A year after he came under fire from Oklahoma Attorney General Gentner Drummond over enforcement of the state’s anti-ESG law, State Treasurer Todd Russ is the target of more criticism over the way he runs the office.
This time, he’s the target of an opinion piece by Bartlesville vice Trevor Dorsey, who is the Vice-Mayor of Bartlesville and a financial advisor and banker.
Employees and parents across the great state of Oklahoma have spent years dutifully contributing to retirement accounts and Oklahoma’s 529 college savings program. These contributions are invested to grow to ensure a secure financial future for this generation and the next.
It is my concern that Oklahoma State Treasurer Todd Russ is instead engaged in the political hot-button issue of the day with his unnecessary focus on multinational corporations. Specifically, Treasurer Russ asserts that his office has filed shareholder proposals demanding that companies including Amazon, Alphabet, GoDaddy, Netflix, Lululemon, and Yum!Brands “… serve all customers, all employees, and all shareholders.” I believe the OKLAHOMA State Treasurer should have his focus be on how he is serving the people of Oklahoma, not how corporations are interacting with their stakeholders worldwide.
I think it is confusing why Treasurer Russ has become a self-appointed proxy investor watchdog? His duty should be to oversee the hard-earned monies of Oklahomans are handled correctly, not going after some investor policy that has no real bearing on the finances of his constituents. His efforts unfortunately have siphoned off precious tax dollars and pull focus away from his Treasurer duties. I am all for conservative principles and money management oversight that reflects our values but seeing to be an investor watchdog and take on efforts that do not affect Oklahomans seems off-scope.
The people of Oklahoma: those who have retirement accounts and pensions being affected by his choices, and those who have a 529 college savings accounts should ask that we get back to the basics instead of worrying about the ins and outs of bureaucratic proxy investor fights at bit companies. In his own words, Treasurer Russ says “…this is about more than financial oversight, it’s about moral responsibility.” I agree – this is about more than financial oversight, but that’s the problem. His role is financial oversight, not moral responsibility. This is an overstep, one that must stop now as our economy gets back to its footing with a more stable economy than the previous four years. We need a State Treasurer who is fully “awake at the wheel” and not worried about the investor red tape of big companies.
It’s time for Treasurer Russ to focus on financial stewardship – for all Oklahomans. It’s time to for free market principles limiting government intervention and expanding competition to be allowed to do their job so that our economy grows and taxpayers aren’t burdened by higher costs.
Let’s get back to focusing on financial oversight and stewardship, to ensuring financial security in retirement for current and future retirees, and to safeguarding our economy here in Oklahoma so it continues thriving and growing.
Trevor Dorsey