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Bill > SB987
OK SB987
OK SB987Oklahoma Department of Commerce; creating the Oklahoma Department of Commerce Board; providing for qualifications for Board members. Effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
04/23/2025
04/23/2025
Crossed Over
03/24/2025
03/24/2025
Passed
05/06/2025
05/06/2025
Dead
Signed/Enacted/Adopted
05/12/2025
05/12/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act ENROLLED SENATE BILL NO. 987 By: Thompson of the Senate and Osburn and Blancett of the House An Act relating to the Oklahoma Department of Commerce; amending 74 O.S. 2021, Section 5003.4, as amended by Section 3, Chapter 377, O.S.L. 2024 (74 O.S. Supp. 2024, Section 5003.4), which relates to definitions; defining terms; amending 74 O.S. 2021, Section 5003.5, as last amended by Section 4, Chapter 377, O.S.L. 2024 (74 O.S. Supp. 2024, Section 5003.5), which relates to the Chief Executive Officer of the Oklahoma Department of Commerce; modifying appointment procedures; amending 74 O.S. 2021, Section 5003.7, as amended by Section 5, Chapter 377, O.S.L. 2024 (74 O.S. Supp. 2024, Section 5003.7), which relates to the five-year economic development plan; designating who approves strategic plan; updating statutory reference; creating the Oklahoma Department of Commerce Board; providing for membership; stating quorum; providing for qualifications for Board members; stating appointment terms; establishing Board procedures for election of chair and vice chair and presiding of meetings; allowing for certain reimbursement; permitting members to serve on other boards and commissions; subjecting Board to the provisions of the Oklahoma Open Meeting Act and Oklahoma Open Records Act; providing for use of executive sessions by Board; stating other duties of the Board; providing for codification; and providing an effective date. SUBJECT: Oklahoma Department of Commerce
AI Summary
This bill creates the Oklahoma Department of Commerce Board, a nine-member advisory oversight board that will fundamentally change how the Oklahoma Department of Commerce is managed. The board will consist of members appointed by the President Pro Tempore of the Senate, the Speaker of the House of Representatives, and the Governor, with the Secretary of Commerce serving as chair. Board members must have at least five years of private sector experience and expertise in areas like economic development, finance, technology, or specific industries. Members will serve staggered three-year terms, with the initial appointments having shorter terms. The board will have significant responsibilities, including approving the department's strategic plan and budget, advising on the appointment of the Chief Executive Officer, and reviewing economic projects. The bill shifts the appointment of the Chief Executive Officer from the Governor to this new board and requires the board to follow open meeting and records laws. Board members will not receive a salary but can receive travel reimbursements and are allowed to serve on other state boards. The board can also create working groups, solicit funds from various sources, and must provide an annual report to the Governor and Legislature. The changes will take effect on January 1, 2026, marking a significant restructuring of Oklahoma's economic development governance.
Committee Categories
Business and Industry, Labor and Employment
Sponsors (3)
Last Action
Approved by Governor 05/09/2025 (on 05/12/2025)
Bill Topics
Government Operations
- ‐ Executive Branch Operations
- ‐ Government Transparency and Open Records
Macroeconomics
- ‐ Industrial Policy
Official Document
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