Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
HB3069 by Veasey (Relating to the investment authority of the comptroller.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 404 of the Government Code to direct the Comptroller of Public Accounts, when awarding contracts to private professional investment managers or acquiring other private financial services for the Safekeeping Trust Company, to make a good faith effort to award contracts or to acquire services from qualified emerging fund managers. The bill would define an "emerging fund manager" as a private professional investment manager that manages assets of not more than $2 billion. It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.