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Borrowing costs rose in the wake of Oklahoma's anti-ESG law: study

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Borrowing costs rose in the wake of Oklahoma's anti-ESG law: study


An Oklahoma law that banned state and local government contracts with investment banks that “boycott” the fossil fuel industry boosted municipalities’ borrowing costs by 59 basis points on average, according to the latest research into the financial impact of so-called anti-environmental, social, and governance laws.  

The study released Monday by the Oklahoma Rural Association comes as state lawmakers are considering changes to the 2022 Energy Discrimination Elimination Act.

Travis Roach, chair of the University of Central Oklahoma’s Economics Department, who conducted the study, found that over the approximately 17 months the law has been in effect, about $4.6 billion of municipal bonds were issued at higher coupon rates relative to borrowings in four states without a similar law. As a result, Oklahoma municipalities incurred an estimated $184.7 million in additional expenses.

Oil pump jacks in Guymon, Oklahoma. A study found a 2022 Oklahoma law banning state and local government contracts with financial institutions that “boycott” the fossil fuel industry boosted municipalities’ borrowing costs.

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“This increase in borrowing costs imposes an unnecessary financial burden on Oklahoma municipalities, potentially forcing them to cut spending on important public services or infrastructure projects, or raise taxes to cover the higher debt servicing costs,” the study concluded. 

As large financial institutions “with the scale, scope, and experience of providing municipal bond issuance services” are banned from underwriting government debt in Oklahoma, borrowing costs may increase simply because smaller firms lack that reach, it added.

The law landed Bank of America, JP Morgan, and Wells Fargo on the Oklahoma Treasurer’s “boycotter” list last year, resulting in Wells Fargo’s resignation as lead manager for a $500 million Oklahoma Turnpike Authority revenue bond sale.

Monica Collison, president of the ORA, an organization created to support economic development and infrastructure for the state’s rural communities, said while the law aimed to be “a ‘solution’ to combat the misguided perception of boycotting by financial institutions of certain industries,” the result was a politically motivated attempt to remove certain banks from operating in Oklahoma.

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Oklahoma Treasurer Todd Russ was aware of the “unintended consequences” posed by the law’s inclusion of state political subdivisions, according to Deputy Treasurer Jordan Harvey, who noted legislation introduced this session seeks to amend the act. 

Senate Bill 1510, which would remove local governments and school districts from the law, passed the Senate in a 42-1 February vote and moved to the House. 

Another bill would apply a provision against contracts worth $100,000 or more with “boycotters” only to state agencies, while adding timber, mining, and agriculture to industries the law aims to protect from boycotts. The measure passed the House in a 78-15 March vote, but failed to advance out of a Senate committee by a legislative deadline. 

Another bill that would require the treasurer to seek an opinion from the Oklahoma Attorney General if there is a fiduciary or other dispute with a state government entity regarding the law passed the Senate in March. 

Senate Bill 469, which sought to extend the energy law’s divestment requirement to the higher education sector, stalled in the Senate.

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A 2022 academic paper found similar Texas laws enacted in 2021 to protect the fossil fuel and firearm industries against boycotts and discrimination may increase borrowing costs for issuers in the state as a result of less competition among underwriters.

A subsequent study by Econsult Solutions Inc. looked at the impact if similar bills were enacted in six other states, including Oklahoma, finding that state would have incurred an estimated $49 million in additional interest costs over a 12-month period.

In March, a Texas business group released a study that concluded average underwriting spreads for local bond issues in the state rose dramatically over the last two fiscal years since the anti-ESG laws took effect.



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Wembanyama leads San Antonio Spurs past Oklahoma City Thunder in Game 7 to reach NBA Finals

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Wembanyama leads San Antonio Spurs past Oklahoma City Thunder in Game 7 to reach NBA Finals


Victor Wembanyama and the San Antonio Spurs started the Western Conference finals with a win in Oklahoma City, then ended the series the same way.

The champions are dethroned. Wembanyama and the Spurs are headed to the NBA Finals.

OKLAHOMA CITY, OKLAHOMA – MAY 30: Victor Wembanyama #1 of the San Antonio Spurs celebrates after being awarded the Earvin “Magic” Johnson MVP Trophy after defeating the Oklahoma City Thunder in Game Seven of the NBA Western Conference Finals at Paycom Center on May 30, 2026 in Oklahoma City, Oklahoma. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.

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Christian Petersen / Getty Images


Wembanyama scored 22 points, Julian Champagnie got 18 of his 20 off of 3-pointers, and the Spurs beat the Oklahoma City Thunder 111-103 on Saturday night – bucking heavy odds to win a Game 7 on the road.

“This feeling, I can’t explain it,” Wembanyama said. “It’s so powerful.”

