House Bill No. 1170, known as the "Oklahoma Public Finance Protection Act," aims to establish a framework for fiduciaries managing pension benefit plans in Oklahoma. The bill defines key terms such as "fiduciary," "pecuniary factor," and "nonpecuniary," emphasizing that fiduciaries must act solely based on pecuniary factors and applicable state law requirements. It prohibits the consideration of nonpecuniary factors, which include environmental, social, political, or ideological goals, when making investment decisions. The bill also mandates that all proxy votes related to pension plans be cast in the pecuniary interest of plan participants and requires annual reporting of these votes.

Additionally, the bill grants the State Treasurer the authority to notify relevant legislative leaders and refer potential violations to the Attorney General for enforcement. The Attorney General is empowered to investigate violations and enforce compliance with the act. The legislation provides immunity for the State of Oklahoma and individuals associated with pension plans from civil liability related to the act, along with provisions for indemnification. The act is set to take effect on July 1, 2025, and includes a severability clause to ensure that if any provision is deemed invalid, the remaining provisions will still be enforceable.