The BlackRock logo outside its offices in New York City. (Reuters/Brendan McDermid/File Photo)
"The bill actually removes the treasurer from oversight of the investment behaviors of big financial institutions and proposes to put it under the attorney general's office," Oklahoma State Treasurer Todd Russ told Fox News Digital regarding Senate Bill 714. "So, I mean, that alone raises a lot of questions.
"As a constitutional officer in the state treasurer in Oklahoma, why would you want someone that doesn't have the constitutional commitment and obligation to oversee the financial investments and affairs of the state to be under the treasury and move it to a different constitutional office?" he continued.
The 2022 state law is facing "ongoing" legal challenges, which makes its fate unclear. The law is meant to avoid supporting institutions some leaders see as looking to harm the state's energy industry.
"Over the years, those subject matters have become very politicized. I mean, it's not a financial issue. It's a social agenda that they've woven into the investments," Russ said of ESG.
"The state of Oklahoma's not trying to get on the other side of that behavior. We're trying to take a stand to say, ‘Look, stay out of the political arena with my investments. Our investments.’ We are solely concerned about the financial performance and profits of our investment, and we don't want outside people using it for political leverage. So, when it comes to environmental issues, oil and gas is very important to Oklahoma. We don't want them acting against the interests of the oil and gas industry."
An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas. (Reuters/Angus Mordant)
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Republican state Sen. Dave Rader, the bill's sponsor, told Fox News Digital in an email he plans on making some amendments to the legislation, including "further clarifying the definition of boycott energy company to include voting on shareholder proposals which penalize or inflict harm, adding legislative intent to make clear that the purpose of the bill is to protect retirement systems, eliminate the word ‘predominantly’ in the definition of ordinary business purpose to make clear that any pro-ESG action is not allowable [and] eliminate the inclusion of transaction costs when determining a loss which presumably could keep delay divestment indefinitely."
However, Rader's suggested amendments in the email have not yet been made official, according to the Oklahoma State Legislature's website, where the legislative text is shown.
The legislation would need to go to a vote in the full Senate by March 27 before potentially heading to the state House of Representatives.
Cameron Arcand is a politics writer at Fox News Digital in Washington D.C. Story tips can be sent to Cameron.Arcand@Fox.com and on Twitter: @cameron_arcand
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https://www.foxnews.com/politics/deep-red-state-proposal-could-slap-face-energy-industry-top-official-says