Stephon Castle scored 16 points, and De’Aaron Fox had 15. Dylan Harper added 12, and Keldon Johnson and Devin Vassell each finished with 11 for the Spurs, who are headed to the NBA Finals for the first time since 2014.

They will host the New York Knicks in Game 1 on Wednesday night.

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“Back in October, we knew we had a chance to be pretty good,” Spurs coach Mitch Johnson said.

Correction – the Spurs have a chance to be great. Championship-level great.

A huge moment came midway through the fourth, when San Antonio’s Luke Kornet blocked Oklahoma City’s Isaiah Hartenstein at the rim – denying a fast-break score that would have gotten the Thunder within four.

It felt like the last gasp for the Thunder. Kornet played six minutes, missed all three of his shot attempts, and finished with only two points, but the block was an epic moment.

Shai Gilgeous-Alexander led the Thunder with 35 points and nine assists, but for the eighth consecutive season, the NBA will have a new champion. Cason Wallace scored 17 points, while Jared McCain and Alex Caruso had 12 apiece for the Thunder.

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“You have to grow from every experience, including the tough ones,” Thunder coach Mark Daigneault said. “And it’s the NBA – there are tough ones. We can also be really disappointed. … There’s nobody that we don’t think we can beat, respectfully.”

After four straight games that were largely decided going into the fourth quarter — the Thunder led Game 3 by 11, the Spurs led Game 4 by 18, the Thunder led Game 5 by 10, and the Spurs led Game 6 by 26, those leads all holding up with relative ease – this one was different, worthy of a Game 7.

Spurs 80, Thunder 77 was the score going into the fourth, a bit of a back-and-forth contest in which the Spurs led by as many as 14 in the first half and by as many as 11 in the third, only to see the Thunder come roaring back both times.

“The players did what they’ve been doing all year, and they met the biggest moment,” Johnson said.

The Spurs pulled away in the fourth again, daring the Thunder to try to come back one more time. The champions — short-handed, with Jalen Williams sidelined with a bad hamstring — just didn’t have anything left.

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“Winning an NBA championship is very hard in itself to do one time,” Gilgeous-Alexander said. “So to do it all over again would just only make it harder.”

San Antonio won eight of the 12 meetings against the Thunder this season — and in the end, the only matchup that really mattered.

“We want four more,” Wembanyama said. “We’re not done.”



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H-E-B hooks up eight Spurs Jackals superfans with tickets to Game 7 in Oklahoma City!

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H-E-B hooks up eight Spurs Jackals superfans with tickets to Game 7 in Oklahoma City!


SAN ANTONIO – Eight very lucky Spurs superfans are on their way to Oklahoma City, all thanks to H-E-B!

Early Saturday morning, the Spurs Jackals, a team of superfans of the San Antonio Spurs, personally curated by Victor Wembanyama ahead of the 2025-2026 season, announced via X (formerly Twitter) that eight of their members would be going to Oklahoma City.

This came following a previous announcement from the previous day, sadly telling fans they would not be in attendance at Game 7.

Following that, H-E-B confirmed the announcement, saying that the eight lucky superfans would be joining the organization for Game 7 in Oklahoma City.

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RELATED | Meet the Jackals: San Antonio’s new era of Spurs energy

Whether you’ve been to a San Antonio Spurs game in person or caught them taking over your social media feed, you’ve heard them before.

During home games, the fans inside The Frost Bank Center serve as a heartbeat, and The Jackals are the pulse.

Founded ahead of the 2025-2026 season by Victor Wembanyama, the group got the ultimate co-sign from Wemby himself when he gave them their now-iconic name, The Jackals.

No matter if you’re up in the 200 section or courtside cheering for the Spurs. The jackals are in section 114 and in the H-E-B fan zone, carrying the energy across all levels of Frost Bank Arena.

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Oklahoma’s dramatic literacy goals now up to elementary schools to implement

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Oklahoma’s dramatic literacy goals now up to elementary schools to implement


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The Oklahoma Legislature wants a dramatic turnaround in student literacy rates to rival the so-called Mississippi Miracle.

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Now, every teacher of kindergarten through third grade, and every reading specialist, instructional coach and principal in elementary schools across the state find themselves on the frontlines of meeting a host of new requirements under the Oklahoma Strong Readers Act – and more importantly, will be trying to achieve measurable success where past efforts have fallen short. 

They’ve got the summer break to digest new non-negotiables, as one state official over early literacy describes the new legislative mandates, and to prepare for heightened expectations come August to intervene with struggling readers and to communicate with parents about their child’s challenges.

At Jenks East Elementary School in South Tulsa, Mandy Shimp works by day as the Title I reading specialist for third and fourth grade. On evenings and weekends, she works as a private tutor for children with language-based learning disorders, including dyslexia, drawing on her advanced training as a certified academic language therapist. 

