OK SB987

Creates a new 9-member Oklahoma Department of Commerce Board consisting of 2 appointees each from the Senate President Pro Tempore and House Speaker, 4 appointees from the Governor, and the Secretary of Commerce as chair; at least 4 members must be from municipalities with populations of 50,000 or less

Transfers authority to appoint and oversee the Department of Commerce Chief Executive Officer from the Governor to the new Board; the CEO will serve at the pleasure of the Board rather than the Governor

Board members must have at least 5 years of private sector experience and expertise in areas such as economic development, marketing, finance, workforce development, or other critical industries

Board responsibilities include approving the Department's strategic plan and budget, reviewing economic projects with the Legislative Evaluation and Development Committee, and submitting annual reports to the Governor and Legislature

Effective date is January 1, 2026; initial Board appointments must be made within 30 days and first meeting held within 60 days of that date