All Roll Calls
Yes: 75 • No: 52
OklahomaHB 2765Oklahoma 2026 Regular SessionHouseWALLET
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
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Invest in Oklahoma program launches
Beginning 2025-11-01, the State Treasurer runs the Invest in Oklahoma program. It can put state money into Oklahoma private equity, venture capital, and growth funds, and may invest directly in Oklahoma companies if the Constitution allows. Listed public funds may invest up to 5% of their rolling three-year assets in Board‑approved venture and growth funds. The Treasurer may place some state cash balances into the program, but not money from the General Revenue Fund, Revenue Stabilization Fund, Education Reform Revolving Fund, Rate Preservation Fund, any constitutional fund, or funds with legislative authorization or appropriation in the last three fiscal years, and certain revolving funds unless the agency and Board allow it. The Treasurer can set rules and procedures that do not conflict with the Board, and can open custodial accounts or hire private custodians to manage assets.
Stricter vetting for investment advisors
Beginning 2025-11-01, the State Treasurer may hire investment advisors and fiduciary managers, but the Invest in Oklahoma Board must confirm and approve all appointments and contracts. Before asking the Board to confirm, the Treasurer must verify the advisor is in good standing with the SEC and the Oklahoma Securities Commission. The Treasurer must use set criteria to pick funds and advisors, including returns, years in business, capitalization, fees, past results, limited partners’ backgrounds, how much they invest in Oklahoma, and at least ten years of experience with Oklahoma investing.
Stronger oversight and public reporting
Beginning 2025-11-01, the Cash Management and Investment Oversight Commission is renamed the Invest in Oklahoma Board with five members and conflict‑of‑interest rules. The Board meets at least quarterly and follows the Open Meeting and Open Records Acts. The Treasurer must send the Board a monthly report naming all investment counterparties and who was paid for services, and make it available to key state officials. The Board and State Auditor create a standard reporting system, and the Board must flag any potential legal or policy violations in writing. Each year by July 1, the Treasurer sends the written investment policy and any changes to top officials and keeps a public copy. Board members are unpaid and get only travel reimbursement from the appointing authority. The Board sets investment limits and names roles that need OSBI background checks; limits can be exceeded only by a unanimous Board vote and only if the Constitution allows.
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: 0 • No: 11
House vote • 5/20/2025
Top_of_Page
Yes: 55 • No: 32
House vote • 5/19/2025
DO PASS
Yes: 20 • No: 5
Senate vote • 5/19/2025
Top_of_Page
Yes: 0 • No: 4
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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