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A
A
A
I'd
like
to
to
welcome
each
of
you
this
morning
and
special
welcome
to
my
intern,
I'd
like
to
ask
carly
watts
to
stand
up
carly's
joining
me
today
from
from
hazard
kentucky
her
grandfather
was
our
county
judge
when
I
was
a
kid
and
probably
did
more
to
sort
of
change
our
region
than
any
judge.
I
can
remember
at
that
time
and
he
was
republican,
which
was
really
different
for
us
in
eastern
kentucky.
A
Do
I
have
any
other
members
that
have
special
guests
today
we
have
anybody
would
like
to
introduce
that
you
have
all
right
with
that
said
we're
going
to
go
just
a
little
bit
out
of
order
because
I've
got
some
members.
Oh
sorry,
I
need
to
do
roll
calls
at
this.
Let
me
ask
the
clerk
to
call
the
role.
Please.
A
All
right
we
have
court,
since
we
don't
need
to
approve
our
minutes.
We
can
go
ahead
and
get
started
into
our
meeting,
we're
going
to
go
a
little
bit
out
of
order,
because
I
have
some
members
that
have
to
go
to
another
meeting.
So
I'd
like
to
ask
senator
mills
if
he'll
go
ahead
and
come
to
the
table.
A
C
C
Thank
you,
mr
chairman.
Today
we
have
before
you
senate,
bill
205
symbol.
205
is
a
very
timely
bill.
To
be
quite
honest
with
you,
you
don't
have
to
look
far
in
our
nation
to
see
the
effects
that
energy,
energy
policy,
proper
management
of
energy
policy
and
improper
management
of
energy
policy
is
doing
to
our
country.
C
To
be
quite
honest
with
you,
the
the
activism
that
we've
seen
around
this
subject
through
the
obama
years,
and
especially
the
last
two
years
here,
is
just
amazing
to
me.
Progressive
ideology
is
really
seeping
in
and
affecting
energy
policy.
In
many
many
many
different
ways,
and
we
are
going
to
talk
about
one
of
those
ways
that
this
ideology
is
slipping
in.
A
Senator
mills,
if
I
could
you
have
a
sub,
do
you
want
to
adopt
get
emotional.
A
C
Thank
you.
Thank
you.
So
much
so
just
want
to
touch
on
what
senate
bill.
205
does
and
some
of
the
background
related
to
this.
You
know
energy
production
is
vital
to
kentucky's
economy.
Thousands
thousands
of
kentuckians
depend
upon
jobs
in
the
coal,
oil
and
gas
industries.
C
Fossil
fuels
provide
reliable
and
affordable
energy,
but
unfortunately
there
are
progressive
ideologies
and
attacks
out
there
against
fossil
fuel
industry
that
are
going
on
almost
daily
major
banks
and
investment
firms
are
denying
lending
to
and
investments
in
fossil
fuel
companies
in
an
effort
to
promote
the
green,
green
investments
and
political
agendas
more
than
a
hundred
and
one
banks.
This
is
pretty
amazing.
More
than
101
banks
have
joined
the
net
zero
banking
alliance
that
was
convened
just
last
year.
C
These
banks
have
endorsed
policies
to
dramatically
cut
their
investments
in
fossil
fuels,
companies
by
2030
and
to
limit
access
to
capital
for
companies
that
do
not
share
their
commitment
to
a
net
zero
carbon
emissions
standard
simply
put
they're
starving
capital
from
cost-effective
energy
resources
in
kentucky,
and
it
seeks
to
eliminate
fossil
fuel
industry,
increases
energy
costs
for
hard-working
kentuckians
and
destroys
the
energy
production
around
the
world.
C
Energy
policies,
in
my
opinion,
should
be
created
by
us
by
the
legislators
in
kentucky
not
in
the
boardrooms
of
publicly
traded
banks
and
investment
firms
around
the
nation
and
country
in
in
the
world
senate
bill
205
makes
it
clear
that
kentucky
stands
with
our
fossil
fuels,
company
and
kentuckians,
who
work
hard
every
day
to
produce
these
low-cost
resources
and
power
for
our
nation.
C
Senate
bill
205
requires
the
kentucky
state
treasurer
right
to
my
right
to
do
two
things:
to
maintain
a
list
of
financial
companies
who
are
boycotting
the
energy
industry
and
number
two.
It's
to
share
that
list
with
state
government
entities
making
investments
of
more
than
a
million
dollars
annually.
C
If
a
financial
company
does
not
cease
the
boycotting
activities,
the
state
government
entities
shall
divest
from
those
holdings
now
divesting
is
not
a
requirement
if
reasonable
evidence
shows
that
divesting
from
the
special
financial
from
the
specific
financial
company
would
cause
state
government
entities
to
suffer
a
loss,
and
I
think
that's
a
very,
very
important
part
contracts
between
state
government
entities
and
companies
of
10
or
more
full-time
employees
must
contain
a
written
verification
in
those
contracts.
That
says
this
company
does
not
boycott
energy
companies.
C
So
that's
just
a
brief
introduction
on
senate
bill
205.
I
will
allow
treasurer
ball
here
to
speak
to
her
activities
prior
to
this
bill
and
then
going
how
how
she
would
activate
this
bill.
B
Thank
you
very
much,
mr
chairman,
as
you
know,
I'm
in
eastern
kentucky
and
I'm
ninth
generation
from
floyd
county.
