H.B. No. 104 proposes the creation of the Texas Future Fund and the Texas Future Fund Investment Review Board, aimed at fostering innovation and diversifying the state's economy through strategic investments in critical sectors. The bill introduces Chapter 483 to the Government Code, detailing the fund's purposes, key definitions, and operational framework. The Texas treasury safekeeping trust company will manage the fund, ensuring investments align with the established guidelines. The bill emphasizes transparency by mandating the disclosure of specific investment-related information.

The Texas Future Fund Investment Review Board will consist of nine members appointed by various state officials, bringing diverse expertise in private equity, venture capital, and innovative technologies. The board is responsible for overseeing the fund's investments, developing strategies, and maintaining a list of target industries essential for national defense and economic diversification. It must adhere to best practices in financial operations and investment due diligence, establish an investment policy with limits and prioritization for local entities, and report biennially to the legislature on investment outcomes. The bill allocates $500 million from the economic stabilization fund as the initial balance for the Texas Future Fund, with provisions for the board's member appointments and terms. The bill will take effect immediately upon a two-thirds vote or on September 1, 2025, if that threshold is not met.

Statutes affected:
Introduced: Government Code 404.0241 (Government Code 404)
House Committee Report: Government Code 404.0241 (Government Code 404)
Engrossed: Government Code 404.0241 (Government Code 404)
Senate Committee Report: Government Code 404.0241 (Government Code 404)