HB 2765: State investing; Invest in Oklahoma Program; reassigning program; investments; rules renaming Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; effective date. - Oklahoma

House Committee Substitute → Floor (House) · 4 edits

MODERATE

The bill was converted from a House Committee Substitute version to the Floor version, with significant formatting and structural changes. The substantive policy content regarding the Invest in Oklahoma Program remains largely the same, though the document structure was reorganized to reflect the floor version format. The primary changes involve document formatting, page numbering, and the addition of floor-specific headers and footers.

TECHNICAL

Document header changed from 'COMMITTEE SUBSTITUTE' to 'HOUSE OF REPRESENTATIVES - FLOOR VERSION' with updated page numbering and formatting.

Added floor-specific header information including 'HB2765 HFLR' and 'BOLD FACE denotes Committee Amendments' notes.

Reorganized bill text layout with different indentation and spacing while maintaining the same substantive legislative content.

Removed committee-specific page footers showing 'Req. No. 13815' and replaced with floor version page numbers.

Proposed Committee Substitute (full committee) 1 → House Committee Substitute · 4 edits

MODERATE

The bill was amended to update the list of entities eligible to receive state investment funds, adding new retirement systems and the Department of Wildlife Conservation Retirement Fund to the authorized list. The amendment also updated the bill's title and request number to reflect these changes.

Scope change

The scope of eligible entities receiving state investment funds was expanded to include additional retirement systems and the Department of Wildlife Conservation Retirement Fund.

ELIGIBILITY

Added the Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Oklahoma Law Enforcement Retirement System, State of Oklahoma Uniform Retirement System for Justices and Judges, and Department of Wildlife Conservation Retirement Fund to the list of entities eligible for state investment funds.

Added the Commissioners of the Land Office and Teachers' Retirement System of Oklahoma to the list of entities eligible for state investment funds.

TECHNICAL

Updated the bill's title from 'PROPOSED COMMITTEE SUBSTITUTE' to 'COMMITTEE SUBSTITUTE' and changed the request number from 13673 to 13815.

Added new Senate sponsors (Hall and Haste) to the bill's sponsor list.

Enrolled (final version) → Proposed Committee Substitute (full committee) 1 · 4 edits

MODERATE

The bill was amended to restructure the Invest in Oklahoma Program by moving oversight from OCAST to the State Treasurer and renaming the governing body the Invest in Oklahoma Board. The amendment also clarifies selection criteria for investment advisors and maintains the list of eligible public entities that can participate in the program.

Scope change

The bill's scope changed by transferring program administration from OCAST to the State Treasurer and renaming the oversight board.

SCOPE

Program oversight transferred from OCAST to the State Treasurer with a renamed Invest in Oklahoma Board

REQUIREMENT

Selection criteria for investment advisors were clarified to include factors like rate of return, years of operation, capitalization sufficiency, performance track record, investment strategy differentiation, fee structure, limited partner background, and ratio of capital invested in Oklahoma

DEFINITION

The governing body was renamed from the Cash Management and Investment Oversight Commission to the Invest in Oklahoma Board

TECHNICAL

Formatting and markup changes reflect committee amendments with updated page numbering and session information

Engrossed → Enrolled (final version) · 2 edits · May 28, 2025

MINOR

The bill was finalized from its Engrossed version to the Enrolled version, with minor formatting and structural adjustments. The core policy content remains substantially the same, focusing on transferring the Invest in Oklahoma Program from OCAST to the State Treasurer and establishing the Invest in Oklahoma Board to oversee investments.

Scope change

The bill's scope remains focused on state investing and the Invest in Oklahoma Program, with no substantive changes to applicability or eligibility criteria.

TECHNICAL

Formatting and layout adjustments were made to transition from the Engrossed version to the Enrolled final version, including changes to header text and page numbering.

Minor text corrections were made throughout the document, including removing redundant language and standardizing formatting.

Introduced → Engrossed · 6 edits · May 22, 2025

MODERATE

This bill restructures Oklahoma's investment program by transferring authority from OCAST to the State Treasurer and renaming the oversight body. It expands investment options to include private equity, venture capital, and growth funds while establishing new selection criteria for investment advisors and fiduciary managers.

Scope change

The bill shifts program administration from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer, creating a new oversight body called the Invest in Oklahoma Board.

SCOPE

Transfers program authority from OCAST to the State Treasurer and creates a new Invest in Oklahoma Board to oversee investments.

ELIGIBILITY

Expands investment options to include private equity funds, venture capital funds, and growth funds that make substantial investments in Oklahoma, plus direct investments in Oklahoma companies.

Maintains the 5% investment limit for public entities but clarifies which funds and investment types are eligible under the program.

REQUIREMENT

Establishes specific criteria for selecting investment advisors and fiduciary managers, including factors like rate of return, years of operation, capitalization, performance track record, and Oklahoma investment experience.

Requires State Treasurer to confirm with Securities and Exchange Commission and Oklahoma Securities Commission that investment advisors are in good standing before selection.

DEFINITION

Renames the Cash Management and Investment Oversight Commission to the Invest in Oklahoma Board and restructures its membership requirements.

State investing; Invest in Oklahoma Program; reassigning program; investments; rules renaming Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; effective date.

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