Bill Text: TX HB2967 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to contracting with emerging fund managers by the State Board of Education for investment of the permanent school fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-18 - Referred to Pensions [HB2967 Detail]
Download: Texas-2013-HB2967-Introduced.html
83R9130 KKA-F | ||
By: Alonzo | H.B. No. 2967 |
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relating to contracting with emerging fund managers by the State | ||
Board of Education for investment of the permanent school fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 43.005, Education Code, is amended by | ||
adding Subsection (a-1) to read as follows: | ||
(a-1) In awarding contracts to private professional | ||
investment managers under Subsection (a) or otherwise acquiring | ||
private financial services, the State Board of Education shall make | ||
a good faith effort to award contracts to or acquire services from | ||
qualified emerging fund managers. For purposes of this subsection: | ||
(1) "Emerging fund manager" means a private | ||
professional investment manager that manages assets of not more | ||
than $2 billion. | ||
(2) "Private financial services" includes | ||
consulting, investment advising, brokerage services, hedge fund | ||
management, private equity fund management, and real estate | ||
investment. | ||
SECTION 2. 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, 2013. |