Relating to the collateralization of certain public funds and to custodians with which certain pledged securities may be deposited; providing administrative penalties.
Impact
The implementation of HB 77 aims to ensure that participating institutions back their public deposits with securities valued at at least 102% of the total public funds. This is expected to increase the security and transparency associated with the management of public finances. The bill outlines specific procedures for monitoring and reporting that institutions must adhere to, intending to create a more robust framework for financial oversight in the state.
Summary
House Bill 77 focuses on the collateralization of certain public funds held by financial institutions in Texas. This bill introduces a new subchapter under Chapter 2257 of the Government Code that establishes a pooled collateral program for securing deposits of public funds. The comptroller is tasked with overseeing this program, which allows financial institutions to pledge collateral to secure public deposits in a centralized manner, potentially simplifying compliance for institutions while enhancing the safety of public funds.
Contention
While the bill offers a structured approach to collateralizing public deposits, there may be concerns regarding the administrative penalties imposed for non-compliance with the new regulations. The comptroller has the authority to impose penalties for late reporting or failure to maintain proper collateral levels, which could be viewed as excessive by some advocacy groups. Critics may argue that these financial standards could place a disproportionate burden on smaller institutions, potentially impacting their ability to operate effectively within the new regulatory framework.
Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.
Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.
Relating to the regulation of certain health professionals and health facilities; providing civil and administrative penalties; creating a criminal offense.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to the elimination of certain property taxes for school district maintenance and operations and the provision of public education funding by increasing the rates of certain state taxes.
Relating to the establishment and administration of a state bullion depository and the investment of certain public money in precious metals and depository accounts.