Bill Text: TX HB3069 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the investment authority of the comptroller.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2011-05-02 - Left pending in committee [HB3069 Detail]
Download: Texas-2011-HB3069-Introduced.html
| 82R11387 CJC-F | ||
| By: Veasey | H.B. No. 3069 | |
|
|
||
|
|
||
| relating to the investment authority of the comptroller. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 404.114, Government Code, is amended by | ||
| adding Subsections (c) and (d) to read as follows: | ||
| (c) In awarding contracts to private professional | ||
| investment managers under Subsection (a) or otherwise acquiring | ||
| private financial services relating to the management of assets | ||
| held by the trust company, the comptroller shall make a good faith | ||
| effort to award contracts to or acquire services from qualified | ||
| emerging fund managers. | ||
| (d) For purposes of Subsection (c): | ||
| (1) "Emerging fund manager" means a private | ||
| professional investment manager that manages assets of not more | ||
| than $2 billion. | ||
| (2) "Private financial services" includes pension | ||
| fund management, 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, 2011. | ||
