Economic Development Transformation Becomes Law
OKLAHOMA CITY (June 25, 2024) – Two bills that rethink the way Oklahoma approaches and executes economic development were signed into law earlier this month.
SB 1447 creates two divisions within the Oklahoma Department of Commerce: one focused on community development and the other on economic development. SB 1447 also creates a legislative committee to review certain incentive packages for relocating or expanding businesses.
HB 3252 modifies the functions and programs of the Oklahoma Department of Commerce to ensure its focus is on economic development and community development.
“Senate Bill 1447 and House Bill 3252 are great extensions of the work we started last year with modernizing the way that Oklahoma tackles workforce development. As you work on workforce development, you cannot overlook economic development,” said Chad Warmington, president and CEO of The State Chamber of Oklahoma. “We are really excited to see these changes implemented and see the benefits of a mission oriented, focused, and well-funded organization that will lead economic development in the State of Oklahoma.”
“Senate Bill 1447, also known as The COMPETE Act, is groundbreaking legislation for Oklahoma. It focuses on fostering innovation and supporting small businesses, using a targeted approach to attracting new industries to our state,” said Sen. Kristen Thompson. “By providing a systematic and strategic framework for economic growth and revitalization, we are laying a solid foundation for entrepreneurship and economic dynamism, without any additional cost to taxpayers.”
“Over the years, like most other organizations, the Department of Commerce has experienced some mission creep. HB 3252 works in conjunction with SB 1447 to refocus the Department of Commerce on what it was chartered to do… grow, develop, expand, nurture, and support the Oklahoma economy and Oklahoma business,” said Rep. Mike Osburn.
“We must issue a big ‘thank you’ to Sen. Kristen Thompson and Rep. Mike Osburn for authoring and shepherding these bills through the legislative process. The groups that put the real meat of those proposals together were The Oklahoma City Chamber, Tulsa Chamber, Business Roundtable, and Select Oklahoma. The State Chamber was proud to play a role in helping to push and carry those bills forward through the legislature this session,” said Warmington.
Media Contact – Brent Skarky – 405-818-1939 – Brent@okstatechamber.com