So
this
is
an
area
that
I
am
well
versed
in,
and
I've
been
in
this
space
for
a
long
time
from
my
office,
I've
written
numerous
letters,
I've
written
a
letter
to
the
banking
industry
indicating
that
the
state
really
is
paying
attention
to
issues
like
this.
B
We
want
to
protect
signature
industries,
I've
written
comments
to
the
department
of
labor
and
the
occ,
pushing
back
against
aggressive
and
for
efforts
from
the
biden
administrations
to
really
target
the
traditional
energy
fields.
So
let
me
tell
you
why
this
is
important
right
now,
number
one!
These
are
signature
industries
of
kentucky.
B
You
know,
I
know
this
from
my
home
area,
but
if
you're
in
west
kentucky,
you
know
this
and
it
really
impacts
the
entire
state
and
that's
why
this
is
very
important
right
now,
because
these
are
signature
industries
that
need
to
be
protected
and
number
two.
This
is
a
response
to
aggressive
actions
from
the
federal
level.
B
You
know
I
can
do
this
while
I'm
here,
but
there
may
not
be
a
champion
for
these
signature
industries
when
I'm
gone,
and
this
will
make
sure
that
there
is
still
a
champion
for
these
signature
industries,
and
this
is
also
important
for
our
country.
You
know
we
need
cheap
energy,
it's
good
for
us
in
kentucky.
It
puts
us
economically
in
a
sound
position,
but
it's
good
for
us
as
a
nation
and
then
I
think
very
important
right
now
we
see
what's
happening
in
europe.
B
We
see
what's
happening
with
ukraine
and
that
is
being
directly
impacted
by
the
fact
that
we
are
actually
still
using
a
lot
of
energy
from
russia,
and
that
should
scare
everybody,
and
that
should
motivate
everybody.
We
want
to
make
sure
we
are
energy
independent.
We
heard
the
president
say
last
night:
we
should
buy
more
american
and
we,
I
believe,
that's
actually
correct.
We
should
buy
more
american
energy,
and
this
is
one
of
those
ways
to
do
that.
C
Mr
chairman,
we
have
with
us
brian
cantrell.
He
is
chief
of
chief
financial
officer
for
alliance
resources.
Alliance
resources
has
well
over
a
thousand
miners
still
in
my
district,
a
large
huge
coal
producer
in
the
state
of
kentucky
I'd
like
for
him
to
address
just
for
a
moment
how
this
could
possibly
affect
them
and
how,
without
it,
the
consequences
that
they
face.
D
Thank
you
good
morning.
Thank
you,
mr
chairman,
and
members
of
the
committee.
By
way
of
a
bit
of
background
alliance
is
a
publicly
traded
diversified,
natural
resource
company
that
generates
operating
and
royalty
income
from
coal
produced
by
its
mining
operations
in
kentucky
indiana,
illinois
maryland
and
west
virginia.
D
We
also
generate
royalty
income
from
mineral
interests
we
own
in
premier,
oil
and
gas
producing
regions
across
the
u.s.
Currently
we
are
the
second
largest
coal
producer
in
the
eastern
united
states.
Our
kentucky
footprint
includes
our
operational
headquarters
in
lexington.
Three
coal
operations,
riverview
coal
and
warrior
coal
in
western
kentucky,
along
with
excel
mining
in
east
kentucky.
D
D
D
Alliance
has
enjoyed
long-standing
relationships
with
our
institutions,
many
stretching
back
for
decades.
These
relationships
are
the
result
of
our
lengthy
track
record
of
strong
financial
and
operating
performance
and
our
commitment
to
faithfully
fulfill
our
obligations
all
while
maintaining
the
industry's
strongest
balance
sheet.
D
Their
reasoning
has
nothing
to
do
with
our
financial
performance.
Instead,
it
is
due
to
discrimination
against
fossil
fuels.
They
can
see
they
are
under
tremendous
pressure
from
vocal
stakeholders
to
use
their
resources
to
advance
a
net
zero
carbon
emission
goal.
Let
me
repeat
that
their
decision
has
absolutely
nothing
to
do
with
our
financial
performance.
D
This
is
affecting
every
aspect
of
our
financial
world,
impacting
access
to
costs
and
costs
associated
with
commercial
bank
lending
equity
and
debt,
capital
markets,
insurance,
underwriters
and
surety
providers.
Senator
mills
mentioned
the
101
banks
who,
by
the
way,
have
67
trillion
dollars
in
assets
that
joined
the
net.
Zero
banking
alliance,
convened
by
the
u.n
in
april
of
2021.
D
members
of
that
group,
include
institutions.
You
are
all
familiar
with
bank
of
america,
city,
jpmorgan
chase,
goldman
sachs
and
wells
fargo
to
name
just
a
few.
They
have
all
endorsed
policies
to
dramatically
cut
their
investment
in
fossil
fuel
companies
by
2030
and
to
limit
access
to
capital
for
companies
who
produce
fossil
fuels
needed
to
protect
america's
standard
of
living.
Today.
Put
simply
major
u.s
financial
institutions
have
decided
that
they
not
you
as
legislators,
will
dictate
state
local,
national
and
global
energy
policy.
By
limiting
access
to
fossil
fuel
companies.
E
A
A
That
I
think,
wanted
to
speak
on
this
if
they
would
like
to
quickly
ballard
cassidy
balor.
Do
you
want
to
you
want
to
come
to
the
table
and
speak
and
I
think,
on
deck
we
may
have
tomm
fitzgerald.
