Supported $5 Billion Slush Fund Controlled by an Unaccountable Board: House of Bad Cards

Who in Texas wants our Texas legislature to act as a private equity fund?

Did you want the government to invest your money for you, and not promise any returns to you if any profits are realized?

HB 104 itself establishes the Texas Future Fund, a $5 billion investment account carved out of the Economic Stabilization Fund (Rainy Day Fund) to support emerging technologies and industries such as frontier tech and national defense. Managed by the Texas Treasury Safekeeping Trust Company and overseen by a new Investment Review Board.

Who is on this board?

Sec. 483.0102. BOARD COMPOSITION.
(a) The board is composed of the following nine members:
(1) three members appointed by the comptroller;
(2) two members appointed by the governor;
(3) two members appointed by the lieutenant governor; and
(4) two members appointed by the governor from a list of candidates for appointment provided by the speaker of the house of representatives.

This bill significantly expands the scope of state government by transforming public reserves into a venture-style investment vehicle.

Is that what you wanted - your tax dollars taken from you so that the government can use it like a venture capitalist would?

Further, it diverts taxpayer surplus - originally meant for fiscal emergencies - into speculative, government-directed private market interventions. This model erodes free enterprise by empowering government to pick winners and losers in emerging industries and lacks core safeguards such as sunset clauses, clawback provisions, or firm accountability metrics. It reflects a shift away from limited, restrained governance and toward a quasi-industrial policy at odds with principles of taxpayer protection and market neutrality. The bill passed the Texas House of Representatives by a vote of 107 to 35.

Thankfully, it died in the Senate.

GOP Platform Conflict: Plank 62 emphasizes fiscal responsibility. Unaccountable oversight of public funds violates transparency.

RV#1392: Yea 107 (R 56, D 51) - Nay 35 (R 26, D 9)
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Yea - Allen; Anchia; Ashby; Barry; Bell, C.; Bhojani; Bonnen; Bowers; Buckley; Bucy; Bumgarner; Button; Campos; Canales; Capriglione; Cole; Collier; Cook; Cortez; Craddick; Cunningham; Curry; Darby; Davis, Y.; Dean; DeAyala; Dorazio; Dutton; Dyson; Fairly; Flores; Frank; Gamez; Garcia Hernandez; Garcia, J.; Garcia, L.; Gates; Gerdes; Geren; Gonzalez, J.; Gonzalez, M.; Goodwin; Guerra; Guillen; Harless; Harris Davila; Hefner; Hernandez; Hinojosa; Howard; Hull; Hunter; Isaac; Johnson; King; LaHood; Lalani; Lambert; Landgraf; Leach; Leo Wilson; Longoria; Lopez, J.; Lopez, R.; Louderback; Lujan; Manuel; Martinez; Martinez Fischer; McLaughlin; McQueeney; Metcalf; Meyer; Moody; Morales Shaw; Morales, E.; Munoz; Noble; Oliverson; Ordaz; Patterson; Paul; Perez, M.; Perez, V.; Phelan; Plesa; Raymond; Romero; Rose; Rosenthal; Shaheen; Simmons; Slawson; Smithee; Talarico; Tepper; Thompson; Troxclair; Turner; VanDeaver; Villalobos; Vo; Walle; Wharton; Wilson; Wu; Zweiner

Nay - Alders; Bryant; Cain; Davis, A.; Gervin-Hawkins; Harrison; Hayes; Hickland; Holt; Hopper; Jones, J.; Kerwin; Little; Lowe; Lozano; Luther; Meza; Money; Morales, C.; Morgan; Olcott; Pierson; Reynolds; Richardson; Rodriguez Ramos; Schatzline; Schofield; Schoolcraft; Shofner; Spiller; Swanson; Tinderholt; Toth; Vasut; Ward Johnson

Present, Not Voting - Burrows; Harris

Please note: the following statements by legislators do not affect the vote count that was recorded.

Aicha Davis: "When Record No. 1392 was taken, I was shown voting no. I intended to vote yes." (view other statements of vote for this Rep)

AJ Louderback: "When Record No. 1392 was taken, I was shown voting yes. I intended to vote no." (view other statements of vote for this Rep)

Charlene Ward Johnson: "When Record No. 1392 was taken, I was shown voting no. I intended to vote yes." (view other statements of vote for this Rep)

(Bill summary provided by Texas Policy Research)