85R795 CJC-D
 
  By: Krause H.B. No. 138
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the creation of the Fiscal Risk Management Commission.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subtitle C, Title 10, Government Code, is
  amended by adding Chapter 2117 to read as follows:
  CHAPTER 2117. FISCAL RISK MANAGEMENT COMMISSION
         Sec. 2117.001.  DEFINITIONS. In this chapter:
               (1)  "Commission" means the Fiscal Risk Management
  Commission.
               (2)  "State agency" means a board, commission,
  department, office, or other agency in the executive branch of
  state government created by the constitution or a statute of this
  state, including an institution of higher education as defined by
  Section 61.003, Education Code.
         Sec. 2117.002.  COMPOSITION. (a) The commission is
  composed of the following seven members:
               (1)  the comptroller;
               (2)  the state auditor;
               (3)  the speaker of the house of representatives or a
  member of the house of representatives designated by the speaker;
               (4)  the lieutenant governor or a member of the senate
  designated by the lieutenant governor; and
               (5)  three members of the public, appointed by the
  governor, who have experience with state and federal fiscal policy
  and budgetary analysis.
         (b)  The comptroller shall serve as the presiding officer of
  the commission.
         (c)  Public members serve at the pleasure of the governor.
         Sec. 2117.003.  COMPENSATION. A member of the commission
  serves without compensation but is entitled to reimbursement for
  actual expenses incurred in performing functions as a member of the
  commission, subject to any applicable limitation on reimbursement
  provided by general law or the General Appropriations Act.
         Sec. 2117.004.  COMMISSION DUTIES. (a)  The commission
  shall:
               (1)  meet at least once each year at the call of the
  presiding officer; and
               (2)  study:
                     (A)  the effect of federal fiscal policy on this
  state's economy, including:
                           (i)  the percentage of this state's budget
  currently funded by federal money and the effect that a significant
  reduction or elimination of federal funding for state governments
  would have on this state's economy;
                           (ii)  the effect of a political or
  market-led default on the United States' debt obligations on this
  state's economy; and
                           (iii)  the amount of money earned in this
  state that is transferred to the federal government as compared to
  the amount of federal money received by this state from the federal
  government, and the effect of those transfers on businesses in this
  state;
                     (B)  the amount of federal money received by each
  agency of this state, and the effect that a significant reduction or
  elimination of federal funding for state governments would have on
  the continuing operation of, and the delivery of critical services
  by, each of those agencies;
                     (C)  the effect of the devaluation of the United
  States dollar on this state's economy, including an examination of:
                           (i)  the effect of a gradual devaluation, a
  loss of reserve currency status, or an outright collapse of the
  United States dollar on this state's economy; and
                           (ii)  the advisability of developing a
  contingency currency;
                     (D)  the risks presented by acts of economic
  terrorism, including:
                           (i)  the effect of power outages caused by
  acts of cyberterrorism, including an electromagnetic pulse, on
  financial markets and critical infrastructure in this state; and
                           (ii)  the effect of an energy embargo or the
  disruption of the food, water, or power supply chain on the ability
  of this state and agencies of this state to continue to provide
  critical services; and
                     (E)  any other macroeconomic threat to this
  state's economy the commission considers appropriate.
         (b)  In conducting the study required by this section, the
  commission shall consult with and consider papers authored by
  private entities specializing in fiscal risk management readiness
  and response. The commission may not rely solely on papers authored
  by institutions of higher education.
         Sec. 2117.005.  FISCAL RISK MANAGEMENT PLAN. The commission
  biennially shall develop and publish a cohesive and in-depth plan
  to effectively and efficiently address the effects and risks
  identified by the commission in conducting the study required by
  Section 2117.004.
         Sec. 2117.006.  REPORT. (a) Not later than September 1 of
  the even-numbered year preceding each regular session of the
  legislature, the commission shall submit a report based on the
  commission's findings under Section 2117.004 during the previous
  two-year period to the governor and the legislature.
         (b)  The report must include:
               (1)  a complete explanation of the methods used by the
  commission in conducting the financial analysis required by the
  study;
               (2)  a summary of the commission's findings under
  Section 2117.004 and a copy of the plan created under Section
  2117.005; and
               (3)  drafts of any proposed legislation needed to
  implement the commission's recommendations.
         (c)  The first report due under this section must include a
  thorough evaluation of this state's need to develop a contingency
  currency in the event of a collapse of the United States dollar.
         SECTION 2.  (a) Not later than the 60th day after the
  effective date of this Act, the governor and, if applicable, the
  speaker of the house of representatives and the lieutenant governor
  shall make the appointments and designations under Chapter 2117,
  Government Code, as added by this Act.
         (b)  The Fiscal Risk Management Commission shall submit the
  first report required by Section 2117.006, Government Code, as
  added by this Act, not later than September 1, 2018.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2017.