H.B. No. 4857 proposes the establishment of the Fiscal Risk Management Commission in Texas, which will be added as Chapter 2119 to Subtitle C, Title 10 of the Government Code. The commission will consist of seven members, including the comptroller, the speaker of the house or a designated member, the lieutenant governor or a designated senator, and four public members appointed by the governor with expertise in fiscal policy and budget analysis. The comptroller will serve as the presiding officer, and members will not receive compensation but can be reimbursed for expenses. The commission is tasked with studying various fiscal risks, including the impact of federal funding on the state economy, the effects of economic terrorism, and the potential need for a contingency currency.

The commission is required to meet annually and develop a comprehensive fiscal risk management plan every two years, which will be reported to the governor and legislature by September 1 of even-numbered years. The report will include findings from the commission's studies, methods used for analysis, and any proposed legislation needed to implement recommendations. Additionally, if local self-government rights are deemed impaired, the report must include an audit of federal assistance to state agencies and the costs associated with the state assuming responsibility for critical functions currently managed by the federal government. The first report is due by September 1, 2026, and the act will take effect immediately upon a two-thirds vote or on September 1, 2025, if not.

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