MI SB0566

Creates the Michigan Strategic Fund as an autonomous public body corporate within the Department of Treasury with independent statutory authority, powers, and duties separate from the state treasurer.

Establishes an 11-member board of directors (reducing to 9 members after December 31, 2015) including the director of licensing and regulatory affairs, state treasurer, MEDC chief executive officer, and 6 private sector members appointed by the governor with senate approval, with specific requirements for expertise in private equity, venture capital, commercial lending, and technology commercialization.

Requires the fund board to apply the prudent investor rule when managing 21st century investments and to select qualified private equity, venture capital, and mezzanine funds through a competitive request for proposal process with disclosure requirements for conflicts of interest and criminal convictions.

Prohibits fund money from supporting stadiums or arenas for professional sports teams, state-regulated or tribal casinos, individuals with criminal convictions related to contracts or business integrity, and corporations incorporated in tax haven countries while maintaining U.S. stock markets as principal trading venue.

Creates the Jobs for Michigan Investment Fund as a permanent fund to invest in job creation, capital investment, commercial lending, technology commercialization, and community revitalization, with net income available only through legislative appropriation.