This bill aims to enhance the integrity of the Board of Economic Development by prohibiting its members from having any financial interests in entities that receive public funds from the Board. Specifically, it introduces a new provision stating that a member of the Board may not hold an ownership interest in, or serve on the board of, any organization that is awarded, disbursed, or granted public moneys by the Board.

The intent of this legislation is to prevent conflicts of interest and ensure that decisions made by the Board are in the best interest of the public, free from personal financial gain. By establishing this clear boundary, the bill seeks to promote transparency and accountability within the Board of Economic Development.