Economic development: other; 1921 PA 2; amend to reflect elimination of the Michigan strategic fund. Amends secs. 2b & 3 of 1921 PA 2 (MCL 17.2b & 17.3). TIE BAR WITH: SB 0631'25

SB 639 amends Michigan's 1921 PA 2 (the Administrative Code) to remove references to the eliminated Michigan Strategic Fund and update the law to reference the current Economic Development Fair Competition and Free Enterprise Act instead. The bill revises two sections to clarify that the State Administrative Board now oversees economic development programs under this law, including appointing a chief compliance officer and reviewing program reports. It also updates the Board's authority over state funds, allowing internal budget transfers within a department after notifying legislative committees, while prohibiting transfers from designated economic development funds like the Critical Industry Program. This change ensures the law aligns with current economic development program structures and funding mechanisms.