You may recall last month there was a big stink about the University of Texas Investment Management Company awarding bonuses even though performance was lacking in 2008.
The ensuing outrage resulted in a board member resigning and brought into focus the need for more transparency in how state pension funds are run.
Right now the salaries and bonuses of pension fund managers are not public record. A piece in the Lufkin Daily News does a good job of laying out the legal battle that has been waged thus far to make these records public but the end result has been the same drawn veil.
Now, Charlie Geren R-Fort Worth is trying to rectify this situation. Geren filed H.B. 1707 that would make public the compensation that public pension fund managers command.
Geren and Senator Jeff Wentworth, R-San Antonio who filed a similar bill in the Senate are to be congratulated for taking a step towards greater government transparency. You should take the time to encourage your representatives to follow suit by visiting TexasTaxpayers.com.
These pieces of legislation are going to empower the citizens of Texas with much needed information, and will eventually result in a restoration of faith in how Texas government is conducting business.