House Joint Interim Committee on State Investment
Policy
Charge
Review the investment policies of state agencies and institutions
of higher education. The review is to include recent changes
implemented by the State Board of Education for investments of
the Permanent School Fund.
Recommendations
Review the Public Funds Investment
Act to clarify language.
The comptroller should verify
that all entities required to prepare an investment report have
one on file and that the reports have been updated to comply with
the Public Funds Investment Act.
The Texas Department of Criminal
Justice along with the appropriate legislative committees should
study the possibility of a centralized investment function.
The Fire Fighters' Pension
Commission should hire persons with more expertise to evaluate
the investment reports submitted to them from money managers and
consultants.
Eliminate the current requirement
of the Permanent School Fund to use the Comptroller's Treasury
Division for purchasing securities in order to avoid incurring
unnecessary costs.
Review the State Auditor's
report on the state's six largest investment entities for findings
and recommendations that should be implemented in the next legislative
session.
Review the Comptroller's Texas
Performance Review recommendation on the Permanent School Fund,
when released.
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