Reynolds Seeks Probe Of Investment Board

Rep. Mike Reynolds wants an investigation of the Oklahoma Capital Investment Board. He says the board has sold tax credits to support a state-operated venture capital investment program without following statutory requirements.

The board was created in 1987 and has $100 million in tax credits at its disposal to use as incentives for companies.

Reynolds says the agency has no employees and its daily operations have actually been contracted to an outside firm, which apparently is not required to provide information to lawmakers or members of the public under the state's Open Records Act.

Reynolds says he believes the board is not complying with the state statutes that govern it.

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