District Court judge halts enforcement of "blacklist" law that restricts investments

An Oklahoma County judge halted the enforcement of a controversial state law Tuesday, a measure that places banks and financial companies on a blacklist if they invest in entities that are critical of the oil and gas industry.

District Judge Sheila Stinson issued a temporary injunction against the enforcement of the Oklahoma Energy Discrimination Act of 202

"(The) Plaintiff has established by clear and convincing evidence that the threat of injury outweighs any threatened harm to the defendant, and further that a temporary injunction would serve the public interest," Stinson wrote in a 15-page court order.

The law, which was the result of a push by the State Financial Officers Foundation, a Kansas nonprofit that promotes anti-ESG legislation, is part of an on-going effort by many Republicans on the state and national level to push back against companies that have environmental and social governance polices. Critics say those policies are an attempt to push a climate change agenda at the expense of the oil and gas industry.

At least 20 states have adopted some type of anti-ESG legislation.

The lawsuit was filed by former Oklahoma Public Employee Association President Don Keenan. Keenan is a retired state employee who sued Oklahoma Treasurer Todd Russ, arguing that Russ' enforcement of a new law is harming his pension. Keenan’s lawsuit asks the court to stop Russ from enforcing the law while the case winds its way through the judicial and asks the court to find Oklahoma's Energy Discrimination Elimination Act unconstitutional.

"(The) defendant, his employees, agents and successor in office are hearby temporarily enjoined from enforcing the provisions of the Oklahoma Energy Discrimination Act of 2022 until and unless the court orders otherwise," Stinston's ruling said.

This article originally appeared on Oklahoman: Judge stops Energy Discrimination Act