SBW S.J.R. 39 75(R)BILL ANALYSIS


PENSIONS & INVESTMENTS
S.J.R. 39
By: Ellis (Giddings)
5-1-97
Committee Report (Unamended)


BACKGROUND

Currently, the Texas Growth Fund requires businesses to disclose whether
or not they are transacting business in or with South Africa or Namibia
before the fund will invest in that business.  While the fund requires
disclosure of investments in South Africa or Namibia, it is not prevented
from investing in companies that transact business in these countries.
S.J.R. 39 repeals the current constitutional amendment requiring
disclosure of companies that invest in South Africa or Namibia, since
these countries no longer operate under a system of apartheid. 

PURPOSE

As proposed, S.J.R. 39 repeals the current constitutional amendment
requiring disclosure of companies that invest in South Africa or Namibia,
since these countries no longer operate under a system of apartheid. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Repealer:  Section 70(r), Article XVI, Texas Constitution
(Texas growth fund; management; investment of state funds). 

SECTION 2. Requires this proposed constitutional amendment to be submitted
to the voters at an election to be held November 4, 1997.  Sets forth the
required language for the ballot.