Relating to the health care professional education fund.
Impact
The bill envisions a structured governance through the Texas Treasury Safekeeping Trust Company, which will administer and invest the health care professional education fund. The distribution of funds will not surpass 7% of the fund's average market value and will be allocated primarily to a permanent endowment with a smaller portion directed toward startup costs for new programs. This model encourages responsible fiscal management while supporting the education sector in producing qualified health care professionals.
Summary
SB1701 establishes a health care professional education fund aimed at increasing the production of health care professional degrees in Texas. The bill mandates the allocation of funds to general academic teaching institutions, enabling them to expand or initiate degree programs geared towards addressing workforce needs in the healthcare sector. This initiative is particularly crucial in light of the ongoing demand for healthcare professionals within the state to meet increasing population health requirements.
Contention
Notably, the bill's effectiveness hinges on a constitutional amendment proposed to voters that endorses the establishment of the Texas Health Care Workforce Education Fund. If this amendment does not pass, SB1701 will have no legal bearing. Such a provision spurs discussions around the potential for citizen engagement in educational funding and the importance of healthcare workforce development as a critical state priority.
Texas Constitutional Statutes Affected
Education Code
Chapter 62. Constitutional And Statutory Funds To Support Institutions Of Higher Education
Enabling for
Proposing a constitutional amendment establishing the Texas Health Care Workforce Education Fund to provide funding to eligible institutions of higher education to address Texas' health care workforce needs and drive the state economy.
Relating to the application of certain programs that support certain occupation-related postsecondary educational programs and students of those programs.