82R11387 CJC-F
By: Veasey H.B. No. 3069
A BILL TO BE ENTITLED
AN ACT
relating to the investment authority of the comptroller.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 404.114, Government Code, is amended by
adding Subsections (c) and (d) to read as follows:
(c) In awarding contracts to private professional
investment managers under Subsection (a) or otherwise acquiring
private financial services relating to the management of assets
held by the trust company, the comptroller shall make a good faith
effort to award contracts to or acquire services from qualified
emerging fund managers.
(d) For purposes of Subsection (c):
(1) "Emerging fund manager" means a private
professional investment manager that manages assets of not more
than $2 billion.
(2) "Private financial services" includes pension
fund management, consulting, investment advising, brokerage
services, hedge fund management, private equity fund management,
and real estate investment.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2011.