Committee approves repeal of Oklahoma Capital Investment Board

Senate members on the Economic Development, Workforce and Tourism Committee voted unanimously to pass legislation to repeal the Oklahoma Capital Investment Board.

The bill, presented by Leader Daniels, would dissolve the board that proponents say has been winding down activity for several years. "They've been winding down their activities for a number of years. There are no new venture capitalist invest capital investments taking place," Leader Daniels said when introducing the measure.

Supporters told the committee the board currently manages a small number of qualified full‑time positions but no active investment pipeline. Daniels asked to "strike title" to coordinate repeal language with a separate measure offered by Pro Tem Paxton and minority leader Kurt, and asked members to allow lawmakers to work together on how to handle remaining assets. The chair then moved the bill and the committee adopted the do‑pass motion.

Clerk roll call recorded 7 ayes and 0 nays; the chair declared Senate Bill 718 passed by the committee.

The committee record shows the motion carried with no recorded debate beyond the introductory explanation. The bill's next steps are not specified in the committee transcript.