Senate Bill No. 1090 establishes the "Invest In Oklahoma" program, which will now be managed by the State Treasurer instead of the Oklahoma Center for the Advancement of Science and Technology (OCAST). The program is designed to fund investments in Oklahoma-based private equity, venture capital, and growth funds, with the State Treasurer responsible for selecting qualified investment advisors and fiduciary managers. The bill encourages public entities to invest up to five percent of their three-year assets under management in approved funds under this program. Additionally, it creates the Cash Management and Investment Oversight Commission, consisting of five members, including the Governor and Lieutenant Governor, to oversee the investment strategies of the State Treasurer and develop a standardized reporting system.

The bill amends existing laws related to the investment policies and performance reporting of the State Treasurer. It introduces a competitive bidding requirement for state fund investments and mandates the selection of a custodial bank with at least $500 million in assets. The bill also changes the frequency of investment performance reports from monthly to quarterly and specifies the information to be included in these reports. Furthermore, it requires the State Treasurer to submit annual investment performance reports to the Cash Management and Investment Oversight Commission, written in clear language, and mandates that all State Treasury employees and brokers sign anti-collusion affidavits, with penalties for false declarations. The bill is set to take effect on November 1, 2025.

Statutes affected:
Committee Substitute: 62-2401, 62-2403
Floor (Senate): 62-2401, 62-2403
Engrossed: 62-2401, 62-2403
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 62-2401, 62-2403