The bill establishes a new advisory committee tasked with developing a five-year statewide economic development plan in Washington State. This committee will consist of at least 16 members, ensuring representation that reflects the state's geographic, racial, and ethnic diversity, including historically marginalized communities. Key members will include representatives from various governmental offices, industry sectors, and organizations, with the committee required to meet regularly and hold public meetings to gather input. The department will utilize the committee's guidance to create a comprehensive proposal that outlines long-term goals and measurable benchmarks, with the first proposal due by November 30, 2025.

Additionally, the bill mandates that the department consult with several state commissions and agencies for feedback on the plan's criteria and content. The department is also required to provide recommended legislation to implement the plan by June 30, 2026, and to report on the plan's progress two years after the initial proposal. The act is deemed necessary for the immediate preservation of public peace, health, or safety, and is set to take effect on May 5, 2025.