The Oklahoma Public Finance Protection Act aims to establish a fiduciary standard of care for pension benefit plans in the state, emphasizing that fiduciaries must act solely in the pecuniary interest of plan participants and beneficiaries. The bill defines key terms such as "fiduciary," "material," "nonpecuniary," and "pecuniary factor," and prohibits fiduciaries from considering nonpecuniary factors, including environmental, social, or political goals, when making investment decisions. It mandates that all proxy votes be cast in the pecuniary interest of plan participants and requires annual reporting of proxy votes to the Board of Trustees.

Additionally, the bill grants the Attorney General the authority to enforce the act and investigate potential violations. It provides immunity for the State of Oklahoma and individuals associated with pension benefit plans from civil liability related to the act, along with indemnification for legal costs incurred while defending against claims. 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.