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, with specific criteria for their selection, and must confirm their good standing with relevant regulatory bodies. The membership of the Invest in Oklahoma Board is restructured to consist of five appointed members, and the bill clarifies the roles and responsibilities of both the State Treasurer and the Board in administering the program.
Furthermore, the bill enhances the investment practices of the State Treasurer by allowing investments of cash balance amounts in the program and authorizing the establishment of internal custodial accounts within the State Treasury. It emphasizes the importance of safety, liquidity, and competitive bidding in public fund investments, requiring the State Treasurer to maintain a written investment policy that outlines objectives and performance measures. Annual reporting to state officials is mandated to ensure transparency and accountability in the investment process. The act is set to take effect on November 1, 2025, aiming to improve the investment landscape in Oklahoma through streamlined oversight and expanded options.
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