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OKLAHOMA CITY – The full Senate unanimously approved Senate Bill 760 Wednesday. Sen. Julia Kirt, D-Oklahoma City, authored this measure that dissolves the Oklahoma Capital Investment Board (OCIB).
“Audits and reports in recent years have shown that many of the OCIB funds were not being used to invest in Oklahoma companies,” Kirt said. “Additionally, the return on investment was nowhere near where it should have been, and the results were not clear.”
The OCIB was created in 1987 to spur venture capital for companies in Oklahoma, but they have not been able to make investments since 2012.
The Oklahoma Center for the Advancement of Science and Technology (OCAST) will take on any contracts or agreements currently being executed by the OCIB. They will also manage any investment of funds that are currently contracted by the Board or by any subsidiary or affiliate.
“As Oklahoma works to diversify our economy, we need to improve or eliminate past state programs that were not effective,” Kirt said.
SB 760 now moves to the House of Representatives, where Rep. Jeff Boatman, R-Tulsa, is the principal House author.
For more information, contact:
Sen. Julia Kirt at 405-521-5636 or Julia.Kirt@oksenate.gov