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Bill > HB2545
OK HB2545
OK HB2545Public finance; Oklahoma Public Finance Protection Act; terms; standard of care; non-pecuniary factors; authority; shares; Attorney General; codification; effective date.
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/07/2023
02/07/2023
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to public finance; enacting the Oklahoma Public Finance Protection Act; defining terms; providing fiduciary's standard of care; prohibiting consideration of non-pecuniary factors; providing who has authority to vote on certain shares; providing for delegation of authority; providing that proxy votes be reported annually; authorizing Attorney General to enforce act and examine certain persons and records; providing for codification; and providing an effective date.
AI Summary
This bill enacts the Oklahoma Public Finance Protection Act, which defines key terms such as "pension benefit plan," "fiduciary," and "pecuniary factor." The bill establishes that fiduciaries must discharge their duties solely in the pecuniary interest of plan participants, prohibiting the consideration of non-pecuniary factors like environmental, social, or political goals. It also revokes proxy voting authority from fiduciaries and requires such authority to reside with state officials or their delegates who commit to following guidelines based on pecuniary factors. The bill authorizes the Attorney General to enforce the act and investigate potential violations. Finally, the bill includes a severability clause and an effective date of November 1, 2023.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Second Reading referred to Banking, Financial Services and Pensions (on 02/07/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2545&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2545&Session=2300 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2545%20INT.PDF |
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