The bill aims to enhance the representation of micro and small businesses by amending the governance structure of a specific agency. It replaces the existing subsection (b) of Section 2 of chapter 23 of the General Laws, which previously outlined the composition of the agency's board of directors. The new language specifies that the board will consist of the secretary of administration and finance, the secretary of economic development, and 16 members appointed by the governor. These members must have diverse expertise, including real estate development, commercial credit, mortgage lending, banking, health care financing, community economic development, and small business ownership, among others. The secretary of economic development will serve as the chairperson, and the terms for appointed members will vary, with provisions for reappointment and removal by the governor.

Additionally, the bill mandates that within 30 days of its effective date, the governor must appoint two new members to the board: one with experience in supporting businesses owned by individuals from diverse communities and another who is the owner of a microbusiness. This change is intended to ensure that the board reflects a broader range of perspectives and experiences, thereby improving the agency's ability to support micro and small businesses effectively. The bill is classified as an emergency law, emphasizing the urgency of its implementation for public convenience.

Statutes affected:
Bill Text: 23-2