Oklahoma state treasurer raises Fears about legislation He says he can open the door more for the controversial practice of “environment, social and governance” in the deep red state.
The Senate Bill 714 amended the Energy Cancellation Law for the year 2022 to remove the “enforcement body” of the treasurer of the law and give it the state prosecutor's office.
The Treasury Secretary keeps a list of many banks that cannot do business with Oklahoma state government If the Foundation publicly expresses the opposition of oil and gas companies.
Critics argue that drafting in the legislation will reduce the criteria necessary for the institution to be in the list and how agencies are implemented.
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Blackrock logo outside its offices in New York City. (Reuters/Brendan McDdedid/File Photo)
“The draft law actually removes the treasurer from overseeing investment behaviors of large financial institutions and suggests its status under the Public Prosecutor's office,” said the Todd Ross, treasurer of Oklahoma Todd Ross, in relation to the Senate 714.
“As a constitutional employee in the state treasurer in Oklahoma, why do you want a person who does not have a constitutional commitment and a commitment to supervise financial investments and state affairs to be under the treasury and transfer them to a different constitutional office?” He continued.
The State Law 2022 faces “ongoing” legal challenges, making its fate unclear. The law aims to avoid supporting institutions that some leaders see aspiring to harm the state Power industry.
“Over the years, these issues have become very miserable. I mean, it is not a financial issue. It is a social agenda who woven in investments,” Ross said about ESG.
“Oklahoma does not try to enter the other side of this behavior. We are trying to take a position to say,” Look, stay outside the political arena with my investments. Our investments. ”We are only interested in financial performance and profits of our investments, and we do not want people to use for political influence.
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Fox's work It stated in 2023 that the list of Ross resulted from inquiries about energy investment practices to many banks, and that they prevent banks in the list from participating in the major country investments such as pension funds.
“This draft law is only necessary due to the failure of the glory treasurer to defend the law of discrimination in Oklahoma in 2022 successfully. This was the real savory in the face of the oil and gas industry,” said the Office of the Prosecutor in Oklahoma Gintner Dramund.
“The law prohibits state contracts and investments of the pension system with financial institutions that are distinguished against the oil and gas industry.”
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Dave Rader's Republican Senator, the sponsor of the draft law, told the Fox News Digital in an email to make some amendments to the legislation, including “clarifying more definition of the province's boycott company to clarify that the purpose of the bill is to eliminate the proposals of shareholders that are punished or damaged, which increases the definition. The procedure is not allowed (and) cancels. Insert the costs of transactions when determining the loss that is supposed to keep the delay on an indefinite abstraction.
However, the proposed amendments to Dader in the email have not yet been made, according to the legislative authority website in Oklahoma, where the legislative text is presented.
The legislation will need to go to vote in the full Senate by March 27 before heading to the state parliament.