If
you
want
to,
I
don't
know
if
you
want
to
speak
on
this
or
not,
but.
F
Mr
chairman
hi,
thank
you
very
much.
I
have
not
talked
to
senator
mills
about
the
bill,
and
so
I'm
I'm
not
here
to
provide
testimony.
I
will
be
happy
to
answer
any
questions
that
you
have
regarding
the
bill
regarding
its
premise
and
regarding
the
impact
of
the
bill,
but
because
we
have
not
had
a
chance
to
talk
beforehand.
I
I
you
know
I'm
reluctant
to
to
provide
much
substantive
testimony,
but
I'm
happy
to
answer
any
questions.
A
G
Thank
you,
mr
chairman.
My
name
is
ballard
cassidy
and
to
my
left
is
deborah
stanford,
to
my
right
hand,.
A
G
G
G
G
In
short,
I
share
the
frustration
that
prompted
senate
bill
205,
but
yet
here
I
am
to
speak
against
it.
I'm
here
to
say
that
senate
bill
205
is
not
the
answer.
If
enacted,
it
will
be
a
treatment
that
is
more
deadly
than
the
disease,
because
it
strikes
at
the
very
heart
of
our
free
market
enterprise
principles.
G
Here
in
senate
bill
205,
we
have
the
government
dictating
to
private
businesses
who
they
can
and
cannot
do
business
with
by
the
mandatory
choking
off
of
their
access
to
capital,
an
action
that
was
first
tried
and
defeated
in
the
obama
administration
under
operation.
Choke
point
congress
knew
then
that
it
that's
a
line
that
we
can't
cross
without
creating
a
president
that
we
will
live
to
regret.
G
It's
a
line,
most
recently
confirmed
by
the
u.s
supreme
court
in
2018,
in
the
case
of
masterpiece,
cake
shop
versus
colorado,
civil
rights
commission,
with
the
ruling
that
the
government
should
stay
out
of
the
business
of
telling
private
businesses
who
they
can
or
cannot
do
business
with
senate
bill.
205,
however,
is
doing
just
that
in
a
way
that
I
struggled
to
wrap
my
mind
around.
Quite
frankly,
it
pits
the
banking
industry
against
the
government
entities,
both
of
which
are
against
government
entities
which
are
our
customers.
G
G
G
Some
occasions
on
some
occasions
the
pressures
are
coming
from
shareholders
publicly
traded
financial
institutions
have
a
fiduciary
duty
to
their
shareholders
and
an
operational
duty
to
their
regulators.
Banks
can
find
themselves
between
the
proverbial
rock
and
hard
pla
and
hard
place
and
quite
easily.
G
This
current
trend
may
or
may
not
last,
but
more
government
intrusion
into
private
business
decision
is
certainly
not
the
remedy,
while
some
banks
are
choosing
to
limit
their
relationships
with
fossil
fuel
companies.
There's
no
evidence
these
fossil
fuel
companies
are
not
finding
other
financial
institutions
who
will
welcome
them
in
for
state
government.
G
There
are
existing
contracts
between
government
entities
and
publicly
traded
financial
institutions
currently
which
this
bill
could
force
to
be
terminated,
resulting
in
possible
penalties
and
costly
transfers
to
other
financial
institutions
and
the
commonwealth,
depending
upon
the
number
of
financial
institutions
that
the
treasurer
adds
to
the
blacklist
and
the
size
of
the
contract.
That's
involved.
Government
entities
may
not
be
able
to
find
other
eligible
financial
institutions
to
take
over
their
business.
G
Limiting
who
government
entities
can
do
business
with
is
in
direct
contravention
to
their
procurement
responsibilities,
which
can
leave
the
entities
in
a
confusing
place
of
a
decision-making
passage
of
senate
bill.
205
will
undoubtedly
result
in
lawsuits
which
will
place
both
the
government
entities
and
financial
institutions
in
a
precarious
balance
of
complying
with
legal
and
regulatory
compliance,
regulatory
orders,
court
orders
and
legitimate
business
decisions.
G
A
We
appreciate
your
presentation
for
having
to
to
cut
you
off
there
a
little
bit.
Senator
wheeler
has
a
question
or
comment
that
he'd
like
to
ask.
Thank.
H
You,
mr
chairman,
you
know-
and
I
and
I
can
somewhat
understand
mr
cassidy's
concerns,
but
you
know:
does
the
banking
industry
not
bear
some
responsibility
for
creating
this
situation
by
these
massive
mergers
that
have
created
these
behemoths?
Of
that
are
really
responsible
to
no
one?
I
mean,
and
in
many
ways
are
led
by
people
out
of
new
york
city
and
places
like
that.
H
That
generally
don't
respect
the
values
and
the
principles
of
people
there
are
their
depositors
and,
and
things
like
that,
you
have
an
increasing
number
of
large
banks
that
squeeze
small
guys
out
of
the
way
through
acquisitions
and
other
things
which
have
left
local
community
businesses
with
much
more
limited
options
with
availability
for
capital.
So
I
mean
I
I
do
understand
your
concerns,
but
you
know
have:
has
the
banking
industry
also
not
been
part
of
the
problem
here.
G
All
right,
I
would
answer
that
by
saying
that
the
banking
industry,
like
any
business,
is
a
is
a
private
business
and
it's
privately
owned
and
I've
never
known
a
bank
get
acquired.
That
said,
no,
so
its
stockholders
had
to
agree
to
it
before
it
ever
got
acquired
and
yes,
there's
a
ton
of
murders
going
on.
