TX SB1903

Expands the Texas Permanent School Fund Corporation board of directors from 9 to 11 members

Adds one new board member appointed by the lieutenant governor with senate confirmation, who must have substantial background and expertise in investments and asset management

Adds one new board member appointed by the speaker of the house of representatives with senate confirmation, who must have substantial background and expertise in investments and asset management

Initial appointees will draw lots to determine staggered terms, with one term expiring January 1, 2029 and the other expiring January 1, 2031

Takes effect immediately with two-thirds legislative approval, otherwise September 1, 2025