Texas 2021 - 87th Regular

Texas House Bill HB1180 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	87R2394 SRA-D
2	2	By: Krause H.B. No. 1180
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the creation of the Fiscal Risk Management Commission.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Subtitle C, Title 10, Government Code, is
10	10	amended by adding Chapter 2117 to read as follows:
11	11	CHAPTER 2117. FISCAL RISK MANAGEMENT COMMISSION
12	12	Sec. 2117.0001. DEFINITIONS. In this chapter:
13	13	(1) "Commission" means the Fiscal Risk Management
14	14	Commission.
15	15	(2) "State agency" means a board, commission,
16	16	department, office, or other agency in the executive branch of
17	17	state government created by the constitution or a statute of this
18	18	state, including an institution of higher education as defined by
19	19	Section 61.003, Education Code.
20	20	Sec. 2117.0002. COMPOSITION. (a) The commission is
21	21	composed of the following seven members:
22	22	(1) the comptroller;
23	23	(2) the speaker of the house of representatives or a
24	24	member of the house of representatives designated by the speaker;
25	25	(3) the lieutenant governor or a member of the senate
26	26	designated by the lieutenant governor; and
27	27	(4) four members of the public, appointed by the
28	28	governor, who have experience with state and federal fiscal policy
29	29	and budgetary analysis.
30	30	(b) The comptroller shall serve as the presiding officer of
31	31	the commission.
32	32	(c) Public members serve at the pleasure of the governor.
33	33	(d) The state auditor may on request provide advice and
34	34	technical assistance to the commission.
35	35	Sec. 2117.0003. COMPENSATION. A member of the commission
36	36	serves without compensation but is entitled to reimbursement for
37	37	actual expenses incurred in performing functions as a member of the
38	38	commission, subject to any applicable limitation on reimbursement
39	39	provided by general law or the General Appropriations Act.
40	40	Sec. 2117.0004. COMMISSION DUTIES. (a) The commission
41	41	shall:
42	42	(1) meet at least once each year at the call of the
43	43	presiding officer; and
44	44	(2) study:
45	45	(A) the effect of federal fiscal policy on this
46	46	state's economy, including:
47	47	(i) the percentage of this state's budget
48	48	currently funded by federal money and the effect that a significant
49	49	reduction or elimination of federal funding for state governments
50	50	would have on this state's economy;
51	51	(ii) the effect of a political or
52	52	market-led default on the United States' debt obligations on this
53	53	state's economy; and
54	54	(iii) the amount of money earned in this
55	55	state that is transferred to the federal government as compared to
56	56	the amount of federal money received by this state from the federal
57	57	government, and the effect of those transfers on businesses in this
58	58	state;
59	59	(B) the amount of federal money received by each
60	60	state agency, and the effect that a significant reduction or
61	61	elimination of federal funding for state governments would have on
62	62	the continuing operation of, and the delivery of critical services
63	63	by, each of those agencies;
64	64	(C) the effect of the devaluation of the United
65	65	States dollar on this state's economy, including an examination of:
66	66	(i) the effect of a gradual devaluation, a
67	67	loss of reserve currency status, or an outright collapse of the
68	68	United States dollar on this state's economy; and
69	69	(ii) the advisability of developing a
70	70	contingency currency;
71	71	(D) the risks presented by acts of economic
72	72	terrorism, including:
73	73	(i) the effect of power outages caused by
74	74	acts of cyberterrorism, including an electromagnetic pulse, on
75	75	financial markets and critical infrastructure in this state; and
76	76	(ii) the effect of an energy embargo or the
77	77	disruption of the food, water, or power supply chain on the ability
78	78	of this state and state agencies to continue to provide critical
79	79	services; and
80	80	(E) any other macroeconomic threat to this
81	81	state's economy the commission considers appropriate.
82	82	(b) In conducting the study required by this section, the
83	83	commission shall consult with and consider papers authored by
84	84	private entities specializing in fiscal risk management readiness
85	85	and response. The commission may not rely solely on papers authored
86	86	by institutions of higher education.
87	87	Sec. 2117.0005. FISCAL RISK MANAGEMENT PLAN. The
88	88	commission biennially shall develop and publish a cohesive,
89	89	in-depth plan to effectively and efficiently address the effects
90	90	and risks identified by the commission in conducting the study
91	91	required by Section 2117.0004.
92	92	Sec. 2117.0006. REPORT. (a) Not later than September 1 of
93	93	each even-numbered year, the commission shall submit a report to
94	94	the governor and the legislature based on the commission's findings
95	95	under Section 2117.0004 during the previous two-year period.
96	96	(b) The report must include:
97	97	(1) a complete explanation of the methods used by the
98	98	commission in conducting the financial analysis required by the
99	99	study;
100	100	(2) a summary of the commission's findings under
101	101	Section 2117.0004 and a copy of the plan created under Section
102	102	2117.0005; and
103	103	(3) drafts of any proposed legislation needed to
104	104	implement the commission's recommendations.
105	105	(c) The first report due under this section must include a
106	106	thorough evaluation of this state's need to develop a contingency
107	107	currency in the event of a collapse of the United States dollar.
108	108	This subsection expires September 1, 2023.
109	109	SECTION 2. (a) Not later than the 60th day after the
110	110	effective date of this Act, the governor and, if applicable, the
111	111	speaker of the house of representatives and the lieutenant governor
112	112	shall make the appointments and designations under Chapter 2117,
113	113	Government Code, as added by this Act.
114	114	(b) The Fiscal Risk Management Commission shall submit the
115	115	first report required by Section 2117.0006, Government Code, as
116	116	added by this Act, not later than September 1, 2022.
117	117	SECTION 3. This Act takes effect immediately if it receives
118	118	a vote of two-thirds of all the members elected to each house, as
119	119	provided by Section 39, Article III, Texas Constitution. If this
120	120	Act does not receive the vote necessary for immediate effect, this
121	121	Act takes effect September 1, 2021.