Senate Bill No. 1090 establishes the "Invest In Oklahoma" program, which will be managed by the State Treasurer rather than 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 also requires the development of a request for proposal that outlines the qualifications and experiences of these advisors. Additionally, it encourages public entities to invest up to five percent of their assets in the approved funds and creates the Cash Management and Investment Oversight Commission to oversee investment strategies and practices.

The bill amends existing laws to enhance the investment policies and performance reporting of the State Treasurer. It mandates the inclusion of a competitive bidding system in the written investment policies to maximize yield while ensuring safety. The State Treasurer must select a custodial bank with at least $500 million in assets and provide electronic access to transaction reports. Investment performance reports will now be submitted quarterly instead of monthly, with an annual report due within 90 days after the fiscal year ends. The bill also emphasizes anti-collusion measures, requiring affidavits from State Treasury employees and investment service providers. These changes are 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