I
think
when
I
first
got
in
the
banking
business
there
was
25
000
banks
in
the
united
states.
I
think
today,
there's
7
thousand,
maybe
six
thousand
so
you're
right.
G
G
H
H
We've
seen
these
increasing
mergers
since
that
time,
and
also
these,
I
guess
more
political
activism
within
the
banking
community,
you
know
is
that
again
I
mean
to
some
degree-
and
I
can
understand
your
concerns,
but
have
have
the
banks
that
very
much
lobbied
for
the
repeal
of
those
acts
create
a
part
of
the
problem.
G
I
Thank
you,
mr
chairman,
and
I'll
preface
this,
because
I
certainly
don't
want
to
be
helping
those
who
want
to
harm
us
when
I'm
trying
to
figure
out
the
definition
of
us-
and
I
was
actually
looking
at
doing
something
along
these
lines
relating
to
public
finance
and
states,
investment
decisions
and
things,
and
as
you
were
talking
just
now,
I
got
a
little
bit
confused
because
you
were
talking
about
the
private
market.
So
are
you
suggesting
or
saying
this
bill
equally
treats
state
decisions
for
and
public
entity
decisions
as
it
does
private
private?
G
I
think
I
understand
your
question
and
if
I'm
not
answering
it
just
tell
me
the
way
the
way
the
bill
is
is
is
written
in
a
manner
where
it's
the
state
deciding
who
they
want
to
do
business
with
and
who
they
don't
want
to
do
business,
which
I
think
is
fantastic.
G
I
was
telling
treasurer
bottle
out
in
the
hallway
I
was
you
know
she
signed
a
letter.
She
pinned
her
name
to
a
letter
that
went
to
all
the
major
banks
in
the
country.
That
said,
kentucky
will
not
do
business
with
you.
If
you
don't
do
business
with
kentucky
it
was
that
simple,
where
the
state
gets
involved
in
private
business
is
when
they
choke
off
access
to
the
capital
that
the
state
provides
to
that
industry
through
whether
it's
through
investments,
if
the
state
treasurer,
buys
a
mutual
fund
inside
that
mutual
fund.
G
I
think
I
keep
hearing
the
word
citibank
and
wells
fargo
today,
but
I'm
sure
inside
that
mutual
fund
there's
stock
on
citibank
and
wells
fargo.
Now
there
is
a
cottage
industry
running
around
today
getting
started
up
called
green
funds
where
they've
taken
all
the
I
I
the
101
list.
I
think
the
gentleman
mentioned
earlier
out,
but
the
way
this
bill
is
written,
this
would
allow
the
state
to
cut
capital
off
to
any
business.
G
G
Social
issues
have
no
place
whatsoever
inside
inside
the
private
sector,
including
banks.
Social
issues
have
no
place
in
their
decisions
at
all,
and
I
would
agree
with
that
part
of.
A
J
Can
I
explain
my
vote
this
commit
this
almost
feels
like
banking,
an
insurance
committee.
G
I
started
to
start
out
senator
carver
by
saying
I
used
to
kill
hawks
when
I
was
young
on
my
daddy's
farm
and
I
sort
of
know
how
they
felt
now.
That's.
J
J
Some
people
caught
that
joke.
I
think,
but
you
know
I
guess
the
reason
I'm
going
to
explain
my
yes
vote,
but
you
know.
I
think
that
this
is
just
an
encouragement
ballard,
as
you
know,
with
our
industry
and
what
we're
talking
about
is
you
know,
I
don't
think
we
can
tell
people
what
to
do
or
not
to
do
whether
we
agree
or
disagree
with
that.
J
I
don't
think
that's
the
role
of
what
we're
going
to
try
to
do,
but
we
also
want
to
encourage
people
to
make
sure
they
do
business
with
us
if
they
want
to
do
business,
do
business
with
us.
You
know
those
saying
with
me
is
in
my
business.
If,
if
you
don't
trade
with
me,
why
in
the
world,
would
I
want
to
trade
with
you
and
so.
B
J
This
is
just
an
opportunity
to
encourage
folks
that
hey.
We
appreciate
the
opportunity
to
do
business
with
you,
but
we
want
you
to
do
the
same
and
if
you're
telling
people
that
that
you're
not
going
to
finance
opportunities
that
are
one
of
our
biggest
industries
and
provides
affordable
energy,
then
hey
we're
going
to
take
a
harder
look
at
you.
I
don't
think
the
bill
no
way
says
it.
We
can't
do
business
with
them.
J
It
just
says
that
we
would
like
to
make
that
decision
and
have
the
ability
to
to
kind
of
evaluate
doing
business
with
them,
and
you
know
this
is
gonna.
This
is
the
first
step
of
this
process.
As
you
well
know,
I
don't
have
to
explain
it
to
you,
and
so
I
think
this
kind
of
helps
create
a
a
shot
over
the
bow,
as
they
say.
G
J
J
Like
to
explain
my
yes
vote,
please
do
same
along
the
same
lines
as
senator
carpenter.
Him
and
I
have
been
sitting
over
here
talking
and
in
no
shape
form
or
fashion.
J
Do
we
want
to
hurt
local
banks,
small
businesses,
those
kind
of
things
and
I've
read
this
thing
through
and
through
trying
to
make
sure
that
it
doesn't
mandate
someone
to
lend
to
somebody
and
after
reading
through
you
know,
there's
still
areas
that
they
can
be
denied
financial
lending
based
off
of
all
the
typical
things
that
a
bank
would
look
at
from
a
p
l
statement
to
assets,
and
things
like
that,
I
think,
along
the
lines
of
what
jared
said.
