Oklahoma State Treasurer Todd Russ is praising J.P. Morgan Chase after the financial institution moved away from environmental, social and governance (ESG) initiatives and diversity, equity and inclusion (DEI) policies, saying the changes restore a focus on fiduciary responsibility and financial returns.
Russ said the firm’s recent actions address concerns Oklahoma has raised in recent years that investment decisions involving public funds were being influenced by political or ideological priorities instead of financial performance.
“For years, Oklahoma expressed concerns that taxpayer dollars and public pension assets were being influenced by commitments that extended beyond traditional fiduciary responsibilities,” Russ said. “Today, we are encouraged to see an industry leader take a hard look at those practices, thoroughly evaluate the current landscape, and return their focus to serving clients’ financial interests.”
The treasurer said J.P. Morgan’s shift could lead to renewed partnerships with Oklahoma, adding that the state will continue reviewing other financial institutions that seek to do business with the state.
