Oklahoma State Treasurer Todd Russ today recognized the significant actions taken by J.P. Morgan Chase to step back from ESG and DEI priorities that harm Oklahoma and restoring trust with states by refocusing their business practices on sound financial principles and the fiduciary duty to maximize economic returns.
The actions represent meaningful progress toward ensuring investment and business decisions are driven by pecuniary factors and objective business considerations.
“For years, Oklahoma expressed concerns that taxpayer dollars and public pension assets were being influenced by commitments that extended beyond traditional fiduciary responsibilities,” said Treasurer Russ. “Today, we are encouraged to see an industry leader take a hard look at those practices, thoroughly evaluate the current landscape, and return their focus to serving clients’ financial interests.”
When the Energy Discrimination Elimination Act was enacted, many financial institutions had adopted climate commitments and practices that raised questions about whether decisions involving public funds were being made for an ordinary business purpose or for political objectives unrelated to economic interests. Over the past three years, J.P. Morgan has taken a hard look at commitments that were not rooted in ordinary business, financial, or fiduciary practices, but instead reflected broader social, political, or ideological objectives. Today, they have renewed their focus on objective financial decision-making that maximized financial returns over political activism.
“J.P. Morgan deserve recognition for leading the industry in dismantling climate-focused initiatives that expanded their influence over capital allocation without a clear pecuniary basis,” Treasurer Russ said. “They have done the hard work of examining the realities of today’s marketplace, reevaluating prior commitments, and restoring confidence that financial decisions should be grounded in objective business and economic considerations, not politics.”
The progress made by J.P. Morgan opens the door for renewed partnerships across Oklahoma state government, built on trust, fiduciary responsibility, and a shared commitment to serving the best financial interests of taxpayers.
“We appreciate the work J.P. Morgan has undertaken to right the ship,” Treasurer Russ said. “Their renewed emphasis on objective financial analysis and ordinary business purpose marks an important step toward rebuilding trust with states. We are encouraged by the progress they’ve made and will be reviewing progress made by other financial institutions in the future who wish to renew their partnership with Oklahoma and have recommitted themselves to serving clients through sound financial stewardship.”
Treasurer Russ recognizes the J.P. Morgan Chase’s Oklahoma leadership for maintaining an open dialogue with his office, serving as trusted partners in communicating Oklahoma’s concerns to the firm’s executive leadership, including Chairman and CEO Jamie Dimon.
