[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6265877,"mediaKeyId","3088404-ba1eeac265b66bfaa736423c14f6a285","parentId",3088404,"title","Treasurer urges support for bill to assess climate risk to Oregon public pension fund; business group warns of fiduciary conflict","audioSeconds",1341,"startMs",4799,"endMs",1346600,"viewUrl","/Search/View?dp=1&key=3088404-ba1eeac265b66bfaa736423c14f6a285&start=4&end=1346","thumbnailUrl","https://assets.pipeline.soar.com/3088404-ba1eeac265b66bfaa736423c14f6a285/thumbnail_4799.jpg","articleUrl","/articles/6265877/Oregon/Treasurer-urges-support-for-bill-to-assess-climate-risk-to-Oregon-public-pension-fund-business-group-warns-of-fiduciary-conflict","mediaUrl","https://secure.pipeline.soar.com/6265877-f6b0a0c339aa39f34e86d3c42446764b/orig.mp4?Expires=1771184071&Signature=dSW~ccSXOsO-RbN2Hz7RySRCjS4athi4BFvBKmDCgfuzE0Sf5p7Dc7c0pbncMITUDTDimep7OA9RLll8crvMAne7GDu~POkVBSfkpzbYOoCqzgkgyIAxwOwN~HMtfHrtQzpy0yreD9xfOsqnyV9czqz7Jrnhj3CsMNepUzg2PEf8CUvyRm1TxNDiteEZrHLp7~KErKhszv-MVcOTsrG1JkVd6A1746m8av8R4ziw7U25mEeEd6FsaFyH6X5LZvY7b0EthYq~bjAVTZdEjoiLbafctBatTLbTU1mLDcsRj7Z1FTMjYqzjFmn~J-YRoARS6xB-nL8mYlN7ifBCBCONcA__&Key-Pair-Id=KUT5TJCACFTXG","author","Oregon State Legislature","date","2025-04-22T00:00:00Z","article","State Treasurer Elizabeth Steiner told the House Committee on Revenue on April 22 that House Bill 2,081, as amended by the dash 1, would require Treasury to evaluate and integrate climate-associated financial risk into management of the Oregon Public Employee Retirement Fund, the state pension plan for public employees.

The bill would require biennial reports to the Legislature and direct Treasury to analyze the effects of carbon‑intensive investments on long‑term fund returns. \"Treasury is tasked with managing the Oregon public employee retirement fund or OPerf and has a fiduciary responsibility to maximize the long term returns of the fund on behalf of beneficiaries,\" Steiner said. She said the dash 1 emphasizes that fiduciary responsibility \"comes first and it always will.\" Steiner urged committee members to support HB 2,081 with the dash 1 amendment.

The measure drew sharply different testimony. Mike Powers, policy strategist and immediate past president of SEIU Local 503, told the committee the bill would strengthen Treasury's ability to assess and manage climate‑ and fossil fuel‑related risks and \"sets OPRF on a path toward achieving net 0 emissions in a manner aligned with fiduciary responsibility.\" Steven Demarest, a retired PERS beneficiary and past union president, said the unions that represent public employees support the dash 1 amendment.

Opposition came from Oregon Business and Industry. Derek Singston, policy director and counsel for OBI, said HB 2,081 \"would impose requirements on the treasurer and the Oregon Investment Council that are inconsistent with its role as a state fiduciary\" and could force divestment rather than maximum returns. Singston cited current law requiring prudent management under prevailing circumstances and referenced ORS 293.726 in his testimony.

Steiner and others described the bill as a study and implementation framework rather than an immediate mandate to divest. Steiner said the amendment is identical to the dash 1 that previously advanced from the House General Government Committee and described extensive stakeholder engagement during drafting, including outreach to public employee unions and advocates. She said Treasury views the work as a way to manage risk that could otherwise increase contribution rates for public employers and reduce funding available for public services.

