Michigan lawmakers have recently introduced a package of economic development measures (House Bills [HB] 5243 and 5244, Senate Bill [SB] 631) that would disband the state’s economic development agency, the Michigan Economic Development Corporation (MEDC)—a quasi-state agency, as well as eliminate other economic development and business incentives, such as the Michigan Strategic Fund, the Strategic Outreach and Attraction Reserve (SOAR) Fund, Strategic Site Readiness Program and the Michigan Film and Digital Media Office. Gov. Gretchen Whitmer has vowed to veto any legislation that reaches her desk that ends the MEDC.
Oregon Gov. Tina Kotek recently announced a plan to boost Oregon's economy and make the state more business friendly. The governor’s blueprint, known as the "Oregon's Prosperity Roadmap,” lays out three high-level goals: boost the state's gross domestic product by 2.2%; improve Oregon's placement by at least 13 spots in a prominent national ranking of state workforce indicators; and lift the state's ranking into the top 10 for overall business indicators. Kotek will also create a new Prosperity Council and a role for a ‘prosperity officer’ in the executive branch to coordinate statewide economic development. The council will be led by Renee James, chair and CEO of Ampere and a member of the Oregon Business Council, and Curtis Robinhold, executive director of the Port of Portland. The administration is preparing policy and funding proposals related to the Prosperity plan for lawmakers to consider during their February legislative session.
Texas becomes the first state to make a major investment in cryptocurrency with its recent purchase of about $5 million worth of bitcoin last month—the acquisition confirmed by the state comptroller—and follows bipartisan legislation passed earlier this year creating a state cryptocurrency investment fund. The state’s strategic bitcoin reserve initiative was created with $10 million in state revenue and seeks to diversify state investments and provide a hedge against inflation and economic volatility.