By Oklahoma Treasurer Todd Russ
Oklahoma deserves to know what is factually accurate after misleading comments were made by Senator Rader in his op-ed regarding the Treasurer’s role in the Energy Discrimination Elimination Act (EDEA).
My office has consistently prioritized its constitutional duty by hiring unbiased experts to manage public finances. Our approach includes ensuring our fiduciary and statutory mandates are met, which did include maintaining a restricted list of financial institutions that do not align with Oklahoma’s economic interests, particularly those that boycott the energy sector. This statutory requirement ensures that investments are made solely based on financial returns and fiduciary considerations, free from external political or ideological influences from investment firms like Blackrock and other ESG influences.
The role of enforcement under the Energy Discrimination Elimination Act (EDEA) has always belonged to the Attorney General. As the Treasurer, I administer the law by identifying and listing financial institutions whose practices conflict with Oklahoma’s interests, especially in energy and other critical industries. It is then the Attorney General’s duty to enforce that law — compelling our agencies, public trusts and retirement systems to comply with the law and insist those restricted companies coarse correct and commit to pecuniary performance only.
This vital statutory step has largely been absent from the AG’s agenda. When the lawsuit challenging EDEA was filed, the Attorney General had the opportunity to defend the state’s interest and the law’s intent. Instead, he hesitated until the window to act had effectively closed. Senate Bill 714, did not reach the floor for a hearing and appears to be a last-ditch attempt to reframe that failure. It is not a solution, nor is it even an active piece of legislation. At best, it is just a narrative dressed as a fix to keep lobbyist from Blackrock and other financial companies happy. At worst, it is a smokescreen to distract from the AG’s lack of action in enforcing the law.
As Treasurer, my job is to uphold the constitution and the law by managing and protecting public investments according to fiduciary standards not political whims of outside activists. But a law without enforcement is ineffective. That’s where the Attorney General should come in — to take legal action when entities refuse to comply. Unfortunately, is not happening. What is happening is that my office continues to safeguard public funds and also remains focused on implementing proxy voting reforms so that investment decisions are made on neutral grounds, driven by returns and a fiduciary duty — not political motives.
Without enforcement, even the best laws fall short. While my office continues to fulfill its role—managing public investments responsibly, calling out bad actors like BlackRock, and advancing proxy voting reforms to protect returns—effective oversight requires more than administration alone. It depends on coordinated action not obstruction of one constitutional office from another. The Attorney General holds the authority to compel compliance with the law. Upholding fiduciary duty and protecting taxpayer dollars takes clear roles, shared responsibility, and the will to follow through. My office is doing its part. It’s time for the AG to defend the enforcement authority he already has, quit being friends with the enemy and stop looking for a way to avoid doing his job.
