One way the state of Texas maintains and grows its financial resources is through investments. The state as well as various subdivisions of state government use the services of the Texas Treasury Safekeeping Trust Company (TTSTC)
The TTSTC is a special-purpose trust company whose mission is to preserve and grow the state's financial resources by competitively managing and investing them in a prudent, ethical and cost-effective manner.
The Trust Company was created by the Texas Legislature to efficiently and economically manage, invest and safeguard funds for its clients, the state and various subdivisions. The Trust Company is first and foremost a fiduciary organization. As such, it is held to the highest standard of care imposed in either law or equity and obligated to subordinate its own interests to those of its beneficiaries.
The Trust Company is incorporated and established as a separate, stand-alone organization with the Texas Comptroller of Public Accounts as its sole shareholder and director. The Comptroller appoints its CEO and delegates authority to the CEO and Trust Company staff to manage the organization.
Through its trading desk and Settlement & Custody Services, the Trust Company acts as broker and custodian for marketable securities and mutual funds held by the Comptroller's Unclaimed Property Division. Custody and trading services are provided for certain other state agencies that may own marketable securities. For state agencies that issue debt, the Trust Company provides escrow services related to the retirement of bonds. The Trust Company also serves as the depository for newly issued bonds and performs the complex accounting functions associated with investing bond proceeds in guaranteed investment contracts (GICs).
Texas has been granted a direct account with the Federal Reserve (the "Fed") and the Depository Trust Company ("DTC"). The Trust Company is allowed to maintain custody of assets at the Fed and DTC and to wire funds for limited purposes related to its business. Direct access to the Fed and DTC saves the state millions in fees that would otherwise be paid to commercial banks for these services. The Trust Company is not, however, allowed to compete with commercial banks.
The Texas Treasury Safekeeping Trust Company routinely measures performance via publically available reporting and audits.
In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites. The Texas Comptroller’s most commonly used Web browsers are Google Chrome, Microsoft Internet Explorer and Apple Safari.