The bill amends the Michigan Strategic Fund Act by updating Section 9, which outlines the reporting requirements for the fund. It mandates that the fund must provide an annual report to various legislative and executive officials by April 10 each year, detailing its activities from the previous fiscal year. The report must include comprehensive information about financial assistance provided, including the entities receiving aid, job creation and retention statistics, financial support from other sources, and the status of loans. Additionally, it requires the fund to report on bankruptcy notices received from entities that have received significant financial assistance and to make this information publicly available.

The bill also introduces several changes to the committees involved in oversight, replacing references to the "commerce and tourism" committee with the "economic competitiveness" committee, and updating the "general government" subcommittees to focus on "labor and economic opportunity" and "LEO/MEDC." Furthermore, it specifies additional reporting requirements related to investments made by the fund, including venture capital and community revitalization efforts, while removing previous requirements related to the critical industry program and the Michigan strategic site readiness program. The enactment of this bill is contingent upon the passage of House Bill No. 5294.

Statutes affected:
House Introduced Bill: 125.2009