Maybe
this
is
an
encouragement
to
continue
the
conversation
between
the
bank
and
the
industry.
Thank
you.
I
Mr
chairman,
it's
a
rare
day
that
I
vote
on
a
bill
that
I'm
not
100
percent
solid
on
there's
a
lot
here
and
I
think
that
what
I'm
hearing
description
wise
is
not
exactly
what
I'm
seeing
in
the
language,
but
I
do
feel
like
this
really
needs
to
be
in
the
banking
insurance
committee.
Be
honest
because
I'm
not
on
that
committee
for
a
reason,
so
I
I'm
going
to
vote
yes
because,
what's
been
said
in
that,
we
want
to
you,
know,
select
the
state
should
be
able
to
select
who
they
do
business
with.
I
I
think
that's
true,
so
I
agree
with
that.
There
are
some
things
here
like
we're,
going
to
presume
that
people
have
been
put
on
notice
about
reports
and
you
know
treasurer
is
going
to
use
their
best
judgment,
no
liability,
they're
exempt
from
things
all
that
kind
of
language
starts
worrying
me
and
I'd
like
banking
committee
to
look
at
that
so
that
we
really
know
what
this
is
before.
We
keep
moving
too
far
forward,
but
for
right
now
I
will
be
yes.
K
Explain
my
vote.
Mr
chairman,
please
explain.
I
appreciate
the
bill
that's
been
brought.
I
think
it's
got
the
attention
of
all
of
the
state
of
kentucky
when
these
electric
bills
just
went
out
the
roof
and
I'm
proud
that
the
bill's
being
brought
at
this
time
because
you're
talking
about
fiduciary
responsibility
and
shareholders
and
voters
versus
voters.
K
We
are
here
to
protect
the
voters
of
this
state
and
I'm
proud
that
the
banks
that
I
own
stock
in
now
and
got
money
in
are
being
going
to
be
named
as
kind
of
not
in
the
business
taking
helping
take
care
of
eastern
kentucky,
and
I
was
in
the
mines
helping
my
dad
mine
when
I
was
a
young
boy
and
no
mining
got
binding
property
and
oil
wells.
And
what
have
you
a
gas?
K
Well,
so
I
don't
want
this
opinion
that
the
examples
you
gave
that
this
legislative
body
will
react
next
week
and
pass
some
other
bill
that
you
mentioned
what
they
might
do
from
guns.
To
that.
I
I
don't
think
that
that's
appropriate
this
time,
because
we're
talking
about
the
public
of
this
state
that
sent
us
down
here
to
protect
them
and
the
only
way
we
can
is
what
we're
doing
here
today
is
enact
legislation
that
says
banks.
You,
shareholders,
make
all
the
money
you
want
to.
K
L
Senator
webb
I'm
going
to
explain
my
vote
as
well.
Mr
chairman,
I'm
going
to
vote
I
as
well.
I
there's
no
gentleman
here
that
I
have
more
respect
for
than
ballard
cassidy
and
john
cooper.
L
I
love
my
banks.
I
work
well
with
all
sizes
in
my
district
and
but
I
you
know
we
do
have
a
problem.
Senator
wheeler
pointed
out
the
size,
the
in
the
control,
lack
of
control,
locally
or
statewide,
or
even
regionally
anymore,
and
decisions
being
made.
L
You
know
we're
facing
activism
infiltration
where
the
minority
is
making
decisions
for
the
corporate
entities.
If
you
know
I'd
I'd
like
to
have
an
amendment
to
include
animal
enterprises
as
well,
because
that's
happening
too
throughout
parts
of
the
nation
and
and
is
a
kind
of
a
trend
where
infiltration
of
activism
is
dictating
policy
that
does
not
help
or
speak
for
the
majority.
L
So
we
we've
got
issues
to
address
that
are
far
more
than
social
issues.
These
are
signature,
industry,
state
bottom
line,
majority
issues
that
we
have
to
make
policy
decisions
on.
So
this
is
my
statement
piece
as
a
former
coal
miner
and
general
counsel
that
employed
a
lot
of
people.
That's
now
gone,
and
so
I'm
going
to
vote
yes
at
this
time
and
hope
that
we
work
on
policy
to
alleviate
some
of
the
problems
that's
been
talked
about
today.
M
Thank
you,
mr
chairman.
When
I
first
read
the
bill,
I
had
the
same
thoughts
that
you
just
mentioned
here
this
morning,
but
after
I
read
it
and
reread
it,
I
don't
think
it.
In
fact,
it
preserves
explicitly
the
fiduciary
duty
that
the
treasurer
has
and
that
the
commonwealth
has
doesn't
stop
banks
or
any
other
financial
institutions
for
being
able
to
do
what
they
want.
M
My
when
I
first
started
reading
the
bill,
I
thought
whoa,
where
how
does
this
gonna
work
if
we're
gonna,
stop
them
from
being
able
to
do
anything,
we're
not
stopping
them
from
anything
at
all,
except
doing
business
with
kentucky
and
in
that
regard,
you're
right.
We're
we're
taking
a
position
here,
but
it's
for
an
industry
that
helped
build
kentucky
and
still
helps
fund
and
build
kentucky,
and
that's
still
central
kentucky
that
you're
certainly
familiar
with.
