Subscribe to receive our Floor Reports covering all the action on the Texas House and Senate floor!
Under current law the Comptroller’s office is authorized to invest a percentage of the economic stabilization fund that exceeds the amount of sufficient balance of the fund. The investment is not subject to limitations as long as the meet the sufficient cash flow requirements of the fund.
House Bill 855 would add a section to the Tax Code relating to the management and investment of the Economic Stabilization fund and Texas Legacy Distribution fund. The Comptroller’s office would be directed to develop procedures to manage the assets of the accounts.
Additionally, the bill would define the objectives in the comptroller maintaining the Texas stabilization account in the economic stabilization funds as preserving the account’s principal, purchasing power and liquidity of the account.
Finally, the bill would direct the Comptroller’s office to determine the amount of sufficient balance of the Texas stabilization account in the economic stabilization fund.
While the authority to allow investment, and seek private options to increase certain funds is clearly within the legitimate responsibility of the government, the provisions of this bill have no relationship to our liberty principles. HB 855 neither uplifts nor offends our liberty principles, therefore we remain neutral.
Read Bill & Check Bill Status