The statement, " The drive to rewrite the Texas Constitution grew out of a major stock fraud that broke in the early 1970s involving the Sharpstown State Bankers Life Insurance Corporation.", is true.
The Sharpstown Scandal included the top echelons of the Texas state government and involved stock fraud in the years 1971 and 1972. The involvement of Houston's Sharpstown neighborhood led to the naming of the place.
The Sharpstown State Bankers Life Insurance Corporation stock fraud scandal's last effect on Texas politics took place during the 1973 regular session of the legislature. The legislators enacted a number of comprehensive reform bills. The Act strengthened the necessity for open meetings of federal policy-making agencies, imposed additional disclosure rules on hired lobbyists, obliged candidates to publish more information about their campaign financing, and made most government data available for public inspection.
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