For several months, the Greater Oklahoma City Chamber has worked with Sen. Kristen Thompson, Rep. Mike Osburn, the State Chamber of Oklahoma, the Tulsa Regional Chamber, Select Oklahoma and other stakeholders on SB 987 to advance reforms to the state’s lead economic development agency, the Oklahoma Department of Commerce. SB 987 aims to establish a board that will provide steady leadership, oversight and collaboration. Creating a Department of Commerce Board is a step forward to ensure Oklahoma is effectively positioned for success in marketing the state as a top location for businesses to grow and invest. The nine-member advisory board, appointed by the Senate president pro tempore, House speaker and governor, will add accountability and strategic guidance. SB 987 includes the following provisions: • The board will work with the Legislature to review and endorse proposed economic projects with the Legislative Evaluation and Development Committee. SB 987: COMMERCE REFORM TO STRENGTHEN OKLAHOMA’S ECONOMIC DEVELOPMENT
• It will report annually to the Legislature and governor. • It will advise on hiring and compensation for the chief executive officer. • It will review the budget and strategic planning. • At least one appointee from the Senate president pro tempore, House speaker, and governor must live in a municipality with 50,000 or fewer residents. The bill's authors and partners intend for economic growth to benefit all areas statewide, including rural Oklahoma. SB 987 reflects collaboration among organizations involved in economic development. To ensure the state’s long-term economic success, the timeliness of the implementation of these reforms is necessary.
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