The bill establishes the Commission on the Oversight of Public Institutions of Higher Education in New Jersey, tasked with examining the structure of public higher education and recommending improvements in financial transparency, accountability, and oversight. The commission will consist of 12 members, including the Secretary of Higher Education and the Executive Director of the Higher Education Student Assistance Authority, both serving ex officio, as well as appointees from the Governor and legislative leadership, including representatives from public colleges, universities, labor unions, and students. The bill outlines the process for appointing members, which must be completed within 60 days of the act's effective date, and emphasizes the need for balanced geographic representation among student representatives.

The commission is required to meet at least three times and will produce a final report detailing its findings and recommendations within 180 days of its organization. This report will be submitted to the Governor and the Legislature, focusing on enhancing financial transparency, accountability, and oversight in public higher education. The commission will be supported by the Office of the Secretary of Higher Education and will expire 30 days after the report is submitted.