HBA-CBW H.J.R. 86 77(R) BILL ANALYSIS Office of House Bill AnalysisH.J.R. 86 By: Wilson State Affairs 3/23/2001 Introduced BACKGROUND AND PURPOSE Currently, there is no uniformity in the way in which the state, a state official, or an agency or other institution of the state makes investments. Some of the investments have resulted in losses of millions of dollars. A centralized investment entity may be able to guide and direct such investments to provide a more profitable result. As proposed, House Joint Resolution 86 requires the submission to the voters of a constitutional amendment establishing the State Investment Commission to manage the investment of all money held by an entity of the state. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this resolution does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Joint Resolution 86 amends the Texas Constitution to establish the State Investment Commission (commission) and provides that the commission has full authority to manage and direct the investment of all money held, in trust or otherwise, by the state, a state official, or an agency or other institution of the state. H.J.R. 86 provides that the commission is composed of six commissioners appointed by the governor with the advice and consent of the senate and provides that the commissioners serve terms of six years, with the terms of two commissioners expiring June 1 of each odd-numbered year. FOR ELECTION This proposed constitutional amendment shall be submitted to the voters at an election to be held November 6, 2001.