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March 16th, 2019:

Joaquin reportedly in for Senate

This would be exciting.

Rep. Joaquin Castro

Joaquin Castro, the Democratic congressman from San Antonio, “is all but certain” to enter next year’s race for U.S. Senate and take on incumbent Republican John Cornyn, a source familiar with Castro’s thinking said Thursday.

The move would profoundly change the dynamics of the 2020 campaign and put Texas squarely on center stage, with two Texans already in the Democratic primary race and Joaquin taking on a longtime Republican senator who many see as vulnerable, especially during a presidential election year.

“We’ll be making an announcement in the very near future,” said Matthew Jones, Castro’s campaign adviser.

“This instantly makes the race very competitive,” Bill Miller, an Austin lobbyist and longtime political observer, said of Joaquin’s potential entry into the race. Running in tandem with his brother, who announced his candidacy for president on January 12 in San Antonio, would only benefit both candidates, Miller said, and “doubles up on all the positives.” When asked if Cornyn was vulnerable, Miller said, “Every Republican senator up for election next year is vulnerable.”

“This is quite an important development,” said Larry Sabato, a political scientist at the University of Virginia. “Beto proved Texas can be competitive, and this means that Cornyn is really going to have to work hard to raise money and work hard to earn votes—and Republicans in Texas are not used to doing that.”

[…]

The source said a timeline has not been established for Joaquin to formalize any announcement, but one Democrat who did not want to be identified because he was not authorized to speak on behalf of the congressman said that Joaquin has been reaching out and telling several key Democratic leaders in Texas that he has been leaning toward running. Castro’s decision may have further solidified on Thursday after O’Rourke announced he was running for president. There had been speculation that O’Rourke may have taken on Cornyn following his 2.5 percentage point defeat to Republican Ted Cruz last year.

See here for the background. If this turns out to be the case, then I would presume that all of the other potential Cornyn opponents will turn their attention elsewhere. That would suggest MJ Hegar and Joe Kopser take another shot at the Congressional races they ran in 2018, and Wendy Davis keep doing what she’s doing now, as an advocate and supporter of other candidates. All of which is fine by me – Joaquin Castro has always been my top non-Beto choice to run against Cornyn, I just didn’t think he’d give up his Congressional seat to do it. Expect a big scramble for that seat when and if this happens as well, by the way. We’ll save that for another day. Also, as the story notes, this likely forecloses the Senate fallback option for Beto – it’s not that he couldn’t try for Senate again if he gets no traction in the Presidential primary, it’s that it would be much more complicated and fraught for him to do so. We should know more soon enough. The Trib has more.

No more PSF investing for you, Land Board

Seems worth considering.

Austin Lawmakers filed bills this week that would strip the School Land Board of its ability to invest billions of dollars on behalf of Texas schoolchildren.

The bipartisan legislation, submitted Wednesday, comes amid mounting scrutiny over the management of the $44 billion Permanent School Fund, which is run jointly by the land board and the State Board of Education. The two boards are the subject of a yearlong Houston Chronicle investigation that began publishing Sunday, which found that the fund has lost out on as much as $12 billion in revenue, fueled by anemic returns, skyrocketing fees and questionable investment deals.

At the same time, students in Texas have received less annually from the endowment over the past decade, in real dollars, than they did in the two decades prior, even as the overall size of the fund has swelled.

The land board’s role has been especially contentious. It manages its portion of the portfolio — now at $10 billion — by collecting the state’s oil and gas royalty revenues and investing them, primarily in private equity. The land board has only three members, often meets behind closed doors, and since 2006 has committed or invested nearly $3.7 billion with companies run by friends, business associates or campaign donors.

The bills would end that, revoking the land board’s investment power and returning it entirely to the education board. It would still gather fees from royalties, but pass them straight on to the education board.

Consolidating the two will “put more money to work for the benefit of our schoolchildren,” Sen. Kirk Watson, an Austin Democrat who is leading the effort, said in a statement. “The legislature created this flawed structure, and it’s time we fixed it.”

Five Republican Senate committee chairs have signed on to the legislation, including Jane Nelson, Brian Birdwell, Paul Bettencourt, Dawn Buckingham and Bob Hall. Republican Rep. Ken King has filed identical legislation in the House.

See here for the background, and here for the full series published by the Chron. The SBOE had full responsibility for the PSF until 2001, so this would revert things to the earlier setup. Not that the SBOE has been a perfect steward of the PSF, but they’ve been a little better than the Land Board. I would not object to an overall higher level of scrutiny on the whole process. This is at least a step in the right direction.

In a statement, Land Commissioner George P. Bush called the proposal a “power grab.” He said he welcomes reforms, but only if they’re based upon sound financial expertise.

“Without expert evaluation, the school children of Texas stand to lose,” he said.

Bush, who oversees the land board, said after a meeting on Tuesday that he had not read the Chronicle’s reporting and didn’t plan to.

“I’m trying a new strategy in 2019 by not reading my media,” he said. He said his office would review the series’ findings and follow up later.

Remember when George P. Bush was the fresh new exciting face of the Texas GOP? Boy, those were the days.

Space force!

Yippie.

Not the real Space Force

Gov. Greg Abbott wants the U.S. Space Force headquarters to be at Ellington Airport.

In a letter to President Donald Trump, Abbott said Texas has the universities and human capital needed to support a Space Force and pitched the location next door to NASA’s home for human spaceflight.

“Houston has supported the aerospace, aviation and defense industries for decades, giving it a workforce that can get the Space Command headquarters up and running as fast as possible,” he wrote.

[…]

“Houston, Texas, home of the Astros and the Rockets, has earned its ‘Space City’ nickname,” Abbott wrote. ” … I hope you will agree with me that the Space Command belongs in Space
City.”

Trump signed Space Policy Directive-4 on Feb. 19, calling on the secretary of defense to develop a legislative proposal establishing the Space Force as the sixth branch of the Armed Forces. The Space Force will initially be established within the Department of the Air Force.

The Department of Defense has since sent a bill to Congress. According to CNN, the bill seeks 200 people and $72 million to establish a headquarters for the Space Force.

On the one hand, I’m happy to have stuff come to Houston. If anyplace is appropriate for this, Ellington Field is. I just have a hard time taking the whole thing seriously. But hey, we’ll see.