Oklahoma State Treasurer Todd Russ (R) on May 3 issued a list of 13 financial institutions that are ineligible to do business with the state under a 2022 law because, according to Russ’s office, they engage in energy boycotts that, in its opinion, hurt the state’s economy. The listed institutions cannot manage state pension funds or enter into certain other contracts with public entities. According to Fox Business:
“Oklahoma State Treasurer Todd Russ is planning to announce the sweeping measure Wednesday morning which represents one of the most aggressive actions any state has taken against banks pursuing so called environmental, social and governance (ESG) initiatives. The move ultimately blocks the banks from managing billions of dollars in Oklahoma pensions, investments and other state entities.
“‘The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth,’ Russ said in a statement. ‘It is essential for us to work with financial institutions that are focused on free-market principles and not beholden to social goals that override their fiduciary duties.’
