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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.