Texas House Bill HB 3495

Texas 2025 - 89th Regular

• Filed: 2/27/25

Caption

Relating to the investment and management of certain funds by the comptroller; making an appropriation.

Summary

HB 3495 would give the Texas Comptroller explicit authority to hold certain marketable securities outside the state treasury, notwithstanding existing law. If the comptroller later liquidates those securities, the bill allows reasonable and necessary holding and liquidation expenses to be paid from the sale proceeds, with the net proceeds then deposited into the state treasury under existing procedures. The bill also makes a conforming change to the Government Code’s investment provisions to clarify that the comptroller’s state-fund investments are excluded from the general subchapter governing investment policies for certain public funds. The bill further appropriates to the comptroller, on the effective date, marketable securities currently held in the general revenue fund under Chapter 74 of the Property Code so they can be managed outside the treasury under the new authority. In practical terms, the measure is a treasury-management and asset-administration bill that adjusts how the state handles certain securities rather than changing tax rates, benefit programs, or spending priorities directly. It is set to take effect September 1, 2025.

Impact

HB 3495 would amend Chapter 404 of the Government Code by adding a new section authorizing the comptroller to retain marketable securities outside the state treasury and to use sale proceeds to cover related costs before depositing the remainder into the treasury. It also amends Section 2256.004 to clarify the scope of investment-law exemptions for state funds invested by the comptroller. The bill appropriates certain securities from the general revenue fund to the comptroller for this purpose, creating a specific statutory mechanism for managing those assets outside the treasury framework.

Sentiment

Based on the available record, the bill appears to have been treated as a technical or administrative finance measure rather than a controversial policy proposal. There are no committee transcript excerpts or recorded votes in the provided material indicating strong support or opposition, and the bill was referred to Appropriations in both chambers. The overall tone suggested by the caption and text is neutral and operational, focused on improving flexibility in state asset management.

Contention

No specific points of contention are documented in the provided materials. Potential areas of concern, if raised, would likely involve the comptroller’s discretion to hold assets outside the treasury, the use of sale proceeds to pay expenses before deposit into the treasury, and the appropriation of existing general-revenue securities for this purpose. However, the record provided does not identify any legislators, agencies, or stakeholders taking opposing positions.