Two key state bills protect manufacturers, crypto investors
(Sept. 17, 2022) — The California Legislature gaveled down for the final time about 1 a.m. on Sept. 1, marking the end of the two-year session.
After dispensing with nearly 4,500 pieces of legislation over the last two years and passing more than 1,100 bills just this year alone, legislators have returned to their districts. Gov. Gavin Newsom has until Sept. 30 to sign or veto the bills.
The process begins again on Dec. 6, when Assembly and Senate members from around the state reconvene in Sacramento for the beginning of the next legislative session.
I am proud to report that a number of bills I carried this year have successfully made it through the Legislature and now await their final fate on the governor’s desk. I’d like to highlight a couple that I have written about in previous columns:
AB 2269 is an important measure to help consumers by creating basic, common-sense protections for those who invest in cryptocurrency. The bill will help ensure that the exchanges work on behalf of their investors by mandating such things as dedicated customer service, transparency and disclosure requirements. AB 2269 also importantly includes a requirement that the licensee acts in the best interest of a customer when it recommends a cryptocurrency.
By licensing digital assets companies under Department of Financial Innovation and Protection (DFPI), the industry will receive the necessary regulatory clarity to innovate responsibly and consumers will have established protections. My hope is that AB 2269 will be the foundation to create a safer market for consumers, while also building long-term stability in these new digital financial assets.
Jumpstarting the economy
AB 1951 was introduced to help jumpstart the state’s economy as it recovers from the COVID-19 pandemic. The measure would give a full sales tax exemption for the purchase of manufacturing equipment, which will allow manufacturers to expand their operations in the state and bring the economic benefits that would accompany this expansion – such as the hiring of new workers and an increase in business that increases overall revenue to the state.
Prior to the pandemic, California manufacturing had already faced a decline in total employment, but the pandemic has further challenged California’s manufacturing sector. Since March 2020, manufacturing jobs in California have decreased by 4%. Thirty-eight other states have already eliminated the sales tax on manufacturing equipment, and now is the time for California to follow suit. This year, I’m determined to change that and bring manufacturing investment back to California in order to make “design here, build here” a reality for California companies.
I am hopeful that these significant pieces of legislation – which have the potential to help hundreds of thousands of people throughout the state – earn the governor’s signature. But know that if they don’t, I will continue to fight for these important ideas and reintroduce them in the new legislative session.
Please do not hesitate to reach out to my office if there are ideas you may have to improve the quality of life in our Assembly district and beyond. Contact my Concord office at 925-521-1511 to discuss any new legislation you think might help your fellow Californians in their daily lives.