The committee on House Investments and Financial Services met to take up a full agenda. This report will cover only testimony relating to HB 1003 (Capriglione) regarding the investment of public funds.
HB 1003 (Capriglione) Relating to investment of public funds.
- Laid out bill
- Bill brings permissive investment in line with SEC rules
- Committee substitute will come out later to address issues
- Issues such as: negotiable Certificate of Deposits, clarify credit agreements can be used, etc
- Michael Clayton, State Auditors Office – on
- Stephenson – what are practical implications?
- Not much impact, does not see bill changing work they already do
- Stephen Spurlock, Independent Bankers Association of Texas – on
- Thanks for removing section 2 in the committee substitute, would have facilitated movement in funds outside of the state
- Greg Warner, First Southwest Assets Management – for
- Investment advisors for public entities in Texas
- Think bill is worthy and supports it
- Jay Propes, Fidelity Investments – for
- For the bill last session and almost got it across the goal line
- Had problem with definitions, intuitions particularly Higher Ed will have trouble with cash management without the bill
- Bill left pending