Oklahoma House Bill HB1947

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

State government; creating the Eliminate Economic Boycotts Act; requiring written verification in certain contracts; effective date.

Impact

If enacted, HB 1947 will require any company entering into contracts with governmental entities to provide written verification that they do not engage in economic boycotts. This act seeks to uphold Oklahoma's economic interests by ensuring that businesses that rely on governmental contracts are not penalized for participating in or supporting industries that face boycotts. The law will apply to contracts valued at $100,000 or more between a governmental entity and companies employing ten or more individuals, crucially influencing the state's business relationships with financial institutions.

Summary

House Bill 1947, known as the Eliminate Economic Boycotts Act, is legislation aimed at addressing perceived economic discrimination against essential American industries such as fossil fuels, agriculture, and firearms. The bill declares that entities in these sectors are being unfairly targeted by corporations and institutional investors who are divesting or sanctioning these industries for not aligning with specific environmental or ideological goals. The intention behind the bill is to protect these industries from harmful boycotts that, according to its supporters, increase costs for consumers and cause economic harm.

Contention

The bill has sparked debate regarding its implications for corporate rights and state governance. Critics argue that it may infringe upon the ability of companies to operate within socially responsible frameworks, particularly concerning environmental sustainability efforts. Moreover, there are concerns about the definition of 'economic boycotts' and how it could stifle businesses wanting to commit to social or environmental initiatives. Some view the bill as an overreach of state power that could ultimately harm Oklahoma's reputation in fostering a fair business environment, especially among ethically conscious investors.