The bill amends Section 42-64-8 of the General Laws concerning the Rhode Island Commerce Corporation, specifically addressing the governance structure and operational procedures of the board of directors. It establishes that the board will consist of thirteen members, including the governor as an ex-officio chairperson, and twelve public members appointed by the governor, with specific representation requirements to ensure geographic diversity and inclusion of small business owners, organized labor, higher education, and minority businesses. The bill mandates the corporation to conduct training for newly appointed members and outlines the responsibilities and powers of the board, including the appointment of a chief operating officer and the creation of a capital finance subcommittee.

A significant change introduced by the bill is the requirement for a two-thirds (2/3) majority of the directors present and entitled to vote at any regular or special meeting to approve any actions taken by the commerce corporation. Additionally, the bill emphasizes transparency and accountability by requiring the board to create metrics and reporting requirements to evaluate the effectiveness of the corporation's programs and services, culminating in an annual report to the governor and the general assembly. This act will take effect upon passage.

Statutes affected:
5456: 42-64-8