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) · 3 edits

MINOR

The bill was converted from a Committee Substitute to the House Floor version, incorporating amendments that reassign the 'Invest in Oklahoma' program from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer. The changes include renaming the oversight body to the 'Invest in Oklahoma Board' and updating the list of eligible public entities to invest in the program.

Scope change

The primary scope change is the transfer of program administration from OCAST to the State Treasurer, accompanied by a name change for the oversight board.

SCOPE

The program was reassigned from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer.

DEFINITION

The oversight body previously known as the Cash Management and Investment Oversight Commission is now renamed the Invest in Oklahoma Board.

ELIGIBILITY

The list of eligible public entities was updated to include the Teachers' Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System, the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Oklahoma Law Enforcement Retirement System, and the State of Oklahoma Uniform Retirement System for Justices and Judges.

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

MODERATE

The bill was amended to add two new sponsors from the Senate (Hall and Haste) and renumbered the legislative text. The most significant substantive change is the addition of a new list of specific state entities and funds (including the Land Office, Teachers' Retirement System, and various pension systems) that are now explicitly included in the scope of the investment authority.

Scope change

The bill's scope was expanded to explicitly include several additional state retirement systems and funds that were not listed in the previous version.

ELIGIBILITY

Added Hall and Haste as co-sponsors from the Senate to the bill.

Added a new list of specific state entities, including the Commissioners of the Land Office, Teachers' Retirement System, and multiple pension systems, to the list of funds eligible for investment under the bill.

TECHNICAL

Updated the bill title from 'Proposed Committee Substitute' to 'Committee Substitute' and adjusted the page numbering sequence.

Updated the internal reference number (Req. No.) from 13673 to 13815.

Enrolled (final version) → Proposed Committee Substitute (full committee) 1 · 3 edits

MINOR

The bill was converted from a final enrolled version to a proposed committee substitute, which primarily involves formatting updates and the addition of committee metadata. The substantive policy language regarding the Invest in Oklahoma Program, including the transfer of authority from OCAST to the State Treasurer and the list of eligible public entities, remains unchanged in the text provided.

Scope change

The bill's scope and applicability remain unchanged; the text describes the same program and entities as the original version.

TECHNICAL

The document structure was altered from a standard enrolled bill format to a committee substitute format, including the addition of committee amendment headers, speaker/chair placeholders, and reading clerk signatures.

Page numbers and line references were added to the header and footer sections to facilitate tracking of amendments within the legislative process.

Standard enrolled bill headers, such as 'ENROLLED HOUSE' and the specific 'By: Caldwell (Trey) and Kane of the House' attribution in the main body, were replaced with committee-specific formatting.

Engrossed → Enrolled (final version) · 3 edits · May 28, 2025

MINOR

The bill was finalized as an Enrolled version, removing the original Engrossed header and page numbering while retaining the core legislative text. The substantive policy content remains identical to the previous version, with no changes to funding amounts, eligibility criteria, or operational requirements.

Scope change

The bill's scope and applicability remain unchanged; the transition from Engrossed to Enrolled status is a procedural step confirming the final version passed by both legislative chambers.

TECHNICAL

Removed the 'ENGROSSED' header and associated page numbering artifacts that were present in the draft version.

Added the 'ENROLLED' header and page numbering to reflect the bill's final status after passing both houses.

Adjusted line breaks and spacing to conform to the final enrolled format, though the actual text of the law is identical.

Introduced → Engrossed · 5 edits · May 22, 2025

MODERATE

This bill fundamentally shifts the 'Invest in Oklahoma' program from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer. It restructures the program to allow the Treasurer to hire private investment advisors and fiduciary managers to select private equity, venture capital, and growth funds. The bill also expands the list of public entities eligible to invest in these funds and clarifies the investment standards required.

Scope change

The program's administration moved from OCAST to the State Treasurer, and the scope of eligible investments now explicitly includes private equity, venture capital, and growth funds selected by professional advisors.

SCOPE

The program was reassigned from OCAST to the State Treasurer, changing who manages and oversees the investment funds.

REQUIREMENT

The State Treasurer is now authorized to hire qualified investment advisors and fiduciary managers to assist in selecting investments, subject to Board approval.

New criteria were established for selecting advisors, including factors like rate of return, years of operation, fee structure, and experience with Oklahoma investing.

ELIGIBILITY

The list of public entities encouraged to invest was updated and expanded to include specific retirement systems and funds.

DEFINITION

New definitions were added for 'cash balance amounts' to clarify which funds are excluded from the program.

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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