Bill > SB1090

This bill transfers the administration of the Invest In Oklahoma program from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer, expanding the program's investment capabilities. The bill authorizes the State Treasurer to create an Invest In Oklahoma program that can invest in private equity funds, venture capital funds, growth funds, and direct investments in Oklahoma companies. Public entities like retirement systems and pension funds are encouraged to invest up to 5% of their assets in approved funds, and the State Treasurer is also permitted to invest in the program. The bill modifies the Cash Management and Investment Oversight Commission's composition, changing its members from agency representatives to elected officials. The State Treasurer will be responsible for selecting investment advisors, maintaining a list of available funds, and developing a request for proposal process. The bill also requires the State Treasurer to exercise prudent judgment in managing investments, considering factors like rate of return, investment performance, and capital safety. The changes aim to provide more flexibility and oversight in investing state funds to support Oklahoma-based businesses and economic development.

Budget and Finance, Education, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1090&Session=2600