TX HB104

Creates the Texas Future Fund as a $5 billion separately managed account within the Economic Stabilization Fund (Rainy Day Fund), administered by the comptroller and invested by the Texas Treasury Safekeeping Trust Company

Establishes a 9-member Texas Future Fund Investment Review Board with appointments by the comptroller (3), governor (2), lieutenant governor (2), and governor from speaker's list (2), serving staggered 6-year terms

Authorizes investments in frontier technology infrastructure, national defense-critical industries, and innovative technologies, with limits of 20% per project and 30% per entity, prioritizing companies with Texas presence and employment expansion

Requires board members to have expertise in private equity, venture capital, frontier technology, or public fund management, and mandates adoption of a code of ethics with conflict of interest standards

Mandates biennial reports to the legislature summarizing investments and economic impact, annual independent audits, and public disclosure of investment recipient names, amounts, returns, and board recusals