SRC-JBJ C.S.S.B. 971 77(R)BILL ANALYSIS


Senate Research CenterC.S.S.B. 971
77R10096 DAK-DBy: Shapleigh
State Affairs
4/3/2001
Committee Report (Substituted)


DIGEST AND PURPOSE 

Currently, large state investments of public funds are managed by state
agencies in concert with national investment and brokerage firms.
Disclosure of this funding and its management is currently compiled but not
readily disseminated to the public.  C.S.S.B. 971 expands existing
disclosure policy by requiring the posting on the Internet of all
investment funds administered by or under a contract with any entity of
state government, except for the Texas Workers' Compensation Insurance
Fund. 

RULEMAKING AUTHORITY

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

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Chapter 2054F, Government Code, by adding Section
2054.111, as follows: 

Sec. 2054.111.  REQUIRED POSTING OF STATE INVESTMENT FUND INFORMATION ON
INTERNET.  (a)  Defines "state investment fund." 

(b)  Requires the entity of state government responsible for administering
a state investment fund to post a report, on or before the first day of
each calendar quarter, containing the information specified by Subsection
(c) for the previous calendar quarter on a generally accessible Internet
site maintained by or for the fund. 

  (c)  Sets forth requirements for the content of the report.

(d)  Provides that this section does not apply to the Texas Workers'
Compensation Insurance Fund created under Article 5.76-3 (Texas Workers'
Compensation Insurance Fund), Insurance Code. 

SECTION 2.  Effective date: July 1, 2001, or October 1, 2001.

SUMMARY OF COMMITTEE CHANGES

SECTION 1.  Differs from the original by adding Subsection (d).

SECTION 2.  No change.