Off the Kuff Rotating Header Image

Separating the Permanent School Fund from the SBOE

The State Board of Education continues to be as popular as swine flu in the Lege.

Thanks to Rep. Donna Howard’s HJR 77, which passed the House today, Texas taxpayers get to vote on who will manage the Permanent School Fund.

Right now, the fund, which provides a significant chunk of funding to Texas public schools, is managed by the State Board of Education. Howard’s constitutional amendment would create a separate body, made up of people with actual financial management and investment expertise, to manage the fund.

Rep. Wayne Christian protested, saying the fund has earned returns near those of other state funds, such as the Teacher’s Retirement Fund. But Howard pointed out that two different agencies have recommended establishing a body to oversee the fund.

It might be a good time for some ch-ch-ch-changes. The fund lost a bunch o’ money in the stock market with the financial crisis, so entrusting what’s left of it to a more experienced group is not such a bad idea.

As TFN Insider notes, the enabling legislation also passed the House, so all that’s needed is a Senate vote. Between this and the confirmation of Don McLeroy as Chair twisting in the wind, it’s been a rough week for the SBOE. Which is fine by me.

Related Posts:

  • No Related Posts

Comments are closed.