Bill > SB1447

Introduced Session

An Act ENROLLED SENATE BILL NO. 1447 By: Thompson (Kristen) of the Senate and Osburn and Swope of the House An Act relating to economic development; creating the Creating Oklahoma’s Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act; providing short title; amending 74 O.S. 2021, Section 5003.2, which relates to creation of the Oklahoma Department of Commerce; requiring the Department to create two separate divisions; creating the Division on Economic Development, Growth, and Expansion (EDGE) and the Division on Community Outreach and Revitalization Enterprise (CORE); specifying purpose of each division; amending 74 O.S. 2021, Section 5003.4, which relates to definitions; modifying definition; amending 74 O.S. 2021, Section 5003.5, as amended by Section 25, Chapter 243, O.S.L. 2022 (74 O.S. Supp. 2023, Section 5003.5), which relates to the Director of the Oklahoma Department of Commerce; modifying title; establishing method for compensation; specifying requirements for position; amending 74 O.S. 2021, Section 5003.7, which relates to the five-year economic development plan; expanding provisions of plan; modifying recipients of notice; requiring plan to be posted on Department’s website; requiring certain presentation; amending 74 O.S. 5003.10, which relates to the authority of the Oklahoma Department of Commerce; modifying reference; amending 74 O.S. 5003.10a, which relates to procedure to terminate offices established outside of state; modifying reference; creating the Legislative Evaluation and Development Committee; requiring legislative review on investments over certain threshold; specifying information for review; providing for membership; providing for quorum; allowing for certain reimbursement; requiring members of committee to submit to certain agreements; updating statutory language; providing for codification; and declaring an emergency. SUBJECT: Economic development

AI Summary

Committee Categories

Mike Osburn (R)*,  Kristen Thompson (R)*,  Amanda Swope (D), 

Approved by Governor 06/05/2024 (on 06/05/2024)

Official Document