The same week we reported on the status of a lawsuit before the Oklahoma Supreme Court regarding the state’s Energy Discrimination Elimination Act, Treasurer Todd Russ was featured by the Wall Street Journal for his role in changing ESG practices of banks and investment firms.
The WSJ article focused on how major U.S. banks are reevaluating their business practices in response to concerns raised by state leaders about political discrimination in financial services.
The article, titled “Big Banks, Worried About Being Trump’s Next Target, Race to Appease Republicans,” highlights how states like Oklahoma and Texas have enacted laws that restrict doing business with financial institutions that appear to boycott traditional industries such as oil, gas, and firearms manufacturing. In recent months, several large banks, including JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America, have met with state officials to clarify their positions and, in some cases, revise internal policies.
Treasurer Russ emphasized Oklahoma’s position in the piece: “I’m not asking them to be MAGA banks,” he told the Wall Street Journal. “I want them to manage my portfolio and stay out of these political ideologies. I think they realize that’s a fair place to be.”
The article notes that several banks have updated their policies this year to state they do not discriminate on political grounds. Some, including JPMorgan and Citigroup, have also exited high-profile climate-focused alliances. While these actions have been acknowledged by Oklahoma officials, efforts continue to ensure that financial decision-making remains free of political and ideological influence.
“There’s been a lot of political posturing and philosophical interjections into the financial decisions that these big companies have been making,” Russ said. “We want them to work right down the middle. No activism, no politics, no philosophical assertions.”
The full article from the Wall Street Journal is available on the Treasurer’s website.