Texas House Bill HB1665

Texas 2021 - 87th Regular

Caption

Relating to the development and maintenance by the Employees Retirement System of Texas and the Teacher Retirement System of Texas of an online investment tracking database.

Impact

This bill has significant implications for state laws concerning public access to financial information managed by state retirement systems. By establishing a publicly searchable database, the bill aims to foster accountability and transparency in the management of taxpayer-funded retirement benefits. The requirement for a public database touches on regulations pertaining to financial disclosures and investment practices, thus modernizing the state's approach to managing and communicating this information to residents.

Summary

House Bill 1665 aims to enhance transparency regarding the investments made by the Employees Retirement System of Texas and the Teacher Retirement System of Texas. The legislation mandates the development and maintenance of an online investment tracking database that would be publicly accessible. This database is intended to allow Texan residents to see how and where their state's retirement systems are investing funds, particularly including investments in foreign business entities.

Contention

While the bill is designed to enhance transparency and public awareness, it may face contention from those concerned about the extent of public disclosure. Some stakeholders might argue that the detailed information required for the database, particularly regarding foreign investments, could expose sensitive operational aspects of the retirement systems. Additionally, possible concerns about privacy and competitive disadvantages for certain investments might lead to discussions about the balance between transparency and confidentiality in state retirement systems.