Oklahoma State Representatives last week held a hearing on the state’s controversial anti-ESG law, the Energy Discrimination Elimination Act (EDEA), which directs the state treasurer to produce a list of financial institutions that boycott the oil and gas industry.
The law, which blacklisted some of the world’s largest financial institutions, was estimated to have cost Oklahoma municipalities $184.7 million in additional expenses in its first 17 months of implementation.
Three of the witnesses at last week’s hearing – and the lawmakers leading the effort – have direct ties to the oil and gas industry:
- Oklahoma Watch reports: “Three of the witnesses had ties to the energy industry or conservative think tanks partly funded by the oil and gas sector. Some of their presentation slides cross-referenced similar reports issued by conservative think tanks in other states. Russ has attended several conferences hosted by the State Financial Officers Foundation, which has also provided him with talking points about anti-ESG laws and hosted speakers from other similarly minded groups.”
- The State Financial Officers Foundation (SFOF) is an organization that pushes Republican State Treasurers to adopt anti-responsible investing policies. SFOF receives significant funding from Leonard Leo’s Consumers Research and has contracted with Leo’s Chevron-connected firm, CRC Advisors. It also receives significant financial backing from Heritage Foundation, the organization behind Project 2025.
- Oklahoma Watch continues: “Separately, Russ and his chief of staff, Jordan Harvey, were named in a lawsuit filed last week over open records requests made to this office about the Energy Discrimination Elimination Act. The complaint alleges Harvey failed to turn over emails about the law from a private Gmail account. It said the treasurer’s office has been coordinating with outside groups that want to influence Oklahoma policy.”
Despite the legal injunction in place due to concerns about the effects of the law on public funds, anti-ESG lawmakers are doubling down on the fossil fuel mandate, hurting taxpayers and the state economy:
- The EDEA was blocked by an Oklahoma District Court Judge earlier this year after a retired Oklahoma public servant, concerned about the effects of anti-responsible investing policies on public pension funds, raised legal challenges against the law. Other state employees have also raised concerns about the harmful effects of the law.
- Oklahoma Deputy Treasurer Jordan Harvey claims state lawmakers were aware of the financial consequences, but continued to push the bill into law – and still refuse to back down despite deep research showing how attacks on ESG endanger the financial well-being of everyday Americans and are widely unpopular among voters across party lines.
To read the full Oklahoma Watch article, click here.
