Latest news with #SenateBill714
Yahoo
22-04-2025
- Business
- Yahoo
OK State Treasurer Todd Russ says AG is bullying, crossing constitutional lanes
OKLAHOMA CITY (KFOR) – On Tuesday, two of Oklahoma's top leaders are facing off over constitutional boundaries and responsibilities in state government. Oklahoma State Treasurer Todd Russ asserts that Attorney General Gentner Drummond is bullying and crossing constitutional lines within the government. 'From the beginning, my office followed the process set forth in the Constitution and enforced by the Legislature,' said Treasurer Russ. 'When a law involves both financial management and legal risk, collaboration is key. Unfortunately, what we've seen instead is a pattern of reassignment, often after the fact, which seems more about political posturing than truly serving the public.' Treasurer Russ says it all centers on financial oversight, which is includes more than $40 billion in public pension assets and investment of over $17 billion in daily state cash flow. Noting, AG Drummond's behavior suggests efforts to centralize power that would violate his authority and by-pass the protocols of financial stewardship. New OSDE chief of staff paid nearly $50K in first month, still listed as active employee for Florida company Senate Bill 714 is an example, according to Treasurer Russ, of a proposal that sought to transfer certain financial functions of the EDEA from his office to the AG's office. The bill did not pass, but Russ believes the bill itself raised constitutional questions. Attorney General Gentner Drummond responded quickly to Russ's comments. 'The Treasurer's misjudgment in unlawfully executing fund documents required my office to intervene and protect Oklahoma's oil and gas industry from discrimination by financial institutions kowtowing to a radical leftist agenda,' Drummond said. 'I take seriously my obligation to ensure compliance with Oklahoma laws relating to procurement processes and protecting Oklahoma's interests.' Read Drummond's letter to Russ on Thursday here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-03-2025
- Business
- Yahoo
Deep red state proposal triggers ESG concerns: 'Raises a lot of questions'
Oklahoma's state treasurer is raising concerns about legislation he says could open the door further for the controversial practice of "environmental, social and governance" in the deep red state. Senate Bill 714 would amend the Energy Discrimination Elimination Act of 2022 to take away the treasurer's "enforcement authority" of the law and give it to the state Attorney General's office. The treasurer maintains a list of several banks that cannot do business with the state government of Oklahoma if the institution has publicly expressed opposition to oil and gas companies. Critics argue that wording in the legislation would lower the standards necessary for an institution to be on the list and how agencies enforce it. Red State Leader Calls For States To Stand Behind Trump's Ban On Funding Illegal Immigration "The bill actually removes the treasurer from oversight of the investment behaviors of big financial institutions and proposes to put it under the attorney general's office," Oklahoma State Treasurer Todd Russ told Fox News Digital regarding Senate Bill 714. "So, I mean, that alone raises a lot of questions. Read On The Fox News App "As a constitutional officer in the state treasurer in Oklahoma, why would you want someone that doesn't have the constitutional commitment and obligation to oversee the financial investments and affairs of the state to be under the treasury and move it to a different constitutional office?" he continued. The 2022 state law is facing "ongoing" legal challenges, which makes its fate unclear. The law is meant to avoid supporting institutions some leaders see as looking to harm the state's energy industry. Slashing Energy Development Red Tape, Beating China In 'Ai Arms Race' Top Priorities For Nations' Governors "Over the years, those subject matters have become very politicized. I mean, it's not a financial issue. It's a social agenda that they've woven into the investments," Russ said of ESG. "The state of Oklahoma's not trying to get on the other side of that behavior. We're trying to take a stand to say, 'Look, stay out of the political arena with my investments. Our investments.' We are solely concerned about the financial performance and profits of our investment, and we don't want outside people using it for political leverage. So, when it comes to environmental issues, oil and gas is very important to Oklahoma. We don't want them acting against the interests of the oil and gas industry." Fox Business reported in 2023 that the list from Russ resulted from inquiries about energy investment practices to numerous banks, and it bars the banks on the list from partaking in key state investments like pension funds. Oklahoma Attorney General Gentner Drummond's office said, "This bill is only necessary because of the treasurer's dismal failure to successfully defend the Oklahoma Energy Discrimination Act of 2022. That was the real slap in the face to the oil and gas industry. "The act prohibits state contracts