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Senate committee hears proposal to create $5 billion Texas Future Fund within ESF
Summary
A proposal to carve $5 billion from the Economic Stabilization Fund to create a Texas Future Fund was presented to the Finance Committee. The bill would create a nine-member investment board to pursue higher-return, longer-term investments governed by the Uniform Prudent Investor Act; the measure was left pending for further changes.
Chairman Bonin's House Bill 104, presented in the Senate Finance Committee, would create a Texas Future Fund as a separately managed account within the Economic Stabilization Fund (ESF). The proposal would set aside $5 billion of ESF assets for a new investment vehicle overseen by a nine-member investment review board with appointments by the governor, lieutenant…
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