Bill No. 1090 proposes a transfer of management for the Invest In Oklahoma program from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer. The bill requires the State Treasurer to establish the program, which will focus on funding investments in Oklahoma-based private equity, venture capital, and growth funds, as well as direct investments in local companies. The State Treasurer will have the authority to hire qualified investment advisors to help select investment opportunities based on criteria such as rate of return and performance history. Additionally, public entities are encouraged to invest up to five percent of their assets in the approved funds, and a new Cash Management and Investment Oversight Commission will be created to oversee the investment strategies of the State Treasurer.

The bill also amends existing laws related to the State Treasurer's responsibilities, including the selection of a custodial bank, which must now have at least $500 million in assets and maintain a service agent within the state. It mandates that the custodial bank provide electronic access to transaction reports and specifies that neither the State Treasurer nor the custodial bank can hold funds outside U.S. jurisdiction. Investment performance reports will now be submitted quarterly instead of monthly, and the State Treasurer must forward a copy of the investment policy to the oversight commission while maintaining a public copy for inspection. The bill emphasizes transparency in investment performance reports, requiring detailed analyses and listings of payments made to individuals or institutions involved in investment agreements, with the new provisions 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