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Bill > HB2034
OK HB2034
OK HB2034State government; requiring divestment of certain financial companies; establishing provisions and requirements; effective date.
summary
Introduced
02/01/2021
02/01/2021
In Committee
04/14/2022
04/14/2022
Crossed Over
03/10/2021
03/10/2021
Passed
05/05/2022
05/05/2022
Dead
Signed/Enacted/Adopted
05/09/2022
05/09/2022
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to state contracts; declaring the oil and gas industry a vital economic partner; prohibiting state contracts without certain written certification; prohibiting adoption of procurement, investment or other policy that requires a person to boycott the oil and gas industry; authorizing approval of contracts and waiving of applications; defining terms; providing for codification; and providing an effective date. AUTHOR: Remove as principal Senate author Taylor and substitute as principal Senate author Allen and add the following Senate coauthors: David and Bullard AMENDMENT NO. 1. , strike the title, enacting clause and entire bill and insert â??An Act relating to state government; creating the Energy Discrimination Elimination Act of 2022; defining terms; exempting certain entities from provisions of act due to statutory obligations; providing indemnification for certain entities; prohibiting certain persons and entities from entering into a lawsuit with state or state affiliate; providing any person entering a lawsuit against state or state affiliate pursuant to this act be subject to certain costs and fees; requiring State Treasurer maintain list of certain financial companies; establishing provisions for Treasurer action pursuant to act; requiring written verification be submitted by certain financial companies; requiring written notice be provided to certain financial companies; providing that certain financial companies cease certain boycotts by certain date; requiring sale, redemption, divestment, or withdrawal of certain securities; establishing schedule for sale, redemption, divestment, or withdrawal of certain securities; establishing limitations on divestment and divestment schedule; requiring report to certain public officials upon delay of divestment schedule; requiring report to certain public officials upon decision to cease divestment from certain financial company; prohibiting acquisition of securities from certain financial companies; providing for publishing of report by state governmental entities to certain public officials; requiring state governmental entities to receive written verification from certain companies before entrance into certain contracts; providing for codification; and providing an effective date.
AI Summary
This bill, known as the "Energy Discrimination Elimination Act of 2022", creates provisions and requirements for the state of Oklahoma to divest from certain financial companies that boycott energy companies. Key provisions include:
- Defining terms like "boycott energy company" and "financial company", and exempting certain state entities from the act's requirements due to statutory obligations.
- Requiring the State Treasurer to maintain a list of financial companies that boycott energy companies, and notify those companies that they may be subject to divestment if they do not cease their boycott within 90 days.
- Establishing a divestment schedule for state entities to sell, redeem, divest, or withdraw from securities of listed financial companies, with some exceptions and allowances for delaying divestment.
- Prohibiting state entities from acquiring securities of listed financial companies, except in certain circumstances.
- Requiring state entities to submit annual reports on their divestment actions.
- Applying the act's contract requirements to certain governmental entities and contracts over $100,000.
- Setting an effective date of November 1, 2022.
Committee Categories
Agriculture and Natural Resources, Government Affairs
Sponsors (9)
Mark Allen (R)*,
Mark McBride (R)*,
Terry O'Donnell (R)*,
Steve Bashore (R),
Micheal Bergstrom (R),
David Bullard (R),
Kim David (R),
Sean Roberts (R),
Kevin West (R),
Last Action
Approved by Governor 05/09/2022 (on 05/09/2022)
Official Document
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