Treasurer criticizes pension system for taking exemption his office exercised

Oklahoma Treasurer Todd Russ has publicly criticized one of the state’s largest pension funds for taking an exemption to a new law forbidding state pension funds from doing business with financial companies perceived to be hostile to the oil and gas industry.

But Russ has quietly taken an exemption to the law when it comes to investments managed by his own office. The treasurer’s office exercised one for services from Bank of America and is negotiating with JP Morgan Chase on another exemption. Both companies are among six Russ placed on a list of restricted financial companies.

The exemptions...