Latest news with #CommerceandEconomicDevelopmentCommittee
Yahoo
06-03-2025
- Business
- Yahoo
Legislative committee advances privacy bill aimed at protecting consumers
Mar. 5—One app to talk to friends in another country, another to clock in at work or pay for the laundry machine at an apartment complex — the ubiquity of internet services is growing ever more. So, too, is the personal data shared freely across the web. While skimming through a long terms of service agreement might not cause the average user much heartburn, the information being shared or misused just might — especially concerning data about a person's health or children. One bill making its way through the New Mexico Legislature seeks to address that problem. House Bill 410, the Consumer Information and Data Protection Act, would align New Mexico with similar laws in 22 other states. According to the bill's sponsor, Rep. Linda Serrato, D-Santa Fe, it also gives the New Mexico Department of Justice more teeth in punishing bad actors. Serrato said the time to pass this legislation was now because law enforcement can do little to help people when their data is compromised. "It really leaves all New Mexicans vulnerable to the fact that we can't protect our data," Serrato said during the first of two hearings in the House Commerce and Economic Development Committee. After the bill was amended, the committee passed the bill on an 8-0 vote during a March 3 hearing, sending it to the House Judiciary Committee for review. Serrato told the Journal the enforcement component was among the bill's most important changes. The Consumer Information and Data Protection Act gives the attorney general the power to investigate and fine businesses out of compliance, she added. If passed, businesses could not sell or offer to sell consumer health data without first obtaining consent. They also cannot share health data with employees or contractors unless confidentiality agreements bind those individuals. Additionally, businesses cannot use deceptive or manipulative user interface designs that make it harder for consumers to exercise their data rights, such as pre-ticked boxes, unclear language and no reject button. They also cannot ignore or delay consumer requests to access, correct or delete personal data, opt out of data processing for targeted advertising or profiling, or obtain a copy of their data. Restrictions would also apply to geofencing, a targeted marketing practice that sends tailored advertising to people when they enter a geographic area or, more specifically, mental health, reproductive health or sexual health facilities. Lastly, the bill would require businesses to use assessments to ensure that data is processed in compliance with the law. Serrato noted that this was a piece that other states do not have. The bill would not apply to nonprofit groups and colleges. It would only affect businesses that handle the data of at least 35,000 consumers or have processed data from at least 10,000 consumers and made over 20% of their total income from selling personal data. Most of the bill components are standard among the 22 states with similar laws. But for critics of the bill, that's exactly the problem. Caitriona Fitzgerald, a national advocate for data privacy, testified that measures like this around the U.S. don't go far enough. "They do little to change the status quo of companies being able to collect and use personal data however they like as long as they tell us what they are doing in a privacy policy that nobody reads," Fitzgerald said. Fitzgerald's organization, the Electronic Privacy Information Center, sent a letter to the House Commerce and Economic Development Committee denouncing the bill. "The bill seeks to provide to New Mexico consumers the right to know the information companies have collected about them, the right to access, correct and delete that information, as well as the right to stop the disclosure of certain information to third parties," the letter said. "However, in its current form it would do little to protect New Mexico consumers' personal information, or to rein in major tech companies like Google and Facebook." The letter also called for stronger protections, something Serrato described as unrealistic. When asked if she thought there would be enough time for the bill to pass through both houses before the session's end, Serrato said she's optimistic the bill will pass.
