Senate Bill 2316, also known as House Bill 2178, proposes significant changes to the governance structure of the Tennessee Technology Development Corporation. Effective July 1, 2026, the corporation will be vacated and reconstituted with a new twelve-member board of directors. This board will consist of seven private sector representatives appointed by the governor, the speaker of the house, and the speaker of the senate, as well as four public sector representatives, with specific appointment guidelines. The commissioner of economic and community development will serve as an ex officio member. The bill outlines the terms of service for board members, establishing initial terms of three or four years, after which all terms will be four years.

Additionally, the bill mandates the establishment of an executive committee to oversee daily operations and requires the board to adopt a conflict of interest policy that includes annual disclosures from board members. The legislation also removes a specific subdivision from Tennessee Code Annotated, Section 4-29-248(a), and adds a new subdivision to Section 4-29-249(a) to formally recognize the Tennessee Technology Development Corporation. The act will take effect upon becoming law, emphasizing the importance of public welfare in its implementation.

Statutes affected:
Introduced: 4-14-203, 4-29-248(a), 4-29-248, 4-29-249(a), 4-29-249