M
I
support
it
and
I
appreciate
and
welcome
the
the
market
to
do
what
it
does
to
let
people
make
the
decisions
and
weigh
the
risks
of
investing
in
in
fossil
fuels
or
not,
if
that's
what
they
choose
to
do
and
if
and
again,
if
this
bill
precluded
them
or
stopped
them
from
being
able
to
to
make
those
decisions
on
their
own.
M
It
would
be
a
problem,
but
it
doesn't
do
that
and
at
the
end
of
the
day,
I
certainly
trust
the
words
of
our
state
treasurer,
whose
expertise
in
this
regard
and
her
involvement
in
this
bill,
not
only
from
a
drafting
standpoint
but
from
a
practical
enforcement
standpoint.
I
trust
her
position
and
her
role
and
her
counsel
on
the
bill.
So
I
proudly
vote.
I.
H
You
know,
I
think
that
we
as
senators
have
a
fiduciary
responsibility
to
the
voters
and
the
people
working
in
our
district
and
as
part
of
that
fiduciary
duty
is
to
set
policy
in
a
way
that
benefits
them
and
make
sure
that
the
industries
that
provide
them
with
secure
livings,
with
jobs
with
with
the
ability
to
put
food
on
their
table
is
probably
our
highest
fiduciary
duty
that
we
have,
and
you
know
we
are
also
stewards
of
the
taxpayers
money
and
if
we
want
to
invest
our
funds
as
a
commonwealth
in
institutions
that
share
our
values.
H
I
think
that
that
we,
as
as
stewards
and
and
fiduciaries
for
the
voters
of
kentucky,
have
both
a
a
responsibility
and
a
a
duty
to
do
that.
I'm
a
proud
co-sponsor
of
this
resolution.
I,
like
mr
cassidy,
I
hail
from
pikeville.
I
proudly
represent
coal
country
and
and
and
represent
coal
miners
on
a
daily
basis
in
my
law
practice-
and
you
know,
thankfully,
we
still
have
a
very
strong
community
bank
at
home
and
community
trust
that
values
the
coal
industry.
H
That,
I
think,
is
a
leader
in
that
regard,
but
you
know,
as
far
as
the
other
banks,
the
citibanks,
the
bb
ts
and
stuff,
like
that,
there's
a
lot
of
my
people
that
have
been
put
out
of
work
by
some
of
these
large
policy
that
really
have
very
limited
options
as
to
where
they
they
do
business
with
and-
and
I
think
we
need
to
make
a
statement
as
a
commonwealth.
I
want
to
reaffirm
my
support
of
our
state
treasurer
to
make
the
right
decisions
here.
H
A
Vote,
I
think
that
our
banking
community
has
done
a
fantastic
job.
I
think
you
have
a
history
of
tradition
of
being
on
the
right
side
of
many
of
these
big
issues
and
something
we
should
be
proud
of,
but
for
us,
as
state
senators
and
having
to
widen
our
gaze,
our
job
is
to
protect
the
interests
of
the
citizens
and
businesses
of
the
commonwealth
to
any
threat,
whether
that
be
an
outside
threat
or
wherever
it
is.
A
I
heard
a
rumor
through
the
grapevine
that,
maybe
even
like
asbury
college
could
be
denied
participation
by
these
institutes
that
decide
they
no
longer
want
to
to
be
involved
with
with
christian
organizations,
and
if
you
look
around
the
capitol
today,
you'll
see
a
lot
of
people
with
the
ash
on
their
forehead
as
a
sign
of
their
their
faith.
But
my
question
is
at
what
point
they
put
somebody
in
that
group
that
that
you
all
of
a
sudden
start
disagreeing
with.
A
I
think
this
presence
they've
set
by
being
able
to
target
and
isolate
out
one
of
kentucky's
signature
industries
and
now
they're
moving
on
to
religious
groups,
I'm
very,
very
proud
of
asbury
college
and
other
colleges
that
we've
got
that
have
a
religious
background,
and
I
will
tell
you
if
this
turns
out
to
be
true.
You
will
really
see
this
committee
react
in
a
very
strong
way,
but
you
know
this
is
a
dangerous
precedent
to
set
at
a
time
when
they're
trying
to
use
their
their
banking
to
steer
international
policy.
A
And
you
look
at
what's
going
on
in
russia
right
now.
Well,
we
need
our
our
president
to
turn
loose
the
energy
production
of
this
nation.
We
need
to
quit
buying
this
oil
over
there
and
we
should
have
one
of
the
best
energy
policies
we've
got
and
let
kentucky
rise
to
the
demand
to
protect
our
investments
so
very,
very
proud
of
our
banking
organization.
You
all
had
to
come
here.
You
had
to
come
down
here
and
stand
up
for
the
people
that
put
you
in
those
positions.
It's
the
same
thing
with
us.
A
We
have
to
come
down
here
and
take
a
position
that
lets
the
kentucky
industry
know
that
when
we
feel
like
you've,
been
mistreated
or
you're
singled
out
and
there's
no
stopping
them
from
what
they
picked
next,
when
they
started
getting
into
religious
organizations
and
then
spread
to
other
stuff,
it'll
probably
affect
you
all
personally,
like
it's
affecting
us.
K
A
Katie
welcome,
if
you
would,
if
you
all,
could
identify
your
yourself
for
our
records.
Please.
