Substitute House Bill No. 5346 amends the current law governing the Community Investment Fund 2030 Board by allowing members to designate a proxy to attend meetings on their behalf if they are unable to attend. Specifically, the bill adds new language stating that any member who cannot attend a meeting may notify the board's administrator in writing to designate another person to act as a proxy. This provision aims to enhance participation in board activities and ensure that decisions can still be made even when members are absent.

Additionally, the bill makes several modifications to the composition of the board, including the insertion of the minority leader of the Senate as a member. It also clarifies that the board's members, who serve without compensation, can be reimbursed for necessary expenses incurred while performing their duties. The bill is effective upon passage and does not have any fiscal impact on the state or municipalities, as it primarily introduces procedural changes to the board's operations.