H.B. No. 104 establishes the Texas Future Fund, a new initiative designed to enhance the state's leadership in innovative technologies and diversify the Texas economy. This fund will be a separately managed account within the Texas Economic Stabilization Fund, administered by the comptroller, focusing on investments in frontier technology infrastructure and sectors critical to national defense. The bill creates the Texas Future Fund Investment Review Board, consisting of nine members appointed by various state officials, who will oversee the fund's investments and ensure compliance with ethical standards and conflict-of-interest policies. The board is tasked with conducting regular reviews of the fund's investments and submitting biennial reports to the legislature on its activities and economic impact.

The bill introduces amendments to the Government Code, emphasizing the confidentiality of information related to companies considered for investment from the fund, which is exempt from public disclosure under Chapter 552. It mandates that board members complete a training course provided by the comptroller before assuming their duties and outlines that they will serve without pay but be reimbursed for actual expenses incurred. Additionally, the bill designates $5 billion from the economic stabilization fund to create the Texas Future Fund and requires the board to develop investment procedures, including due diligence presentations. The bill will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that vote is not achieved.

Statutes affected:
Introduced: Government Code 404.0241 (Government Code 404)