Plan to overhaul Texas Rainy Day Fund and boost returns losing steam

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A proposal to dramatically reshape the state’s Rainy Day Fund, the state’s savings account for tough economic times, has effectively died in the final days of the legislative session. The fund, which is largely fed by taxes on oil and gas production and is projected to reach $12 billion by 2019 if left untouched, has been at the center of debates this legislative session over whether to tap it to help stave off budget cuts. But a separate debate has unfolded over the fund's future. Throughout most of its 28-year history, the Rainy Day Fund functioned largely as a stockpile of cash, which w...

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