Transcript Highlights:

• years, And just recently, the Supreme Court of Oklahoma ruled that balancing political goals and financial
• We're trying to get away from anything that is not reasonably likely to affect or impact the financial
• I think House Bill 1170 is an unnecessary layer of bureaucracy, and it prevents our financial experts
• This has to do with a, call it a financial policy of the state. I know there were problems before.

Bills: HB1170

Keywords: fiduciary responsibility, proxy voting, public finance, Oklahoma statutes, pension plans, pecuniary factors, nonpecuniary factors, financial risk, Attorney General

Summary: The Senate Committee on Retirement and Government Affairs met to consider two executive nominations and House Bill 1170. Mark Wood was introduced as nominee to lead OMES; he described his background in public accounting and tax administration, said his focus would be on stabilizing the agency, improving efficiency, and balancing accountability with service. Senators asked about OMES’s core mission and whether some duties should be returned to agencies; Wood said he would keep an open mind and work with legislators on possible changes. The committee advanced his nomination on a 9-0 vote. The committee then heard Dwayne Helmberger’s nomination to the State Fire Marshal Commission. Helmberger, currently Stillwater fire chief and formerly assistant chief in Midwest City, emphasized code administration, education, and coordination with other agencies. Senators questioned him about backlogs in fire marshal inspections for marijuana grow operations and certificates of occupancy; he said the backlog was driven by the volume of applications and could be addressed through better planning, coordination, and logistics. His nomination also advanced unanimously, 9-0. Finally, the committee considered House Bill 1170, which would direct pension fiduciaries to focus on pecuniary interests and avoid non-financial ESG considerations. Senator Daniels explained that the bill was intended to clarify state policy and align definitions with related measures, and she requested a title strike while continuing to work on the language. Members raised concerns about due process, immunity provisions, and whether the bill would conflict with recent court rulings or still allow consideration of ESG factors when financially relevant. After debate, the committee passed the bill 6-2.

Transcript Highlights:

• years, and just recently, the Supreme Court of Oklahoma ruled that balancing political goals and financial
• We're trying to get away from anything that is not reasonably likely to affect or impact the financial
• I think House Bill 71170 is an unnecessary layer of bureaucracy and it prevents our financial experts
• This has to do with a call it a financial policy of the state.

Bills: HB1170

Keywords: fiduciary responsibility, proxy voting, public finance, Oklahoma statutes, pension plans, pecuniary factors, nonpecuniary factors, financial risk, Attorney General, 914, all

Bills: SB 312, SB 945, SB 946, SB 1367, SB 1861, SB 2044, SB 2337, SB 2403, SB 2819, SJR 54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Bills: SB 312, SB 945, SB 946, SB 1367, SB 1861, SB 2044, SB 2337, SB 2403, SB 2819, SJR 54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Transcript Highlights:

• issue one or more subpoenas to compel BlackRock Incorporated, State Street Corporation, or any other financial

Bills: SB312, SB945, SB946, SB1367, SB1861, SB2044, SB2337, SB2403, SB2819, SJR54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Summary: The Senate Committee on State Affairs was called to order and a roll call showed most members present, with one absent. The chair explained that the committee had arranged witnesses for a later meeting but had received responses from some parties declining to testify, prompting Senator Bettencourt to offer a written motion for subpoenas. The motion authorized the committee chair, under Senate Rule 11.20, to issue subpoenas to BlackRock, State Street, or other financial services companies affecting Texas public pension investments, along with their subsidiaries, affiliates, officers, employees, agents, or representatives. The subpoenas would require testimony and production of records concerning investment practices, the impact on Texas public pension funds, and any investments intended to further political or social causes. Members discussed the importance of obtaining testimony and the limited but necessary use of subpoena power. The committee then voted, with 10 ayes, no nays, and one absent, to adopt the motion. With no further business, the committee recessed until the call of the chair, planning to return after the local calendar.

