The bill amends various sections of the Oklahoma Department of Commerce Act to establish a new governance structure and clarify the roles and responsibilities of the Chief Executive Officer and the newly created Oklahoma Department of Commerce Board. Key changes include the definition of terms, such as replacing "Department" with "Board" in the context of governance, and modifying the appointment process for the Chief Executive Officer, who will now be appointed by the Board rather than the Governor with Senate consent. The bill also outlines the qualifications and terms for Board members, establishes procedures for Board meetings, and mandates compliance with the Oklahoma Open Meeting Act and Open Records Act.

Additionally, the bill requires the Oklahoma Department of Commerce to prepare a five-year economic development plan with input from various stakeholders and mandates that the Chief Executive Officer present this plan to the Board for approval. The Board is tasked with overseeing the Department's operations, approving budgets, and advising on the appointment and compensation of the Chief Executive Officer. 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