Relating to the creation of the Texas future fund and the Texas future fund investment review board and to the permissible uses of money in the Texas future fund.
What changed between versions
Establishes a new Texas Future Fund with an initial $5 billion balance drawn from the economic stabilization fund.
Creates a new nine-member Texas Future Fund Investment Review Board to oversee investments in frontier technology, national defense sectors, and innovative technologies.
Imposes investment limits (20% per project, 30% per entity) and requires prioritization of in-state businesses and job creation.
Establishes conflict of interest rules preventing board members from serving if they or their spouses work for or own interests in funded entities.
Sets a deadline of October 1, 2025 for appointing initial board members and requires staggered six-year terms with draw lots for initial term lengths.
Requires annual independent audits, ethics training for board members, and public disclosure of investment details while protecting certain confidential information.
Redefined board composition requirements to include specific expertise in frontier technology, venture capital, and public fund management.
