Duel Files Divestment Act to Protect National Security
OKLAHOMA CITY – Rep. Collin Duel, R-Guthrie, has filed a bill that would require state pensions and state university endowment funds to divest from foreign adversary nations. House Bill 1561 would create the “Foreign Adversary Divestment Act of 2025.” "This is a matter of national security, ensuring Oklahoma public investment dollars are not put at risk in countries of concern," Duel said. "This also will assure we are not funding the development of military technologies and surveillance tools of our adversaries." Duel, a decorated Army Ranger who served the nation during four combat deployments to Afghanistan, said he understands well what constitutes a national security risk. He said this measure will protect Oklahomans and their savings and investments, and in a broader sense, the interests of the United States of America. Rep. Mark Lepak, R-Claremore, is co-authoring the bill. "As we continually seek to protect the retirement benefits of our state's pensioners, this bill adds the additional layer of security from foreign interests that might seek to do them immeasurable financial harm," Lepak said. Under the provisions of the bill, all state and local managed funds would be prohibited from holding investments in any foreign adversary, as well as any state-owned enterprise of a foreign adversary, or any company or other entity domiciled within, owned or controlled by a foreign adversary. All state-managed funds would be required to immediately in good faith begin divestment of any holdings prohibited in this act, with total divestment achieved by Jan. 1, 2028, or two years after the effective date of this act, whichever is earliest. Total divestment would mean reducing the value of prohibited investments to no more than five-hundredths of one percent of the market value of all assets under management by a state or locally managed fund. The act would require the state treasurer to develop a notification system to identify foreign adversaries or countries of particular concern. Entities subject to the provision of the act would have six months from the effective date to identify all companies affected. HB1561 will be eligible for consideration in the upcoming legislative session, which starts Feb. 3. If enacted, the act would become effective Nov. 1.