Texas House Bill HB2340

Texas 2013 - 83rd Regular

Caption

Relating to the establishment of the Texas First Investment Fund.

Impact

The establishment of the Texas First Investment Fund is expected to significantly alter the landscape for infrastructure development in Texas by consolidating investment processes under a board, appointing independent investment managers, and streamlining the investment strategy. The fund will not only be open to public investment but also aims to attract private sector funding, creating a cooperative investment atmosphere. This could lead to an uptick in infrastructure projects as the fund maximizes investment returns while addressing the state's urgent infrastructure needs.

Summary

House Bill 2340 introduces the Texas First Investment Fund, establishing a framework for investing in critical infrastructure projects in Texas, with an aim to enhance economic growth through public-private partnerships. The fund is created as a trust and will focus on investments in sectors such as energy, transportation, and water management, facilitating the development of infrastructure that generates revenue. By addressing distinct areas such as toll roads and other projects that promise returns, the bill seeks to attract substantial capital investment from both public and private entities.

Contention

While the bill has drawn general support for its intents to boost infrastructure development and economic growth, it raises questions about the governance and oversight of the investments made by the Fund. Critics may argue about the potential for mismanagement or lack of accountability given that an appointed board oversees the Fund rather than a directly elected body. Additionally, the language surrounding the fund's independence from the state's treasury might introduce concerns over financial transparency and the implications for public fund allocation.