Creating a standing legislative oversight committee to approve all West Virginia Economic Development contracts.

HB 2101 creates a standing legislative committee to review and approve all financial contracts entered into by West Virginia’s Economic Development Authority (WVEDA) before they become effective. This directly affects WVEDA, which negotiates economic development deals, and the businesses or entities receiving state development funds. The bill mandates that WVEDA must obtain committee approval for every financial contract - including loans, insurance, or revenue bonds - before signing, as specified in the amended §31-15-6 and new §31-15-6d. This requirement applies to all such contracts, aiming to add legislative oversight to economic development spending.