Treasurer Todd Russ Highlights Record Accomplishments, Outlines Vision for 2026

Oklahoma State Treasurer Todd Russ today detailed his office’s accomplishments since taking office in 2023 and shared priorities for 2026, focusing on financial modernization, taxpayer accountability, and innovative programs to strengthen Oklahoma’s economy and public services.

Key Accomplishments Since 2023

• Clean, Transparent Operations: Delivered consecutive ‘clean opinion’ audits of the Treasurer’s Office and the Tobacco Settlement Endowment Trust, reinforcing accountability and fiscal discipline.
• Modernized Banking & Cash Management: Migrated ten legacy systems to a single, secure, and modern platform, improving speed, reliability, and transparency for every dollar collected, spent, and disbursed by state agencies. From teacher paychecks and student-athlete per diems to fleet payments and purchases at state parks, every dollar is processed faster, tracked more accurately, and protected with enhanced security features.
• Investing and Returns: Implemented advanced investment platforms, security-lending programs, and strategic oversight, generating record investment earnings for the state without raising taxes, exceeding goals by $122 million over the past three fiscal years, including $46 million (11.5%) above estimates in FY25 alone.
• Shareholder Engagement & Fiduciary Oversight: Filed six shareholder proposals in 2024 and ten in 2025 to strengthen transparency, accountability, and long-term shareholder value. Two proposals from 2024 were successful, along with three from 2025 to date, with additional 2025 proposals carrying into the 2026 proxy season.
• Education Savings, Oklahoma 529 & SEED: Oklahomans used more than $1 billion in withdrawals, expanded participation, and reduced management fees by half, making college savings more affordable for families. The SEED program also distributed over 1,300 scholarships, helping students access college, CareerTech, or apprenticeship programs and strengthening Oklahoma’s workforce.
• Unclaimed Property: Returned more than $118 million to Oklahomans, including a record claim of $3.1 million, while streamlining operations and expanding access with satellite offices in Clinton and Muskogee.
• Invest in Oklahoma Initiative: Established the board to deploy state and public entity funds into Oklahoma-based private equity, venture capital, and growth funds, right here in the Sooner State supporting job creation and businesses.
• Credit Rating Improvements: Directed strong fiscal management that led to upgrades and positive outlooks from Moody’s, S&P, and Fitch in 2023, reflecting Oklahoma’s disciplined budgeting, diversified investments, and sound financial policies.
• Capital Project Financing: Created in 2023, the $1.2 billion Legacy Capital Financing Fund administered by the Oklahoma Capitol Improvement Authority, providing efficient, cost-saving funding for state infrastructure projects. The fund also has generated $62.3 million in interest earnings available for new projects without raising taxes.
• Community Banking Support: Expanded FDIC-protected capital access to Oklahoma community banks, reinvesting state deposits locally, improving liquidity, and supporting farmers through lower-interest loans via the AgLink program.
• Tax Refund Flexibility: Implemented a new opt-in system for state tax refunds, allowing Oklahomans to choose a paper check for tax returns, improving access, convenience, and control for taxpayers across the state.

2026 Priorities

Treasurer Russ shared his office vision for 2026 and beyond:

• Banking & Local Deposits: Reinvested state cash deposits and expanded local collateral in Oklahoma banks, targeting more of the investment portfolio to remain in-state by year’s end, strengthening local liquidity and supporting Oklahoma’s banking sector.
• Digital Payments: Modernize state payment systems to include easy and secure online payments.
• State Benefits & Debit Cards: Renegotiate state-issued debit cards to improve efficiency and reduce bureaucracy, incorporating modern insights and technology.
• Oklahoma 529 Program: Grow assets under management to $1.75 billion and increase participation among current Oklahoma students, while providing deeper oversight to achieve a Morningstar rating.
• Unclaimed Property: Expand data sharing capabilities among state agencies to increase claim output by 60%.
• Credit Ratings: Work with Fitch Ratings on the current Positive Outlook with the goal of achieving an upgrade due to Oklahoma’s fiscal discipline and diversified portfolio management.
• Financial Expertise: Host the first local public finance forum, presenting advanced strategies with state, agency, and university leaders to improve bond issuances.
• Invest in Oklahoma Expansion: Grow state and public entity investments in Oklahoma-based businesses, private equity, venture capital, and growth projects, building a new portfolio to support local economic development, innovation, and job creation.
• Service Contracts & Innovation: Increase the proportion of state contracts provided by Oklahoma-based entities to 40%, including banks, investment firms, marketing, and other service providers.

The National Stage

Treasurer Russ emphasized ongoing monitoring of federal developments that could affect the state including:

• Federal “Trump Accounts” for children’s tax-advantaged investment accounts, with potential coordination considerations for Oklahoma 529 programs.
• Housing Investment Restrictions and implications for Real Estate Investment Trusts and private real estate exposure.
• Tariff Revenue Strategy as a potential partial replacement for income tax.
• AI Data Center Energy Policy, affecting infrastructure finance and utilities.
• Vice President-led “War on Fraud” Initiative, tied to balanced-budget and fraud-recovery priorities.
• Executive Actions on proxy voting reforms and “Investing in America” policies, emphasizing domestic investment and state fiduciary alignment.
• National Banking Task Force, searching for solutions to crippling regulations placed on local banks.

Treasurer Russ said:

“Our office is committed to investing every dollar wisely, modernizing state systems, and returning funds directly to Oklahomans. In 2026, we will continue to strengthen our financial operations, support Oklahoma-based businesses, and provide families with tools to save for their futures, all while maintaining transparency, accountability, and a fiscally responsible approach.”

For more information about the Treasurer’s office and programs, visit treasurer.ok.gov.