Quick Action Closing Fund bill heads to Governor

The full Senate has given final approval to legislation to make the state more competitive when trying to attract major economic development projects. Sen. Mike Mazzei is principal Senate author of House Bill 1953.

“As we work to create jobs and grow Oklahoma’s economy, we need to make sure we take advantage of every tool available,” said Mazzei, R-Tulsa. “This program has generated 3,000 new jobs and $100 million in capital investment in Arkansas.”

Under HB 1953, the governor would make the final decision on proposed projects, subject to consultation with the President Pro Tempore of the Senate and the Speaker of the House. The Department of Commerce is charged with administering the fund. The legislation also contains a “claw back” provision if the economic development project fails to meet performance provisions.

“We’ve got an incredible work force, a low cost of living and many other factors working in our favor when we’re competing for jobs,” Mazzei said. “What we don’t have is a Quick Action Closing Fund. That changes when this bill arrives on Governor Mary Fallin’s desk for her signature.”