House Bill No. 2765 proposes a significant restructuring of the "Invest in Oklahoma" program by transferring its management from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer. The bill introduces new investment opportunities, including direct investments in Oklahoma companies, and establishes the Invest in Oklahoma Board to oversee the program. The State Treasurer is empowered to select qualified investment advisors and fiduciary managers based on specific criteria, ensuring prudent management of investments. Additionally, the bill modifies existing requirements regarding the types of public entities that may invest in the program and the parameters for cash balance amounts.

The legislation also renames the Cash Management and Investment Oversight Commission to the Invest in Oklahoma Board, restructuring its membership and clarifying its authority and responsibilities. It establishes new administrative rules, modifies meeting frequency and reporting requirements, and ensures compliance with the Oklahoma Open Meeting Act. The bill emphasizes the need for written investment policies addressing liquidity, diversification, and safety of principal, while removing the requirement for weekly investment reports to the former commission. Instead, the State Treasurer will maintain transparency by providing an annual copy of the investment policy to key state officials. The act is set to take effect on November 1, 2025.

Statutes affected:
House Committee Substitute: 62-2401, 62-2403
Floor (House): 62-2401, 62-2403
Engrossed: 62-2401, 62-2403
Enrolled (final version): 62-2401, 62-2403