Amid a barrage of questions and negative headlines about his handling of a new state investment fund, State Treasurer Todd Russ lost his reelection bid Tuesday to State Auditor and Inspector Cindy Byrd, who made a last-minute decision this spring to challenge the incumbent treasurer.
“I don’t have a habit of letting anybody down. I won’t let you down as your state treasurer,” Byrd said at her Election Night party at Rococo on Western in Oklahoma City. “There are great things to do for this state. I tell people this all the time: Oklahoma is still small enough to get it right, and we have the promise of a bright future.”
Byrd’s defeat of Russ marks the first time an incumbent statewide official has lost their reelection bid since Joy Hofmeister ousted State Superintendent of Public Instruction Janet Barresi in 2014.
With more than 84 percent of precincts reporting, Byrd had more than 61.5 percent support, with Russ holding about 38.5 percent. All results are unofficial until they are certified by the Oklahoma State Election Board.
The two sat next to each other at the 2026 State of the State address, not knowing they would later face off, as Byrd had her sight set on lieutenant governor at the time. After President Donald Trump endorsed T.W. Shannon to be lieutenant governor, Byrd said several people encouraged her to challenge Russ owing to perceived issues at his office.
“They said, ‘There are real issues [at the State Treasurer’s Office], we really want you to consider that.’ And that was like the week before filing,” Byrd said before Tuesday’s election. “And I started looking into that, and I realized that there really were issues there, but then one of them asked me a question that really resonated, and he said two things: one, ‘If that office had been open, would you have ran for lieutenant governor or treasurer?’ And I said, without thinking, I said, ‘Treasurer. I’m a CPA, the money is what I’m focused on.’ And he said, ‘Do you realize that the financial arm of economic development is now located in the treasurer’s office with the Invest in Oklahoma program?’”
On Tuesday, voters advanced her to the November ballot against Libertarian Kiefer Perry in November. No Democrat filed for the office.
Byrd openly criticized Russ’ practices in terms of ethics and transparency. In particular, she raised concerns over Russ’ use of an unclaimed property office in Custer County and a state vehicle for round trips to the Capitol. Byrd called the use “an absolute abuse of taxpayer money and trust.”
Russ’ retort was that he had to be at the Capitol every day, though he barely saw Byrd as he alleged she seldom works from her main office. He also denied using a state vehicle to commute.
Byrd said when she consulted the Attorney General’s Office about using a state vehicle for her commute, she was advised against it.
Russ also drew criticism when he recommended that a firm called 311 Capital Management LLC serve as the investment advisor for Oklahoma’s Invest in Oklahoma program, which allows state agencies to invest in Oklahoma-based venture capital funds. Gov. Kevin Stitt’s former chief of staff and business partner owns the firm.
Attorney General Gentner Drummond, who appears headed to the Republican runoff for governor, called the proposed Invest in Oklahoma contract “sketchy,” alleging the firm was “politically connected” and “close to the governor.”
In an awkward turn of events, Russ lost his seat while hosting the National Association of State Treasurers Symposium, which is being held at the Omni Hotel downtown OKC this week. His office sent a press release earlier Tuesday about the event, which also touted some of his achievements in office.
“We are Oklahoma, a state that believes innovation is not optional. It’s expected, we are proving what’s possible when a treasury leads with purpose,” Russ said in his opening remarks at the symposium.
