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.