A
A
We
have
had
obviously
heard
from
core
scientific
and
they
have
presented
us
with
a
timeline
and
of
how
their
company
making
significant
investments
in
the
western
part
of
the
state
and
have
done
so
based
upon
the
success
of
the
the
legislation
passed
by
this
general
assembly
last
year
and
are
explaining
to
us
that
they're
having
difficulty
great
difficulty
in
being
able
to
utilize
a
program
that
we
put
together
and
I
know
in
the
summer
there
was
a
question
about
what
my
intent
was
and
I
reached
over
not
only
called,
but
I
also
sent
a
letter
explaining
that
my
intent
was
clear
in
the
legislation
that,
if
you
meet
these
steps,
that
we
really
want
you
all
to
be
able
to
to
utilize
these.
A
So
you
can
continue
to
create
jobs
here
in
the
state
of
kentucky.
But
we
just
had
some
questions
from
some
of
our
members
as
to
what's
going
on
with
the
program
and
and
maybe
tell
us,
you
know
how
you
know,
why
would
this
fail?
Why
would
there
be
so
many
attempts
to
utilize
a
program
and
and
then
be
denied.
E
Okay,
I'm
happy
to
kind
of
give
you
an
update
on
where
we
are
with
the
program.
So
after
the
legislation
there
was
a
couple
pieces
of
legislation
approved
through
last
year's
general
assembly.
We
started
receiving
a
lot
of
inquiries
regarding
the
program,
and
so
we
actually
I'm
going
to
share
our
screen.
E
We
created
a
fact
sheet
because
of
the
amount
of
inquiries
we
were
receiving
it's
available
on
our
website,
so
this
web
page
shows
all
of
the
incentive
programs,
and
this
is
kind
of
our
only
fact
sheet-
that
we
have
devoted
to
one
specific
industry,
the
cryptocurrency
projects,
and
so
when
you
click
on
it,
it
takes
you
to
the
fact
sheet
and
because
we
were
getting
lots
of
inquiries
about
the
different
programs
and
the
different
resources
that
are
available
for
cryptocurrency
projects.
So
what
we
did
was
you
can
see,
we
have
our
select
kentucky
site.
E
So,
if
they're
looking
for
various
sites,
they
can
go
to
that
website
and
put
in
kind
of
their
specifics
if
they're
looking
for
a
certain
amount
of
acres
or
a
certain
size
building,
and
then
also
they
were
talking
to
us
about
utilities,
and
so
we
have
a
link
to
the
different
utility
providers
and
the
service
provider
map
sustainable
resource
programs.
We
put
that
on
here
as
well,
and
then
the
programs
they're
administered
by
our
cabinet
we
put
out
here
as
well
and
which,
prior
to
last
year,
we
had
our
kentucky
business
investment
program.
E
A
Podcast
obviously
went
all
over
the
nation
which
you
all
saw,
and
it
was
a
nice
win
for
us,
but
from
what
they're
telling
me
is
that
when
they
would
call
you
and
ask
about
the
program,
you
all
kept
redirecting
them
to
some
of
these
older
programs
that
were
not
what
they
were
interested
in,
but
they
said
that
it
can't
they
felt
like
it
was
being
pushed
on
them.
If
I
could
say.
E
Okay,
well,
we
were
talking
to
him
and
about
explaining
the
different
programs.
We
explained
the
kbi,
we
explained
the
kia,
and
then
we
were
explaining
the
incentives
for
energy,
business
or
energy
related
businesses
act,
which
we
now
call
aiba
and
prior
to
eba.
It
was
incentives
for
energy
independence
act
and
under
that
ia
is
what
we
call
that
when
I'm
so
sorry
for
the
acronyms.
But
under
that
program
it
was
it
wasn't
as
friendly
with
speed
to
market,
because
you
have
to.
E
You
cannot
start
spending
any
money
under
that
program
until
after
preliminary
approval,
after
final
approval
and
after
the
activation
date.
So
that
takes
time.
So
when
companies
are
wanting
to
move
really
really
quickly,
we
were
recommending
the
kbi
and
kia
programs,
because
you
can
get
your
approval
and
you
can
immediately
start
spending
money
and
so
those
that's
what
we
were
talking
to
them
about,
because
they
were
needing
to
start
moving
fairly
quickly
and
having
to
wait.
Two
three
four
months
or
longer
under
that
program
was
not
and.
A
Here's
I
don't
really
understand,
because
when
we
looked
at
this,
this
is,
I
think,
senator
webinar,
probably
the
only
ones
that
were
here
when
we
did.
This
is
the
the
carryover
from
house
bill,
one
where
we
really
tried
to
do
this
years
ago,
and
and
and
had
nobody
take
us
up
on
it.
It's
a
great
idea
and
we
simply
modernized
that
to
sort
of
catch
what
was
happening
in
the
industry
for
kentucky.
A
But
when
I
look
at
this
the
speed
of
deployment
there,
a
lot
of
this
stuff
is,
you
all:
have
the
power
and
each
one
of
those
decisions
making
to
go
and
approve
these
people.
If
they've
met
the
criteria
and
farther
than
that,
you
know
we
really
specifically
put
in
there
what
that
criteria
must
be.
So
if
there's
a
delay
or
you're
saying
it's
taking
them
longer
to
do
that.
Do
we
need
to
change
this
bill?
A
Do
we
need
to
make
some
amendments
and
change
it,
because
that's
what
I
think
the
purpose
was
when
we,
when
we
sent
it
out
here
with
people
to
be
able
to
use
it
and
we've
heard
all
summer
how
they
can't
use
it
and
they've
been
redirected
to
other
programs.
