The bill amends the Michigan Strategic Fund Act by updating the governance structure and operational procedures of the Michigan Strategic Fund. It establishes the fund as an autonomous entity within the Department of Labor and Economic Opportunity, allowing it to exercise its powers independently. The board of directors will consist of various members, including state officials and seven appointees from the private sector, with specific requirements for their qualifications and representation. Notably, the bill mandates that the governor appoint two additional private sector members by December 31, 2023, who must have relevant experience in private equity, venture capital, or commercialization of technology.

Additionally, the bill introduces new transparency measures regarding the approval of grants, loans, and other economic assistance. It requires the board to post proposed draft contract approval agreements and related documents on its website at least five business days before any approval, making any failure to do so render the decision invalid. The bill also clarifies the definition of "financial or proprietary information" and outlines the conditions under which such information may be kept confidential, ensuring that the fund's operations remain accountable while protecting sensitive information.

Statutes affected:
House Introduced Bill: 125.2005