This bill proposes amendments to the Code of West Virginia, specifically section 31-15-6, and introduces a new section, 31-15-6d, aimed at establishing a legislative oversight committee for the West Virginia Economic Development Authority (WVEDA). The bill mandates that all contracts entered into by the WVEDA must receive approval from this oversight committee, which will consist of seven members—four from the House of Delegates and three from the Senate. The Senate President and the Speaker of the House will be responsible for appointing the committee members. Additionally, the bill stipulates that contracts presented by the WVEDA must be addressed by the committee in a timely manner.

The bill also includes several insertions that emphasize the requirement for legislative oversight in various aspects of the WVEDA's operations, including the approval of financial contracts, grants, and other agreements. It specifies that the authority must obtain consent from the oversight committee for a range of activities, such as acquiring property and conducting studies related to economic development. The new section is set to take effect on January 1, 2027, reinforcing the legislative role in overseeing the economic development initiatives within the state.

Statutes affected:
Introduced Version: 31-15-6, 31-15-6d