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Oklahoma’s state accounting raises concerns about the law he says could open more doors for the controversial practices of “environmental, social and governance” of the deep red state.
Senate Bill 714 amends the Energy Discrimination Elimination Act of 2022 to take away the “enforcement agency” of law’s treasurer and hand it over to the state attorney general’s office.
Accounting maintains a list of several banks that cannot do business with the Oklahoma government if the agency publicly expresses its opposition to oil and gas companies.
Critics argue that the language in the law lowers the standards necessary for an agency to be on the list and the way it implements it.
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Blackrock logo outside my New York City office. (Reuters/Brendan McDermid/File Photo)
“The bill actually proposes that accounting be removed from overseeing investment behaviour at large financial institutions and place it under the Attorney General’s office,” Oklahoma treasurer Todd Russ told Fox News Digital regarding Senate Bill 714.
“As the Constitutional Officer of the State Treasurer in Oklahoma, why do you want someone who has no constitutional commitments and obligations to oversee the state’s financial investments and operations, and move it to another Constitutional Bureau, under the Department of Treasury?” he continued.
The 2022 state law faces “continuous” legal challenges and makes its fate unclear. The law aims to avoid support agencies that some leaders see as harming the state’s energy industry.
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“Over the years, these subjects have been very politicized. So it’s not a financial issue. It’s a social agenda that they’ve been woven into their investment,” Russ said of ESG.
“Oklahoma is not trying to reach the other side of its actions. We are trying to take a position like, ‘Look, get off the political stage with my investment. Invest.’ We are only concerned about the financial performance and profits of our investments, and when it comes to environmental issues, it is very important to Oklahoma and we don’t want outsiders to use it.
Republican Wyoming Gov. Mark Gordon has discouraged the increase in spending as oil and gas revenue and budget surplus maintain optimal financial position. (AP Photo/J. DavidAke, File)
Fox Business reported in 2023 that Russ’ listings ban banks from participating in major state investments such as pension funds, resulting from numerous bank inquiries from research into energy investment practices.
“This bill is only necessary for the gloomy failure of accounting, as it failed to successfully adhere to the 2022 Oklahoma Energy Discrimination Act,” the office of Oklahoma Attorney General Gentner Drummond said.
“The law prohibits investment in state contracts and pension plans with financial institutions discriminating against the oil and gas industry.”
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Republican Sen. Dave Radar, sponsor of the bill, told Fox News Digital in an email that plans to clarify the definition of boycott energy companies and make the legislation even clearer, including adding that it will punish shareholder proposals or vote on shareholder proposals that will harm or harm shareholder proposals, Fox News Digital will tell Fox News Digital in an email that plans to make the legislation more clearer, including adding that it will protect the legislation to protect the bill, including the vote on shareholder proposals that will punish shareholder proposals or harm harm. [and] Perhaps it eliminates the inclusion of transaction costs when determining losses that could delay the sale indefinitely. ”
However, the proposed radar revisions have not yet been official, according to the Oklahoma Legislature website.
The law requires votes in the Senate by March 27th, and could then head to the National House of Representatives.
Cameron Arcand is a political writer for Fox News Digital at Washington DC.
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