HB 2841 Oklahoma House · 2025 Regular Session

Public finance; Tobacco Settlement Endowment Trust Fund; venture capital; effective date.

HB 2841 updates the management rules for Oklahoma's Tobacco Settlement Endowment Trust Fund. It requires the Board of Investors to use competitive bidding for selecting investment managers, custodial banks, and financial consultants, and mandates that at least 2% of the fund's principal balance (or $40 million, whichever is greater) be spent annually on grant programs. The bill also allows the State Treasurer to cover up to two staff positions as administrative costs for the fund. These changes apply to the fund's investment strategy and spending requirements, directly affecting how the trust fund is managed and distributed.

Bill status died 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 3, 2025 Last action Feb 24, 2025

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What changed between versions

Introduced → Proposed Committee Substitute (full committee) 1 · 5 edits

MODERATE

The bill was amended to replace the original text with a committee substitute version that clarifies the duties of the Board of Investors for the Tobacco Settlement Endowment Trust Fund. The changes update the investment requirements, specify how funds must be spent, and establish new guidelines for selecting investment managers and custodians.

Scope change

The bill's scope remains focused on public finance and the Tobacco Settlement Endowment Trust Fund, but the language was refined to better define investment responsibilities and expenditure requirements.

REQUIREMENT

Updated the investment guidelines for the Tobacco Settlement Endowment Trust Fund to include specific requirements for diversifying investments and retaining qualified investment managers through competitive solicitation.

Established new requirements for selecting custodial banks and professional services (consultants, auditors, actuaries) through competitive proposals.

FISCAL

Added a requirement that at least two percent (2%) of the principal balance of the trust fund must be expended annually on grant and incentive programs, or $40 million, whichever is greater.

DEFINITION

Clarified definitions for eligible venture capital companies and funds of funds, including criteria for investor diversity and business location.

TIMELINE

Set the effective date of the act to July 1, 2025.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 24, 2025

Lower · Passed

Recommendation to the full committee; Do Pass Appropriations and Budget Finance Subcommittee

lower

Feb 7, 2025

Committee

Referred to Appropriations and Budget Finance Subcommittee

lower

Feb 5, 2025

Committee

Referred to Appropriations and Budget

lower

Feb 3, 2025

Introduced

First Reading

lower

1 primary · 0 co-sponsors