Resolve, to Establish
Maine Legislature, Session 132, LD 1943
Committee Amendment CA_A_H739 (House)

COMMITTEE AMENDMENT " f\ " to H.P, 1302, L.D. 1943, "Resolve, to Establish
a Commission to Study the Role of Private Equity in Maine's Economy and in Key
Economic Sectors"
Amend the resolve in section 1 in the indented paragraph in the first line (page 1, line
6 in L.D.) by striking out the following; ""private equity firm" means" and mserting the
following: '"private equity" means a class of investments or assets, including hedge funds,
venture capital, growth capital, mezzanine capital, leveraged buyouts, secondary buyouts
and carve-outs, used to purchase or invest in nonpublicly traded businesses or real estate.
For purposes of this resolve, "private equity firm" means'
Amend the resolve in section 2 in subsection 2 in the first line (page 1, line 13 in L.D.)
by striking out the following: "national,"
Amend the resolve in section 2 in subsection 3 in the first line (page 1, line 16 in L.D.)
by inserting after the following: "sectors" the following: 'in the State'
Amend the resolve m section 2 in subsection 3 m the 2nd line (page 1, line 17 in L.D,)
by inserting after the following; "energy," the following: 'child care,'
Amend the resolve by striking out all of sections 3 and 4 and inserting the following:
'See. 3. Membership. Resolved: That, notwithstanding Joint Rule 353, the
commission consists of the following members;
1. Two members of the Senate, appointed by the President of the Senate, including
one member of the party holding the largest number of seats in the Legislature and one
member of the party holding the 2nd largest number of seats in the Legislature;
2. Two members of the House of Representatives, appointed by the Speaker of the
House, including one member of the party holding the largest number of seats in the
Legislature and one member of the party holding the 2nd largest number of seats in the
Legislature;
3. One representative from the Department of Health and Human Services, appointed
by the Commissioner of Health and Human Services;
COMMITTEE AMENDMENT
ROS
COMMITTEE AMENDMENT"/! "toH.P. 1302,L,D. 1943
4. One representative from the Department of Economic and Community
Development, appointed by the Commissioner of Economic and Community
Development;
5. One representative from the Department of Administrative and Financial Services,
appointed by the Commissioner of Administrative and Financial Services;
6, One representative from the Finance Authority of Maine, appointed by the chief
executive officer of the Finance Authority of Maine;
7, Two members with expertise in public policy and economic transparency, one
appointed by the President of the Senate and one appointed by the Speaker of the House;
8. Two members with expertise in the health care, child care, housing or nursing home
sectors, including advocates or industry professionals, one appointed by the President of
the Senate and one appointed by the Speaker of the House;
9. Two academic experts in economics, business or public policy, one appointed by
the President of the Senate and one appointed by the Speaker of the House;
10. Representatives from relevant consumer advocacy groups focused on economic
fairness and transparency in markets, appointed by the President of the Senate and the
Speaker of the House;
11. One member who is a corporate attorney who specializes in governance, regulatory
compliance and risk management, appointed by the President of the Senate; and
12. Two representatives from private equity firms based in the State, including one
appointed by the President of the Senate and one appointed by the Speaker of the House.
Sec. 4. Chairs. Resolved: That the first-named Senate member is the Senate chair
and the first-named House of Representatives member is the House chair of the
commission.
Sec. 5. Appointments; convening of commission. Resolved: That all
appomtments to the commission pursuant to section 3 must be made no later than 30 days
following the effective date of this resolve. The President of the Senate and the Speaker of
the House shall notify the Executive Director of the Legislative Council when all
appointments have been completed. After the appoinbnent of all members, the chau's shall
0 call and convene the first meetmg of the commission. If 3 0 days or more after the effective
date of this resolve a majority of but not all appointments have been made, the chairs may
request authority and the Legislative Council may grant authority for the commission to
meet and conduct its business.
