The bill amends various sections of the Oklahoma Department of Commerce Act to establish the Oklahoma Department of Commerce Board, which will serve as an advisory oversight body. Key changes include the definition of terms, the modification of the appointment process for the Chief Executive Officer (CEO) of the Department, and the establishment of the Board's membership, quorum requirements, and procedures. 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 Board will consist of nine members with specific qualifications and will be responsible for approving the Department's strategic plan and budget, among other duties.

Additionally, the bill outlines the Board's powers, including the ability to create rules for the Department's operations, review economic projects, and report annually to the Governor and Legislature. The Board will also be subject to the Oklahoma Open Meeting Act and the Oklahoma Open Records Act, allowing for transparency in its operations. 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