Committee members asked about investment approach and liquidity. Representative Pam Levy pressed how Treasury would protect fund solvency if national policy shifted decisively in favor of fossil fuel development; Steiner replied that Treasury focuses on long‑term market signals, maintains diversified asset allocations across public and private markets, and works with a professional investment staff and external managers.

No formal action was taken in the Revenue committee during the hearing; Steiner said a work session on the bill was currently scheduled for Thursday. The committee closed the public hearing on HB 2,081 and moved to other agenda items.

","mediaType","Video","parentTitle","House Committee On Revenue 04/22/2025 3:00 PM","oneSentenceSummary","State Treasurer Elizabeth Steiner told the House Committee on Revenue on April 22 that House Bill 2,081, as amended by the dash 1, would require Treasury to evaluate and integrate climate‑associated financial risk into management of the Oregon Public Employee Retirement Fund, the state pension plan for public employees.","taxTitle","Revenue, House of Representatives, Committees, Legislative, Oregon","taxId",18093,"location","Oregon","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6265862,"Sponsor asks Revenue Committee to move bill removing county fair lottery cap to Ways & Means",257,4820170,5077285,"/Search/View?dp=1&key=3088404-ba1eeac265b66bfaa736423c14f6a285&start=4820&end=5077","https://assets.pipeline.soar.com/3088404-ba1eeac265b66bfaa736423c14f6a285/thumbnail_4820170.jpg","/articles/6265862/Oregon/Sponsor-asks-Revenue-Committee-to-move-bill-removing-county-fair-lottery-cap-to-Ways-Means","https://secure.pipeline.soar.com/6265862-2a77721684397e21661f3fced05c8d35/orig.mp4?Expires=1771184071&Signature=ClnbgH2K6c-NMKj84IQpc7BVCgoUj49-di8h5S2Fj7ZVjG0iBp7mUSBf2AvrrpgeX-nKHLArfVZPFC49Edqi-D1uWIdN1srf-l-sKv54uLxzRJjDcBIEEBCuDGnbhT077ionFSS6vNhU9ul7udN8m81wfJtTpSxFnwFqpaKai8bxh-8~dM-EMDIh8d4ffeGH15xVzK9hRyh2QljmVIka1Q3w--QV1KYVUSyyq6frC-142NhUG7mJc0YCp0cH9pXqjnb0RDDwRCw9bYtEMPsAwq3-BMQka0AIES3o1~lt~oKauHNul~O0r52dQeokfw1LlGmyuFD6lrQhuxR2n1ZEHw__&Key-Pair-Id=KUT5TJCACFTXG","Representative Anna Scharf told the House Committee on Revenue on April 22 that House Bill 2,145 would remove a statutory \"not to exceed\" cap on the county fair account so that the account would again receive the statutory percentage of lottery net proceeds. \"House bill 21 45 simply removes that cap, and allows it to just simply default to the 1% of the lottery funding,\" Scharf said.

Scharf said the cap (adjusted for inflation) was set about 20 years ago and no longer reflects current lottery proceeds or fairground needs. Justin Lowe of the Association of Oregon Counties said counties support removing the $1.5 million cap and noted that, with higher lottery proceeds, a 0.9% or 1% distribution could produce several million dollars for county fairs in a recent year.

