Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB922

Introduced
2/1/21  
Refer
2/2/21  
Report Pass
2/25/21  
Refer
2/25/21  
Report Pass
3/3/21  
Engrossed
3/11/21  
Refer
3/29/21  
Refer
3/30/21  
Report Pass
4/15/21  
Enrolled
4/22/21  

Caption

Public fund investments; creating the Invest In Oklahoma Act; directing Department of Commerce to establish fund. Effective date.

Impact

If enacted, the Invest In Oklahoma Act would allow specific public entities, including various retirement systems and trust funds, to invest up to five percent of their rolling three-year assets under management with approved venture capital and growth funds. This legislative change aims to direct additional funding towards local businesses, thereby promoting economic growth and encouraging investment that stays within the community. The act is seen as a strategic move to bolster state investment capabilities and retain capital within Oklahoma.

Summary

Senate Bill 922, known as the Invest In Oklahoma Act, was designed to establish a state program that facilitates the investment of public funds in Oklahoma-based private equity, venture capital, and growth funds. The main objective of the bill is to generate opportunities for public entities to invest in funds that contribute to economic development within the state. The Oklahoma Department of Commerce is charged with the responsibility of implementing the program and managing the selection of the funds eligible for investment.

Sentiment

The sentiment surrounding SB922 appears to be generally positive, especially among legislators who advocate for state economic development. Supporters argue that the bill will foster an environment conducive to business growth and innovation by ensuring that state funds are utilized effectively. However, there may be concerns regarding the oversight and management of the funds, as maintaining prudence in investment selection is critical to the program's success.

Contention

Despite the positive sentiment, there are notable points of contention, particularly surrounding the criteria for selecting investment funds. Critics might raise concerns about the potential for favoritism or ineffective fund management should the selection process lack sufficient transparency or rigorous standards. Additionally, there are questions about how the shift in investment strategy may affect existing funding allocations and whether it would lead to more competitive pressure among funds vying for public investments.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2765

State investing; Invest in Oklahoma Program; reassigning program; investments; rules renaming Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; effective date.

OK HB4037

Economic development; investment rebates; Oklahoma Department of Commerce; Commerce Manufacturing Activity Development Fund; appropriation; effective date; emergency.

OK SB629

Reservoirs; creating the Reservoir Capital Investment Fund; creating the Water Sustainability Revolving Fund; establishing fee. Effective date.

OK SB987

Oklahoma Department of Commerce; creating the Oklahoma Department of Commerce Board; providing for qualifications for Board members. Effective date.

OK SB1062

Public finance; directing State Treasurer to create an investment pool; authorizing certain funds to invest in pool; authorizing purchase of and investment in debts of retirement systems. Effective date.

OK SB1062

Public finance; directing State Treasurer to create an investment pool; authorizing certain funds to invest in pool; authorizing purchase of and investment in debts of retirement systems. Effective date.

OK SB1101

Public finance; creating the Oklahoma Legacy Investment Board; designating board membership; creating the Oklahoma Legacy Fund; providing sources of funding; providing for appointment of investment managers; providing procedures. Effective date. Emergency.

OK SB1101

Public finance; creating the Oklahoma Legacy Investment Board; designating board membership; creating the Oklahoma Legacy Fund; providing sources of funding; providing for appointment of investment managers; providing procedures. Effective date. Emergency.

OK SB900

Income tax; credits; equity investments; Department of Commerce. Effective date. Emergency.

OK SB1090

Public finance; authorizing State Treasurer to implement the Invest In Oklahoma program; authorizing State Treasurer to invest funds into the Invest In Oklahoma program under certain conditions. Effective date.

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OK SB1590

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