The proposed bill seeks to extend the existing contract between the Office of the Chief Financial Officer (OCFO) and Wells Fargo Bank, N.A. for comprehensive banking services, modifying the contract to continue from January 16, 2026, through December 15, 2026, with a total not-to-exceed amount of $2,300,000. This extension is essential to ensure uninterrupted banking services while the OCFO prepares for a new solicitation for banking and lockbox services, which is expected to be awarded by the end of 2026. The bill emphasizes Wells Fargo's satisfactory service over the past fifteen years and confirms that the contract extension aligns with the OCFO's budget authority and financial plan.

Additionally, the bill outlines a list of companies and individuals excluded from participating in government contracts due to legal violations, which will be maintained by the Office of Contracting and Procurement (OCP). This measure aims to enhance transparency and accountability in government contracting by ensuring that only qualified entities are awarded contracts. The bill does not include specific insertions or deletions from current law but focuses on the establishment of the excluded parties list and the justification for the sole source contract extension with Wells Fargo, highlighting the necessity of continuous banking services during the transition to a new vendor.