Legislative Revenue Office staff described other lottery distributions (constitutional and statutory) and noted the committee had several related omnibus proposals; the sponsor said HB 2,145 landed in Revenue by clerical error and asked that it be moved to Ways & Means to reunite it with its companion bill (HB 2,304), which contains additional budget provisions. The committee did not take a vote during the hearing and agreed to follow up with LRO at a later date.","Representative Anna Scharf told the House Committee on Revenue that House Bill 2,145 would remove an outdated $1.53 million cap on the county fair share of lottery net proceeds so the distribution defaults to the statutory percentage; the sponsor asked the committee to pass the bill to Ways & Means to meet its companion bill.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6265867,"Bipartisan bill would raise tax‑credit cap for Individual Development Accounts to widen enrollment; nonprofits urge passage",557,3535365,4092825,"/Search/View?dp=1&key=3088404-ba1eeac265b66bfaa736423c14f6a285&start=3535&end=4092","https://assets.pipeline.soar.com/3088404-ba1eeac265b66bfaa736423c14f6a285/thumbnail_3535365.jpg","/articles/6265867/Oregon/Bipartisan-bill-would-raise-taxcredit-cap-for-Individual-Development-Accounts-to-widen-enrollment-nonprofits-urge-passage","https://secure.pipeline.soar.com/6265867-edd2ac46f24097da227f5872201ffb49/orig.mp4?Expires=1771184071&Signature=aAwAczL54CO0D-vku2lVCM24oFLplWvfMZURctdMMRJJzdxT4yJzdmnNsl5UuEqvzudk5vdJpIsIvw7XjWFZJotfztvfYRiKqOF2hjteMByW5DcJGBrITHle3P1uHQM8UYCJ0FvUUs8Ensla3aaWLRTcFCx~lBCy0w82N0roJOr2c8~cSDTjhVnBd~pXvDzzlPi~mtyK1Q~3ZDB5Na88DzETeiE2CsZTSoogbE9l6V2eVCCE8lU~6LZHzImOlpdq5ZvRygU49hhfYpi7wjuvjrppDlDnjjja2wF1kxsZDNVGUu23hdgW2RCzwd2jTYYJrIDAB4SfT10JhbyJaE-tJQ__&Key-Pair-Id=KUT5TJCACFTXG","Representative Ricky Ruiz told the House Committee on Revenue on April 22 that House Bill 2,735 A would increase the annual cap on state tax credits that fund Individual Development Accounts (IDAs) from $7.5 million to $16.5 million, restoring capacity the sponsors say has been eroded by inflation and rising costs.

\"Raising the tax credit cap to $16,500,000 will return this essential program to solid, sustainable financial ground,\" Representative Ruiz said. He said the IDA program, which matches savings for home purchase, business starts, postsecondary education and other assets, pairs money with financial coaching and has served Oregonians for more than 20 years.

Neighborhood Partnerships, which administers the statewide IDA initiative under a contract with Oregon Housing and Community Services, said the tax credit has been unchanged since 2009 and that the flat cap has forced repeated supplemental general‑fund requests. Justice Hager of Neighborhood Partnerships said the credit produces a steady stream of donations from individual donors and financial advisors and that the program has expanded by word of mouth; Amy Stuczynski, the organization's manager of data and evaluation, described a statewide network of 11 fiduciary organizations and more than 60 local providers that would find it harder to maintain reach if funding shrinks.

Community providers and partners testified that the program produces measurable outcomes. Justin Lowe of the Association of Oregon Counties and nonprofit providers including CASA of Oregon and OnPoint Community Credit Union described thousands of matched savings accounts, home purchases, business starts and vehicle purchases facilitated by the IDA program. Erin Moore of OnPoint said 92% of IDA homebuyers make timely mortgage payments and 72% of vehicle purchasers report higher income the year after purchase.

Not all witnesses supported the tax‑credit mechanism. Jody Weiser of Taxpayers for Oregon said the organization is neutral on total funding but opposes auctioning tax credits to the highest bidder and urged legislators to fund IDAs directly from the general fund instead. Committee members asked for fiscal details from the Legislative Revenue Office; the committee did not take a vote during the hearing and additional testimony was submitted to the record.

