HBA-KDB C.S.S.B. 971 77(R) BILL ANALYSIS Office of House Bill AnalysisC.S.S.B. 971 By: Shapleigh State Affairs 5/18/2001 Committee Report (Substituted) BACKGROUND AND PURPOSE Currently, large state investments of public funds are managed by state agencies in concert with national investment and brokerage firms. Disclosure of this funding and its management is currently compiled but not readily disseminated to the public. C.S.S.B. 971 expands existing disclosure policy by requiring the posting on the Internet of all investment funds administered by or under a contract with any entity of state government, except for the Texas Workers' Compensation Insurance Fund. 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 C.S.S.B. 971 amends the Government Code to require the entity of state government responsible for administering a state investment fund, on or before the 60th day following the last day of each calendar quarter, to post a report containing specified fund information for the previous calendar quarter on a generally accessible Internet site maintained by or for the fund. EFFECTIVE DATE July 1, 2001, or if the Act does not receive the necessary vote, the Act takes effect October 1, 2001. COMPARISON OF ORIGINAL TO SUBSTITUTE C.S.S.B. 971 modifies the original by requiring the entity of state government responsible for administering a state investment fund (fund) to post a report on the fund on or before the 60th day following the last day of each calendar quarter, rather than to post the report on or before the first day of each calendar quarter. The substitute no longer provides that the report has to state the dollar amounts of fees, commissions, and other amounts paid in connection with administration of the fund to businesses categorized according to the race, ethnicity, and gender of the controlling ownership of each business and the principal place of business of each business. The substitute provides that the report must state the percentage of commissions paid by the fund to historically underutilized businesses in relation to the total commission paid by the fund.