Yahoo
04-03-2025
- Business
- Yahoo
North Carolina could invest in crypto under bill backed by House speaker
North Carolina lawmakers are considering legislation to permit the investment of state funds in cryptocurrencies. (Photo illustration by) North Carolina's treasurer could invest state dollars into Bitcoin and other cryptocurrencies under a bill being considered in the House. House Bill 92, backed by House Speaker Destin Hall (R-Caldwell), would expand the state's portfolio to include a range of digital assets. The state treasurer — Brad Briner, a Republican — could invest up to 10% of state funds in those assets if he chooses. 'The whole investment field has changed over the last few years,' Rep. Stephen Ross (R-Alamance), a co-sponsor of the bill, told members of the House Commerce and Economic Development Committee on Tuesday. 'Over the last ten years, this has gone mainstream.' Under the bill, the state could not directly invest into a specific currency. Rather, the money could be put in the crypto equivalent of mutual funds. And although the bill outlines a range of eligible digital assets — including 'stablecoins' and 'nonfungible tokens' (NFTs) — it specifies that the invested assets must have a market cap of over $750 billion, effectively limiting it to Bitcoin. 'That takes away any risk involved in trying to invest in some small, off the wall cryptocurrency,' said Ross. A staffer for Briner signaled his office's support for the legislation during a committee hearing Tuesday, saying it was 'in line with (Briner's) principles for how he wants to run the department.' Briner's predecessor, Dale Folwell, offered a much more conservative approach to pension fund investments. But committee members on both sides of the aisle expressed some skepticism about the proposal and asked to displace the bill and hear directly from the state treasurer before taking any votes — a plea to which committee co-chair, Rep. John Sauls (R- Lee), agreed. 'I don't understand as clearly as I wish I did to make a good decision,' said Rep. Julia Howard (R-Davie), who also serves as senior chair of the House Finance Committee. 'I've tried to get my arms around, what is this stuff? Where is it? Where's it come from? And apparently more is being created, and supply and demand is going to affect the price,' said Rep. John Blust (R-Guilford) in sharing his own confusion about the industry. Republican sponsors have touted the legislation as an opportunity to improve gains for the state's pension fund. A representative for the State Employees Association of North Carolina (SEANC) pushed back on that assertion, saying it could 'damage' benefits for workers. 'Asking people who are directly affected to trust this type of investment is a stretch right now,' said SEANC lobbyist Flint Benson. Multiple Democrats also voiced opposition to the bill. Rep. Bryan Cohn (D-Granville) said he had invested in some digital assets, but warned against the state's involvement. 'I believe this industry is too immature for the state of North Carolina to put its assets into any fund,' Cohn said. Hall's proposal is among a new national crop of pro-crypto legislation — as lawmakers on the state and federal levels look for ways to tap into the industry. 'Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption & innovation,' Hall said in a February statement introducing the bill. President Donald Trump has embraced the issue, saying Sunday he wanted the U.S. to purchase and hold crypto assets as part of a 'strategic reserve.' And he has aligned himself closely with tech leaders who have been among the most vocal advocates of crypto. Those advocates have touted crypto as both a versatile currency of the future, and an investment opportunity divorced from government and institutional control. They point to major, decade-long growth of top currencies, like Bitcoin. (BTC's price sits at around $83,000; its market cap totals $1.56 trillion.) Skeptics and opponents have warned that the industry is historically volatile, poorly regulated and heavy on energy usage. The 2022 collapse of major crypto exchange FTX — and subsequent jailing of its founder, Sam Bankman-Fried — is a top exhibit for those arguments. The new bill is not North Carolina lawmakers' first venture into crypto legislation. Last year, the General Assembly passed a bill banning the state from accepting payments using 'central bank digital currencies.' Those currencies are similar to crypto, but have a fixed value tied to a central bank. They've yet to be established in the U.S. Former Gov. Roy Cooper vetoed the bill, arguing that it was premature, but was overridden by the GOP-led legislature.
