Small: Attack on State Treasurer lacks merit

Attack on state treasurer lacks merit

By Jonathan Small

In politics, particularly during election years, thinly sourced allegations of wrongdoing are not unusual. Even so, a recent attack on State Treasurer Todd Russ makes for especially thin gruel. We’re supposed to believe Russ spearheaded a conspiracy to award a state contract … to the lowest bidder.

Several years ago, the Oklahoma Legislature created the Invest in Oklahoma program to encourage state pensions to invest up to 5 percent of their assets in Oklahoma-based companies. Eventually, lawmakers also voted to put the treasurer’s office in charge of the program but provided no extra funding to the agency to cover associated costs.

This year, the Invest in Oklahoma Board, which consists of five members including Russ, awarded a contract to a vendor whose job is to now try to encourage pension boards to invest in Oklahoma businesses.

When Russ’ office put out a request for proposal (RFP) in November 2025, the only company to submit a bid was 311 Capital. Rather than simply award the contract to 311 Capital, Russ issued another RFP in January. Three companies responded that time: 311 Capital, MEMCO and GCM Grosvernor. 

The 311 Capital bid was still the lowest bid submitted. Thus, Russ and the other four board members awarded the contract to 311 Capital.

But an online publication recently suggested the process was tainted because Russ’ office hired a lobbying firm this year, and that lobbying firm also represents the parent company of 311 Capital.

No one has argued that 311 Capital’s bid was not the lowest, or that there are any flaws with the bid. Instead, we are supposed to believe Russ sought to rig the process in favor of 311 Capital because of a shared lobbyist.

But when you rig a bidding process and your favored company emerges as the only bid submitted, you stop. You don’t take extra steps to increase competition that could drive down profits for the favored company. Russ’ critics appear blind to that logic.

Also, aside from Russ, the other members of the Invest in Oklahoma Board are Gov. Kevin Stitt, Lt. Gov. Matt Pinnell, and two individuals appointed by the speaker of the Oklahoma House of Representatives and the pro tempore of the Oklahoma Senate, respectively.

Are we to believe nearly every major state government leader joined Russ in this “conspiracy” to award a contract to the lowest bidder? Why would the House speaker, Senate president, or lieutenant governor agree to participate? Russ’ critics offer no explanation.

Further, 311 Capital won’t make any money unless state pension systems use their services, which requires subsequent approval from the governing boards of each system.

Put simply, favored companies don’t have to work this hard in a supposedly rigged process. This attack on Russ simply doesn’t hold water.

Jonathan Small serves as president of the Oklahoma Council of Public Affairs.