All Roll Calls
Yes: 130 • No: 52
OklahomaHB 2765Oklahoma 2026 Regular SessionHouse
State investing; Invest in Oklahoma Program; reassigning program; investments; rules renaming Cash Management and Investment Oversight Commission the Invest in Oklahoma Board; effective date.
Sponsored By: Trey Caldwell (Republican)
Signed by Governor
Senate Committee
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
Public funds can invest up to 5%
Named public funds and retirement systems may put money into Invest in Oklahoma–approved venture and growth funds. Each entity’s investment is capped at 5% of its rolling three-year assets under management.
Treasurer runs Invest in Oklahoma program
Beginning November 1, 2025, the State Treasurer runs the Invest in Oklahoma program. It lets state entities invest in Oklahoma-based private equity, venture, and growth funds, and make direct company investments when the Oklahoma Constitution allows. The Board sets investment parameters and can exceed them only by a unanimous vote. The Treasurer may place only eligible cash balance amounts. Money in the General Revenue, Revenue Stabilization, Education Reform Revolving, and Rate Preservation funds, constitutionally created funds, funds touched by the Legislature in the past three fiscal years, and most revolving funds are excluded unless the agency and the Board approve. The Treasurer must act prudently, set processes to request and decide proposals, and may issue rules that do not conflict with the Board. The law also adds this authority to the Treasurer’s allowed investments reporting.
Custodial bank and account safeguards
The State Treasurer may set up internal custodial accounts and contract for custodial services to run the program. The Treasurer selects one custodial bank to settle state investment transactions. The bank must have at least $500 million in assets, give electronic access to reports, keep a service agent in Oklahoma if out of state, face annual reviews, and compete at least every five years.
New Invest in Oklahoma oversight board
The Cash Management and Investment Oversight Commission is now the Invest in Oklahoma Board with five members: the Governor, Lieutenant Governor, State Treasurer, and appointees of the House Speaker and Senate leader. Appointees cannot have business ties to the Treasurer’s Office. The Board meets at least quarterly, and meetings and records are open to the public. The Board creates standard report forms, reviews the Treasurer’s reports, and sends written concerns. Its reporting system is not subject to the Administrative Procedures Act. The Board must confirm and approve the Treasurer’s investment advisors and fiduciary managers.
Stronger vetting of investment advisors
The State Treasurer can hire qualified investment advisors and fiduciary managers to help run the program, subject to final Board approval. Before submitting a candidate, the office confirms the firm is in good standing with the SEC and the Oklahoma Securities Commission. Selection weighs returns, years in business, capitalization, performance record, fees, the share invested in Oklahoma, and relevant experience.
Sponsors & Cosponsors
Sponsor
Trey Caldwell
Republican • House
Cosponsors
Chuck Hall
Republican • Senate
John Haste
Republican • Senate
John Kane
Republican • House
Roll Call Votes
Senate vote • 5/22/2025
THIRD READING
Yes: 35 • No: 11
House vote • 5/20/2025
THIRD READING
Yes: 55 • No: 32
Senate vote • 5/19/2025
Committee vote: Joint Committee on Appropriations and Budget
Yes: 20 • No: 4
House vote • 5/19/2025
DO PASS
Yes: 20 • No: 5
Actions Timeline
Approved by Governor 05/28/2025
5/28/2025HouseSent to Governor
5/22/2025HouseEnrolled measure signed, returned to House
5/22/2025SenateEnrolled, signed, to Senate
5/22/2025HouseReferred for enrollment
5/22/2025HouseEngrossed measure signed, returned to House
5/22/2025SenateMeasure passed: Ayes: 35 Nays: 11
5/22/2025SenateJCR adopted
5/22/2025SenateDirect to Calendar
5/21/2025SenateFirst Reading
5/20/2025SenateEngrossed, signed, to Senate
5/20/2025HouseReferred for engrossment
5/20/2025HouseThird Reading, Measure passed: Ayes: 55 Nays: 32
5/20/2025HouseJCR adopted
5/20/2025HouseGeneral Order
5/20/2025HouseJCR; Do pass, amended by committee substitute Joint Committee on Appropriations and Budget
5/19/2025HouseSecond Reading referred to Joint Committee on Appropriations and Budget
2/4/2025HouseCoauthored by Senator(s) Haste
2/3/2025HouseAuthored by Senator Hall (principal Senate author)
2/3/2025HouseAuthored by Representative Caldwell (Trey), Kane
2/3/2025HouseFirst Reading
2/3/2025House
Bill Text
Enrolled (final version)
5/22/2025
Engrossed
5/20/2025
Floor (House)
5/19/2025
House Committee Substitute
5/19/2025
House Joint Committee Report
5/19/2025
Introduced
1/16/2025
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