Stitt signed a new law that would require the state to divest from any financial company that boycotts the energy industry.

House Bill 2034, the Energy Discrimination Elimination Act of 2022, is authored by Rep. Mark McBride, R-Moore.

McBride said, “For more than 100 years, Oklahoma has been a major oil and gas producing state. While we’ve diversified to include other energy sources, our economy and thousands of Oklahoma jobs are connected to the oil and gas industry. It must be protected from global movements and liberal ideologies that seek to disrupt or even stop it.”

HB2034 requires the state treasurer to maintain and provide to each state governmental entity a list of financial companies that boycott energy companies. These entities must then notify the treasurer of the listed financial companies in which they own direct or indirect holdings. Entities also must report to the treasurer, the Legislature and the state’s attorney general any securities sold, redeemed, divested, or withdrawn from a listed financial company.

HB2034 takes effect Nov. 1.