HB 5458 Summary

• Relocates the Michigan Strategic Fund from the Department of Treasury to the Department of Labor and Economic Opportunity, maintaining the fund's autonomous status within the new department.

• Changes board governance to reference the director of the Department of Labor and Economic Opportunity instead of the state treasurer as the fund's oversight authority.

• Requires the board or its delegate to post proposed draft contract approval agreements, briefing memoranda, and term sheets on its website at least 10 business days before approving grants, loans, awards, tax credits, or other economic assistance.

• Makes board approval decisions invalid if the required 10 business day posting and public notice requirements are not met.