AUSTIN, Texas -- Comptroller Glenn Hegar, R-Texas, has been on an ongoing quest to overhaul the way the state socks away money for tough economic times. He’s even warned lawmakers the state's credit rating is at risk if the Economic Stabilization Fund is not addressed.

Better known as the Rainy Day Fund, the $11 billion piggybank gets its money from oil and gas production taxes.

Hegar wants to break it up into two tiers, with one acting more like an endowment to help chip away at the state's long-term liabilities.

He joined us in studio to discuss his plan. Click the video link above to watch the full interview.