By Ellis S.B. No. 671 75R2616 CLG-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the creation, powers, and duties of the Community 1-3 Reinvestment work group. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Title 16, Revised Statutes, is amended by adding 1-6 Article 352 to read as follows: 1-7 Art. 352. COMMUNITY REINVESTMENT WORK GROUP 1-8 Sec. 1. COMMUNITY REINVESTMENT WORK GROUP. (a) The 1-9 Community Reinvestment work group is created to work in conjunction 1-10 with the banking community in the state to: 1-11 (1) develop statewide community reinvestment 1-12 strategies using existing investment pools and other investment 1-13 vehicles to leverage private capital from banks, insurance 1-14 companies, and other entities for community development in the 1-15 state; and 1-16 (2) monitor and evaluate the strategies developed 1-17 under this section. 1-18 (b) The work group is composed of: 1-19 (1) a representative of the comptroller's office, 1-20 appointed by the comptroller; 1-21 (2) a representative of the Texas Department of 1-22 Housing and Community Affairs, appointed by the executive director 1-23 of that department; 1-24 (3) a representative of the Texas Department of 2-1 Commerce, appointed by the executive director of that department; 2-2 (4) a representative of the Texas Department of 2-3 Banking, appointed by the banking commissioner of Texas; and 2-4 (5) a representative of the Texas Department of 2-5 Insurance, appointed by the commissioner of insurance. 2-6 (c) The representative of the comptroller's office serves as 2-7 presiding officer of the work group. The members of the work group 2-8 may elect any other necessary officers. 2-9 (d) The work group shall meet quarterly and may meet more 2-10 often at the call of the presiding officer. 2-11 (e) A member of the work group serves a two-year term and 2-12 may be removed for any reason by the appointing authority. 2-13 (f) The appointing authority is responsible for the expenses 2-14 of a member's service on the work group. A member of the work 2-15 group receives no additional compensation for serving on the work 2-16 group. 2-17 (g) In developing the strategies required by this section, 2-18 the work group shall: 2-19 (1) explore innovative qualified investment 2-20 strategies; 2-21 (2) ensure to the extent possible that the strategies 2-22 encourage financial institutions in this state to lend money to 2-23 low-income and moderate-income families and individuals in the 2-24 state; 2-25 (3) coordinate its efforts to attract private capital 2-26 through investments that meet the requirements of the Community 2-27 Reinvestment Act of 1977 (12 U.S.C. Section 2901 et seq.); and 3-1 (4) ensure to the extent possible that the strategies 3-2 augment existing Community Reinvestment Act of 1977 programs in the 3-3 state, including the operation of local community development 3-4 corporations. 3-5 Sec. 2. REPORT TO LEGISLATURE. The Community Reinvestment 3-6 work group shall submit each biennium to the legislature a written 3-7 report on the effectiveness of the strategies the work group is 3-8 required to develop under Section 1 of this article. 3-9 SECTION 2. The Community Reinvestment work group shall 3-10 submit the first report required by Section 2, Article 352, Revised 3-11 Statutes, as added by this Act, not later than February 1, 1999. 3-12 SECTION 3. This Act takes effect September 1, 1997. 3-13 SECTION 4. The importance of this legislation and the 3-14 crowded condition of the calendars in both houses create an 3-15 emergency and an imperative public necessity that the 3-16 constitutional rule requiring bills to be read on three several 3-17 days in each house be suspended, and this rule is hereby suspended.