So
we
just
we
want
to
know
what
we
have
to
do
to
make
this
work.
E
E
That
is
a
factor
where
the
utility
companies
are
looking
at
current
loads
and
potential
future
loads
and
assisting
the
project.
So
we
are
well
when
they
go
and
have
those
discussions,
we're
waiting
for
companies
and
projects
to
to
come
back
to
us
and
talk
to
us.
There
was
also
a
little
bit
of
confusion
between
the
eba
program
and
the
revenue
program,
because
one
is
the
sales
and
use
tax
refund
on
the
on
the
electricity,
and
so
we
are
and
that's
why
we
have
that
on
this
fact
sheet
as
well.
E
So
we
are
when
we
get
the
calls
and
that's
what
they're
asking
about.
We
are
referring
those
inquiries
over
to
the
department
of
revenue
as
well,
so
they
can
work
with
those
projects
so
sometimes
when
they're
calling
they
say
at
eva.
But
when
they
talk
about
the
explanation
of
the
the
credit
they're
looking
for
it's,
it's
actually,
the
the
revenue
incentive.
E
A
Better
for
us,
if
we
and
we're
working
on
some
some
language
actually,
as
we
speak
to
move
this
over
to
revenue,
I
mean:
is
this
something
that
needs
to?
Maybe
is
it?
Is
it
in
the
right
cabinet?
I
guess
or
is
because
this
stuff
is
changing
like
you
said
the
power
companies
met
with
recently
and
they
said
brandon.
Why?
Don't
you
let
us
know
it
was
going
to
be
this
crazy.
Well,
honestly,
we
we
had
no
idea.
A
We
knew
it
was,
is
a
chance
to
position
the
rural
parts
of
kentucky,
both
eastern
and
western,
that
had
because
of
the
loss
of
the
coal
industry.
They
had
the
electoral
gear.
They
had
these
places
on
the
ground
that
they
were
looking
for,
and
it's
done
that
it's
ignited
a
tremendous
market
you've
seen
what's
happened
to
coal
in
the
state
of
kentucky.
It's
it's
gone,
probably
beyond
our
dreams,
for
what
it
could
do,
but
it's
been
so
crazy.
I
know
it's
a
lot
to
manage,
but
just
the
fact
that
I
think.
J
E
Think
it
depends
on
how
you
want
to
structure
the
program.
If
you
want
it
to
be
a
straight
exemption,
then
that's
what
revenues
programs
are,
if
you
want
it
to
have
a
cap
and
require
negotiations
and
approvals,
and
so
that
they
don't
automatically
get
it
or
we
want
to
cap
it
or
we
want
to
negotiate
the
incentive
amount.
So
even
they
may
be
eligible
say
for
a
million
dollars,
but
we
want
to
just
only
offer
them
500
000,
then
that's
more
housed
at
our
cabinet
so
well.
A
I
think,
when
we're
working
with
representative
rudy
on
it,
there
was
the
you
know.
We
wanted
this
to
be
for
the
bigger
customers
to
come
in
and
not
just
have
somebody
out
of
their
house.
You
know
with
10
or
15
units.
So
that's
why
you
had
the
million
dollar
cap
and
stuff
like
that.
So
I
do
think
we
we
want
to
put
a
value
on
it.
A
We
want
to
make
sure
that
we
have
the
larger
players
and
that
they
come
and
bring
the
employees
with
them,
and
this
is
just
the
first
step
in
it
which,
for
me,
is
that,
once
this
is
established
that
we
know
that
there's
the
back
office
side
of
the
tokens,
the
protocols
and
those
are
even
more
jobs
for
us.
A
So
when
we're
going
to
be
creating
these
these
coins
and
opportunity
in
the
state
of
kentucky,
as
I
keep
telling
ballard
and
then
which
they're
ready
to
run
me
off,
that
we
should
be
structured
to
capture
this
and
manage
this
inside
of
our
own
boundaries.
So
there's
this
is
kind
of
like
connecting
the
dots
for
us
as
far
as
emerging
technology
and
it's
red
hot
right.
Now
and
kentucky's
position
to
do
it
and
yet,
I
think,
to
date,
nobody's
ever
gotten
this
program.
They've
never
received
the
incentive
from
senate
bill
255.
E
A
Okay,
well,
we
do.
I
have
any
questions.
This
is
a
sort
of
a
western
kind
of
kentucky
issue
that
I
was
brought
into.
The
senate
with
representative
rudy
some
time
ago
had
had
had
me,
come
down
and
meet
with
them,
and
I
think
it's
been
success
for
them.
We'd
love
to
replicate
it
in
eastern
kentucky,
especially
with
the
the
issue
they
had
the
surplus
power
needed
to
do
something
with
that.
A
It's
been
the
same
thing
for
us,
so
we
have
interest
in
different
ways,
but
do
I
have
any
of
my
members
that
have
questions
or
would
like
to
senator
caslin.
J
I
just
kind
of
like
to
echo
what
you
said
and,
and
you
know
in
a
way
that
we
can
continue
to
find
out
how
to
get
these
folks
to
settle.
I
know
in
the
western
kentucky
region
they're
very
interested
in
it
and
with
the
abundant
amount
of
power
and
stuff.
I
think
it
would
be
good.
So
hopefully
we
can
come
to
a
conclusion
on
this.