The bill amends Section 42-64-8 of the General Laws related to the Rhode Island Commerce Corporation, specifically revising the structure and responsibilities of its board of directors. Key changes include the designation of the section as "Directors, officers, and employees," and the establishment of a thirteen-member board, with the governor serving as an ex-officio chairperson. The bill emphasizes the need for geographic diversity and representation from small businesses, organized labor, higher education, and minority businesses among public members. It also introduces a process for appointing interim members when local governing bodies disapprove project plans, and mandates a two-thirds majority vote for the board to authorize actions.

Additionally, the bill clarifies that serving as a director does not create a conflict of interest for individuals who are also affiliated with financial institutions, while requiring disclosure of any potential conflicts in the corporation's minutes. It establishes a capital finance subcommittee to develop guidelines for loans and financing programs, and specifies that employees of the corporation are not classified as state employees, thus exempting them from certain state employment laws. The board is tasked with creating metrics to evaluate the effectiveness of the corporation's programs, culminating in an annual report to the governor and the general assembly. The act will take effect upon passage.

Statutes affected:
5456: 42-64-8