Thoughts and Decisions on an Act Relating to the Oklahoma Banking Commissioner

Thoughts and Decisions on an Act Relating to the Oklahoma Banking Commissioner

Jessica Zimmerman (OU), November 13, 2021

OIL delegates continued their hard work throughout the second full day of Session. One of the bills passed in the Senate Friday morning related to legislation concerning the Oklahoma Banking Commissioner. OSU-001 was brought forth by Sen. Kendall Boudreau (OSU). The author explained this bill as an amendment to an outdated law to prevent banks from going beyond the means of their capital requirements. 

Several Senators offered statements explaining their decisions on the bill.

Sen. Phyllis Bell (OU) voted yes for the bill. 

“It comes off as kind of protecting people’s money…it’s doing that by ensuring that banks don’t bite off more than they can chew by giving out loans with money they don’t have,” Bell said.

Sen. Amaya Brooks (OBU), on the other hand, did not feel she was able to understand the bill well enough to vote on it. She chose to abstain from voting.

“It was kind of a very niche topic,” she said.

Alexis Ruiz (OBU) cast her vote in favor of the bill. 

“I think it was to help the people more,” she said.

Support, however, was not unanimous. Sen. Evan Shaw (TU) voted against the bill. 

“The bill will eliminate the ability of banks to sell the stocks of its creditors in the case that they are at a capital impairment…I love the intent…but the bill did not provide an alternative mechanism to fix the capital impairment. I think that it’s important that a mechanism be in place.”

When the bill made it to the House of Representatives, this concern was brought to Sen. Boudreau’s attention during time for questions. The author explained that Shaws’s statement was simply a misunderstanding of the bill. For her house presentation, she worked harder to break it down into simple terms.

“I would rather spend a lot of time and answer questions than just for people to vote no because they don’t understand,” she said. 

Sen. Boudreau was rewarded for this effort. The House of Representatives easily passed her bill. 

Rep Seth Young (OSU) stated that he did not have any background in finances, but he felt he had a solid understanding of the bill.

“Since there’s other ways to maintain capital requirements, it feels unnecessary for citizens to be mandated to sell their stock,” he said.

Stay tuned to hear about more great legislation!