Sec. 6. Duties. Resolved: That the commission shall:
1, Collect and analyze data on the market shares, transparency practices and economic
effects of private equity firms that carry out business in the State, including the economic
cost to the State and the potential loss of state revenue;
2. Consult with experts in economics and public policy and in the energy, child care,
health care, housing and nursing home sectors and members of private equity firms based
in the State;
3, Consult with organizations involved in private investment intended to spur
innovation and business-specific growth in the State; and
COMMITTEE AMENDMENT
ROS
COMMITTEE AMENDMENT "/A "toH.P. 1302, L.D. 1943
4, Stidy the private equity industry and the systemic economic risks and potential harm
posed by the private equity industry to the State.
Sec. 7. Staff assistance. Resolved: That the Legislative Council shall provide
necessary staffing services to the commission, except that Legislative Council staff support
is not authorized when the Legislatire is in regular or special session.
Sec. 8. Report. Resolved: That, no later than December 3, 2025, the commission
shall submit a report that includes its fmdings and recommendations, includmg suggested
legislation, to the Joint Standing Committee on Housing and Economic Development. The
report may include legislative proposals to address the effects of private equity firms on
the States economy and key economic sectors, such as energy, child care, health care,
' housing and nursing homes. The joint standing committee may submit a bill related to this
report to the Second Regular Session of the 132nd Legislature.'
Amend the resolve by relettering or renumbering any nonconsecutive Part letter or
section number to read consecutively.
SUMMARY
This amendment, which is the majority report of the committee, makes the following
changes to the resolve.
1, It adds a definition for "private equity."
2, It limits the focus of the commission to state and local impacts, not national impacts.
3, It requu'es that Legislators appointed to the commission from the Senate and the
House of Representatives represent the 2 parties holding the largest number of seats in the
Legislature,
4. It clarifies which state agencies are to be represented on the commission and requires
the commissioners of those agencies to appoint agency representatives, not the President
of the Senate or the Speaker of the House.
5. It adds representatives from private equity firms based in the State to the
commission.
6. It requires the commission to consult with organizations involved in private
investment intended to spur innovation and business-specific growth in the State.
7. It requires the commission's report to be submitted to the Joint Standing Committee
on Housing and Economic Development, not the Joint Standing Committee on Health
Coverage, Insurance and Financial Services.
8, It adds provisions required by Joint Rule 353 on staffing of the commission, the
appointment of members and convening of the commission and selection of commission
chairs.
6 FISCAL NOTE REQUIRED
(See attached)
COMMITTEE AMENDMENT
Approved: 06/02/25 f-KS^
LD 1943 LR 2264(02)
Resolve, to Establish a Commission to Study the Role of Private Equity in Maine's Economy and in
Key Economic Sectors
Fiscal Note for Bill as Amended by Committee Amendment ^'( H ~~f'3ct
Committee: Housing and Economic Development
Fiscal Note Required: Yes
Fiscal Note
Legislative Cost/Study
Legislative Cost/Study
The general operating expenses of this study are projected to be $3,050 in fiscal year 2025-26, The Legislature's
proposed budget for the 2026-2027 biennium includes $22,196 in each of fiscal years 2025-26 and 2026-27 for t1
costs of legislative studies, as well as $8,265 in projected balances from fiscal year 2024-25 and $33,073 ofbala. ^
carried over from prior years for this purpose. Whether these amounts are sufficient to fund all studies will depend on
the number of studies authorized by the Legislative Council and the Legislature, The additional costs of providing
staffing assistance to the study during the interim can be absorbed utilizing existing budgeted staff resources.
Fiscal Detail and Notes
Any additional costs to the Department of Health and Human Services, the Department of Economic and Community
Development, the Department of Administrative and Financial Services and the Finance Authority of Maine to
participate in a study commission are expected to be minor and can be absorbed within existing budgeted resources.
LR2264(02) - Fiscal Note - Page 1 of 1