Economic development: Michigan strategic fund; Michigan strategic fund; eliminate, and create the economic development fair competition and free enterprise act. Creates new act & repeals (See bill).

SB 631 abolishes the Michigan Strategic Fund and the Michigan Economic Development Corporation, transferring all their powers, assets, and responsibilities to a new "Bureau of Fair Competition and Free Enterprise" within the Department of Labor and Economic Opportunity. The bureau will coordinate state economic development programs, including job creation initiatives and economic incentives like grants or tax breaks, replacing the previous entities. The bill states these changes are needed to promote "fair competition and free enterprise" and ensure state incentives produce measurable economic benefits. The new bureau’s director will be appointed by the governor, and all existing programs under the repealed entities (such as brownfield redevelopment and tourism marketing) will be administered by the bureau moving forward.