Proposal creates council to manage fund

AUSTIN (AP) - The Texas House passed a proposed constitutional amendment Monday that would strip oversight of a multi-billion state education fund from the State Board of Education.

If approved, the measure would create a Permanent School Fund Management Council to manage the Permanent School Fund.

The fund, which is currently managed by elected members of the State Board of Education, has plummeted during the recession.

Rep. Donna Howard, D-Austin, said she proposed the measure because the SBOE has not successfully managed the fund and it should instead be managed by financial experts.