The bill introduces a new section to chapter 42.52 RCW that prohibits elected officials and their spouses from holding employment or any beneficial interest in private entities that receive state funding. Specifically, it states that they cannot be employed by, enter contracts with, or receive payment for services from such private entities. However, the bill allows for employment at public agencies, ensuring that elected officials and their spouses can still work within the public sector.

Additionally, the bill provides definitions for key terms used within the legislation, including "agency," "beneficial interest," "elected official," and "private entity." These definitions clarify the scope of the bill and ensure that the restrictions apply uniformly across various types of public and private organizations. Overall, the legislation aims to prevent conflicts of interest and maintain the integrity of public office by restricting financial ties to private entities that benefit from state funding.