Oklahoma Treasurer Todd Russ Featured in Wall Street Journal as Big Banks Shift Course on Political Activism

Wall Street Journal highlights Oklahoma’s leadership in holding financial institutions accountable for politically motivated discrimination

Oklahoma State Treasurer Todd Russ was featured this week in a Wall Street Journal article examining 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.”

Click here for the full article from the Wall Street Journal.