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When she heard talk of imposing a strict, new requirement to retain – or hold back – the vast majority of Oklahoma students who don’t pass the state reading test by the end of third grade, Shimp went into research mode. She ended up filling a binder with information about the decade-long investment of time and at least $100 million into teacher training that laid the groundwork for Mississippi student literacy rates to climb from second-to-last to top-tier between 2013 and 2024.

Now, she is questioning why Oklahoma lawmakers have imposed this key component of Mississippi’s law, referred to there as the third-grade gate, with just one year for educators to prepare.

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“They’re expecting us to build this foundation in a year,” Shimp said. “Teacher training is not an extra — it is the foundation. We can pass laws, mandate screeners, and retain students, but if teachers are not deeply trained in how reading develops, how to teach phonological awareness, how to diagnose reading difficulties, and how to intervene effectively, the legislation will not produce the results people are hoping for.”

During 24 years in education, Shimp has attended more than 100 meetings with parents, teachers and administrators to help decide whether retention or probationary promotion to the next grade level is most appropriate for a child. That firsthand experience has her most troubled by the students who won’t qualify for so-called good-cause exemptions allowed under Senate Bill 1778.

“Students not on IEPs (Individualized Education Programs, which are customized for children with disabilities) can be retained up to two times – once in kindergarten, first or second, and then again in third grade,” Shimp said, shaking her head. “I begged, I begged, I begged, I reached out to legislators – `Please take that out.’ 

“That is an eighth grader driving,” she said. “That is a kid graduating when they’re 20 years old. It is not effective. If they are not on an IEP, there’s other issues going on.”

Other educators share optimism about Strong Readers Act

Michelle Goldstein, principal at Northeast Elementary School in Owasso, is a lot more optimistic about the sweeping overhaul of Oklahoma’s Strong Readers Act because her school already has in place the Multi-Tiered System of Supports, or MTSS, now required. 

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Through this approach, all Oklahoma schools will use screener tests to identify struggling readers in early grades and provide them interventions of increasing levels of intensity with the goal of ensuring they score proficient or better by the end of third grade.

Goldstein said Northeast’s most powerful strategy is the use of child study teams. Teachers sign up once per month to meet with a team of reading specialists, a psychologist, a counselor, two school administrators, and special education and English Learner teachers to discuss individual cases of academic or behavioral challenges.

“We sit there as a team and brainstorm ideas for what might help the student,” Goldstein said. “Then the teacher comes back the next month to discuss the results. As educators, we have never arrived knowing how to help every student. It’s strength in numbers. We all know a little, but together, that’s a lot.”

With news of the changes in state law coming as schools were winding down for summer break, Goldstein said she believes the greatest challenge for the majority of school-based educators like her will be to catch up on the new legal requirements. 

She will rely on district administrators, who will rely on guidance from the Oklahoma State Department of Education.

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“I think it will be harder for schools that don’t already have those multi-tiered systems in place,” said Goldstein. “For us, I think it’s how we roll it out, how we package that change for parents and students. We make or break the weather of how that feels in our building. I’m not worried about having a bunch of kids being caught by a law.”

Rush to provide state guidance, support

The same person credited by State Superintendent Lindel Fields with devoting hundreds of work hours as the point person for the Oklahoma State Department of Education on SB 1778 as it moved through the legislative process is now leading the state-level work to implement the new law.

“We are going through this with a fine-toothed comb right now, making sure districts will have what they need to implement this in the fall,” said Melissa Ahlgrim, director of literacy policy and programs at OSDE. “A lot of this is not new.”

Because of the comprehensive overhaul of the Strong Readers Act, state education officials are busy updating the OSDE webpage on the subject, writing a special newsletter for statewide distribution, preparing two public webinars scheduled for July, and speaking at summer conferences for educators. 

The most urgent requirements, Ahlgrim said, are for all schools to use screeners to identify students’ reading challenges early and to begin reporting to parents several times each school year about their child’s Student Literacy Intervention Plan beginning in August. She said there will also be literacy-related changes in how state funding is calculated in the 2026-27 academic year, but that is a concern for school district administrators.

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“The biggest misunderstanding I see is third grade is too late,” Ahlgrim said. “We have to be helping them starting in kindergarten. It is still up to schools to decide how they will best meet the needs of their students, but they must better define the framework. We are defining those fences, so there is a lot of freedom left within those fences, but if you’re way off in another pasture, that won’t work. There are some new non-negotiables.”

Chief among those new non-negotiables is who will be allowed to move on to fourth grade – and who will not. 

State test data for 2024-25 show that 21,300 third graders failed to score at basic or above, meaning that under the new law, they could have been held back unless they qualified for an exemption. But that part of SB 1788, as well as a new requirement for schools to give second graders the state’s third-grade reading test unless their parents opt out, won’t kick in until 2027-28.

That new testing mandate is the subject of the most questions and concerns Ahlgrim and her team at the state Education Department are reportedly receiving, and they don’t yet have all of the answers. 