Transcript Highlights:

• We must not allow financial. This wasn't about risk, it was about politics.
• We must not allow financial. This episode illustrates why SB 946 is needed.
• Their advice is not tied to financial performance.
• And, of course, those financial firms take your money and they buy shares.
• Investment decisions must be made solely on financial factors, not on social, political, or ideological

Bills: SB312, SB945, SB946, SB1367, SB1861, SB2044, SB2337, SB2403, SB2819, SJR54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Summary: The committee heard Senate Bill 945, 946, 2044, 2819, 2403, 2337, and 312, with all bills left pending after testimony. SB 945 would restrict insurance companies from denying or limiting coverage based on oil and gas activity or ESG-related goals, and supporters argued it would protect Texas energy producers from politically motivated shareholder activism and insurance discrimination. SB 946 would bar creditors from using social credit, ESG, DEI, or religious/political affiliation as a basis for denying or limiting credit; witnesses said it would prevent viewpoint-based financial discrimination and protect access to capital for Texas businesses. SB 2337 would require proxy advisory firms to disclose when recommendations are based on non-financial factors or when they give conflicting advice to different clients; supporters said the measure would increase transparency and curb ESG-driven influence over shareholder voting. SB 312 would direct public retirement systems to focus on financial returns rather than social or political objectives, with the author saying the bill responds to activist pressure on pensions and would reinforce fiduciary duty. The committee also took up election and ethics measures. SB 2044 would strengthen electioneering restrictions for publicly funded education institutions and personnel, prohibiting use of official resources to promote political agendas; testimony focused on alleged school district electioneering in bond and tax elections. SB 2819 would prohibit county elections administrators from holding certain officer positions appointed by elected officials, addressing potential conflicts of interest. SB 2403, the Texas Ethics Commission sunset bill, would restructure complaint handling with a three-tier violation system, risk-based complaint prioritization, longer response times, bipartisan preliminary review panels, and expanded hearing options; members discussed amendments aimed at dismissing minor complaints, clarifying categories, and adjusting lobbying and penalty provisions, but the amendments were withdrawn during committee consideration. Across the ESG and finance bills, invited witnesses from the American Energy Institute, Heartland Impact, Consumers Research, ADF Action, Texas Civil Justice League, and related groups generally supported the measures, arguing that banks, insurers, proxy advisors, and asset managers have used ESG or reputational-risk standards to discriminate against energy, agriculture, firearms, and religious organizations. No opposition testimony was presented in the excerpt, and the committee closed public testimony on each bill and left them pending.

Bills: SB312, SB945, SB946, SB1367, SB1861, SB2044, SB2337, SB2403, SB2819, SJR54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Transcript Highlights:

• The CIRA consideration includes risk factors such as management's awareness of climate.
• . non-financial factors, and to further give notice when conflicting recommendations are made to different
• or else disclose their underlying factors for recommendations. that they are not.
• Their advice is not tied to financial performance.
• Investment decisions must be made solely on financial factors, not on social, political, economic factors

Bills: SB312, SB945, SB946, SB1367, SB1861, SB2044, SB2337, SB2403, SB2819, SJR54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Transcript Highlights:

• issue one or more subpoenas to compel BlackRock Incorporated, State Street Corporation, or any other financial

Bills: SB312, SB945, SB946, SB1367, SB1861, SB2044, SB2337, SB2403, SB2819, SJR54

Keywords: public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards

Transcript Highlights:

• This bill's called the Protections for Financial Exploitation of Protected Adults Act.
• Essentially, it establishes a framework for financial institutions to Intervene when they suspect a protected
• adult is being targeted for financial exploitation or fraud.
• you can kind of pick up on it, and so At a bare minimum, I would expect generally that would be a factor
• I hope that there will be some training or guidance for financial institutions so that this is consistently

Bills: HB3041, HB4428, HB4429, HB1064, HB3265, HB3721, HB3028, HB3313, HB3588, HB3020

Keywords: credit card transactions, payment methods, service charge, consumer rights, financial regulation, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty, pecuniary factors, nonpecuniary factors, ESG, environmental social governance, social goals

Transcript Highlights:

• The really active language is that definition of non-pecuniary factors on page two.
• . ...body or some entity that does not want to sign on to only looking at pecuniary factors, they may
• We just need to base everything on pecuniary factor and returning, maximizing that investment for all
• Would that mean that no matter, you know, those local factors that they know about, they would still
• , they must stick to the pecuniary factors.

