The proposed legislation, General Assembly Raised Bill No. 5346, aims to amend the structure and operational procedures of the Community Investment Fund Board, which is established within the Department of Economic and Community Development. The bill outlines the composition of the board, which includes various legislative leaders, members appointed by the Governor, and key state officials. Notably, it introduces a provision allowing board members to designate a proxy to attend meetings on their behalf if they are unable to attend, thereby enhancing participation and ensuring that the board can function effectively even in the absence of certain members.

Additionally, the bill repeals and replaces subsection (b) of section 32-285a, which includes specific details about the board's membership, appointment processes, and operational guidelines. The new language clarifies that the board will consist of a diverse group of members, including those from the Black and Puerto Rican Caucus, and establishes that eleven members will constitute a quorum for conducting business. The bill also emphasizes that board members will serve without compensation but may be reimbursed for necessary expenses incurred while performing their duties. Overall, the act seeks to improve the governance and efficiency of the Community Investment Fund Board.