The bill, known as the State Accounts for Federal Expenditures Act (SAFE Act), establishes a framework for managing federal funds received by state agencies in Oklahoma. It creates SAFE Accounts specifically for funds from competitive grants, direct monetary payments not tied to existing federal programs, and block grants. Agencies will be required to notify key legislative and executive leaders about their applications for competitive grants and provide detailed information during budget performance reviews. The bill mandates that no agency can access these funds without legislative approval, which must be granted through a concurrent resolution. Additionally, the Oklahoma Department of Transportation is exempt from some of these requirements under certain conditions.

The bill also amends existing statutes to enhance reporting requirements for state agencies regarding federal funds. Agencies must now include information about competitive grants and federal funds in their budget estimates and performance reviews. The Appropriations and Budget Committees will utilize this information to evaluate agency performance and fiscal needs. The act is set to take effect on July 1, 2025, and includes provisions for an emergency declaration to ensure its immediate implementation upon passage.