The bill establishes a Joint Legislative Executive Committee on Health Care Financing in Washington State, aimed at addressing the challenges facing the state's health care system. The committee will consist of members from both the House of Representatives and the Senate, as well as representatives from the governor's office, various health departments, and tribal governments. The committee is tasked with investigating strategies and developing policy options to create financing mechanisms that enhance access to health care and make it more affordable for residents. It will hold its first meeting by August 1, 2026, and is required to deliver a preliminary report by January 1, 2027, and a final report by November 1, 2027.

The bill outlines specific areas for the committee to focus on, including health care pricing strategies, payment methodologies, health plan benefit design, and administrative simplification. It emphasizes the importance of consulting with health care financing experts and coordinating with existing health care commissions and boards. The committee's meetings will be open to the public, and the Office of Financial Management will provide staffing and may contract for additional analysis as needed. The section establishing the committee will expire on January 1, 2028.