Bills: HB3057, HB3279, HB4428, HB3420

Keywords: government reporting, information technology, child welfare, environmental policy, state agency compliance, employment restrictions, state officers, prohibited acts, government contracts, public service, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty

Summary: The Senate Committee on Retirement and Insurance met and first passed House Bill 3057, which removes obsolete statutorily required reports identified in a Loft review to streamline agency reporting requirements. Senator Kirt asked whether any agency functions were being eliminated, and Senator Rader said some reporting-related functions would no longer be required, citing the organized retail crime task force final report as an example. The bill passed 7-0. The committee then unanimously confirmed Marla Tharp to another four-year term on the Board of Trustees of the Teachers’ Retirement System of Oklahoma, with members discussing her service, the system’s unfunded liability, and her long career in school administration. After that, House Bill 3279 passed 9-0. That measure raises the conflict-of-interest certification threshold to contracts of $25,000 or more, bars involved officers or employees from taking jobs with the winning contractor for one year, and clarifies that another person may sign for a director. Senators asked how broadly the restriction applies and whether the change addressed existing loopholes. House Bill 4428 also passed, 7-2, after debate and amendment. The bill directs pension boards and proxy advisors to focus on pecuniary factors in investment and proxy voting decisions, while limiting reliance on non-pecuniary considerations unless they affect financial risk or return. Amendments added language requiring entities to be headquartered and operate in the United States and aligned the bill’s investment-purpose language with existing statute. Senator Kirt opposed the measure, arguing it could unduly limit long-term considerations and proxy voting. Finally, House Bill 3420 passed 8-0. Described as part of a bipartisan effort informed by the state auditor and Loft, it makes several changes to the Oklahoma Central Purchasing Act, including limiting pilot procurement testing to one year, removing flex benefit plan acquisitions from certain bidding exemptions, clarifying that professional services need not be bid, and posting sole-source and sole-brand reports on the OMES website instead of sending them to legislative leadership. Senators questioned several deletions and additions, and the author said the bill was intended to clean up procurement rules and reduce opportunities for waste or abuse.

Transcript Highlights:

• The really active language is that definition of non-pecuniary factors on page two.
• We just need to base everything on pecuniary factors and returning, maximizing that investment for all
• Would that mean that, no matter, you know, those local factors that they know about, they would still
• They must stick to the pecuniary factors.
• This is simply to remind them that they must not wander away from looking only at pecuniary factors.

Bills: HB3057, HB3279, HB4428, HB3420

Keywords: government reporting, information technology, child welfare, environmental policy, state agency compliance, employment restrictions, state officers, prohibited acts, government contracts, public service, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty

Transcript Highlights:

• mainly residential and small business, residential really being the largest concern from a safety factor
• figure out what is speculative and what's a real deal for Texas and in Texas, requiring loads to post financial
• said, my two major concerns are grid reliability when it comes to losing generation and some of the financial

Bills: SB 6, SB6, SB504, SB765, SB815, SB929

Keywords: hemp, consumable hemp, hemp-derived cannabinoids, CBD, cannabidiol, CBG, cannabigerol, delta-8, delta-9, intoxicating hemp, hemp gummies, hemp vape, edibles, cannabinoid regulation, hemp licensing, retailer registration, product registration, QR code labeling, child-resistant packaging, minor access

Transcript Highlights:

• effective, we need to explicitly look at lifetime costs and benefits as... ...would apply a discount factor
• Our customers are Fortune 500 and Fortune 100 companies, banks, financial industries, and social media
• Offices must submit their financial statements and other information, including salaries of directors
• What I am trying to do in this bill is to protect Texans from utilizing AI as part of a financial scheme

Bills: SB 6, SB6, SB504, SB765, SB815, SB929

Keywords: hemp, consumable hemp, hemp-derived cannabinoids, CBD, cannabidiol, CBG, cannabigerol, delta-8, delta-9, intoxicating hemp, hemp gummies, hemp vape, edibles, cannabinoid regulation, hemp licensing, retailer registration, product registration, QR code labeling, child-resistant packaging, minor access

Transcript Highlights:

• in line with their fiduciary duties, which they're supposed to do today, solely based on pecuniary factors
• Financial returns are in the best interests of the citizens and the systems that are supposed to support
• that the top priority should be the return and the long-term stability of the system and a real financial
• consideration as opposed to using some other factor to direct funds that may not have that.
• In other words, if it's on some other factor, you have questions.

