This bill amends the existing law regarding the Michigan strategic fund by introducing the bureau of fair competition and free enterprise and transferring certain responsibilities and entities to this new bureau. The title of the act is updated to reflect this change, and it specifies that the Michigan defense center will be transferred from the Michigan strategic fund to the bureau upon the effective date of the economic development fair competition and free enterprise act. The bill also outlines the duties of the Michigan defense center, which include focusing on job creation and retention related to homeland security and defense contracts, coordinating with APEX Accelerators, and prioritizing opportunities for municipalities affected by manufacturing layoffs.

Additionally, the bill modifies the operational structure of the Michigan defense center, including the hiring of an executive director and support staff, with changes to the business plan requiring approval from the bureau. It also mandates that any APEX Accelerator receiving funding from the Michigan defense center must report annually on the use of those funds and the contracts obtained. The definitions of key terms such as "bureau," "Michigan defense center," and "small business" are updated to align with the new structure and terminology introduced in the bill.

Statutes affected:
Senate Introduced Bill: 125.1972