Bill
Bill > HB2765
OK HB2765
OK HB2765State investing; Invest in Oklahoma Program; reassigning program; investments; rules renaming Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
05/19/2025
05/19/2025
Crossed Over
05/20/2025
05/20/2025
Passed
05/28/2025
05/28/2025
Dead
Signed/Enacted/Adopted
05/28/2025
05/28/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to state investing; amending 62 O.S. 2021, Sections 2401, as amended by Section 2, Chapter 375, O.S.L. 2024, 2402, and 2403, as amended by Section 3, Chapter 375, O.S.L. 2024 (62 O.S. Supp. 2024, Sections 2401, 2402, and 2403), which relate to the Invest in Oklahoma Program; reassigning the program from the Oklahoma Center for the Advancement of Science and Technology to the State Treasurer; authorizing certain types of investments within limitation; eliminating redundant language; providing new and modifying existing requirements and limitations associated with the Invest in Oklahoma Program; authorizing approval, consent, process development duties, and oversight responsibilities to certain Board; requiring and limiting certain actions of the State Treasurer; authorizing the investment of certain funds at certain levels; defining and limiting certain term; authorizing and limiting the promulgation and establishment of rules; amending 62 O.S. 2021, Section 71.1, which relates to the Cash Management and Investment Oversight Commission; renaming the Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; restructuring Board membership; clarifying language; establishing specific authority and providing for the administration of the Board; modifying meeting frequency requirements; eliminating and modifying certain reporting requirements; establishing certain confirmation and approval authority and requirement; amending 62 O.S. 2021, Section 89.2, which relates to State Treasurer investments; modifying reporting requirements; authorizing certain investment at certain level; referencing defined term; authorizing certain actions related to custodial accounts; and providing an effective date. SUBJECT: State investing
AI Summary
This bill transfers the Invest in Oklahoma Program from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer, with oversight from a newly renamed Invest in Oklahoma Board (previously the Cash Management and Investment Oversight Commission). The bill allows the State Treasurer to invest in Oklahoma-based private equity funds, venture capital funds, growth funds, and direct investments in Oklahoma companies, subject to approval from the new board. Public entities like retirement systems are encouraged to invest up to 5% of their assets in these programs. The bill restructures the board's membership, replacing specific government officials with appointees from the Governor, Lieutenant Governor, State Treasurer, House Speaker, and Senate President Pro Tempore. The board gains new responsibilities, including establishing investment parameters, confirming investment advisors, and providing oversight of the program. The State Treasurer is authorized to establish internal custodial accounts and engage investment advisors, with requirements to ensure the advisors are in good standing and have substantial experience in venture capital and Oklahoma investing. The bill aims to provide more flexibility and local economic development opportunities through strategic state investments while maintaining careful oversight and prudent investment practices.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Approved by Governor 05/28/2025 (on 05/28/2025)
Official Document
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