Yahoo
20-02-2025
- Business
- Yahoo
Reformed version of Paid Family and Medical Leave Act moves forward
Feb. 19—SANTA FE — A significantly reworked Paid Family and Medical Leave Act, with lower premiums and less paid time off for medical purposes, is on its way to the House floor after passing a committee on Wednesday where it died two years ago. If it passes the floor, House Bill 11 will likely wind up on the governor's desk. After a four-hour debate, the House Commerce and Economic Development Committee voted 6-5 to move the legislation along. Rep. Marian Matthews, D-Albuquerque, joined committee Republicans in voting against the bill. Under the revised bill, businesses and employees would no longer be taxed to pay for parental leave; rather, the state's Early Childhood Education and Care Department (ECECD) would front the cost. Employers with five or more workers and employees would still pay into a wellness fund for medical or sexual harassment safety leave, with employers paying a 0.15% premium — $1.50 for every $1,000 earned — and employees paying a 0.2% premium — $2 for every $1,000 earned. The committee substitute bill also reduces the amount of paid leave for bereavement, foster, medical, exigency or safety purposes to six weeks rather than nine weeks. Parents could still get up to 12 weeks of paid time off with a $3,000 monthly benefit per child from the separate ECECD fund. The state would start assessing premiums on employees and employers in 2027, and workers could start taking paid leave in 2028. "There's an old saying that you know it's a compromise when everyone's a little bit unhappy," said bill sponsor Rep. Linda Serrato, D-Santa Fe, speaking to the two main changes in the bill decreasing the amount of medical time off and lowering premium rates by 0.55%. Thirteen other states and Washington, D.C., offer paid family and medical leave, but House Speaker Javier Martínez, D-Albuquerque, noted in a news conference before the committee meeting that this approach would be unique to New Mexico. "It's a win-win," Martínez said. "It's a win for the families, it's a win for the workers, it's a win for the babies and it's a win for the small business community." The changes to HB11 didn't sway Republicans or business leaders who have stood in steady opposition to the Paid Family and Medical Leave Act, many of whom voiced concerns about having to fill workforce gaps. Minority Floor Leader Gail Armstrong, R-Magdalena, still labeled the bill as burdensome and called it the "largest health tax increase" in New Mexico's history. "The more taxes that we implement and the more mandates that we put on employers and employees take away the ability for employers to help make those decisions as a group, with the people that they care about that are doing a fantastic job," she said. Democrats have been working on the bill's changes for the past couple of weeks, signaling a reason the legislation hasn't moved at all since passing its first committee in January. It now has about a month to pass the House floor, then the Senate. The bill has made it through the Senate side twice in past years, always dying on the House side. The legislation failed to pass the House chamber by two votes last year, and three Democrats who voted against the bill all lost their seats in the 2024 election cycle. Matthews pointed out in her closing remarks that she won her election despite voting against the Paid Family and Medical Leave Act last year, when she also proposed her own narrower version of the bill that died. The committee tabled an amendment she introduced largely aimed at exempting caregiving employers from having to pay the premium, an industry for which Matthews has said she's particularly concerned. "I will remain a 'no' vote on this until and unless we start to treat these people (well)," she said after the vote. Senate President Pro Tem Mimi Stewart, D-Albuquerque, earlier this week told the Journal the proposal, if it makes it to the Senate, could pass with unanimous Democratic support in the chamber. But she also said she decided not to file a Senate bill on the subject this year, after passing the bill through the chamber the last two years. "I got tired of being the straw man," Stewart said. It's now up to Martínez when to schedule the bill to be heard on the House floor.
Yahoo
19-02-2025
- Politics
- Yahoo
Today at the Roundhouse, Feb. 19
Feb. 19—The 60-day session is almost at its halfway point, as Thursday marks the final day to introduce bills for this year's session. Here are a few things to watch out for on Wednesday, Feb. 19. Paid family leave: A hotly debated proposal to allow New Mexico employees to take up to 12 weeks of paid parental or medical leave is scheduled for a key hearing in the House Commerce and Economic Development Committee. A similar proposal to this year's House Bill 11 was defeated on the House floor last year by a two-vote margin. Crime bills in the spotlight: A House-approved crime package gets its first — and only — Senate committee hearing. The six-bill package passed the House on a 48-20 vote on Saturday and could face scrutiny in the Senate Judiciary Committee. Behavioral health package hits House: A trio of behavioral health bills approved last week by the Senate are starting their journey through the House of Representatives. One of those measures, Senate Bill 3, is up for debate in the House Health and Human Services Committee, while the other two bills will be discussed by the House Appropriations and Finance Committee. Honoring veterans: It's Military and Veterans Day at the Legislature, and representatives from the New Mexico National Guard and the Department of Veterans Services will be at the Roundhouse.
