AUSTIN -- Speaker Joe Straus today named five Members of the Texas House to a committee that will recommend a minimum balance for the state’s Economic Stabilization Fund (ESF).
The Select Committee to Determine a Sufficient Balance of the Economic Stabilization Fund was created by legislation passed in 2013. Its existence is contingent upon voter passage of Proposition 1 this November.
If voters approve Proposition 1, the committee will recommend a balance that should be maintained in the ESF, better known as the rainy day fund, in the next fiscal biennium.
Rep. Myra Crownover of Denton will serve as Co-Chair. Speaker Straus also appointed the following legislators to the committee: Reps. Patricia Harless of Spring, Abel Herrero of Robstown, John Otto of Dayton and Sylvester Turner of Houston.
“We’ve built a very strong balance in the rainy day fund over the last several years,” said Speaker Straus, R-San Antonio. “These Members will help ensure that the fund stays strong and that Texas remains prepared for an economic emergency.”
State law calls for the committee to set a sufficient balance by Dec. 1. That recommendation will then go before the full House and Senate in the form of a concurrent resolution early in next year’s legislative session. The House and Senate can adopt that resolution or amend it.
“I look forward to a healthy discussion next session about the rainy day fund and other key priorities, such as transportation,” Speaker Straus said. “The Members of this committee will provide important leadership as that discussion takes shape.”
The committee will also include five members of the Texas Senate, including a Co-Chair.
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