Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.
Impact
With the enactment of HB 2193, state laws governing the structure and functioning of advisory committees related to the Employees Retirement System will be amended. This legislation introduces provisions that specify eligibility criteria for committee members, ensuring that appointees have relevant experience in financial institutions or education in fields pertinent to investment strategies. This could potentially lead to more informed decision-making regarding the management and investment of public retirement assets in Texas.
Summary
House Bill 2193 pertains to the establishment and qualifications of membership on an advisory committee created by the Employees Retirement System of Texas. This committee is tasked with providing advice to the board of trustees regarding investment decisions and investment-related matters. The bill aims to enhance the expertise of individuals who serve on the advisory committee by establishing clear criteria for membership, indicating that members must possess specific qualifications related to finance or economics.
Contention
Some notable points of contention surrounding this bill include the stipulation that individuals associated with businesses receiving funds from the retirement system or registered lobbyists are ineligible for committee membership. Critics may argue that such restrictions could reduce the pool of qualified candidates or that they might limit the diversity of perspectives contributing to investment discussions. Nonetheless, supporters emphasize that these measures are necessary to maintain the integrity and effectiveness of the advisory committee in overseeing the state’s retirement investments.
Relating to the fiduciary responsibility of the governing body of the public retirement systems in this state and the investment managers and proxy advisors acting on behalf of those systems.
Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.
Relating to measures to address public safety threats in this state presented by transnational criminal activity, including by establishing the Texas Homeland Security Division and the Border Security Advisory Council, and to compensate persons affected by those threats.