","Representative Ricky Ruiz and IDA providers told the Revenue Committee that raising the IDA tax‑credit cap from $7.5 million to $16.5 million would restore program capacity and avoid repeated ad hoc general‑fund supplements; several community organizations and a large credit union testified in support.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6265873,"OLCC explains distilled‑spirits distribution, warns warehouse debt will reduce city and county shares",1203,1434580,2637715,"/Search/View?dp=1&key=3088404-ba1eeac265b66bfaa736423c14f6a285&start=1434&end=2637","https://assets.pipeline.soar.com/3088404-ba1eeac265b66bfaa736423c14f6a285/thumbnail_1434580.jpg","/articles/6265873/Oregon/OLCC-explains-distilledspirits-distribution-warns-warehouse-debt-will-reduce-city-and-county-shares","https://secure.pipeline.soar.com/6265873-1aff2c8da42fa520b505e8329d33bf55/orig.mp4?Expires=1771184071&Signature=Po1Yp3BJaTw00-CA5AeR6qPd000iLvRprEsb9-N17mALQY82uG2etHzW3KDDsJ4mt-bgNYcXpR-E771qQjFDasKhZMddHu-nbwAgZriIkxUXj9OePVJVmjg8FWeVux9cCUbXJzU6nGJLYfDH28ATg~t0n~LCueiOna98RRhppglfwgYycr5dYDUwunttIqO9lbt0XyPEqDKMr~rL9Evtng2V6Xap01z3kFfybRUMg6IiVnom~7fOE~x-kiXBJoinJ-o6MSDosDPvzZQTMW4fMxDM69gjB5K6Yy4AQpW1U1AHhHkdjm9rqJUD6mc4xoyUI4-v5TgCKUZuZrKQ-WvxUw__&Key-Pair-Id=KUT5TJCACFTXG","Craig Prins, executive director of the Oregon Liquor and Cannabis Commission, told the House Committee on Revenue on April 22 that Oregon's control model for distilled spirits generates hundreds of millions in state and local revenue each biennium but is facing distribution pressure as liquor sales slightly decline and debt service for a new warehouse begins.

\"Every year it does generate hundreds of millions of dollars to schools, parks, and health care,\" Prins told the committee, explaining the control model in which the state purchases distilled spirits, stores them in a commission warehouse and sets retail prices for 285 state liquor stores. Prins described social objectives the control system aims to achieve, including limiting excessive alcohol use by controlling price, hours and locations of sales.

Prins said OLCC expects a biennial general‑fund contribution of about $308.5 million with the current surcharge and that cities' combined share for the upcoming distribution is estimated at about $164.2 million, down from $176 million in 2023. He told the committee the agency recently broke ground on a new warehouse and that 2025 debt service is projected at roughly $27 million. \"We expect to be able to sell the current two warehouses,\" he said, noting a December 2022 estimate of roughly $28 million for those properties that could offset early debt service.

Jenna Jones of the League of Oregon Cities and Twila Miller, chief financial officer for the City of Eugene, said the reduction in state shared liquor revenues is already hitting local budgets. \"We're operating in a structural gap where expenditures are growing at a faster rate than revenues,\" Miller told the committee, and the city projects about a $1.5 million annual reduction in liquor revenue compared with prior forecasts. Jones said changes introduced to agent and tasting‑room compensation and the warehouse debt service both contributed to a decline in net distributions to cities.

Committee members asked whether the warehouse budget was approved by the legislature. Prins said the Legislature approved bonding authority and the budget in 2022; policy decisions about applying proceeds from the sale of existing warehouses or allocating revenue to cover debt service would be directed by the Legislature.

The committee held the item as informational and closed the meeting after a shortened question period; Prins and League staff provided materials for further review.

","Oregon Liquor and Cannabis Commission officials told the House Committee on Revenue that a new warehouse will improve distribution but its debt service will reduce the share of liquor revenue flowing to cities and counties unless sale of current properties or other steps offset the cost.","actionData","errors"]

Article not found

Treasurer urges support for bill to assess climate risk to Oregon public pension fund; business group warns of fiduciary conflict

Sponsor asks Revenue Committee to move bill removing county fair lottery cap to Ways & Means

Bipartisan bill would raise tax‑credit cap for Individual Development Accounts to widen enrollment; nonprofits urge passage

OLCC explains distilled‑spirits distribution, warns warehouse debt will reduce city and county shares