HBA-SEP S.B. 1547 77(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 1547 By: Duncan Ways & Means 4/19/2001 Engrossed BACKGROUND AND PURPOSE Currently, the comptroller of public accounts (comptroller) has an informal, internal investment advisory committee made up of senior executive staff. Senate Bill 1547 requires the comptroller to establish an investment advisory board to advise the comptroller regarding investments made by the comptroller. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS Senate Bill 1547 amends the Government Code to require the comptroller of public accounts (comptroller) to establish an investment advisory board to advise the comptroller regarding investments made by the comptroller. The comptroller is also required to appoint members to the advisory board who possess the expertise appropriate for advising the comptroller with regard to one or more types of investments the comptroller may make and to determine the number of members. A member serves on the advisory board at the will of the comptroller. Provisions regarding state agency advisory committees do not apply to the size, composition, or duration of the advisory board. The bill provides that the deposit of state funds in a state depository is not considered an investment under the above provisions. EFFECTIVE DATE On passage, or if the Act does not receive the necessary vote, the Act takes effect September 1, 2001.