and pension system investments with financial institutions that discriminate against the oil and gas industry." Energy Secretary Reveals 'Biggest' Challenge Trump Admin Faces Republican state Sen. Dave Rader, the bill's sponsor, told Fox News Digital in an email he plans on making some amendments to the legislation, including "further clarifying the definition of boycott energy company to include voting on shareholder proposals which penalize or inflict harm, adding legislative intent to make clear that the purpose of the bill is to protect retirement systems, eliminate the word 'predominantly' in the definition of ordinary business purpose to make clear that any pro-ESG action is not allowable [and] eliminate the inclusion of transaction costs when determining a loss which presumably could keep delay divestment indefinitely." However, Rader's suggested amendments in the email have not yet been made official, according to the Oklahoma State Legislature's website, where the legislative text is shown. The legislation would need to go to a vote in the full Senate by March 27 before potentially heading to the state House of article source: Deep red state proposal triggers ESG concerns: 'Raises a lot of questions'
Fox News
21-03-2025
- Business
- Fox News
Deep red state proposal triggers ESG concerns: 'Raises a lot of questions'
Oklahoma's state treasurer is raising concerns about legislation he says could open the door further for the controversial practice of "environmental, social and governance" in the deep red state. Senate Bill 714 would amend the Energy Discrimination Elimination Act of 2022 to take away the treasurer's "enforcement authority" of the law and give it to the state Attorney General's office. The treasurer maintains a list of several banks that cannot do business with the state government of Oklahoma if the institution has publicly expressed opposition to oil and gas companies. Critics argue that wording in the legislation would lower the standards necessary for an institution to be on the list and how agencies enforce it. "The bill actually removes the treasurer from oversight of the investment behaviors of big financial institutions and proposes to put it under the attorney general's office," Oklahoma State Treasurer Todd Russ told Fox News Digital regarding Senate Bill 714. "So, I mean, that alone raises a lot of questions. "As a constitutional officer in the state treasurer in Oklahoma, why would you want someone that doesn't have the constitutional commitment and obligation to oversee the financial investments and affairs of the state to be under the treasury and move it to a different constitutional office?" he continued. The 2022 state law is facing "ongoing" legal challenges, which makes its fate unclear. The law is meant to avoid supporting institutions some leaders see as looking to harm the state's energy industry. "Over the years, those subject matters have become very politicized. I mean, it's not a financial issue. It's a social agenda that they've woven into the investments," Russ said of ESG. "The state of Oklahoma's not trying to get on the other side of that behavior. We're trying to take a stand to say, 'Look, stay out of the political arena with my investments. Our investments.' We are solely concerned about the financial performance and profits of our investment, and we don't want outside people using it for political leverage. So, when it comes to environmental issues, oil and gas is very important to Oklahoma. We don't want them acting against the interests of the oil and gas industry." Fox Business reported in 2023 that the list from Russ resulted from inquiries about energy investment practices to numerous banks, and it bars the banks on the list from partaking in key state investments like pension funds. Oklahoma Attorney General Gentner Drummond's office said, "This bill is only necessary because of the treasurer's dismal failure to successfully defend the Oklahoma Energy Discrimination Act of 2022. That was the real slap in the face to the oil and gas industry. "The act prohibits state contracts and pension system investments with financial institutions that discriminate against the oil and gas industry." Republican state Sen. Dave Rader, the bill's sponsor, told Fox News Digital in an email he plans on making some amendments to the legislation, including "further clarifying the definition of boycott energy company to include voting on shareholder proposals which penalize or inflict harm, adding legislative intent to make clear that the purpose of the bill is to protect retirement systems, eliminate the word 'predominantly' in the definition of ordinary business purpose to make clear that any pro-ESG action is not allowable [and] eliminate the inclusion of transaction costs when determining a loss which presumably could keep delay divestment indefinitely." However, Rader's suggested amendments in the email have not yet been made official, according to the Oklahoma State Legislature's website, where the legislative text is shown. The legislation would need to go to a vote in the full Senate by March 27 before potentially heading to the state House of Representatives.
