March 20, 2018      11:43 AM

Hegar warns of downgrade in state credit rating if lawmakers do not expand investment of ESF funds

Hegar tells Senate Finance: “To be blunt, I strongly believe that without a path forward to address these issues, then Texas will see a downgrade in our credit rating in the near-term”

Editor’s note: The PowerPoint presentation Comptroller Hegar is giving to Senate Finance is at the end of this story – SB

Appearing before the powerful Senate Finance Committee, Texas Comptroller Glenn Hegar on Tuesday began a fresh push to try to convince lawmakers that they should allow him to increase investment earnings using money that’s now essentially just sitting idle as cash within the Economic Stabilization Fund, or Rainy Day Fund.

Failing to do so, Hegar warned, could mean Texas would risk a downgrade to its sterling AAA credit rating within the next few years.

By Scott Braddock

Copyright March 20, 2018, Harvey Kronberg, www.quorumreport.com, All rights are reserved