Oklahoma Senate Bill SJR38

Oklahoma 2026 Regular Session

• Introduced: 2/2/26
• Refer: 2/3/26

Caption

Constitutional amendment; requiring divestment of certain assets from the Tobacco Settlement Endowment Trust Fund and deposit of proceeds into specified fund.

Summary

SJR38 is a proposed constitutional amendment that would change how Oklahoma manages the Tobacco Settlement Endowment Trust Fund. It directs the Secretary of State to submit the amendment to voters and would require the Board of Investors to divest 5% of the trust fund’s assets each year by November 1, with the proceeds deposited into a new or existing Health Care Enhancement Fund. Those proceeds would then be available for legislative appropriation to support the health of Oklahomans, including direct medical expenditures. The measure also restates and organizes the existing structure of the Tobacco Settlement Endowment Trust Fund, including the boards that oversee investing and directing expenditures, the types of programs that may be funded, and the Legislature’s authority to enact implementing laws. The earnings of the trust fund would continue to be used for tobacco-related disease research and treatment, tobacco prevention and cessation, broader health care and child-focused programs, and senior adult health programs, while the new annual divestment would create a separate stream of money for health enhancement purposes.

Impact

If approved by voters, the resolution would amend Section 40 of Article X of the Oklahoma Constitution and alter the long-term management of the Tobacco Settlement Endowment Trust Fund by mandating an annual 5% asset divestiture. It would shift those proceeds into the Health Care Enhancement Fund for legislative appropriation, while leaving the trust fund’s earnings available for the existing health, children’s, and senior services purposes. The amendment would also preserve and reinforce the governance structure of the trust fund and allow the Legislature to pass further implementing legislation.

Sentiment

The available record shows no committee transcripts or recorded votes, so there is no direct evidence of debate or opposition in the provided materials. Based on the text, the measure is framed as a health-focused proposal intended to expand funding for medical and public health purposes. The bill’s caption and ballot title present it as a mechanism to enhance the health of Oklahomans, suggesting a generally supportive policy rationale.

Contention

The main policy issue is whether the state should require annual divestment of a portion of the Tobacco Settlement Endowment Trust Fund’s assets, which could be seen as reducing the fund’s principal in exchange for immediate health spending. Potential points of contention include the impact on the trust fund’s long-term investment growth, the Legislature’s discretion over the new Health Care Enhancement Fund, and whether the diverted proceeds should be used for direct medical expenditures versus other health-related priorities. No specific opponents or supporters are identified in the provided record.