Bills: HB1739, HB1784, HB1889, HB2116, HB2206, HB3625, HB2939, HB3028, HB3265, HB3313, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB3588, HB3748, HB3721, HB3852, HB4132, HB4263, HB4303, HB4311, HB4428, HB4429, HB4434

Keywords: retirement, law enforcement, disability benefits, pension system, Oklahoma, education reform, local control, student outcomes, curriculum changes, school funding, public retirement systems, pension, retirement benefits, cost-of-living adjustment, COLA, inflation adjustment, CPI-U, Consumer Price Index, firefighters pension, police pension

Transcript Highlights:

• Financial returns, best interests of the citizens in the systems that's supposed to support.
• The long-term stability of the system and a real financial consideration, as opposed to using some other
• factor to direct funds that may not have that.
• If you are making a recommendation for or against that, and it's based on a written financial analysis
• In other words, if it's on some other factor. You'll have questions.

Bills: HB1739, HB1784, HB1889, HB2116, HB2206, HB3625, HB2939, HB3028, HB3265, HB3313, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB3588, HB3748, HB3721, HB3852, HB4132, HB4263, HB4303, HB4311, HB4428, HB4429, HB4434

Keywords: retirement, law enforcement, disability benefits, pension system, Oklahoma, education reform, local control, student outcomes, curriculum changes, school funding, public retirement systems, pension, retirement benefits, cost-of-living adjustment, COLA, inflation adjustment, CPI-U, Consumer Price Index, firefighters pension, police pension

Summary: The committee opened with prayer, laid over House Bill 1784 as dead, and then heard a long series of measures, many related to pensions, retirement systems, elections, and state procurement/reporting. Early bills included HB 3588 on debtor-creditor law updates, HB 3748 on county partnerships with four-year institutions, HB 4303 extending the municipal ordinance publication deadline from 15 to 30 days, HB 4311 increasing the treasurer’s share of the unclaimed property administration fee from 4% to 6%, and HB 3028 allowing CareerTech to charge processing fees. All of these advanced on due pass votes, with some opposition on HB 3588, HB 4311, and HB 3028. A major block of the meeting focused on retirement and pension policy. The committee advanced HB 4428 and HB 4429 on proxy advisor transparency and fiduciary voting standards for retirement systems, with the author arguing they would improve transparency and keep pension decisions focused on financial returns rather than ESG/DEI considerations. Other pension-related bills that passed included HB 4132 creating a cybersecurity safe harbor for local governments, HB 1889 fixing a COLA gap for certain retired police officers and firefighters, HB 3265 defining “mental health specialist” for disability applications, HB 1739 reinstating a half-pay provision in the state law enforcement retirement system, HB 3313 changing the Retirement Freedom Act by raising contribution and match rates and eliminating vesting, HB 2116 expanding eligibility for State Fire Marshal officers, HB 2206 allowing newly hired school resource officers to join OLEERS, HB 3625 expanding school district investment options, and HB 3721 creating a survivor-benefit election for children of certain public safety officers. Most of these passed with little or no debate, though HB 1739 drew questions about actuarial “safe harbor” language and pension funding. The latter part of the meeting centered on a package of government contracting and transparency bills from Representative Strom. HB 3413, HB 3414, HB 3415, HB 3416, HB 3417, HB 3418, and HB 3420 would require more detailed reporting of contracts, subcontractors, consulting services, and post-contract assessments; create public posting and reporting requirements through OMES and Central Purchasing; revise bidding rules for state, county, and municipal entities; require vendor ownership disclosures; allow live-streamed bid openings; and add misdemeanor penalties for violations of Central Purchasing rules. Strom said the package was intended to improve accountability, documentation, and protection of taxpayer dollars. The committee also passed HB 3852 clarifying poll worker list requirements for county election boards, HB 4434 requiring gubernatorial notice when out of state, and HB 2939 removing fax-machine references from statute. Most measures were adopted with policy recommendations and passed on strong votes, and the meeting ended with Chairman West thanking members for their work and adjourned the committee.

Transcript Highlights:

• Welcome to Banking, Financial Services, and Pensions.

Bills: SB1623, SB2067, SB2132

Keywords: credit union, Oklahoma State Credit Union Board, membership, loans, investments, board compensation, financial regulations, financial exploitation, protected adults, financial institution, notification, temporary hold, credit card, surcharge, discounts, consumer protection, payment methods

