Christian nationalist network accused of funneling public funds into faith-based finance firms
A new investigation alleges that the State Financial Officers Foundation and its leaders have steered public treasury assets toward Christian-aligned investment firms, raising conflict-of-interest concerns.
An extensive year-long investigation has uncovered what appears to be systematic self-dealing by a small nonprofit, the State Financial Officers Foundation, which gathers Republican state treasurers, right-wing activists, and Christian finance executives. Former foundation chief executive Derek Kreifels, who stepped down in the fall of 2024 but remains on the board, is reported to be urging treasurers in states such as Kentucky and Alaska to invest public retirees’ savings in his firm Prospr Aligned and affiliated Christian-focused financial products.
The inquiry cites internal emails showing the foundation paying for officials’ travel to events, including a New York Stock Exchange launch for a Prospr Alaska fund, and arranging speakers like Paul Atkins, who chairs a Trump-named securities regulator. Critics say the scheme advances a “War on Woke” by bolstering fossil-fuel interests and hindering climate-mitigation efforts, while exploiting nonprofit tax rules that forbid private benefit. The report also references a summit in Anchorage where Kreifels announced a new private venture, highlighting the close ties between the foundation, state officials, and the Christian finance industry.
Why it matters
It reveals how nonprofit groups may be used to direct public money into ideologically driven investments, raising legal and ethical questions.
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