Two Republicans to vie for Oklahoma state treasurer in runoff election

Two Republicans with extensive policymaking experience are vying to become Oklahoma's next state treasurer and will face off in the Aug. 23 GOP runoff primary.

As Oklahoma's next treasurer will be tasked with carrying out a new law that requires the state to divest from financial institutions that boycott the fossil fuels industry, both candidates have railed against banks and financial firms that are shunning investments in the oil and natural gas industries.

Former state Sen. Clark Jolley, 51, will face term-limited Rep. Todd Russ, 61, in the race after state Treasurer Randy McDaniel announced he would not seek a second term.

Oklahoma's treasurer is the state's chief elected financial officer and oversees banking, investment and cash management of billions in taxpayer dollars.

In the three-way June primary election that also included embattled former Oklahoma County Clerk David Hooten, Russ nearly avoided a runoff by clinching almost 49% of GOP votes cast. Jolley came in second with support from 34% of Republican voters.

Jolley most recently served as chairman of the Oklahoma Tax Commission after being appointed by former Gov. Mary Fallin to the three-person board. He represented Edmond for 12 years in the state Senate, which included ending his tenure as chairman of the powerful Senate Appropriations and Budget Committee. He also served a stint as Fallin's Cabinet secretary on budget.

Jolley obtained degrees in political science and music education from Oklahoma Baptist University. He later graduated from the University of Oklahoma's law school.

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In his 13th year in the Oklahoma House, Russ touts more than 30 years of banking experience. He currently serves on the House House Appropriations and Budget, Common Education and Insurance committees.

Russ previously served as the president and CEO of Washita State Bank in Burns Flat for five years. He touts doubling the assets of one of the smallest banks in the state in that time.

After starting his career in 1983 as a banking assistant, Russ has since sold his majority stock in Washita State Bank and done some consulting work for various financial institutions. Russ and his wife own a land title company.

He obtained a bachelor's degree in finance from Southwestern Oklahoma State University and went on to graduate from the University of Colorado Graduate School of Banking.

Russ characterized the treasurer's job as the state's bank CEO. He pointed to his decades of finance experience as the key difference between himself and Jolley.

"That finance piece is like the difference between an orthodontist and a dentist," he said. "It's like putting on your braces. A dentist might get it done, but you might prefer to go to an orthodontist that does braces every day.

"That's kind of the difference between people that have a numbers background in some area, but they don't have a finance background."

If elected, Russ said he'd like to streamline the treasurer's Unclaimed Property Program that connects residents with their lost possessions and wealth.

Russ also said his experience serving on a pension reform task force years ago will give him the skills needed to provide oversight of the state's pension systems. The state treasurer serves on the Oklahoma State Pension Commission.

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Both candidates have criticized banks and financial institutions that boycott the fossil fuels industry.

Russ said there are a lot of "woke ideas" in the financial arena at the national level. As more corporations and large banks are taking steps to address climate change, they are facing growing pressure from Republicans to stay out of politics.

For example, state and city officials in New York have have vowed to phase out many fossil fuel stocks in order to promote clean energy usage.

"I would definitely be taking a close look at who we're going to be doing business with that wants to be good corporate neighbors with Oklahoma," Russ said.

Jolley echoed similar sentiments.

He said he would have signed onto a letter penned by 15 other state treasurers that said they would not work with financial institutions that boycott the oil, natural gas or coal industries.

"We can't afford to have somebody in the treasurer's office who's not willing to stand up and fight against those types of encroachments on our biggest industry," Jolley said.

Oklahoma's next treasurer will be tasked with enforcing a new state law that will require the state to divest from any banks or financial companies that boycott the fossil fuels industry. Jolley said the Energy Discrimination Elimination Act of 2022 codifies much of what he has been talking about on the campaign trail.

If elected, Jolley said he wants to get more people signed up for the Oklahoma 529 College Savings Plan that rewards participants for socking away money for education costs. He said the program is a "game changer" for education that can help students get through college without taking on significant student loan debt.

He has a 10-point plan for how he would run the treasurer's office. Jolley's top priority is to run the office with integrity. Other points range from serving as a watchdog over state funds, supporting economic growth policies, being a model of government transparency and preventing "cancel culture" from influencing state investments.

Jolley said he would be ready to lead the treasurer's office on his first day in office.

"No one is better qualified for this position than me," Jolley said. "Having spent five years as the chairman of the full appropriations committee during some of the worst budget years we faced as a state uniquely prepared me to understand the intricacies of state finance."

The winner of the runoff election will face Democrat Charles De Coune and Libertarian Gregory J. Sadler in the Nov. 8 general election.

This article originally appeared on Oklahoman: Clark Jolley, Todd Russ to face off in Oklahoma state treasurer's race