Honorable Jim Murphy, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB4452 by Bonnen, Greg (Relating to the authority of the legislature to vest the power to invest and manage certain public funds in certain officers, boards, and entities.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Government Code to allow the Legislature to assign any public officer of the state (including boards of public officers or an entities governed by appointees of public officers) the power to invest and manage public funds, other than the fund established under Article VII, Section 11 of the Texas Constitution. The officer, board, or entity would have to be designated in the general appropriations act.
This bill would take effect January 1, 2020, contingent on voter approval of HJR 143 or similar legislation on November 5, 2019. Without that voter approval, this bill would have no effect.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board