This bill establishes a new chapter in the law, specifically Chapter 17-T, which creates a Joint Legislative Oversight Committee. The committee will consist of 2 members designated by the governor, 6 members from the Senate appointed by the president, and 6 members from the House of Representatives appointed by the speaker. The committee is empowered to conduct independent audits and investigations of state agencies, issue subpoenas, compel document production, and require agency officials to testify. Members will not receive compensation for their services but will be reimbursed for expenses incurred while on official business.

Additionally, the committee is required to submit oversight reports at least once every two years, with the first report due on or before December 1 in each even-numbered year. These reports will be delivered to the governor, council, and presiding officers of both houses, and will be made available to the public. The bill does not include any deletions from current law but introduces new provisions to enhance legislative oversight of state agencies. The act will take effect upon its passage.