
the
bill,
any
member
seeking
recognition
for
a
question
or
comment
on
this
topic.
A
A
Any
other
member
seeking
recognition
at
this
time
cnn,
madam
clerk,
please
call
the
road.
C
A
C
D
A
Yes
and
the
motion
does
pass.
Congratulations,
representative
fisher,
it's
my
understanding
that
the
committee
cannot
put
a
bill
on
consent.
Consent
may
be
considered
by
the
committee
on
committees
at
a
later
date,
but
congratulations
on
passage.
A
C
Chairman,
I
was,
I
need
to
vote.
Yes,
I
was
trying
to
un
unmute
and
I
could.
D
D
The
reality
is
that
millionaires
and
billionaires
have
access
to
cpas
and
tax
attorneys
who
allow
them
and
help
them
to
find
ways
to
find
the
loopholes
and
tax
shelters
in
our
current
tax
code
that
keep
them
from
really
having
to
worry
about
transactions
like
this.
They
don't
operate
in
600
dollar
transactions
daily
or
10
000
annual
transactions.
D
I've
heard
tons
on
this
issue
since
the
proposal
was
released
and-
and
I
think
that
what
we
have
to
understand
is
banks
in
the
commonwealth
will
follow
whatever
regulations
and
laws
are
passed
by
the
federal
government,
because
that's
who
regulates
them,
but
this
does
create
an
adversarial
relationship
between
our
banks,
our
financial
institutions
and
their
customers,
and
the
primary
goal
of
regulating
banks
and
financial
institutions
has
always
been
the
safety
and
soundness
to
protect
the
customer
and
to
protect
the
customer
from
any
discriminatory
practices
or
misleading
practices.
And
this
goes
far
beyond
that.
A
C
Explaining
the
one
thing
I
wanted
to
point
out
was
that
there
was
there
was
bipartisan
pushback
from
congress
on
this
proposal,
and
one
of
the
things
should
be
noted.
Cash
transactions
of
ten
thousand
plus
one
dollar
already
reportable
under
the
bank
secrecy
act.
A
I
have
a
note
as
well
that
the
kentucky
credit
unions
are
very
supportive
of
this
resolution.
They've
also
been
very
vocal
at
the
federal
level
and
are
supportive
of
what
you're
doing
here
this
morning,
representative
meredith
any
questions
comments
seeing
none,
madam
clerk,
if
you
would
please
call
the
roll.
C
D
D
C
A
Yes
and
motion
does
pass
again
not
eligible
to
be
put
on
consent
at
this
time,
but
congratulations
on
passage.
Thank
you
all
for
being
here.
Thank.
A
Yes,
representative
bentley,
would
you
like
to
record
votes
on
house
bill
171
and
hcr
12.?
Yes,
sir?
Yes,
yes,
on
both!
Thank
you,
sir,
seeing
no
more
business
to
come
before
the
committee
at
this
time.
I
move
we're
adjourned.