“We are still trying to figure that out because it was added later in the (legislative) process,” Ahlgrim said. “They (legislators) had been talking to Indiana, which has done a version of this, but they have an opt-in for second graders to take the third-grade test. One of the platforms the authors had was, `We need to stay the course. We’re not going to see a change in one year.’”

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To support the overhaul of the Strong Readers Act, the state budget includes more than $43 million for reading instruction and interventions in schools, $5 million in supplemental funding for teacher training academies this summer, and $5 million in ongoing annual funding for teacher training programs. Additional funding will support reading-at-home initiatives and statewide math and reading screeners, helping educators identify students’ learning needs earlier.

Among those increases is a rapid expansion of Help Elevate Reading Outcomes for Every Student, which the legislature established as a pilot program three years ago. 

Ahlgrim’s team is on a hiring spree to expand the literacy instructional team that will be working with 145 of the state’s approximately 1,000 elementary schools to implement science-based reading instruction through professional development and coaching for teachers and principals. They ended 2025-26 with 15 on the team, and are aiming to fill new positions to deploy a team of 30 across the state beginning in August.

HEROES team members said they are most concerned about schools that don’t already have well-articulated systems for identifying students reading below grade level and providing specialized, targeted instruction to help them catch up. 

“Like in a car, that check engine light comes on,” said Classie Nolan, who worked 17 years as a teacher and instructional reading coach at Frederick before joining the HEROES team 3 years ago. “What skills are they missing? Where are we having roadblocks for this student? That’s where we provide a diagnostic assessment. We’re not going to ask for a tire when it could be a problem with our transmission. We have to diagnose it and get to the root of the problem.”

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Lolly Cole, an Ada-based member of the HEROES team, said teacher training and buy-in by elementary school principals are key to improving student outcomes in reading.

“As a teacher, you get concerned you don’t have the time to balance it all out,” Cole said. “But the great thing I’ve seen from training or classes we’ve worked with, is the reaction of, `Wow, I never learned about phonics and phonemic awareness.’ I understand the concerns – there’s only so much time to balance between family and work. But this is a process. It’s not a quick fix. Most of the teachers I’ve come into contact with are excited. We are all here to make a difference for kids and our communities.”

Ripple Effects

Public school educators aren’t the only ones preparing for the implementation of SB 1778, according to Sandra Valentine, who teaches third grade at Trinity School, a private school in Oklahoma City dedicated to students with learning differences.

“My school will keep growing and more schools like it will keep popping up all around that state,” she said. “If I’m told three times a year my kid might be retained, I’m going to be a momma bear and say, `Where can I take my kid so they won’t be 19 when they graduate?’”

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When Ryan Walters, a political lightning rod, entered office as state superintendent three years ago, Valentine walked away from public schools after teaching third grade for 12 years combined at Little Axe and Tecumseh. 

Still, she thinks about returning to work in a public school one day, and she continues to visit the state Capitol to advocate for public school policies she feels are best for the public school students in her own family, her youngest daughter and six grandchildren.

“I have thought about it, but Ryan Walters’ policies are still there,” Valentine said. “We have not changed anything, really.”

Her school is growing so rapidly that its kindergarten-through-third-grade classes now require a larger building. That means working through the start of summer break. Sorting through the contents of her classroom this week, Valentine said the tote bags, stickers and large painted poster emblazoned with her personal motto, “Literacy is non-negotiable,” will all certainly make the move to her new classroom. 

“We have a lot of state officials tour here, wanting to know what we’re doing. (State Senator) Adam Pugh, when he came to my room, asked where my painted poster is – because he had heard of it,” she said, with a laugh.

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The difference-makers, Valentine said, are that all teachers must have specialized training or certification in reading instruction, every student attends reading therapy class daily, and Trinity students aren’t subjected to the state’s high-stakes standardized test.

“We are meeting them where they’re at,” she said. “Not third-grade level, but working backward to where they are. Now, I’m no longer teaching to a test and freely teaching to the needs of my students. Why can’t we just put this in a public school?”

Valentine previously worked as a consultant to help improve schools’ academic results by targeting students who were just shy of meeting the benchmark for reading proficiency with state test prep.

“It’s all a numbers game,” Valentine said. “When our lawmakers say our kids in public schools are not proficient in reading, it’s not like a third-grade child is not reading Dick and Jane. It is an 8- or 9-year-old having to listen to 15 minutes of instructions right off the bat, then be on a computer for two to three hours, navigating passages that are 200-300 words long – sometimes on subject matter they have no familiarity with – and answering 60 questions. If they’re not passing after all that, then that’s considered not reading on grade level.”

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Oklahoma Watch, at oklahomawatch.org, is a nonprofit, nonpartisan news organization that covers public-policy issues facing the state.



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