By Hirschi H.C.R. No. 91 HOUSE CONCURRENT RESOLUTION 1-1 WHEREAS, The Permanent University Fund, Permanent School 1-2 Fund, Teacher Retirement System of Texas, and Employees Retirement 1-3 System of Texas hold in the aggregate a substantial amount of 1-4 public funds for investment; and 1-5 WHEREAS, Their fiduciary responsibilities are shaped in part 1-6 by constitutional and legal directives designed to encourage 1-7 investment prudence yet also yield a healthy rate of return on 1-8 behalf of Texas students, teachers, and state employees; and 1-9 WHEREAS, An additional issue appropriately of interest 1-10 regarding these four entities is the contribution of their 1-11 investments to the prosperity of Texas's economy and the 1-12 maintenance and advancement of the state's public and private 1-13 infrastructure; and 1-14 WHEREAS, In view of these considerations, it is appropriate 1-15 that the legislature conduct a special study of these funds and 1-16 retirement systems focusing on the past and present extent of their 1-17 collective Texas investment; now, therefore, be it 1-18 RESOLVED, That the 72nd Legislature of the State of Texas, 1-19 1st Called Session, hereby request the lieutenant governor and 1-20 speaker of the house of representatives to create a joint interim 1-21 committee to determine the current and historical amount of 1-22 investment in Texas-based investment instruments by the Permanent 1-23 University Fund, Permanent School Fund, Teacher Retirement Fund, 2-1 Teacher Retirement System of Texas, and Employees Retirement System 2-2 of Texas; and, be it further 2-3 RESOLVED, That the committee establish for the study 2-4 definitional criteria describing Texas-based investment, and from 2-5 its examination of investment practices determine a reasonable 2-6 minimum for investment in Texas-based instruments and an optimal 2-7 percentage for that investment by available investment category; 2-8 and, be it further 2-9 RESOLVED, That the committee report its findings and its 2-10 recommendations concerning such investment practices to the 74th 2-11 Legislature when it convenes in January 1995; and, be it further 2-12 RESOLVED, That the committee's operations and procedures be 2-13 governed by such rules and policies as are established by the 2-14 pursuant to Senate Concurrent Resolution 62, 72nd Legislature 2-15 Regular Session.