Economic development transformation becomes law as Oklahoma revitalizes economic strategy

Oklahoma is set to undergo an important transformation with the announcement of groundbreaking legislation. This includes Senate Bill 1447, known as the COMPETE Act, and House Bill 3252, aimed at revitalizing Oklahoma's economic development strategy. 

Christy Gillenwater, president and CEO of the Greater Oklahoma City Chamber, praised the collaborative effort behind SB 1447 and HB 3252, saying, "This modernization through these bills will provide greater clarity." Gillenwater emphasized the importance of consistent leadership and ongoing discussions on tools for fostering population and job growth in Oklahoma. 

Senate Bill 1447 establishes two divisions within the Oklahoma Department of Commerce: one focused on community development and the other on economic development. It also forms a legislative committee to review incentive packages for business relocations or expansions. Senator Kirsten Thompson highlighted the bill's strategic support for innovation and small businesses, stating, “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.” 

House Bill 3252 addresses concerns about mission creep within the Department of Commerce by refocusing its functions on economic and community development. Representative Mike Osburn noted, "The department had not undergone a statutory review in over 40 years, leading to mission creep." He explains, "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.” 

Chad Warmington, president and CEO of The State Chamber of Oklahoma, noted, “A strategic economic development approach is crucial for managing business operations and attracting investments." He added, "The State Chamber was proud to play a role in helping to push and carry those bills forward through the legislature this session." 

Charlene Flanery, chair of Select Oklahoma, described the bills as a "modest victory" and highlighting their focus on diverse community needs, stating, "From a rural perspective, economic development isn't one-size-fits-all." Flanery highlighted the Department of Commerce's role in supporting rural Oklahoma through tailored programs and transparency initiatives. 

Mark Funke, representing the Oklahoma Business Roundtable, expressed gratitude for increased funding to promote Oklahoma's economic strengths, saying, "We appreciate the legislature's support in showcasing Oklahoma's positive narrative." Funke stressed the importance of continuity in leadership to advance Oklahoma's economic initiatives. 

The collaborative efforts of the Greater Oklahoma City Chamber, Tulsa Chamber, Business Roundtable and Select Oklahoma, alongside the leadership of Senator Kirsten Thompson and Representative Mike Osburn, played a crucial role in shaping and advancing the legislative initiatives represented by Senate Bill 1447 and House Bill 3252. These efforts underscore a collective commitment to revitalizing Oklahoma's economic strategy and fostering sustained growth and opportunity across the state.