Oklahoma Senate Bill SB997

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Investments; prohibiting investments of public funds in communist governments and organizations. Effective date.

Impact

If enacted, SB997 will fundamentally alter the investment landscape for public funds within Oklahoma. The State Treasurer will be required to adhere to stricter guidelines in selecting investment opportunities, thereby excluding a significant portion of global financial markets. This is expected to affect how public funds are invested, ensuring that state money does not financially support entities that are seen as promoting anti-democratic values. Furthermore, it aligns state investment practices with federal directives aimed at limiting engagement with adversarial governments.

Summary

Senate Bill 997 mandates that the State Treasurer of Oklahoma shall not invest public funds in any financial instruments issued by communist governments or corporations. This bill amends the existing statutory language to establish a clear prohibition against such investments to safeguard state financial interests. The intent of the bill is to ensure that public resources are not used to support regimes that are characterized as authoritarian or communist, reflecting a broader national political sentiment against these forms of governance.

Contention

The bill could generate debate concerning its implications for investment returns and the potential for limiting opportunities in a globalized economy. Opponents may argue that by restricting investments to exclude those from communist regimes, the state risks lower returns on investments, which could ultimately affect public services funded by these investments. Proponents, however, view the restrictions as ethically and politically motivated, emphasizing the importance of aligning state financial policy with American values and national security concerns.