Summary: The Banking, Financial Services, and Pensions Committee heard three bills. Senate Bill 2132, presented by Rep. Geis, would raise the allowable credit card processing fee cap from 2% to 3% and preserve consumer protections requiring notice to customers. During discussion, members raised concerns about whether 3% was enough to cover actual merchant costs; Geis said she had spoken with the Senate author and was prepared to amend the bill to 4%, which she said would better match average costs and cover most businesses. The committee agreed to let the language be handled before Oversight, and the bill passed 8-0. House Bill 1623, also presented by Geis, updates the state charter for credit unions to give state-chartered institutions more flexibility similar to federally chartered credit unions. It revises field-of-membership rules, removes geographic or membership overlap considerations, and allows the board to add association categories for individuals in underserved areas below 150% of the poverty level. The bill received no questions and passed 8-0. Senate Bill 267, presented by Rep. Lepak, carries the same language previously passed in House Bill 3020 and deals with protection of vulnerable adults. Lepak said bankers and credit unions were working together on the measure. The committee took no substantive debate and passed the bill 8-0. The meeting then adjourned.

Bills: SB1623, SB2067, SB2132

Keywords: credit union, Oklahoma State Credit Union Board, membership, loans, investments, board compensation, financial regulations, financial exploitation, protected adults, financial institution, notification, temporary hold, credit card, surcharge, discounts, consumer protection, payment methods, 914, all

Transcript Highlights:

• The banks make decisions based on financial risk, not political preference.
• This protects the financial system. It promotes competition.
• The CFPB was created in the wake of the great financial crisis.
• I urge everyone to vote yes on this to protect our financial system.
• The Taylor Act It mandates that federal financial regulators consider individual financial institutions

Bills: SB875

Keywords: banking regulation, federal agencies, reputational risk, financial services, supervision, FIRM Act, bank supervision, depository institutions, federal banking agencies, FDIC, OCC, Federal Reserve, NCUA, CFPB, credit unions, Operation Choke Point, financial discrimination, safety and soundness, supervisory guidance, examination manual

Summary: This meeting focused on the markup of the Genius Act and the FIRM Act, two significant pieces of legislation addressing stablecoin regulation and the financial industry's regulatory framework. The Chairman noted the importance of providing clarity to the digital asset community and protecting American consumers, while also promoting innovation and competition within the financial sector. Members of both parties expressed varying viewpoints, with some highlighting concerns related to national security and the potential risks associated with stablecoins.

Transcript Highlights:

• The Chief Financial Officer is authorized to appoint review panel members to assist DFS in the grant
• We have Tim Meehan, National Association of Insurance and Financial Advisors, waving in support.
• include credit unions and financial institutions generally.
• include credit unions and financial institutions generally.
• We have Ash Mason, Office of Financial Regulation, waving in support.

Bills: S0198, S0570, S0772, S0808, S1038, S1040, S1286, S1440, S1504, S1668

Keywords: virtual currency, kiosks, money services business, regulation, financial services, consumer protection, cryptocurrency, registration, payment scams, task force, fraud prevention, property insurance, roofing requirements, inspector, insurance policies, homeowners insurance, roof age, residential structures, insurance renewal, investment

Summary: The Committee on Banking and Insurance met with a quorum present and took up a series of bills, beginning with SB 1286 by Senator Wright. That bill expands the law enforcement recruitment bonus program to include firefighters, creates a DFS grant review panel for fire-related grants, and establishes an institute for PTSD and first-responder behavioral health. Testimony from fire chiefs and others supported the measure, and the committee reported it favorably. The committee then considered several insurance and financial regulation bills. CS/SB 198 by Senator Rousan, as amended, regulates virtual currency kiosks with transaction limits, notice and receipt requirements, and OFR enforcement authority; witnesses described it as a needed anti-fraud measure, especially for seniors, and it was reported favorably. CS/SB 772 by Senator Burgess, as amended, allows limited licenses for portable electronics and eyewear insurance, and CS/SB 1504 by Senator Claudio, as amended, creates a pathway for high school students to qualify for insurance customer representative licensure; both were reported favorably. The committee also approved two cryptocurrency reserve bills by Senator Gruters: CS/SB 1038 creates the Florida Strategic Cryptocurrency Reserve framework, and CS/SB 1040 creates the related trust fund; both received technical amendments and favorable reports. CS/SB 1440 by Senator Martin, as amended, creates public records exemptions and cybersecurity reporting provisions for financial institutions and related entities, and it was reported favorably. Finally, SB 1668 by Senator Burton, which updates the NICA program’s funding and benefit structure, and CS/SB 570 by Senator Polsky, which creates a task force on payment scams, were both heard with supportive testimony and reported favorably. Senators later recorded additional affirmative votes on selected bills before the committee adjourned.