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.