Loading chat...
MI SB0631
Bill
Status
10/30/2025
Primary Sponsor
Thomas Albert
Click for details
AI Summary
-
Creates the Bureau of Fair Competition and Free Enterprise within the Department of Labor and Economic Opportunity, headed by a governor-appointed director who is prohibited from accepting employment with economic incentive recipients for 1 year after leaving office
-
Abolishes the Michigan Strategic Fund and withdraws it from the interlocal agreement that created the Michigan Economic Development Corporation, effectively terminating MEDC operations
-
Transfers all powers, duties, functions, properties, and existing contractual obligations from the Michigan Strategic Fund and MEDC to the new bureau, while prohibiting extension of existing agreements or increased incentives
-
Repeals multiple economic development laws including the Michigan Strategic Fund Act, Entrepreneur-in-Residence Act, Michigan Early Stage Venture Investment Act, and Next Michigan Development Act
-
Establishes an independent Office of Chief Compliance Officer within the bureau to prevent illegal or unethical conduct and requires annual reporting on all economic incentive recipients, including job creation metrics and project status
Legislative Description
Economic development: Michigan strategic fund; Michigan strategic fund; eliminate, and create the economic development fair competition and free enterprise act. Creates new act & repeals (See bill).
Economic development: Michigan strategic fund
Last Action
Referred To Committee On Government Operations
10/30/2025