The intense red state proposal triggers the debate on anti-Esg policies

The treasurer of the state of Oklahoma is raising concerns about legislation He says he could open the door for the controversial practice of “environmental, social and governance” in the intense red state.

The Senate bill 714 would amend the 2022 energy discrimination elimination law to remove the “Application Authority” of the Treasurer Law and give it to the State Attorney General’s Office.

The treasurer maintains a list of several banks that cannot do business with the Oklahoma state government If the institution has publicly expressed its opposition to oil and gas companies.

Critics argue that the drafting in the legislation would reduce the necessary standards for an institution to be on the list and how the agencies enforce it.

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“The bill actually eliminates the treasurer from the supervision of the investment behaviors of the large financial institutions and proposes to put it under the office of the attorney general,” said Oklahoma state treasurer, Todd Russ, Fox News Digital with respect to the Senate Law 714. “So, I mean, that only raises many questions.

“As a constitutional official in the state treasurer in Oklahoma, why would I want someone who does not have the constitutional commitment and the obligation to supervise financial investments and state affairs to be under the treasure and move it to a different constitutional charge?” He continued.

The state law of 2022 faces “continuous” legal challenges, which makes its destiny not clear. The law is intended to avoid supporting the institutions that some leaders consider that they seek to damage the State Energy Industry.

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“Throughout the years, these issues have been very politicized. I mean, it is not a financial problem. It is a social agenda that have been woven in investments,” Russ said about Esg.

“The state of Oklahoma is not trying to reach the other side of that behavior. We are trying to take a position to say: ‘Look, keep out of political arena with my investments. Our investments.

Fox business He reported in 2023 that the Russ list was consultations on energy investment practices to numerous banks, and prohibits banks from participating in key state investments such as pension funds.

The Oklahoma Gentner Drummond Attorney’s Office said: “This bill is only necessary due to the sad treasurer failure to successfully defend Oklahoma’s Energy Discrimination Law of 2022. That was the true slapped in the face of the oil and gas industry.

“The law prohibits state investments of contracts and pension systems with financial institutions that discriminate against the oil and gas industry.”

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Republican state senator Dave Rader, the sponsor of the bill, told Fox News Digital in an email that plans to make some amendments to the legislation, including the “additional clarification of the definition of Boicott Energy Company to include the vote of the proposals of the shareholders that penalize or inflict damage, which adds the legislative intention to clarify the purpose of clarifying the purpose of the purpose of clarifying Removing systems, eliminating the word of Word ‘in the business business.

However, the suggested amendments of Rader in the email have not yet been official, according to the website of the Oklahoma State Legislature, where the legislative text is shown.

The legislation would have to vote in the complete Senate before March 27 before potentially addressed to the State Representatives Chamber.