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Committee backs moving Oklahoma Capital Formation Act functions to OCAST, dissolving OCIB board (Senate Bill 300)
Summary
Senate Bill 300, which would dissolve the OCIB board and move the Oklahoma Capital Formation Act functions to OCAST, passed the committee 7‑0; the sponsor said the change would save about $250,000 per year.
The Gengov Committee voted 7‑0 to report Senate Bill 300, which dissolves the OCIB board and transfers responsibilities under the Oklahoma Capital Formation Act to the Oklahoma Center for the Advancement of Science and Technology (OCAST).
Representative Townley presented the measure and said the consolidation would save about $250,000 annually. He moved the bill for adoption; members debated briefly, the committee recorded a 7‑0 vote in favor and the bill was reported as passed.
Sponsor remarks characterized the change as an administrative consolidation intended to reduce costs by moving OCIB functions to OCAST. No additional implementation details or fiscal schedules beyond the sponsor’s stated annual savings estimate were provided in committee testimony recorded in the transcript.
