To require covered agencies to issue strategy and implementation plans for the transfer of credit, guarantee, and insurance risk to the private sector, to require the implementation of such plans, and for other purposes.
Impact
If enacted, HB 9040 would result in significant changes to how state agencies approach risk management and financial liabilities. It would compel these agencies to formulate concrete strategies addressing the transfer of risks, which could lead to increased reliance on private sector solutions. This move could potentially lessen the financial burden on state entities by using private markets to absorb certain risks, thus promoting fiscal responsibility and resilience in the face of financial uncertainty.
Summary
House Bill 9040 aims to require covered agencies to develop and implement strategy and implementation plans regarding the transfer of credit, guarantee, and insurance risks to the private sector. This initiative is intended to create a framework through which the public sector can mitigate financial risks by leveraging private sector capabilities and resources. The bill reflects a growing trend toward public-private partnerships in risk management and financial strategy, fostering collaboration between government and business to enhance efficiency and sustainability in financial practices.
Contention
Discussions surrounding HB 9040 might center on concerns related to the implications of transferring public risk to private entities. Critics may argue that such measures could prioritize profit over public interest and limit transparency in government operations. The ability of the private sector to manage public risks raises questions about accountability and effectiveness, and whether the overall financial stability of the agencies would be compromised if reliance on private investors leads to profit-driven decision-making rather than equitable service provision.
To amend the Public Health Service Act to provide for the inclusion of a biological attribution strategy, and an early warning strategy and implementation plan, in the National Health Security Strategy, and for other purposes.
To amend the Public Health Service Act to provide for the inclusion of a biological attribution strategy, and an early warning strategy and implementation plan, in the National Health Security Strategy, and for other purposes.
To require the Secretary of Defense and the Secretary of State to monitor efforts by the People's Republic of China to build or buy strategic foreign ports, and for other purposes.
To amend the Federal Deposit Insurance Act and the Federal Credit Union Act to authorize a temporary transaction account guarantee program, expand deposit and share insurance to cover business payment accounts, and for other purposes.
To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.