TX HB4857

Creates a seven-member Fiscal Risk Management Commission composed of the comptroller (as presiding officer), the speaker of the house or designee, the lieutenant governor or designee, and four public members with fiscal policy experience appointed by the governor

Requires the commission to study macroeconomic threats to Texas including: the impact of federal funding cuts on state agencies, effects of a U.S. debt default, dollar devaluation scenarios, and risks from economic terrorism such as cyberattacks and supply chain disruptions

Mandates evaluation of whether Texas should develop a contingency currency in the event of U.S. dollar collapse, with this assessment due in the first report by September 1, 2026

Requires biennial reports to the governor and legislature by September 1 of each even-numbered year, including a fiscal risk management plan and draft legislation for recommendations

Following a legislative resolution declaring impairment of local self-government rights, the commission must audit total federal assistance to state agencies and estimate costs for Texas to assume those functions independently