If Oklahomans are serious about competence, credibility and basic fiduciary responsibility, then the choice for State Treasurer in June’s Republican primary shouldn’t be close. It’s time to de-elect Todd Russ and replace him with someone who understands stewardship of public funds: Cindy Byrd.
Let’s be blunt: Todd Russ has turned what should be a nuts-and-bolts financial office into his office of political theater, ideological crusades and some eyebrow-raising relationships. Oklahomans are left holding the bag.
Starting with the anti-ESG crusade, Todd Russ wasted time and money for his office and many others in our state. Whether you love ESG, hate ESG or aren’t even sure how to spell it, Russ’s legislative push was largely symbolic-and expensive. The policy was recently struck down by the Oklahoma Supreme Court, rendering the entire exercise a waste of time, resources and tax dollars. It was certainly “fodder for the press,” but definitely not “grist for the mill.”
But the real problem isn’t its predictable failure; it was Todd Russ’s hypocrisy. Treasurer Russ excoriated anyone who exercised their “fiduciary option” to avoid having to terminate relationships with companies deemed to be on the so-called “black list” at the Treasurer’s office. Meanwhile, Todd Russ utilized that very option, so HIS office could continue working with blacklisted banks. Stillwater was not allowed to borrow money from Bank of America, costing the city an extra $1.5 million per year. Meanwhile, state employees were still allowed to carry purchasing cards issued by the same bank. Todd Russ tried to force Oklahoma Public Employees Retirement Systems to fire Blackrock, but Todd Russ continued to bank with J.P. Morgan. Hypocrisy at its finest!!!
Then there’s Todd Russ’s new side hustle as a would-be corporate activist. His office has forcefully leaned into proxy battles and shareholder proposals – territory usually reserved for institutional investors, not a state treasurer. The centerpiece of this effort is a cozy relationship with Bowyer Research, a mom and pop proxy consulting shop pushing fringe proposals into corporate boardrooms. Bowyer is literally run from an activist family’s dining room table by a husband and wife and four of their six kids. They are largely ineffective and ideologically driven, as opposed to more traditional and much more qualified firms. Reportedly, Treasurer Russ is also pressuring other state agencies to engage Bowyer. This has wasted money and embarrassed our state, while doing nothing good for society via a bunch of failed measures.
Todd Russ now finds himself right in the middle of the Invest in Oklahoma saga, a murky web involving a committee of five people Russ has influence over, Governor Stitt’s ex-Chief of Staff and his labyrinth of LLCs, investment advisory firms, merchant bank and a shiny new high rise building that collects rent from multiple firms looking to benefit from billions of Invest in Oklahoma dollars.This is how NOT to run a treasurer’s office and oversee a process that should have oversight and be fully transparent.
Oklahomans deserve transparency and accountability, not backroom vibes and “trust us” explanations. Let’s not forget Todd Russ’s track record in banking. Todd Russ’s stump speeches describe him becoming CEO of a small bank and later selling his stock for “big bucks” as the American Dream, but it became someone else’s nightmare shortly after he left, as the same bank was cited for unsafe and unsound banking practices, stemming from loans the bank took from another lender as a means to leverage the bank’s balance sheet during Russ’s CEO tenure. This is not exactly the gold standard for someone entrusted with billions of dollars of public funds.
Oklahoma can’t trust Todd Russ!
Which brings us to the alternative, Cindy Byrd. As Oklahoma’s Auditor and Inspector for the last eight years, Cindy Byrd has done her actual job of following the money, calling balls and strikes and holding government entities accountable. Her audits have uncovered waste, mismanagement and in some cases outright corruption. She’s built a reputation for independence, professionalism and integrity. Byrd understands finance, but she also understands responsibility. She won’t turn our treasurer’s office into a political platform or a personal brand. Byrd offers something rare – a candidate who can win on merit alone. She’s proven she can do the job-and do it well.
Drew Williamson is a Partner with Red Center Media-Oklahoma Gazette and served as Trustee of Teachers Retirement System-Oklahoma from 2019-2023.
This article appears in 100 Years of Route 66.