The bill amends various sections of the Oklahoma Department of Commerce Act, introducing significant changes to the governance and operational structure of the Department. It establishes the Oklahoma Department of Commerce Board, which will consist of nine voting members appointed by the President Pro Tempore of the Senate, the Speaker of the House of Representatives, and the Governor. The Board will have the authority to oversee the Department, including the appointment and compensation of the Chief Executive Officer, who will now be appointed by the Board rather than the Governor. The bill also includes new definitions, updates to the five-year economic development plan, and provisions for the Board's procedures, including quorum requirements and eligibility criteria for members.

Additionally, the bill outlines the Board's responsibilities, which include reviewing and approving the strategic plan and budget, advising on economic projects, and reporting annually to the Governor and Legislature. It emphasizes transparency by subjecting the Board to the Oklahoma Open Meeting Act and the Oklahoma Open Records Act, while also allowing for executive sessions to discuss confidential business information. The effective date for these changes is set for January 1, 2026.

Statutes affected:
Introduced: 74-5003.4, 74-5003.5, 74-5003.7