The bill amends various sections of the Oklahoma Department of Commerce Act, specifically focusing on the establishment and governance of the newly created Oklahoma Department of Commerce Board. Key changes include the definition of terms, the modification of the appointment procedures for the Chief Executive Officer (CEO), and the designation of the Board as the approving authority for the five-year economic development plan. The bill also outlines the qualifications, membership, and operational procedures of the Board, which will consist of nine voting members appointed by the President Pro Tempore of the Senate, the Speaker of the House, and the Governor, with specific requirements for representation from smaller municipalities.

Additionally, the bill stipulates that the Board will be responsible for overseeing the strategic plan and budget of the Department, advising on the appointment and compensation of the CEO, and reporting annually to the Governor and Legislature. The CEO will now be appointed by the Board rather than the Governor, and their salary will not be set according to previous standards. The bill 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 act is set to take effect on January 1, 2026.

Statutes affected:
Introduced: 74-5003.4, 74-5003.5, 74-5003.7
Committee Substitute: 74-5003.4, 74-5003.5, 74-5003.7
Floor (House): 74-5003.4, 74-5003.5, 74-5003.7
Floor (Senate): 74-5003.4, 74-5003.5, 74-5003.7
Engrossed: 74-5003.4, 74-5003.5, 74-5003.7
Enrolled (final version): 74-5003.4, 74-5003.5, 74-5003.7